April was an amazing month for us, and also explains my MIA-status here on the BananasEDU blog.
If you've been following my liana's bananas blog, you'll know that I married my leading-man in Beverly Hills on April 5th, 2009 after which we spent a month away - traveling to New Zealand and Australia for our honeymoon. Oh yes, and also to teach TWO AWESOME Boot Camps in Australia!
April also marked the 2-year anniversary of the start of Photo Biz Boot Camp. I'm completely humbled and in awe of the opportunities I've been given over the past few years, including the EIGHTEEN (yes 18! Wow I said it!) Boot Camps that happened in Atlanta and all over the US and even abroad.
So what's next? I honestly never expected that people would REALLY step up to learn about their "numbers" and what I so fondly refer to as the "not fun-stuff every entrepreneur must know." I never expected that two years later people would still gleam insight an those "ah-ha" moments from a DVD we cut on a rainy winter week here in Atlanta, bad videography and all.
2007 was a year of blood, sweat, and tears producing the DVDs and massaging the class notes and curriculum into what they are now. But I'm still doing my Crazy Simple Workflow every day (or having someone do it for me!) I'm still running my numbers 5, 6, 12 times a year. KISS merchandising is something I haven't gotten quite beyond yet because I'm adding a new album company this year, and opening a lifestyle portrait studio that gets it's own set of products. I used the Brand Camp methods to create Ugly Cakes company for someone else to run, and a new brand for the portrait side of things.
So what's next? My mailbox full of requests for Future Boot Camp dates is starting to nudge "schedule for fall/winter 2009" to the top of my to-do list. I long to mix things up a bit, add something new, re-do the DVDs, teach larger groups again. I know that the small group format is what works best though. The feedback is crystal clear. I've got ideas, lots of updates to make, but for once in my life I know something is right. I know I'm doing what I'm supposed to be doing.
So here's to another two years and any feedback, ideas, insights, suggestions you may have for me. Cheers!
Showing posts with label The Foundation. Show all posts
Showing posts with label The Foundation. Show all posts
Wednesday, June 3, 2009
Wednesday, February 18, 2009
Watch this Video by Zack Arias
This video was brought to my attention today so I hopped over to Scott Kelby's blog to take a look.
I have to admit I almost clicked off during the intro... we think that photoshop, locations, the latest shoot that made that magazine is SOOOO important to what we do. It makes my head just want to explode!
We talk about these things non-stop, BUT in the grand scheme of things it Just Doesn't Matter. Zack puts into words and visuals in this video what I believe a LOT of us go through as photographers. While I really can't explain how I feel sometimes, Zach says it perfectly, poetically here. Get past the intro. Just watch.
I have to admit I almost clicked off during the intro... we think that photoshop, locations, the latest shoot that made that magazine is SOOOO important to what we do. It makes my head just want to explode!
We talk about these things non-stop, BUT in the grand scheme of things it Just Doesn't Matter. Zack puts into words and visuals in this video what I believe a LOT of us go through as photographers. While I really can't explain how I feel sometimes, Zach says it perfectly, poetically here. Get past the intro. Just watch.
Tuesday, December 9, 2008
Join Me Tomorrow 7PM EST (4PM Pacific)
Attention Pictage Users!
Tomorrow night is the Pictage Ask and Learn and I'm looking forward to chatting with a bunch of you about the topic "Money, Lies, and Photography."
Here's the information on the Pictage Blog. Fun stuff!!
Also, if you missed the presentation at the Pictage Conference, you can listen (below) to a quick Podcast that recaps some of what I covered during the presentation.
Tomorrow night is the Pictage Ask and Learn and I'm looking forward to chatting with a bunch of you about the topic "Money, Lies, and Photography."
Here's the information on the Pictage Blog. Fun stuff!!
Also, if you missed the presentation at the Pictage Conference, you can listen (below) to a quick Podcast that recaps some of what I covered during the presentation.
Sunday, October 19, 2008
Why you should NOT focus on the economy
Times are tough, sure, but what can you and I REALLY do about this economy? Nada!
I believe we all have a CHOICE. We can choose to push through and focus more than ever on how to make our business great: more efficient, more profitable, and find even more amazing things to offer.
OR we can whine about the economy day in and day out and live in fear.
Seth Godin has got a great post about this phenomena on his blog HERE. Never have I seen anyone so right about business and marketing (the NEW way of doing business and marketing) so I'd highly recommend adding this blog to your RSS reader.
"By focusing on the red box, the sore one, and ignoring the other elements of what makes our product or career worth marketing, we cause two problems. First, our attention does no good at all on the problem at hand, and second, the other boxes suffer.
The problem with whining is this: human beings like to be right. If you persuade yourself and your friends that times are really tough and that you're bound to fail, you'll probably do the things you need to do to make that true in the long run."
Today I am teaching a Photo Biz Boot Camp in Phoenix, AZ with a group of women entrepreneurs/photographers who have decided to NOT live in fear and DO something great for their business. Check back soon for updates!!
I believe we all have a CHOICE. We can choose to push through and focus more than ever on how to make our business great: more efficient, more profitable, and find even more amazing things to offer.
OR we can whine about the economy day in and day out and live in fear.
Seth Godin has got a great post about this phenomena on his blog HERE. Never have I seen anyone so right about business and marketing (the NEW way of doing business and marketing) so I'd highly recommend adding this blog to your RSS reader.
"By focusing on the red box, the sore one, and ignoring the other elements of what makes our product or career worth marketing, we cause two problems. First, our attention does no good at all on the problem at hand, and second, the other boxes suffer.
The problem with whining is this: human beings like to be right. If you persuade yourself and your friends that times are really tough and that you're bound to fail, you'll probably do the things you need to do to make that true in the long run."
Today I am teaching a Photo Biz Boot Camp in Phoenix, AZ with a group of women entrepreneurs/photographers who have decided to NOT live in fear and DO something great for their business. Check back soon for updates!!
Tuesday, October 14, 2008
Quicken Online is FREE now for PERSONAL Financial Tracking
If you've gone through my Profit Center DVD or Photo Biz Boot Camp you know that we need TWO financial tracking systems. A personal tool and a separate business tool.
It's VERY important to track both of these separately not only for tax and budgeting purposes but because we know that what is watched, improves. If we track our finances, we can make educated decisions quickly about giving, saving, and spending. Cash flow is not as much of an issue if we're smart about tracking and budgeting.
About a year ago I became a bet-tester for Quicken Online and have since paid $2.99/month to track my personal finances there this year. Quicken has been a great tool for me over the years and I was glad that they were coming out with an online version because the best (and I admit nicely designed) alternative, Mint, never worked right syncing with certain bank accounts... and I needed the real-deal for personal financial software.
Last week I received an email that we will no longer be charged and that the program is now free to use online! Yeah!
So if you're not signed up already, go do so and get your accounts all synced in so you can watch them closely. If you're looking for a tool to use for your BUSINESS, check out Quickbooks or Successware for photographers.
Happy tracking!!
It's VERY important to track both of these separately not only for tax and budgeting purposes but because we know that what is watched, improves. If we track our finances, we can make educated decisions quickly about giving, saving, and spending. Cash flow is not as much of an issue if we're smart about tracking and budgeting.
