To maintain your photography as a successful business it is important to keep control of the financials.
Coming from a finance background you would think I would be better than most when it came to keeping the financials side in check.
As I look back at my early years it was like this skill set was very much switched off, I have said before don't buy too much stuff, Less is more.
If I can offer some advice keep track of the costs and the detail, all those trips you make, meetings and associated expenses that will over time mount up.
Why are you incurring them?
Financial control and reporting should direct you to ask why are you incurring this expense type, is it rechargeable and importantly built into your pricing?
Financial control, reporting and making commercial decisions is an area I worked on for a number of niche company's. We produced weekly Profit and Loss reports, for those who wanted it, information drilling down to the detail.
To help me keep everything in order rather than keeping a written journal or diary, that in all honest could get lost at some stage I use my iphone and a dedicated email account, sending messages from one to the other as I incure the expenditure. Don't loose track of what is costing and the amount of time you spend on x y and z.
Weekly P and L may seem a bit too frequent for some, however I suggest keep on top of the detail, know what is working and what isn't.
Hope this post was useful, keep focused.
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