It’s that time of year. I really can’t believe that 2013 is almost over and it’s time to plan for 2014. It feels like I was just planning for 2013 and getting my projections on paper for the year!
Planning for the year to come has many advantages. Statistics show that those who plan ahead financially are more than twice as likely to see those plans come to fruition.
What are your financial goals for 2014? Many photographers go into the year with no plan at all. Sessions are scheduled randomly and pricing is guessed at. Set aside some time to think about 2014 and what you would like to earn, and work through the following steps to write out your financial projections for 2014.
Let’s start planning for your portrait business. First, think about how much you want to earn (owner’s compensation + net profit). This often means asking yourself, “What would it take for me to quit my full-time job?” Or, “What is the number that my husband/family needs to see to make what I’m doing worthwhile?” Or even thinking about how many hours you put in each week and how much you want to make per hour. What are the things that are important to you, and how can your photography business help you get there?