About a year ago I became a bet-tester for Quicken Online and have since paid $2.99/month to track my personal finances there this year. Quicken has been a great tool for me over the years and I was glad that they were coming out with an online version because the best (and I admit nicely designed) alternative, Mint, never worked right syncing with certain bank accounts... and I needed the real-deal for personal financial software.
Last week I received an email that we will no longer be charged and that the program is now free to use online! Yeah!
So if you're not signed up already, go do so and get your accounts all synced in so you can watch them closely. If you're looking for a tool to use for your BUSINESS, check out Quickbooks or Successware for photographers.
Happy tracking!!
Monday, October 6, 2008
What does the Recession mean for small business owners?
With so much discussion about the downturn of the economy lately, there has been a lot of talk about how this will effect small business owners and the photography industry.
Some observations and predictions I can contribute:
1. No matter how the economy is doing, people are still going to get married. So if you're a wedding photographer, this means that we're not really going to see too big of a slump.
2. This WILL however mean we need to work smarter, not harder. If 50% of small businesses fail within the first five years, times like these are certainly going to call for us to be even more agile and educated about the way we run our business... so we are the ones left standing.
3. Now is the BEST time to be in business for ourselves!! When people are getting laid off left and right and jobs are disappearing in Corporate America, there is MORE security in being a small business owner.
4. This nation has survived TOO long on a spend-not-save mentality and we're going to see this change when people get turned down for loans. This is both good AND bad. Good because people may start living within their means and should have MORE disposable income to spend on things like photography vs payments for a house they shouldn't be in the first place.
5. We're going to need to make it attractive for clients to buy. Sure, the banks and credit institutions are tightening up, but who says we cannot offer payment plans for our products and services?? I've been doing this for years and LOVE it that my clients can order what they want because they can pay for it in installments. I have to make sure my costs are covered up front, but then we also benefit from having a steady income from these installments.
6. Last, but certainly not least, we're going to have to become FINANCIALLY LITERATE. Yep, I said it. We need to understand how to run our business based on the numbers so we're sure we are charging correctly, not getting loaded down in debt/overhead, and have ample cash flow. I thought that this recession would put a halter on people signing up for the Photo Biz Boot Camp but it's great that people realize that now is THE most important time to focus on these things to make it through this.
Some observations and predictions I can contribute:
1. No matter how the economy is doing, people are still going to get married. So if you're a wedding photographer, this means that we're not really going to see too big of a slump.
2. This WILL however mean we need to work smarter, not harder. If 50% of small businesses fail within the first five years, times like these are certainly going to call for us to be even more agile and educated about the way we run our business... so we are the ones left standing.
3. Now is the BEST time to be in business for ourselves!! When people are getting laid off left and right and jobs are disappearing in Corporate America, there is MORE security in being a small business owner.
4. This nation has survived TOO long on a spend-not-save mentality and we're going to see this change when people get turned down for loans. This is both good AND bad. Good because people may start living within their means and should have MORE disposable income to spend on things like photography vs payments for a house they shouldn't be in the first place.
5. We're going to need to make it attractive for clients to buy. Sure, the banks and credit institutions are tightening up, but who says we cannot offer payment plans for our products and services?? I've been doing this for years and LOVE it that my clients can order what they want because they can pay for it in installments. I have to make sure my costs are covered up front, but then we also benefit from having a steady income from these installments.
6. Last, but certainly not least, we're going to have to become FINANCIALLY LITERATE. Yep, I said it. We need to understand how to run our business based on the numbers so we're sure we are charging correctly, not getting loaded down in debt/overhead, and have ample cash flow. I thought that this recession would put a halter on people signing up for the Photo Biz Boot Camp but it's great that people realize that now is THE most important time to focus on these things to make it through this.
Wednesday, April 16, 2008
Announcing the Recepient of the Business Boot Camp Scholarship
I won't lie... the folks that decided this had a VERY VERY difficult time. The votes are clear though... it was so tight at the top with a tie for 2nd. With much consideration, I have decided to invite ALL THREE of these women to our April Photo Biz Boot Camp as recipients of the BBC Scholarship!!
Congratulations Beth, Marie, and Ellen!!
The other two ladies have SOOOOO much going on for them and SUCH awesome entries.... that I feel led to get them started with something too. Many of the lessons that I teach during Business Boot Camp are also taught on our various DVDs. We have decided to award each of these young ladies a $500 GIFT to be used on our online store. Perhaps they can use this towards a BBC eventually, or use this Gift to order the DVDs they need best (or combination thereof).
Congrats Jamie and Karen!!
Thank you again for everyone who participated and wrote in. We've got lots of FUN stuff coming up and ALSO found out that another company will be gifting one or all of the ladies coming later this month something special! Stay tuned for more fun stuff coming up!!
Tuesday, April 15, 2008
The FIVE FINALISTS are...
WOW. WoW. WOW.
Over the past five days dozens upon dozens of people sent in nominations... for themselves, friends, family, fellow photographers... even clients and accountants sending in emails! Some were nominated by four or five different people. Some sent pictures and stories and attachments; with others, words were all that was needed.
I read through every one of them, wishing I had the means to take in every one of them. I was feeling utterly hopeless at how to narrow the finalists down from such a large group of deserving individuals. Thank goodness it is not my job to do this!!
These FIVE FINALISTS were chosen because they made us laugh, made us cry, humbled us to the core, and really pulled at our heart-strings. They were completely original and forthright with information and telling us why they NEED this scholarship and told us enough of their stories for the panel to make a decision.
The recipient will be announced tomorrow sometime after all the votes are in and tallied. Due to space limitations, we had to shorten what is posted on this blog, but you can click on to read the full story if you'd like.
Without further ado... we present the finalists!! (In no particular order)
Finalist #1: Jamie Delanie of British Columbia, Canada
WEBSITE
BLOG
Her life's aspiration: to worship the Creator by creating.
This talented photographer has not even finished high school and has already been in business for about a year! She believes in dreaming BIG and never giving up... and will be putting herself through college starting in the fall. Probably our most original entry yet... we'll let you find out more and watch the video for yourselves....
-----------------------------------
Finalist #2: Karen Mikols of Kansas
WEBSITE
(NEW site under construction!!)
BLOG
What do socks have to do with Karen and business organization?
She's a wedding photographer on the brink of her own wedding. Yet another original application that tells us in her own words (and pictures) why she needs the biz help... click the picture of Karen to watch the slideshow (it may take a minute to load, please be patient)
----------------------------------------------
Finalist #3: Marie Bunke of California
WEBSITE
BLOG
Linguist daughter of immigrant parents, she found the love of her life (who became her husband and father of their two children) while serving in the Air Force, only to have a brain tumor take him from her too soon. Newly widowed and living in a small town with little opportunity, she finds her light and hope and joy through photography finally... and begins the healing process...
Marie's beautiful bio pic from her site
"...Fate had other plans for our little family and at 39 I found myself a widow with two young children, ages 3 ½ and 9 years old. To say that I was devastated is an understatement. I firmly believed that if we stayed positive, researched all of our options, went to the best medical facilities in the country that we could beat the monster that had taken over my husband’s body, and most regrettably, his brain. I was wrong. Crest fallen and grief stricken, I desperately sought for something to do to support my family...."
