10 Small Business Tips for Success

10 Small Business Tips for Success Unlike more generic business tips you will find online, our small business tips are heavily shaped by our personal experiences.

16). Network like CrazyHaving a professional network is essential for long term success. By creating connections with ot...
21/07/2022

16). Network like Crazy
Having a professional network is essential for long term success. By creating connections with others, you raise awareness of both you (as an individual) and your brand. Networking opportunities are always available – you just have to take them up. Some common ones you can encounter include:

Finding professionals in your industry through LinkedIn
Use other social media platforms like Facebook to grow your connections
Reach out directly via email to people in your industry
Attend industry conferences

15). Strive to Keep Overhead Costs LowThe recurring costs you have every month and year should be seriously monitored in...
21/07/2022

15). Strive to Keep Overhead Costs Low
The recurring costs you have every month and year should be seriously monitored in order to keep them low. One way to do this is consistently check on competitor products and services out there. For example, if you are paying $400 a year for a bookkeeping service, and a new competitor comes out that offers a comparable platform for $200 a year – you might want to seriously consider a switch. Saving money on one service can impact your bottom line just a little bit, but doing this with a number of other services can end up adding up to serious savings.

14). Charge What You Are WorthOne of the hardest things for many new businesses is figuring out how to price themselves....
21/07/2022

14). Charge What You Are Worth
One of the hardest things for many new businesses is figuring out how to price themselves. As we’ve already mentioned, the first few clients you will likely want to offer discounted rates to, but what happens next?

You should begin to increase your prices to be competitive within your industries market. At some point when you are more established, your prices should continue to move up as people begin to pay for you. Your skills and expertise. Your reputation.

13). Spend Money WiselyIt’s easy to get carried away with spending money as a new business. This is especially true earl...
21/07/2022

13). Spend Money Wisely
It’s easy to get carried away with spending money as a new business. This is especially true early on, when you may feel more desperate and prone to buying anything – including snake oil. Later on, when you have more money on hand, it can also be tempting to spend some of it “just because.”

These small business tips should teach you that any money you spend should be calculated. Think to yourself: do I really need this product or service?

If there really is a need and you have the money, then yes, absolutely spend away.

But if it turns out you really don’t need this thing, and you’re money is tight, it’s likely worth not making the purchase.

12). Consider Additional Revenue Sourcessmall-photography-business-tipsDiversifying your revenue streams will enable you...
21/07/2022

12). Consider Additional Revenue Sources
small-photography-business-tipsDiversifying your revenue streams will enable your company to survive even challenging times. Some of the largest corporations out there offer a large number of products and services so they can sell themselves to just about anyone. While you shouldn’t offer just anything, smartly determined products can be attractive to a larger range of clients.

11) Keep Detailed Bookkeeping RecordsBookkeeping is the way you account for all your earnings and expenses throughout th...
21/07/2022

11) Keep Detailed Bookkeeping Records
Bookkeeping is the way you account for all your earnings and expenses throughout the year. It becomes a record that can be viewed by anyone (particularly an IRS auditor if it came to that) that can be used to measure how well your business is performing financially. Come tax time, your books will be looked at by a CPA (unless you are doing your taxes yourself) and used to determine how much can be written off your taxes, and what your tax liability is.

10). Figure Out Your Financial SituationYour specific financial situation will dictate a lot of things you do with your ...
22/06/2022

10). Figure Out Your Financial Situation
Your specific financial situation will dictate a lot of things you do with your business. It will impact how much you charge clients for services. It will help you determine how much you should actually pay yourself. And so on.

Your finances should be broken out into your personal wants and needs, and your business requirements. How we approach this is pretty simple:

9). Get a Good Business Credit Cardbusiness-credit-card-tips-2We mentioned getting a business credit card already, but w...
22/06/2022

9). Get a Good Business Credit Card
business-credit-card-tips-2We mentioned getting a business credit card already, but would like to discuss how it can really benefit you.

8). Offer Discounted Rates for the First Few ClientsYou know the phrase “introductory offer”? We hear it all the time!As...
22/06/2022

8). Offer Discounted Rates for the First Few Clients
You know the phrase “introductory offer”? We hear it all the time!

As a new business, offering introductory pricing for some of the first clients you work for is a good way to help you standout from your competitors. In the long term, you’re prices will need to increase so you can stay competitive and have enough money to support your business and personal needs. But, in the short term, it’s an easy way to attract clients who aren’t 100% sure of what they should expect.

In the photography industry, this is very common. New photographers come onto the scene, check what others are selling their services for, then offer to do the same types of shoots at a lower-than-average cost. If you do great work, having some initial reviews written online will help build your reputation through social proof. Not to mention, a happy client will likely talk to others, sending word-of-mouth referrals to your business.

7). Track Your Mileagebusiness-mileage-tips-2One of the easiest tax credits to take advantage of is the deduction of you...
22/06/2022

7). Track Your Mileage
business-mileage-tips-2One of the easiest tax credits to take advantage of is the deduction of your mileage. If you do any driving for your business, you can write this off on your taxes.

As professional photographers, our core job involves a whole lot of driving. Sometimes, we drive for several hours one way just to do a shoot. This is compensated by being able to get reimbursed at tax time by the government at the federal mileage rate (in 2018 this was 54.5 cents/mile).

6). Purchase Business InsuranceBusiness insurance is what will help cover your costs if you damage equipment or do somet...
22/06/2022

6). Purchase Business Insurance
Business insurance is what will help cover your costs if you damage equipment or do something that would lead to you being sued. There are two main forms of business insurance you can (and should) buy:

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