Calling all photographers, Kels Converse Education this way >
FOR PHOTOGRAPHERS
Did you know that when you receive money from a client, all of it isn’t yours? I’m about to introduce you to a concept that changed my life in business – the Profit First model.
As a wedding and elopement photographer, understanding the financial aspects of your business is crucial for long-term success.
I know as creatives – the financial side of the biz can be OVERWHELMING to say the least. It’s no secret that a lot of photographers struggle with handling their finances. I often hear it’s hard to get ahead or actually make a profit at the end of the year after taxes.
Friend, it doesn’t have to be this way! Yes, you CAN actually make enough money running your elopement photography business. Not just to survive but to actually thrive and live the life of financial freedom you want. If you’re struggling with understanding the financial side of your elopement photography business and need a friend to help guide ya through the nitty gritty – I’m your gal!
Ready to dive into profit first for photographers? LETS DO THIS!
Remember how I mentioned that the money you’re receiving, isn’t actually all yours? This is where so many photographers (and entrepreneurs in general) struggle financially. It is easy to assume that if you receive $2,000, that now YOU have $2,000.
Unfortunately, this is not the case. As a business owner, we have loads of expenses that we need to pay for. This could be our cost of doing business (systems, gear, education, etc.), but most importantly, we need to pay taxes. Every single quarter.
Oh, and we need to pay ourselves. AND we need a business emergency savings.
So that $2,000 that we made, actually needs to be divided up into buckets in order to make sure we have positive cash flow and a healthy financial business.
One effective method to manage your finances is the Profit First model, which focuses on prioritizing profit allocation from your revenue. In this guide, we’ll explore how Profit First applies to photographers, a model workflow, and my recommended business banks for maximizing your earnings.
Profit First is a cash flow management system designed to ensure that you’re consistently profitable. The core principle is simple: allocate a percentage of your revenue to profit first, before covering expenses. This approach helps photographers avoid the common trap of spending everything they earn and struggling to generate meaningful profits.
Here’s the thing. We didn’t become entrepreneurs to not be able to pay ourselves. This is where most business owners go wrong. We are consistently told that we won’t see profit or be able to pay ourselves for FIVE YEARS! From my experience as a photographer, this is 100% NOT true. You CAN be profitable and be able to pay yourself, and it’s actually really important to do so. If you want to have a successful, profitable business that is…
Implementing Profit First involves several key steps:
Choosing the right banking partners is essential for effectively implementing the Profit First model. Here are the banks that I personally use!
By incorporating the Profit First model and utilizing reliable banking options like Bluevine, Live Oak, and Chase, elopement and wedding photographers can take control of their finances, increase profitability, and achieve long-term financial stability.
Having a mentor or coach can make a big difference, especially in understanding financial strategies like the Profit First model. An experienced elopement photography coach finances can give personalized guidance and support, helping you manage the complexities of a profitable business. Here’s how they can help:
If this all sounds like something you need to help organize and grow your photography business head on over to my education page. You’ll not only find tons of free resources but also the chance to sign up for my next Business with Boundaries Mastermind! I bring on my own CPA as a support to help bring her expertise to the group!