Episode 42- The 10 things we wish we knew before starting a business
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Today we are chatting about the 10 things we wish we knew before starting a business! If you’re starting a new business or jumping into the entrepreneurship world, we hope you walk away from this episode with some helpful tools & tips to make your journey feel a bit smoother! We wish we had someone to tell us about these 10 things, so we’re very excited to share these with you! Grab your notebooks or whatever you use to take notes & get ready to write down a bunch of good info!
Julia’s Tips:
It takes time & consistency - A business will not happen overnight! Give yourself patience when launching a business. Things do not happen overnight so be patient with the process and keep putting the work in.
Don’t try to do it all yourself - Connect with mentors, hiring people that are experts in their field, reaching out to people that have started different types of businesses, taking classes & learning. Networking is huge and very important. If you try to do everything yourself, you eventually can burnout.
Backend work - Specifically for a photography business, I didn't know how much backend work really goes into it. A few backend things that I didn’t expect: Bookkeeping, taxes, emails, graphic design, web design - wearing lots of different hats & finding ways to balance & juggle it all. Try to have a system in place that will make your life easier in this, knowing that you’re going to be wearing many different hats! (i.e. client management system)
You have to invest in your business in some kind of capacity - It is scary, but big risk equals reward. Whether that be: camera gear, an accountant, a lawyer to help write your contracts & set up your LLC. You have to spend money out of pocket to make money. (we can talk about our workshop and how they help with this or just investing in online education, mentorships, better equipment, etc.)
Running a business can be lonely - You have to network & find like minded people to support you! It’s so important to find a community to lean on
Toni’s Tips:
Separate your business & personal finances - This is so important for organization and TAXES. Trust us on this- you don’t want to be in a position where you’re having to untangle a giant web of a mess when it comes to doing taxes but you will if you don't separate personal from business!
Track your business expenses - This includes anything and everything you buy for your business with your business money! You can even include deducting your home office or car or mileages- ask your accountant about this. Quickbooks or a bookkeeper will be your friend in this!
You don’t need to buy the most expensive gear or even a ton of gear in order to be a professional photographer and take the photos you want to take. - Over the years, I’ve learned that actually simplifying my camera bag has been a really great thing- I don’t love carrying a ton of gear around as that can be hard on you body, but I also find myself rarely changing my lenses throughout a shoot or wedding day anyway, so some of my equipment i’ve gotten rid of over the years because I didn’t actually need it.
Have a strategy when it comes to pricing yourself - Ask yourself what are your goals financially? Keep that in mind and let that determine your pricing rather than aimlessly throwing numbers out there to clients just to see what sticks. Obviously there is some risk when it comes to pricing yourself because you can never know for sure how many people will book you at whatever pricing you have, but pricing shouldn’t be sometime you’re guessing at.
Don’t be afraid to say no!- You can’t be a jack of all trades and a master of none, and the sooner you figure this out in your business the better! It’s ok to say no to jobs that don’t inspire you, don’t match up with the goals you have for yourself financially or artistically, and don’t line up with your business values. It took me a long time to learn how to say no and though I’m grateful for every photo opportunity that led me to where I am today, I wish I would have given myself permission to say no to more sooner than I did. Remember that YOU are YOUR boss, and that’s the beauty of going into business as a creative!
A special thank you to the following sponsors:
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