Let's have an open conversation about money?

Can I start by just saying that I was a photographer long before I ever started a company to do business. Like many of my peers, I had very little experience running the day-to-day operations of a small business and I figured I’d just pick it up along the way. Well, I can tell you without hesitation that running the company is more difficult than actually producing the photographic product in some ways. After all, if I didn’t feel like I had the potential to be successful as a photographer, I don’t think I would have started. So, what kinds of lessons have I learned as a small-business owner?

For starters, I’ve learned that there are all kinds of hidden overhead costs. Some people might think that buying a camera and a computer are all you’d need, and I guess that seems kind of obvious. But there’s so much more than that. How many lenses do you really need? If we’re talking about wedding-photography, then I think the answer is definitely at least two and more likely to be three. How many cameras should one photographer own? I think that you’d have to own at least two in order to take on a professional job without exposing yourself to a significant amount of risk. I mean, cameras work just fine until they don’t, and then what?

What about that computer? Certainly we don’t all need the latest and greatest Apple machine in order to get the job done, right? That might be true, unless you’re editing video. Still, though, there is a basic level of computing power that is necessary in order to not waste time waiting on the computer to render color-graded clips or apply motion-graphics.

Then there’s the issue of space and leasing that studio. Let me tell you that my wife is incredibly glad that all of my equipment related to the company is finally out of our living room! That really goes a long way to justifying the expense of a studio office, but the studio is really so practical for many other reasons. I can schedule a session and know that I have a space to shoot, regardless of the day or time. The studio also offers some creative control that would otherwise be impossible. Is the weather rainy, overcast, or is the most convenient time for the client’s session going to be after the sun is gone or at 1:00pm (literally, the worst time for outdoor pictures)? With the studio, I don’t have to worry about that at all.

There are other expenses that go into operating any business. I have to pay for a website, hosting, the business relationship that allows me to sell awesome prints delivered to your door, insurance to cover all kinds of things, membership dues, marketing on Facebook if any of you are to ever see what I’m posting (because Facebook is constantly finding ways to make it difficult for business to reach an organic audience), and taxes. Man, the taxes! It’s just crazy to think about the taxes and fees that get tacked onto every single transaction.

I guess the main thing is that I have to actually make some money with this venture if I’m going to continue to invest time (that I could be investing into my family) into the company. If I’m only going to take home about half of all the money that I make because of the taxes and other overhead, then I have to value my services appropriately. I guess it’s also important to note that I spend about four hours in the post-production process for every hour that I spend with you. Maybe that surprises some people, but ingesting the raw files into the computer and making the basic corrections takes about an hour. Then, the important process of fine-tuning each image individually and creating local-adjustments within each file takes about two hours, depending on the level of retouching that is included in your package. Finally, the files need to be exported in a consumer-friendly file and uploaded into the appropriate delivery conduit. That two-hour headshot or portrait session just turned into ten hours, and a wedding is a full week of committed editing without a doubt.

I work endlessly for my clients - to make them happy, to deliver exactly what they need in an efficient timeframe. I give up my nights and weekends to work around my clients’ schedules. In return, I ask that they respect my services enough to support my passion and make me feel valuable.

Anyway, I’m glad we had this talk. Please let me know if you have any questions or feedback by leaving a comment or clicking on the contact link. Let’s do it again sometime, maybe over a coffee?