***CLICK HERE TO READ THE WHOLE STORY****
One of Marie's pics
------------------------------------------------
Finalist #4: Beth Daane of California
WEBSITE
BLOG
She's got an airline voucher that will get her to Atlanta and a small time frame during which she can fly....
With their second child on the way, Beth (former social worker) and her husband Sam (Air Force) have no control over where they are called to move every 4 years... and now they're in California where the market is over-saturated and their financial resources are stretched... how will Beth make her photography business flourish amongst so much change and opposition? How can they set the example for their children to follow their own dreams?
Beth and her hubby, Sam
"Hello Liana,
First I must tell you that it touches my heart greatly that you are offering a scholarship to your BBC Workshop. Giving back is something very close to my heart, so when I read your post on OSP I liked you even more then I did before! ;) My first encounter meeting you was at WPPI 2007. I went to see you as a Platform Speaker and it was the first time I had ever listened to another photographer speak. You blew me away! I always remember a question someone asked you about why you didn't shoot RAW- and your answer was that you shoot correctly out of the camera the first time so why would you shoot RAW? When you said that, my thoughts were that ...." ***CLICK HERE TO READ THE REST OF THE STORY***
Some of Beth's work
------------------------------------------------
Finalist #5: Ellen McRaney of Georgia
WEBSITE
BLOG
She's got a beloved Cat who's had a CAT scan and survived cancer. But that's not the only miracle in her story...
On the brink of starting a Masters in Physical Therapy program at Emory University ten years ago, Ellen suffered a massive cerebral hemorrhage that left her with a hole in her brain... unable to read, write, or speak. To say that Ellen is a living miracle and photography has helped her heal might just be an understatement...
Ellen not long after her stroke
"...I was on the phone with my mother and she noticed that I was not making any sense. She asked if I was alright, and I thought about what I had just said. I realized the words I was saying had absolutely no connection to the words I was thinking. I told mom I'd be right back, I thought I just needed something to drink. The next thing I remember, I was spilling the water I had gotten from the refrigerator on myself, I was dragging myself across the kitchen floor with my left arm, my right arm was twisted up and around behind my left side and I couldn't feel my legs. I looked down at myself and knew this was really bad. I'd had enough medical training that I KNEW what had happened, even though it was hard to believe given my age, so I dragged myself over to the front door and unlocked it (knowing SOMEONE was going to have to get in to help me at some point) and then back to the phone..."
***CLICK HERE TO READ THE WHOLE STORY***
In Ellen's own words:
My Hole in My Head. I always joke around that I have a hole in my head, but technically it's in my brain. I remember the first time I saw that scan, about 4 years after the stroke. Up until then, somehow it hadn't really crossed my mind that there would be such a visible dead space. It makes sense, now that I've had time to consider, but I just hadn't thought about it before I saw the scan on the light box. So I took a picture.
And a fun pic she took that we borrowed off her blog:
------------------------------------------------
THANK YOU again to everyone who sent in nominations!! We are holding on to these and will post here when the time has come to open up nominations again, if and when the time comes. Check back tomorrow for the BIG announcement!!
Over the past five days dozens upon dozens of people sent in nominations... for themselves, friends, family, fellow photographers... even clients and accountants sending in emails! Some were nominated by four or five different people. Some sent pictures and stories and attachments; with others, words were all that was needed.
I read through every one of them, wishing I had the means to take in every one of them. I was feeling utterly hopeless at how to narrow the finalists down from such a large group of deserving individuals. Thank goodness it is not my job to do this!!
These FIVE FINALISTS were chosen because they made us laugh, made us cry, humbled us to the core, and really pulled at our heart-strings. They were completely original and forthright with information and telling us why they NEED this scholarship and told us enough of their stories for the panel to make a decision.
The recipient will be announced tomorrow sometime after all the votes are in and tallied. Due to space limitations, we had to shorten what is posted on this blog, but you can click on to read the full story if you'd like.
Without further ado... we present the finalists!! (In no particular order)
WEBSITE
BLOG
Her life's aspiration: to worship the Creator by creating.
This talented photographer has not even finished high school and has already been in business for about a year! She believes in dreaming BIG and never giving up... and will be putting herself through college starting in the fall. Probably our most original entry yet... we'll let you find out more and watch the video for yourselves....
-----------------------------------
WEBSITE
(NEW site under construction!!)
BLOG
What do socks have to do with Karen and business organization?
She's a wedding photographer on the brink of her own wedding. Yet another original application that tells us in her own words (and pictures) why she needs the biz help... click the picture of Karen to watch the slideshow (it may take a minute to load, please be patient)
----------------------------------------------
WEBSITE
BLOG
Linguist daughter of immigrant parents, she found the love of her life (who became her husband and father of their two children) while serving in the Air Force, only to have a brain tumor take him from her too soon. Newly widowed and living in a small town with little opportunity, she finds her light and hope and joy through photography finally... and begins the healing process...
Marie's beautiful bio pic from her site
"...Fate had other plans for our little family and at 39 I found myself a widow with two young children, ages 3 ½ and 9 years old. To say that I was devastated is an understatement. I firmly believed that if we stayed positive, researched all of our options, went to the best medical facilities in the country that we could beat the monster that had taken over my husband’s body, and most regrettably, his brain. I was wrong. Crest fallen and grief stricken, I desperately sought for something to do to support my family...."
***CLICK HERE TO READ THE WHOLE STORY****
One of Marie's pics
WEBSITE
BLOG
She's got an airline voucher that will get her to Atlanta and a small time frame during which she can fly....
With their second child on the way, Beth (former social worker) and her husband Sam (Air Force) have no control over where they are called to move every 4 years... and now they're in California where the market is over-saturated and their financial resources are stretched... how will Beth make her photography business flourish amongst so much change and opposition? How can they set the example for their children to follow their own dreams?
Beth and her hubby, Sam
"Hello Liana,
First I must tell you that it touches my heart greatly that you are offering a scholarship to your BBC Workshop. Giving back is something very close to my heart, so when I read your post on OSP I liked you even more then I did before! ;) My first encounter meeting you was at WPPI 2007. I went to see you as a Platform Speaker and it was the first time I had ever listened to another photographer speak. You blew me away! I always remember a question someone asked you about why you didn't shoot RAW- and your answer was that you shoot correctly out of the camera the first time so why would you shoot RAW? When you said that, my thoughts were that ...." ***CLICK HERE TO READ THE REST OF THE STORY***
Some of Beth's work
WEBSITE
BLOG
She's got a beloved Cat who's had a CAT scan and survived cancer. But that's not the only miracle in her story...
On the brink of starting a Masters in Physical Therapy program at Emory University ten years ago, Ellen suffered a massive cerebral hemorrhage that left her with a hole in her brain... unable to read, write, or speak. To say that Ellen is a living miracle and photography has helped her heal might just be an understatement...
Ellen not long after her stroke
"...I was on the phone with my mother and she noticed that I was not making any sense. She asked if I was alright, and I thought about what I had just said. I realized the words I was saying had absolutely no connection to the words I was thinking. I told mom I'd be right back, I thought I just needed something to drink. The next thing I remember, I was spilling the water I had gotten from the refrigerator on myself, I was dragging myself across the kitchen floor with my left arm, my right arm was twisted up and around behind my left side and I couldn't feel my legs. I looked down at myself and knew this was really bad. I'd had enough medical training that I KNEW what had happened, even though it was hard to believe given my age, so I dragged myself over to the front door and unlocked it (knowing SOMEONE was going to have to get in to help me at some point) and then back to the phone..."
