Book more photography clients with this step-by-step framework.
Hi, I'm Brooke! I'm a believer, wife, mama to two, Oklahoma photographer, and photography business coach.
I help photographers grow profitable full-time businesses from home.
Explore the podcasts and blogs in the categories listed below.
Creating a business budget & how to track finances…such a HUGE topic in the photography industry, right? How are you feeling about your business budget? Are you tracking your finances? Most importantly, are you paying yourself as a photographer?
In photography, it’s hard to have a set budget all the time. Every month in your business, there is money that comes in (this is income) and there is money that goes out (this is your expenses). The next question to ask yourself is: did you make a profit?
If you’re a brand new business & you’re making investments to better your business, it is okay to have more money going out than coming in, but if you’re an established business and you have more money going out than coming in, you’re not managing your money very well.
This is where we have to get really serious about our budget. The first thing you need to do is download my FREE Masterclass: Pricing for Profit and follow that formula to make sure you’re charging what you need to be charging in order to support your lifestyle & ensure you’re actually making money because if you’re not making money in your business, you have a VERY expensive hobby.
The next part of this is: are you making a profit? This means you have money left over after all of your expenses. If so, you now have to decide what to do with your profit.
Here is the percentage formula that I follow: taxes, paying myself, what is being left in my business account, what am I giving (impact fund), what is left over so that I can invest in my business to make it better.
Here are my percentages: 25% of my profit goes to taxes, 35% of my profit is what I pay myself, 20% of my profit gets left in my business account, the remaining 20% gets split. 10% I use for investments (workshop, mentorship, etc.), the other 10% is what I use for giving.
Please keep in mind when it comes to putting money aside for taxes, you need to visit a local CPA and ask them how much you actually need to be setting aside for taxes because this will vary depending on your location.
One of my FAVORITE tools in my business is the Small Business Starter Kit from Katie Ferro with Orderly Accounting. Katie is an amazing accountant, CPA and bookkeeper. She has developed the coolest templates to help business owners track their finances. This purchase is a one time purchase, you’ll have access to it for LIFE!!
Katie’s spreadsheet is set up for you to use immediately ~ you get a mini-course on finances, the spreadsheet comes with all the categories you need in your business and when you purchase it, you get lifetime updates. When you manage your money well & you do it month after month, you’ll not only see your business do better & profits increase, you will also see your entire set of finances & the health of your finances swing positive, too. This Small Business Starter Kit the exact tool to creating a business budget & how to track finances. It is a game changer!!
Remember to use the percentage formula to calculate your 3 must have categories.
Creating a business budget & tracking your finances as a photographer takes you from hobbyist to business owner!
Do you want to dive deeper into creating a business budget, tracking your finances and successfully paying yourself, regardless of what season you’re in as a photographer? Head on over to the Book More Clients Photography Podcast to listen now!
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