Financial planning for the art businesses – for photographers

For the success of any business, a reliable source of capital is important. Equally important is an efficient finance planning strategy. Unlike a regular job that fetches a monthly salary, artists’ and Millionaire Blueprint traders’ income patterns and volumes differ. This trend hasn’t changed much ever since the beginning. The field of art consists of several segments including photography, literature, performing arts like theater, culinary arts etc. For some, art is just a hobby and for the others, it is a passion and for few others, it is also a career.

Photography has evolved a great deal. In the current scenario, with the lineup of several entry level DSLR cameras, the mobile phones with high-precision high resolution cameras, and photo editing apps, everyone can become, if not, can at least proclaim that they have become a photographer. There are social media sites for sharing photos as well as to showcase the photography skills. So for an actual photographer to survive in the market and to establish a successful photography business is quite difficult.

Given this scenario it is crucial that the photographer effectively manages his finances. Here are some finance planning tips for the artist to manage his photography business:

  • Shared studios:
    Having a studio space is of course essential. But often, in the initial stages, you would be able to manage with shared studios. Unless you have schedule photoshoots 24/7 a shared space with another budding artist can be a great option.
  • Keep a check on your expenses:
    You indeed need the right photography equipment. There is no point skimping on those. But when you are managing your studio, there might be several other expenses you face. Remember to track your expenditure. Think twice before spending every penny.
  • Have an organized work structure:
    Once you have the right equipment, a studio and photo editing software in place, establish a work structure. For every photography session that gets done, always follow a set sequence of steps right from the stage of transferring the images to editing them, creating backup, making the final copy and more. This doesn’t directly impact your income. But it definitely improves your time management skills. In any business, time is money!
  • Keep a safe reserve:
    Remember that unlike monthly salaried jobs, businesses big or small have their ups and downs. Depending on the type of photography business you own, depending on several regional aspects, there might be off-season periods, lull periods for your business. So if your photography business is your sole source of income, plan your finances well ahead. Have a game plan to tackle the off-season periods.
  • Do not spend all that you earn:
    When your opportunities pour in, when the cash flow is impressive, do not jump in to spend the entire amount. Use your earnings wisely to invest on better equipment like lenses etc. But always take out some of the money to invest into your safe reserve that you can dig back when the dire need arises.

No project is too small. Accept every opportunity you get, especially in your starting stages. These can both help grow your finances and pose as learning platforms and also offer you enough contacts as people are really essential for a photography business.