***CLICK HERE TO READ THE WHOLE STORY***
In Ellen's own words:
My Hole in My Head. I always joke around that I have a hole in my head, but technically it's in my brain. I remember the first time I saw that scan, about 4 years after the stroke. Up until then, somehow it hadn't really crossed my mind that there would be such a visible dead space. It makes sense, now that I've had time to consider, but I just hadn't thought about it before I saw the scan on the light box. So I took a picture.
And a fun pic she took that we borrowed off her blog:
THANK YOU again to everyone who sent in nominations!! We are holding on to these and will post here when the time has come to open up nominations again, if and when the time comes. Check back tomorrow for the BIG announcement!!
Thursday, April 3, 2008
Total Money Makeover
2008 has been an AWESOME year of good reads so far for me ... and here's another one that's going on my Recommended Reads list for sure!!
Many of you already know my story about how I was over 20k in debt and making 22k in salary right out of college... and how I turned that around by applying financial smarts to my life and business. There have been some great resources that helped me through all that... but here's one I REALLY could have used back then. Mainly because it is SOOO completely practical and has actual steps and numbers to go along with it... and lots of encouraging stories of others who have changed their financial worlds around too!
If I hadn't buckled down and learned about Running My Biz based on the Numbers, and being smart with my personal finances too I know I'd be in a completely different place today. Now my car is paid off, I have absolutely no credit card or school debt, and I've moved into a brand new home years and years before I thought I'd be able to. I've got a rainy-day fund so if business is slow, it's A-okay... and I've got a retirement fund, savings, and can give to causes I believe in. Oh, and did I mention I'm doing what I LOVE to do and not running the rat-race?? Live changes considerably when you're not worried about finances!
This one is a MUST read for everyone! Click the picture below to order.
Description:
The success stories speak for themselves in this book from money maestro Dave Ramsey. Instead of promising the normal dose of quick fixes, Ramsey offers a bold, no-nonsense approach to money matters, providing not only the how-to but also a grounded and uplifting hope for getting out of debt and achieving total financial health.
Ramsey debunks the many myths of money (exposing the dangers of cash advance, rent-to-own, debt consolidation) and attacks the illusions and downright deceptions of the American dream, which encourages nothing but overspending and massive amounts of debt. "Don't even consider keeping up with the Joneses," Ramsey declares in his typically candid style. "They're broke!"
Many of you already know my story about how I was over 20k in debt and making 22k in salary right out of college... and how I turned that around by applying financial smarts to my life and business. There have been some great resources that helped me through all that... but here's one I REALLY could have used back then. Mainly because it is SOOO completely practical and has actual steps and numbers to go along with it... and lots of encouraging stories of others who have changed their financial worlds around too!
If I hadn't buckled down and learned about Running My Biz based on the Numbers, and being smart with my personal finances too I know I'd be in a completely different place today. Now my car is paid off, I have absolutely no credit card or school debt, and I've moved into a brand new home years and years before I thought I'd be able to. I've got a rainy-day fund so if business is slow, it's A-okay... and I've got a retirement fund, savings, and can give to causes I believe in. Oh, and did I mention I'm doing what I LOVE to do and not running the rat-race?? Live changes considerably when you're not worried about finances!
This one is a MUST read for everyone! Click the picture below to order.
Description:
The success stories speak for themselves in this book from money maestro Dave Ramsey. Instead of promising the normal dose of quick fixes, Ramsey offers a bold, no-nonsense approach to money matters, providing not only the how-to but also a grounded and uplifting hope for getting out of debt and achieving total financial health.
Ramsey debunks the many myths of money (exposing the dangers of cash advance, rent-to-own, debt consolidation) and attacks the illusions and downright deceptions of the American dream, which encourages nothing but overspending and massive amounts of debt. "Don't even consider keeping up with the Joneses," Ramsey declares in his typically candid style. "They're broke!"
Sunday, December 30, 2007
Day 5: S-Corp or LLC??
ATTENTIONAL ALL SMALL BUSINESS OWNERS: If you are thinking of filing your business as a new entity (ie switching from Sole Proprietor to an S-Corp) then JANUARY 1, 2008 is the DAY to do it!
Why? Because then you'll be the same entity the whole year and not have to fill out all kinds of different forms for both entities!
Not sure what you should be? Here's a quick run-down of the differences below.
Not sure how to register? I used The CompanyCorporation and let them do all that for me for a low price. Check em out! ***CLICK HERE***
• Sole Proprietorship - Easy to form, taxed at individual rate, no additional taxes to file (use Schedule C), losses apply against other income, no legal separation between company and personal assets.
• Partnership - We highly recommend against this if you are in business with another individual. Instead, look into filing as an LLC or S-Corp.
• Corporation - We recommend against this for small businesses because of the double taxation (you will be taxed at a corporate level and individual level). Instead, look to filing as an LLC or S-Corp.
• S Corporation - Taxed at individual tax rates, losses can be applied against personal or spouse income, legal separation between company and personal assets, allows you to avoid paying social security on all of your earnings (you can take dividends in addition to a salary), must file a corporate tax return, more paperwork than an LLC
• LLC - Limited Liability Company - Taxed at individual tax rates, losses can be applied against personal or spouse income, legal separation between company and personal assets, easier to set up than an S corp, not recognized the same in all states, single-owner LLC pays self-employment tax. Recommended for businesses with more than one partner for ease of distributing dividends.
Why? Because then you'll be the same entity the whole year and not have to fill out all kinds of different forms for both entities!
Not sure what you should be? Here's a quick run-down of the differences below.
Not sure how to register? I used The CompanyCorporation and let them do all that for me for a low price. Check em out! ***CLICK HERE***
• Sole Proprietorship - Easy to form, taxed at individual rate, no additional taxes to file (use Schedule C), losses apply against other income, no legal separation between company and personal assets.
• Partnership - We highly recommend against this if you are in business with another individual. Instead, look into filing as an LLC or S-Corp.
• Corporation - We recommend against this for small businesses because of the double taxation (you will be taxed at a corporate level and individual level). Instead, look to filing as an LLC or S-Corp.
• S Corporation - Taxed at individual tax rates, losses can be applied against personal or spouse income, legal separation between company and personal assets, allows you to avoid paying social security on all of your earnings (you can take dividends in addition to a salary), must file a corporate tax return, more paperwork than an LLC
• LLC - Limited Liability Company - Taxed at individual tax rates, losses can be applied against personal or spouse income, legal separation between company and personal assets, easier to set up than an S corp, not recognized the same in all states, single-owner LLC pays self-employment tax. Recommended for businesses with more than one partner for ease of distributing dividends.
Saturday, December 29, 2007
Day 4: Be Rich and GIVE
and
We are by all standards very wealthy in that many of us are making a good living doing what we love. In the day-to-day rat race, it’s easy to forget this and instead compare ourselves to others and think of what we don’t have!
The remedy? Get out and GIVE. Give of your time, money, and other resources. Get yourself a good dose of perspective!
