Preparing for 2011: Advice from Seth Resnick

Found on the terrific Shakodo site is some solid advice from photographer Seth Resnick. There is a lot of great information here, particularly for editorial & commercial shooters. However, I think photographers from all disciplines would do well to read and understand Seth's advice, especially the part concerning business costs. I have edited his list and added some items that are pertinent to my own business, which is primarily wedding- and portrait-based:

  • Office, Studio Rent
  • Communications:
    • cell
    • landline
    • 800 service
    • internet service
  • Advertising:
    • print ads
    • printed pieces
    • mailings
    • online ads
    • web site (design, hosting)
    • mailing lists
    • bridal fairs
  • Equipment:
    • computers, photo editing software, calbration system, printer(s), archiving strategies, backup strategies, system failure strategies
    • camera, backup cameras, lenses, backup lenses, CF cards, batteries, camera cases
    • Tripod, stands, grip equipment, lights, light modifiers, backgrounds, light cases, stand bags, reflectors
  • Subscriptions
  • Professional Dues (PPA, WPPI, APA, EP, ASMP, etc.)
  • Insurance:
    • business (includes equipment & liability)
    • workers comp (if you have an employee)
    • disability (in case you suffer an injury and can't work)
  • Healthcare (you have to take care of yourself!)
  • Professional Services: legal/accounting/tax prep
  • Utilities
  • Repair
  • Car, Truck Expenses (fuel, maintenance, tires, repair, depreciation)
  • Office Supplies (paper, inks, envelopes, misc. supplies)
  • Photography Supplies: non-billable (test prints, expendables)
  • Postage/Shipping
  • Office person/Payroll expense
  • Retirement Account

You may or may not have all of these expenses, but these are fairly common and most should be accounted for even if you already have them (internet service or a home office, for example). According to Seth, once you know these costs, you can know what you need to charge JUST TO BREAK EVEN! All too often business are started with no regard for what the actual costs will be. If you want to earn a living from photography or anything else, know your costs!