Book Keeping Management

 

How to Launch a Photography Business

 

Lesson Info

Book Keeping Management

I will not ever underestimate the value of reports and reporting. Can you all guess? This is the funny thing. How much of our business is me, Justin, and Chris sitting in a room, reviewing the company financial statements. How often do you think that happens? Monthly, weekly or daily. Weekly. If we need to we're looking weekly. We have a partnership meeting every single Wednesday at 10:30 AM. Where we sit down anything that's, needs to get discussed. If we need to look at the financials, we look straight at the financials. What's happened from a week to week basis. Now sometimes, everything is fine. We don't need to look at it. So mandatory is quarterly. We're looking at financial statements. And absolutely yearly obviously you want to look at financial statements. But this is your power. So on the one side, we had data in terms of where our time is going and on the flip side, we have data in terms of what cash is coming in the studio. That's all the information you need to start mak...

ing good decisions in your business. And every decision that we make is driven based on that. Here's the problem that every one of you is going to have. You hire your first assistant. Or a studio manager, or a receptionist, or something. And that person is simply not quite doing what you expected of them. Okay. Now I know, some of you might think "Oh, but I want to run this on my own." I know, you want to run this on your own, but you're still at some point in your career. Maybe a year down the road, you're going to go "I need a studio manager, I need somebody "to help me with the admin work of signing contracts "and bringing clients in. "I need that help so I can focus on "the bigger sides of my business." You're still a lone wolf in it, you just got one person helping you. If you do not keep track of the time that that person is putting in, if you do not keep track of how much revenue they're bringing in, booking and so forth. And you decide three months down the road that you would like to terminate them. If it's without cause, which if you don't have any sort of reports it will be without cause. They can come back after you. Do they have a case? Who knows, that's for the lawyer to decide that they hire. But if you have time reports and revenue numbers and you came back and you said "Look you've been working 20 hours a week, "but we've discussed it on a weekly basis. "I don't see the effectiveness of that time "because revenue numbers "have actually been going down a little bit. "And I've had to help out in "a lot of these different areas." Then you've got cause for termination. Does that kinda make sense? Now this is, this is saying like once you have your own employee. But think about your own time and where do you put your time? What if you dumped 200 hours into family portraiture and it made ten percent of what your weddings do. But you're like, I really like family portraiture. I'm going to keep pushing that. And your product is simply not set up. If you don't review the financial statements and you see that okay, lets look at the financial statements. 20,000 dollars this month came from weddings. 2,000 dollars came from families. But 80 percent of my time went into wedding, or went into the family side. This is the importance of that reporting. Sitting down and looking and analyzing. So what we want to do is set up Quickbooks or Freshbooks. We want to track all of your expenses. And we're going to track it via job codes. That means that, just like you time, your expenses should be tracked to the client or the project that you're working on. Make sense? Because I want you to be able to come and tell me a year from now what your... This is what I'm going to ask you. What is your general profitability on a wedding? What is your general profitability on a pet shoot? What is your general profitability on a family portrait session? How about a maternity session? And I want you to be able to come back to me in a year and say 60 percent, 30 percent, 50 percent, 20 percent. Now from a business standpoint, as soon as you've said those words. Where do you focus? On the 60 percent? Yeah. So that's what this is going to give you. We are going to set up our time reporting. So again, time and scheduling and all that was back in the previous stuff. So if we're, if we're lost in terms of setting up vision, time, scheduling, all that kind of stuff. Go back and watch the previous content. Refresh yourself. And find a solid local CPA. This is what you should look and ask your CPA to do. Obviously look at reviews to find someone good. Do I want any of you to do your own bookkeeping? Ask me, if me, Justin, or Chris have ever done our own bookkeeping. No, it's a, it's a drain on time. And that's one of those things that you can quickly get off your plate by simply asking your CPA. So you should be looking to a CPA to help you set up a system of easy bookkeeping, of tracking expenses, of reporting, paying yourself out, and doing your taxes. That's what a CPA will do. Most people think it's just doing your taxes. No, they just help you set up everything. And a lot of them will offer a service where if you pay them 1,000 bucks a quarter, you just simply send them your receipts and they'll do it all for you. Who in there right minds would not give up a little bit of money to have that off your plates? You're talking about three public accountants who never did their own accounting. Like, we don't like it. And we're telling you guys to do the same thing. Like there is no reason for you to be last in again. Another, why would you set up and program and code and design and do whatever you got to do to for your own website, when you have so... There's just bigger fish to fry. And same thing on the bookkeeping side. Set it up, let someone else handle it. I did want to mention, you talked about The Law Tog and people were asking about The Law Tog. That The Law Tog is a company run by Rachel Brenke who is an instructor here on CreativeLive and we actually have classes on intellectual property, on contracts, so you can search for Rachel Brenke on the website and check those out.