More on HOW TO BE RICH? Check out the playbacks dated 8/19, 8/26, and 9/2...
***CLICK HERE***
Thursday, December 27, 2007
Day 2: Why Photography Isn't Cheap!
"It's HOW much??!?!?" "My dad is going to FLIP when he hears how expensive the photography is!" "We can't afford it!" "Why would we pay that much for photography?? We can get prints at Walmart for $0.19!"
We've heard it all! All the excuses WHY our clients or potential clients or the public in general thinks we charge too much...
In REALITY, most professional wedding and portrait photographers are hardly making a living at it. The average income is $33,000 per year for a full time pro photographer. And that's if they're averaging 3-5k per wedding!
All the questioners think about is the paper we print on and the equipment we shoot with. The truth of the matter is, there's SOOOO much more to running a business -- so many more costs that contribute to why we need to charge what we do.
In ANY business, there is a general equation that will compute how much we need to make to pay ourselves a salary and cover all of our expenses. It's called the "Break-Even Analysis" ... I call it the BIG Equation.
If you know what your:
- Cost of Sales % is
- Overhead Expenses are
- Asset/Depreciation Expenses are
Then it's very simple to run this equation and figure out how much you need to charge.
The problem is it takes a good deal of time to determine all of the costs. What makes a Cost of Sales cost different from an Overhead Expense? Without going too much into these things (it's much more involved than time allows on a blog post) I'd like to use a simple example:
A restaurant! Simply, a restaurant mirrors a photography business model similarly.
Let's say that each year the restaurant spends $60,000 in Overhead Expenses and Assets. These are things like phone and electricity, rent, the owners salary, other salaried employees, health insurance, business insurance, new equipment (assets), new fixtures and tables (assets), cleaning services, office supplies, website fees, newspaper ads, print costs, and new menus. Of the $60,000, about half of that is for the owners and other salaries. Not much, hu!?
Then, every year, they spend $35,000 in food and food supply costs. This is the Cost of Sales.
Let's say that they bring in a grand total of $100,000 in income (aka sales on food in the restaurant).
Given those numbers, we can look at the profits:
$100,000 = Gross Sales
- 35,000 = Cost of Sales
= 65,000
- 60,000 = Overhead/Asset Expenses
= 5,000 = Total Profit for Business
WOW - a whopping $5,000 that goes back into the business as profits or that the owner can take home as return on investment. Not such a great investment for a whole TON of work, hu? The photography industry works the same way.
So the next time someone questions why we charge what we do, know that it's a bit easier to constitute your prices when you know what goes into them. If you want to go more in-dept and REALLY figure out how much you're making in a salary, how to categorize and account for expenses, how to set up your business legally, how much you're making out of every dollar, and how to put together prices and packages that actually make a profit... it's all in the Profit Center DVD. It's FOUR hours of DVD and can take a few weeks to put together if your numbers aren't already well-tracked.
SO my big question for Day 2 of the TWELVE is:
Do you know how much $$$ you need to make next year in order to pay for all of your expenses and take home a modest salary??
Clue: It's likely to be between $250,000 - 150,000 if you're a full-time pro!!!
We've heard it all! All the excuses WHY our clients or potential clients or the public in general thinks we charge too much...
In REALITY, most professional wedding and portrait photographers are hardly making a living at it. The average income is $33,000 per year for a full time pro photographer. And that's if they're averaging 3-5k per wedding!
All the questioners think about is the paper we print on and the equipment we shoot with. The truth of the matter is, there's SOOOO much more to running a business -- so many more costs that contribute to why we need to charge what we do.
In ANY business, there is a general equation that will compute how much we need to make to pay ourselves a salary and cover all of our expenses. It's called the "Break-Even Analysis" ... I call it the BIG Equation.
If you know what your:
- Cost of Sales % is
- Overhead Expenses are
- Asset/Depreciation Expenses are
Then it's very simple to run this equation and figure out how much you need to charge.
The problem is it takes a good deal of time to determine all of the costs. What makes a Cost of Sales cost different from an Overhead Expense? Without going too much into these things (it's much more involved than time allows on a blog post) I'd like to use a simple example:
A restaurant! Simply, a restaurant mirrors a photography business model similarly.
Let's say that each year the restaurant spends $60,000 in Overhead Expenses and Assets. These are things like phone and electricity, rent, the owners salary, other salaried employees, health insurance, business insurance, new equipment (assets), new fixtures and tables (assets), cleaning services, office supplies, website fees, newspaper ads, print costs, and new menus. Of the $60,000, about half of that is for the owners and other salaries. Not much, hu!?
Then, every year, they spend $35,000 in food and food supply costs. This is the Cost of Sales.
Let's say that they bring in a grand total of $100,000 in income (aka sales on food in the restaurant).
Given those numbers, we can look at the profits:
$100,000 = Gross Sales
- 35,000 = Cost of Sales
= 65,000
- 60,000 = Overhead/Asset Expenses
= 5,000 = Total Profit for Business
WOW - a whopping $5,000 that goes back into the business as profits or that the owner can take home as return on investment. Not such a great investment for a whole TON of work, hu? The photography industry works the same way.
So the next time someone questions why we charge what we do, know that it's a bit easier to constitute your prices when you know what goes into them. If you want to go more in-dept and REALLY figure out how much you're making in a salary, how to categorize and account for expenses, how to set up your business legally, how much you're making out of every dollar, and how to put together prices and packages that actually make a profit... it's all in the Profit Center DVD. It's FOUR hours of DVD and can take a few weeks to put together if your numbers aren't already well-tracked.
SO my big question for Day 2 of the TWELVE is:
Do you know how much $$$ you need to make next year in order to pay for all of your expenses and take home a modest salary??
Clue: It's likely to be between $250,000 - 150,000 if you're a full-time pro!!!
Wednesday, December 5, 2007
For Love or Money? ("LOVE" part IV of V)
note: The "LOVE" series is posted on www.lianasbananas.com - I felt strongly about posting this here too so here goes:
Love. Money. Our dreams. Client needs. Security. Freedom. Purpose. Budgets. Jobs. Costs. Sacrifice. Questions. Lifestyle. Opposition. Freedom. True Love.
“Often people attempt to live their lives backwards; they try to have more things, or more money, in order to do more of what they want, so they will be happier. The way it actually works is the reverse. You must first be who you really are, then do what you need to do, in order to have what you want.” - Margaret Young
Sunday afternoon, on my way home from sunny West Palm, the couple in the seats next to me started asking about Amy & Joel’s wedding pictures and commented “it looks like something from a magazine ... you can tell you really love what you do.” I smiled my thanks to them at that observation and we chatted about life and photography and the difference LOVE had made when this woman had her favorite portrait taken years ago. A few hours later, on my way out the door, I received a heartbreaking call that one of my clients passed away. I spent the rest of the evening at a church holiday event trying to keep my eyes dry in the dark auditorium, failing miserably.
My world has been a bit of a roller-coaster the past few years and the question that has been in the heart of it all is “for love or money?” I spoke on the topic at five major conventions this year... as it relates to photography and doing what we love through our work. I wasn’t prepared for how amazing it was to hear the different reasons some of my peers do what they do. I have my own reasons... some that I shared with them... that I will share with you... soon.
