Hiring a Contractor vs an Employee
Hiring a contractor versus an employee and one more other thing I wanna tell you about, is that how to find little ways to spend money so I would highly suggest that you go and do an inventory of all of your stuff. The stuff that you bought when you were first starting out that you have no idea why you purchased today, Oh, okay. all of those things, all of those gadgets, all of those softboxes, all that random stuff that you bought at the garage sale, at the prop place, somebody put it for sale on a Facebook group and you rushed and bought it and now it's sitting in the garage. All of those things that you're not using, you need to sell and get rid of. If you're not taking a 70 to 200 with you to every session and you're only shooting primes now, there's no reason for you to have a 70 to 200 and a 24 to always sitting there. You selling that lens for 300, 400 that's one month's salary, or two, depending on who you hire, for someone to come into your business and to help you. Just simp...
le things like okay, I have five camera bags, why? Are you taking all of them with you at the same time? No. So if you only need one, sell the others. If you only need two, sell the other three, kay? Every time someone has a sale, that does not give you permission to go and purchase something. Oh you all are laughing. (laughter) Okay, okay. 'Cause sometimes they posted something in the group and I'm like I should go buy that. And I'm thinking no, don't go buy that. You just have to think of okay if I sacrifice buying this new product, or whatever it is, the money that I'm spending or that I'm saving, I could use that money to go spend time with the people that I care about. It's like little simple things. It doesn't have to be like whoa, this magical things that going to appear out of the sky. Where is the money going? Go and take a real look at your expenses and where your money is going. You'll be surprised at some of the places that you can find 10 - 15 dollars here or there. Instead of parking at the session at the parking garage and spending 10 dollars, maybe you circle around the block like 30 times and find a place in the meter for 1 dollar. Like little simple things that sometimes we forget. I am a prop ... like hoarder, like if it was vintage, I would buy it. In a heartbeat. Luggage, yes I am here. What color do you have? I will take all of them, thank you very much. Vintage bike, I'll take that too. Yes, fine, I just saw it on craigslist. I need this, not I want it, what do I need? I need it. Did I need that bike? I did, yes I did. (Laughter) I needed a bike, but depending on what you need and what your goals are for your business, if there's something sitting there or maybe another photographer is having a happy hoarder moment and you can sell that to them, well you sell it to them and then you take the money for yourself and hire you a studio manager for 3 hours a month. Does that make sense to you guys? We just have to make some changes there. Alright, so hiring a contractor vs. an employee, I have a special note here to tell me, to tell you that when these times comes, when it comes to employer IDs, employment taxes, social security, FICA, insurance. How do I pay? What do I do? You need to see a CPA in your area. I know you're like, I don't like you anymore. I know, it's fine. You have to see a tax professional in your area because I dare not tell you what works in Texas and you're in California. If I dare tell you something, there's going to be different variations of that one answer and I don't want to tell you the wrong thing. So rather than tell you the wrong thing, I'm going to suggest, even if you don't want to. I know CPAs are the scary monster in life. I know it, okay. But sometimes, we have to make a decision if it's going to benefit us in the long run. Does that make sense for you all? So I know you wanted me to go through having all of these things, how much I should be paying in taxes? How much should I have to pay for the person before I give them a W-9 and all of those super duper important things. I would much rather me say no, I want you to go and find out the information because it's gonna be different in your county, your state, all those things and I don't want to tell you the wrong thing. Is that okay? Kay, so will you all make a pinky swear that you will ... You all are lookin like no. Will you promise me that you will at least talk to a professional in your area, okay? Do you pinky swears? Yay