10 tips for growing a debt-free photo business

September 2017 issue Business

“Photographers are good at dreaming, but making those dreams become a reality is the hard part,” says Lindsay Betz, studio manager for Jonathan Betz Photography in Colorado Springs, Colorado. “Watching your budget, avoiding debt, and managing money well—that’s how you make the dream a reality.”In 2006, Betz and her husband, Jonathan, the namesake photographer of the business, moved from St. Louis to Colorado Springs to pursue their dream of living near the mountains and opening a... Continue Reading >

Find out where your money goes by calculating business expenses

9.7.2016 Business

Expense tracking simplifiedYou'll never know exactly where you money goes unless you track it. Although you already collect financial data for tax purposes, tax accounting records are not in a form that can provide you with info on how to manage your photography business successfully. You need easy-to-understand numbers that will help you shape your business on an ongoing basis. For that, you need managerial accounting.Managerial accounting can be broken into four steps:1. List your sales... Continue Reading >

Ask the experts: Preparing for tax season

9.6.2016 Business

Q: What do I need to do before the end of the year to prepare for my 2016 taxes?A. Thinking about ways to minimize your taxes is not something that should happen only at year-end. There are several things to consider now that can pay off when you file next year.1. First and foremost, meet with your tax preparer before 2016 is over to make sure you're doing everything you can to minimize your taxes. You want to know know what to expect come April 17, 2017.2. Expensing/depreciating new... Continue Reading >