There’s something unbelievably cathartic about finally being hit over the head with the realization of what your purpose is. I don’t think our purpose is ever very far off from doing what we LOVE to do... for all the right reasons. Doing it NOT for money but for the LOVE of it and how it touches the lives of others.
I have a little problem though... here’s where I got the roller coaster ride.... my purpose is not simple. I did not celebrate in the epiphany that I am only to be a full time photographer and to help others experience the beauty that is around them always. God didn’t put a period there -- he put a comma. It’s taken me YEARS of heartache, headache, bad jobs, good jobs, right jobs, wrong jobs.... to finally put in words what I know I’ve been put on this earth to do. I’ll tell it to you now, because I know you’ll start seeing and hearing it everywhere in what I do: “To help others achieve the impossible AND experience the beauty that is about them always.”
To tell you the story of how I came to this conclusion and how I know without a doubt what my purpose it... would take 500+ words. I know this because I typed it up recently. Perhaps a story to share another day ;)
Regardless, it hasn’t been an easy pill to swallow... because doing what I LOVE not only involves the fun, exciting part of my job called photography.... but it deals with money. It deals with sacrifice and facing necessary evils no creative person in their right mind wants to tackle. I’ve been charged with the challenge of helping creative entrepreneurs be better stewards of their money, and being able to actually make a living off of doing something they love. And it’s one difficult industry to do it in. I'm in Boston now with 8 amazing photographers who are making that sacrifice and doing what they need to do to lay the financial foundation for their businesses. I'm so proud of what they're doing, it hurts our brains, but it's so worth it. It will allow us to move forward and focus on doing what we love.
So I guess that is my question for you. Why do you do what you do? Is it for Love or Money?
Love. Money. Our dreams. Client needs. Security. Freedom. Purpose. Budgets. Jobs. Costs. Sacrifice. Questions. Lifestyle. Opposition. Freedom. True Love.
“Often people attempt to live their lives backwards; they try to have more things, or more money, in order to do more of what they want, so they will be happier. The way it actually works is the reverse. You must first be who you really are, then do what you need to do, in order to have what you want.” - Margaret Young
Sunday afternoon, on my way home from sunny West Palm, the couple in the seats next to me started asking about Amy & Joel’s wedding pictures and commented “it looks like something from a magazine ... you can tell you really love what you do.” I smiled my thanks to them at that observation and we chatted about life and photography and the difference LOVE had made when this woman had her favorite portrait taken years ago. A few hours later, on my way out the door, I received a heartbreaking call that one of my clients passed away. I spent the rest of the evening at a church holiday event trying to keep my eyes dry in the dark auditorium, failing miserably.
My world has been a bit of a roller-coaster the past few years and the question that has been in the heart of it all is “for love or money?” I spoke on the topic at five major conventions this year... as it relates to photography and doing what we love through our work. I wasn’t prepared for how amazing it was to hear the different reasons some of my peers do what they do. I have my own reasons... some that I shared with them... that I will share with you... soon.
There’s something unbelievably cathartic about finally being hit over the head with the realization of what your purpose is. I don’t think our purpose is ever very far off from doing what we LOVE to do... for all the right reasons. Doing it NOT for money but for the LOVE of it and how it touches the lives of others.
I have a little problem though... here’s where I got the roller coaster ride.... my purpose is not simple. I did not celebrate in the epiphany that I am only to be a full time photographer and to help others experience the beauty that is around them always. God didn’t put a period there -- he put a comma. It’s taken me YEARS of heartache, headache, bad jobs, good jobs, right jobs, wrong jobs.... to finally put in words what I know I’ve been put on this earth to do. I’ll tell it to you now, because I know you’ll start seeing and hearing it everywhere in what I do: “To help others achieve the impossible AND experience the beauty that is about them always.”
To tell you the story of how I came to this conclusion and how I know without a doubt what my purpose it... would take 500+ words. I know this because I typed it up recently. Perhaps a story to share another day ;)
Regardless, it hasn’t been an easy pill to swallow... because doing what I LOVE not only involves the fun, exciting part of my job called photography.... but it deals with money. It deals with sacrifice and facing necessary evils no creative person in their right mind wants to tackle. I’ve been charged with the challenge of helping creative entrepreneurs be better stewards of their money, and being able to actually make a living off of doing something they love. And it’s one difficult industry to do it in. I'm in Boston now with 8 amazing photographers who are making that sacrifice and doing what they need to do to lay the financial foundation for their businesses. I'm so proud of what they're doing, it hurts our brains, but it's so worth it. It will allow us to move forward and focus on doing what we love.
So I guess that is my question for you. Why do you do what you do? Is it for Love or Money?
Tuesday, October 9, 2007
Free Resources: Make it Personal & Goal-Oriented
Back by popular demand (I know it got lost in the blog-shuffle) - the "Make it Personal & Goal Oriented" audio and downloads are available again - for FREE!
The resources includes the audio from Lesson 1 of the Profit Center DVD and click and save to disk the PDFs that go along with it. Whether you are a pro photographer or really ANY small business owner this is step one on pretty much EVERYTHING we teach about creating strategies and running a successful business. We recommend listening to the audio then taking the time out of your busy schedule (away from distractions!) to brainstorm and fill out the sheets with your own information.
DOWNLOAD 1st PDF HERE
DOWNLOAD 2nd PDF HERE
***CLICK HERE TO LISTEN TO AUDIO****
The resources includes the audio from Lesson 1 of the Profit Center DVD and click and save to disk the PDFs that go along with it. Whether you are a pro photographer or really ANY small business owner this is step one on pretty much EVERYTHING we teach about creating strategies and running a successful business. We recommend listening to the audio then taking the time out of your busy schedule (away from distractions!) to brainstorm and fill out the sheets with your own information.
DOWNLOAD 1st PDF HERE
DOWNLOAD 2nd PDF HERE
***CLICK HERE TO LISTEN TO AUDIO****
Thursday, October 4, 2007
The BIG Secret to Financial Freedom ;)
(Had to take the video down as it was crashing - check out SNL "don't buy stuff" on YouTube or Google ;)
Whadya think?? Should I order the book now with my AMEX?
Monday, October 1, 2007
Have a BACKUP Plan: Thoughts on Business Continuity, Disaster Recovery
From Liana's Bananas Blog :
As you may have guessed from the post below... my "baby" (NO, I don't actually have kids thus I must refer to my precious Powerbooks as such instead) crashed/died/bit-the-dust today. This computer was my "workhorse" from 2005-early 2007 and I still use it as my main file/email computer.
The Good News:
- We are OCD about backing up all client files so NONE were lost in this crash. We still have back-ups from this weekend's wedding, though not the edit.
- We'd done a COMPLETE backup of the computer as of August 29th and various other back ups that happen regularly overnight, every night
The Bad News:
- The Past 72 hours worth of work (Wedding edit from this weekend, complete library/favorites selection of 2007 images, and various documents may or may not be recoverable. We're slowly trying to recover these files by transfering them over to another computer. We may have to go through the wedding from this weekend again. But thanks to our Crazy Simple Workflow... only hrs were lost instead of days.