Class Description

The content and opinions expressed in this course are for informational purposes only and not for the purpose of providing legal advice. You should contact your attorney to obtain advice with respect to any particular issue or problem

Build a business and get people to spend money on your photography. Award-winning photographer and co-founder of Lin and Jirsa Photography Pye Jirsa will walk you through the first 12 weeks of building your business. With his relatable and actionable teaching style, he’ll explain how to define your product as a photographer and determine where it fits into a consumer mindset. You’ll learn the steps to creating a brand, pricing yourself confidently, sales techniques, and basic marketing practices. This class covers everything you’ll need if you’re considering photography as a job, including:

  • Where to position yourself in the market
  • Branding your business to attract your ideal client
  • Pricing and basic financing
  • Creating a business plan
  • Setting up a portfolio
  • How to get your first customer in the door
  • Getting leads on new clients
  • Understanding sales
  • The psychology of a buyer

Pye has built multiple successful businesses from the ground up and this course includes your 12 week road map to launching your business.

Lessons

1Class Introduction
2Common Myths & Unknown Truths
3The Road Ahead
4Find Your Passion
5The Lin & Jirsa Journey
6Part-time, Full-time, Employed, Partners?
7Stop Wasting Time & Money
8Your 12 Week Roadmap
9Great Plans Still Fail
10Strategy Vs. Planning
11Mind Mapping
12Select a Focus
13Competitor Research
14S.W.O.T. Analysis
15Strategy & Long Term Goals
16Values, Vision & Mission
17Effectively Managing Your Time
18Artistic Development
19Create Your Plan
20What's Your Product
21Luxury vs Consumer Products & Experiences
22Quick Break for Econ 101
23Your Target Market & Brand Message
24What's in a Name
25Your Client 'Why'
26Crafting the Why Experience
27Document the Client Experience
28Business Administration Basics
29Book Keeping Management
30Create the Logo & Branding
31Portfolio Design
32Design Your Services & Packages
33Pricing Fears & Myths
34Three Pricing Methods
35Package Pricing Psychology & Design
36Psychology of Numbers
37Pricing Q&A
38Grass Roots Marketing
39The Empty Party
40Friends & Family Test Shoots
41Join Groups
42Second Shooting Etiquette
43The Listing & Classified Hustle
44Make Instagram Simple
45Your Automated Pinterest Plan
46Facebook Because You Must
47Giveaway & Styled Shoots
48Content Marketing & SEO
49The Monster: SEO
50Selecting Your Keywords
51Testing Your Keywords
52Grouping Main & Niche Goals
53Your Content Road Map
54Content Marketing Q&A
55Inspiration to Keep Working
56How to Craft Your Content
57Internal Linking Basics
58Back Link Building Basics
59Link Value Factos
60Measuring Link Value
61Link Building Strategy & Plan
62Link Building Plan: Vendors & Guest Writing
63Link Building Plan: Features, Directories, Comments
64Link Building: Shortcuts & One Simple Tool
65What is Sales? Show Me!
66Your First Massive Failure
67The Sales Process
68Your Second Massive Failure
69Understand Buyer Psychology
70Step 0: Building Rapport & Trust
71Step 1: Identify Need or Want
72Cognitive Dissonance
73Steps 2 & 3: Value Proposition & The Solution
74Step 4 : Close, Make the Ask
75Step 5: Follow Up & Resolve Concerns
76Family Photography Hot Seat
77Business Example Hot Seat
78Boudoir Photography Hot Seat
79The Best Sales Person
80Your Mindset, Vibrations & Frequency
81Always Positive, Always Affirming
82The Second Money & Dual Process
83Chumming the Price Waters
84Creating Want or Scarcity
85Timeless Advice on Being Likable
86Selling Over The Phone
87Forbidden Words in Sales