5 PHOTOGRAPHY BIZ TIPS TO MAXIMIZE SUCCESSE
Most entrepreneurs typically start businesses with hopes of generating income DOING WHAT THEY LOVE!
We spend a great deal of time trying figure out ways to increase sales, earn more money and boost profits. What should we do with this income? How can we maximize our success by managing it better?
Here are five great tips that will help you build a successful business in photography and achieve true wealth.
1. LIVE WITHIN YOUR RESOURCES & PAY WITH CASH FOR ITEMS
It may seem obvious, but did You Know:
- Credit card debt is a major problem for the average American household.
- Millionaires are more likely to drive second-hand cars and pay their credit card debts in full every month.
It’s important to remember that not everything has to be new. You can cut costs by buying used clothes, camera equipment and props.
2. SET ASIDE MONEY FOR TAXES
As soon as you begin to generate income from your photography business make sure that you set aside some of this money to pay your taxes.
You may be tempted to withdraw an extra few hundred dollars per month from your business account, just because there are funds available. But, before you do, set aside between 25-30% your net income.
You should save up money if you’re a sole owner or LLC. You may find yourself with a huge tax bill at the end the year if you do not.
3. Start Saving Now
You should not only set aside money to pay taxes but also set aside a portion each month in a savings account. I promise, you will not miss it!
In an emergency fund, you should have at least 6 months of living expenses. Do you have a big purchase in mind? Decide how much you will spend each month to reach your goal. When you achieve your goal, you will feel so much better than if it was put on a credit-card!
4. USE A BUDGET
Many people do not know where their money goes. It’s worth the effort to find out where your money is going with all of the free apps. MINT app is free and connects to your bank account, credit card and investments. It takes about 30 minutes to create a budget. Try it!
5. Give to Charity
Giving money to those less fortunate is a great way to gain perspective. You can sponsor a child from a third world country for as little as $30 per month. It is a wonderful way to remind yourself that you are blessed. Local food banks are also in need of help at this time of year. Give your time if you are short of cash! Support something that you love.