- This computer was "born" in 2005 and some of the applications were transfered from a now-retired G4 TITANIUM powerbook from 2001... needless to say, we'll loose a lot of grandfathered applications when the computer gets wiped out and reformatted.
The Ironic:
- I was out dropping off two back-up hard drives at a safety-deposit box at the bank when the crash happened. Go figure!
Lesson Learned:
- Just Like Tires: Computers will fail, directories will corrupt, and hard drives WILL fail. They are like tires... will wear out over time... you can count on that!
- Plan for IT: When I worked in Corporate America I spent my first year there helping out people that put together Business Continuity and Disaster Recovery programs for a living (for big companies). They taught me a few key things like the importance of having a full plan for recovering your important files and programs ... so if a computer crashes or the whole office goes up in flames today, we can be back in business in a few days.
- Learn from others before it happens to YOU!: Nothing like this has happened to me until now... and I knew it was a matter of time... so I'm glad I took these steps BEFORE vs AFTER a crash happens.
I have an appointment with a Mac Genius tomorrow afternoon (oh yes, that AppleCare comes in handy here!) and will probably be up half the night pulling as many key files off the HD as possible. Sarah will be able to continue our work on the other two computers so all will be okay... just a few days behind....
PRACTICAL TIPS FOR PHOTOGRAPHERS
Step 1: Imagine the WORST possible scenario.
Your office goes up in flames. All your files, equipment.... GONE.
Step 2: Make a LIST of what you need to be back in Biz. Okay, you only need to be depressed for a millisecond... so your biz is up in flames... what would you need in order to get up and running again? What equipment (computers, cameras, etc), software (ie LOTS of expensive Adobe stuff) and files (client images, tax info & receipts, client communications, agreements, legal forms, etc) would you need to be up and running again in 24-72 hours?
Step 3: Insure the obvious. Business insurance, equipment insurance, legal protection. If you're a pro photographer you should have ALL of the above. A GREAT place to start is by joining Professional Photographers of America. If you shoot even ONE event per year, their Indemnification Coverage is priceless. I know people personally who's biz has been saved by it. PPA will also be able to point you in the right direction for all sorts of insurance and protection. Pay attention to what is covered and not covered... if your equipment is stolen or destroyed, will you be covered to be able to buy new equipment/get it fixed right away?
Step 4: Invest in extended service/warranties/protection plans. I ALWAYS get the warranty with new lenses/camera bodies. I've had to use them MULTIPLE times already and it's so nice to not have to fork out the $$ for replacements when they'll be repaired under the warranty. I also have the AppleCare plan for my computers... they've repaired hard drives, and done Thousands of $$s in parts and labor for me thus far in my 7-8 years as a Mac user. A $100+ upfront sure beats 1,000 later.
Step 5: Get your files OFF your hard drives, backed up multiple times in multiple ways. I have FOUR copies of all of my client files. We back up to disk TWICE - one disk goes Pictage... which is backed up FOREVER! The other disk we keep in the office to burn a copy for clients if they purchase it after everything has been ordered. We also back up to TWO different external hard drives. Lacie is the hard drive of choice.... been using them for years! Essentially, we have two identical eternal hard drives - one stays in the office and one goes off site (to a safety deposit box at the bank). We also wait to format the CF cards until Pictage receives the disk and everything is backed up. The important thing is to have copies in different places in different forms so if one fails, then another fails... then there are still backups!
Step 6: Don't forget your operating files! It's easy to remember to back up client files... what about email, calendars, contacts, agreements, contracts, legal docs, and other important stuff?? Well, you can back them up to disk & external hard drive (like above).... but you use these files a lot and may forget to do that regularly. So make time to do the above but also utilize some great programs that keep it simple! Here's where having and using a .MAC account comes in handy! With a little programing, it can all be done without you having to think about it! Every night, every computer connects to our .MAC account online and syncs up all of the information :) Not only is it safe online backed up, but it's in-sync too! Super cool! There are also tons of external applications you can use to back up other documents and programs such as iBackup and SilverKeeper. I'm sure I'm missing TONS of great programs too so if you use a great one post it up here!
Step 7: Get a Safety Deposit Box and make an Emergency Kit. Back-up drives, start-up disks, application disks, serial numbers, warranties, emergency cash fund, etc... put it all in one place with instructions, passwords, etc ...so it's there if/when you need it!
Pheww... makes me exhausted just thinking of it! But with a little planning ahead of time, you'll save a lot of money and headaches later!
As you may have guessed from the post below... my "baby" (NO, I don't actually have kids thus I must refer to my precious Powerbooks as such instead) crashed/died/bit-the-dust today. This computer was my "workhorse" from 2005-early 2007 and I still use it as my main file/email computer.
The Good News:
- We are OCD about backing up all client files so NONE were lost in this crash. We still have back-ups from this weekend's wedding, though not the edit.
- We'd done a COMPLETE backup of the computer as of August 29th and various other back ups that happen regularly overnight, every night
The Bad News:
- The Past 72 hours worth of work (Wedding edit from this weekend, complete library/favorites selection of 2007 images, and various documents may or may not be recoverable. We're slowly trying to recover these files by transfering them over to another computer. We may have to go through the wedding from this weekend again. But thanks to our Crazy Simple Workflow... only hrs were lost instead of days.
- This computer was "born" in 2005 and some of the applications were transfered from a now-retired G4 TITANIUM powerbook from 2001... needless to say, we'll loose a lot of grandfathered applications when the computer gets wiped out and reformatted.
The Ironic:
- I was out dropping off two back-up hard drives at a safety-deposit box at the bank when the crash happened. Go figure!
Lesson Learned:
- Just Like Tires: Computers will fail, directories will corrupt, and hard drives WILL fail. They are like tires... will wear out over time... you can count on that!
- Plan for IT: When I worked in Corporate America I spent my first year there helping out people that put together Business Continuity and Disaster Recovery programs for a living (for big companies). They taught me a few key things like the importance of having a full plan for recovering your important files and programs ... so if a computer crashes or the whole office goes up in flames today, we can be back in business in a few days.
- Learn from others before it happens to YOU!: Nothing like this has happened to me until now... and I knew it was a matter of time... so I'm glad I took these steps BEFORE vs AFTER a crash happens.
I have an appointment with a Mac Genius tomorrow afternoon (oh yes, that AppleCare comes in handy here!) and will probably be up half the night pulling as many key files off the HD as possible. Sarah will be able to continue our work on the other two computers so all will be okay... just a few days behind....
PRACTICAL TIPS FOR PHOTOGRAPHERS
Step 1: Imagine the WORST possible scenario.
Your office goes up in flames. All your files, equipment.... GONE.
Step 2: Make a LIST of what you need to be back in Biz. Okay, you only need to be depressed for a millisecond... so your biz is up in flames... what would you need in order to get up and running again? What equipment (computers, cameras, etc), software (ie LOTS of expensive Adobe stuff) and files (client images, tax info & receipts, client communications, agreements, legal forms, etc) would you need to be up and running again in 24-72 hours?
Step 3: Insure the obvious. Business insurance, equipment insurance, legal protection. If you're a pro photographer you should have ALL of the above. A GREAT place to start is by joining Professional Photographers of America. If you shoot even ONE event per year, their Indemnification Coverage is priceless. I know people personally who's biz has been saved by it. PPA will also be able to point you in the right direction for all sorts of insurance and protection. Pay attention to what is covered and not covered... if your equipment is stolen or destroyed, will you be covered to be able to buy new equipment/get it fixed right away?
Step 4: Invest in extended service/warranties/protection plans. I ALWAYS get the warranty with new lenses/camera bodies. I've had to use them MULTIPLE times already and it's so nice to not have to fork out the $$ for replacements when they'll be repaired under the warranty. I also have the AppleCare plan for my computers... they've repaired hard drives, and done Thousands of $$s in parts and labor for me thus far in my 7-8 years as a Mac user. A $100+ upfront sure beats 1,000 later.
Step 5: Get your files OFF your hard drives, backed up multiple times in multiple ways. I have FOUR copies of all of my client files. We back up to disk TWICE - one disk goes Pictage... which is backed up FOREVER! The other disk we keep in the office to burn a copy for clients if they purchase it after everything has been ordered. We also back up to TWO different external hard drives. Lacie is the hard drive of choice.... been using them for years! Essentially, we have two identical eternal hard drives - one stays in the office and one goes off site (to a safety deposit box at the bank). We also wait to format the CF cards until Pictage receives the disk and everything is backed up. The important thing is to have copies in different places in different forms so if one fails, then another fails... then there are still backups!
Step 6: Don't forget your operating files! It's easy to remember to back up client files... what about email, calendars, contacts, agreements, contracts, legal docs, and other important stuff?? Well, you can back them up to disk & external hard drive (like above).... but you use these files a lot and may forget to do that regularly. So make time to do the above but also utilize some great programs that keep it simple! Here's where having and using a .MAC account comes in handy! With a little programing, it can all be done without you having to think about it! Every night, every computer connects to our .MAC account online and syncs up all of the information :) Not only is it safe online backed up, but it's in-sync too! Super cool! There are also tons of external applications you can use to back up other documents and programs such as iBackup and SilverKeeper. I'm sure I'm missing TONS of great programs too so if you use a great one post it up here!
Step 7: Get a Safety Deposit Box and make an Emergency Kit. Back-up drives, start-up disks, application disks, serial numbers, warranties, emergency cash fund, etc... put it all in one place with instructions, passwords, etc ...so it's there if/when you need it!
Pheww... makes me exhausted just thinking of it! But with a little planning ahead of time, you'll save a lot of money and headaches later!
Thursday, September 6, 2007
The TRUE Cost of Photography / PPA ABI
Archive: Originally Published June 7, 2006
WOW. For the past two days, I had the opportunity to participate in a very new and VERY enlightening training at the Professional Photographers of America (PPA) headquarters here in Atlanta. It was awesome because there were another 19 photographers there who came from all over the country and a pretty diverse crowd as far as what we do too (MANY portrait studios there).
Scott Kurkian (CFO of PPA) and the legendary Ann Monteith (previous president of PPA and ABI guru) led us through tons of materials, questions, and methodologies to equip us with becoming Approved Business Instructors for PPA. What these two have done for our industry is amazing and it's awesome the charge they've set forth in helping photographers with their businesses.
On Sunday, class was scheduled from 9am to 9pm so I had the pleasure of dinning with Scott, Lori, and Julia for both lunch and dinner.
Julia Woods, me, and Lori Gragg in class
Thanks gals for all the stimulating conversation on pricing and biz in general!
One of the most interesting things about the past two days is when they shared the results of a financial survey that was just completed (and isn't even published yet!) They surveyed and analyzed financial statements on over 180 photography businesses and this is the FIRST time the industry has qualified, in-depth data in this area... which means we will FINALLY be able to analyze and base our financials on an industry-standard!! AWESOME!
Ann and Scott are making sense of these numbers so that they can be published over the next few months, but a few stats that stuck out to me are that:
- On average, a photography studio needs to have 150,000 - 250,000 in net sales to be profitable (enough to make a living off of) !!! The exceptions they showed were few and far between when someone was able to keep the cost of sales, overhead, and asset depreciation down considerably. These numbers are especially shocking when I think about all the small businesses out there that have no idea what their numbers are or where they're at with their numbers.
- The average home studio makes $32,977 (this is net profit / owners income) WOW. WOW. WOW. (and who said photographers were overpaid!!??!)
A final interesting consensus (the class made) is that in the middle-market, a studio needs to be bringing in around $5,000 per wedding to be a profitable wedding photography business, given the average Cost of Sales, Overhead, and the Assets needed to run the business. Again there are exceptions but it's so interesting to see these numbers spelled out finally - it's going to make a huge impact to those who take advantage of this information and get their businesses on-track financially.
UPDATE: The results of this study were published in July 2006 in a report titled "PPA's 2005 Studio Benchmark Survey" that can be downloaded from PPA's members-only section. If you haven't already check it out ASAP!
WOW. For the past two days, I had the opportunity to participate in a very new and VERY enlightening training at the Professional Photographers of America (PPA) headquarters here in Atlanta. It was awesome because there were another 19 photographers there who came from all over the country and a pretty diverse crowd as far as what we do too (MANY portrait studios there).
Scott Kurkian (CFO of PPA) and the legendary Ann Monteith (previous president of PPA and ABI guru) led us through tons of materials, questions, and methodologies to equip us with becoming Approved Business Instructors for PPA. What these two have done for our industry is amazing and it's awesome the charge they've set forth in helping photographers with their businesses.
On Sunday, class was scheduled from 9am to 9pm so I had the pleasure of dinning with Scott, Lori, and Julia for both lunch and dinner.
Thanks gals for all the stimulating conversation on pricing and biz in general!
One of the most interesting things about the past two days is when they shared the results of a financial survey that was just completed (and isn't even published yet!) They surveyed and analyzed financial statements on over 180 photography businesses and this is the FIRST time the industry has qualified, in-depth data in this area... which means we will FINALLY be able to analyze and base our financials on an industry-standard!! AWESOME!
Ann and Scott are making sense of these numbers so that they can be published over the next few months, but a few stats that stuck out to me are that:
- On average, a photography studio needs to have 150,000 - 250,000 in net sales to be profitable (enough to make a living off of) !!! The exceptions they showed were few and far between when someone was able to keep the cost of sales, overhead, and asset depreciation down considerably. These numbers are especially shocking when I think about all the small businesses out there that have no idea what their numbers are or where they're at with their numbers.
- The average home studio makes $32,977 (this is net profit / owners income) WOW. WOW. WOW. (and who said photographers were overpaid!!??!)
A final interesting consensus (the class made) is that in the middle-market, a studio needs to be bringing in around $5,000 per wedding to be a profitable wedding photography business, given the average Cost of Sales, Overhead, and the Assets needed to run the business. Again there are exceptions but it's so interesting to see these numbers spelled out finally - it's going to make a huge impact to those who take advantage of this information and get their businesses on-track financially.
UPDATE: The results of this study were published in July 2006 in a report titled "PPA's 2005 Studio Benchmark Survey" that can be downloaded from PPA's members-only section. If you haven't already check it out ASAP!
Tuesday, August 14, 2007
Shoot for the Moon
Just a quick reminder why we should never stop at creating big goals for ourselves. We should take it a step further and make Big Hairy Audacious Goals!! (BHAGs!) After all...
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