After a humbling and very overwhelming response to the survey I posted last week, I’m happy to announce that I will be hosting my first-ever group workshop! For more information on the workshop or to sign up, click here to see the info page!
The decision to host a business workshop is not something that I made lightly. Over the course of my career I’ve been very active in many different photography forums mentoring new photographers, and I’ve spent countless hours “talking shop” with my colleagues about all things business related. In fact, the reason I created my pricing guide was because I kept seeing photographers asking the same questions about pricing, and I was seeing those photographers making the same mistakes (and the same excuses) again and again. Since I began offering one-on-one consultations over a year ago, I’ve been amazed to discover just how many photographers have no idea how to handle the business side of what they do, and how that has cost them a frightening amount of money.
The harsh but true reality of being a professional photographer is that most photographers who think they’re making money in their business actually aren’t. Most people think that if they’re getting any kind of payment at all, they’re turning a profit. Sadly, that couldn’t be further from the truth. In 2006, Professional Photographers of America released a Benchmark Study that looked at the numbers of 180 different photographers across the country and analyzed how photography businesses are being run and how much money they’re really making. Here are some shocking findings from that study:
-The average photographer brings in a salary of approximately $30,000 a year. (You can make more than that as a manager at the local McDonald’s!)
-The best-run photography studio owners keep about 41% of their gross profits, while the average studio owner keeps approximately 30% of their revenue. That means that for every $1,000 paid, the average photographer gets to keep about $300.
-Most wedding photography studios need to charge around $5,000 a wedding in order for the studio owner to be able to make a reasonable living.
I know that most of you are probably skeptical of these statements, and think that there’s no possible way they could be accurate. Believe me when I say that they are very, very, VERY true. After reading the study I decided to go back and study my own business, and this is what I discovered: My second year of business I had a 27% profit margin and made about $36,000, and the first year I was able to pay all of my bills and taxes and still have enough money to live comfortably was the year I averaged $5,000 a wedding and had a 40% profit margin. I couldn’t have been more true to the statistics if I tried! After I released my pricing guide I had a lot of people come to me with their numbers, asking me to check them to make sure they weren’t missing something, and over and over and over again, those statistics proved to be right on the money (no pun intended) for those photographers as well.
It’s easy for people to believe that all it takes to make money in photography is a nice camera and a little talent, but there’s a good reason why well over half of small businesses fail within the first four years. Running a business is tough. There are so many ways to fail, and so few ways to succeed, and most people don’t have a mentor who can tell them which is which. My hope is that my workshop will allow people to have a solid business mentor, if only for a day. I will share all the things I did wrong and all the things I did right, and the consequences and advantages of both, as well as what I would have done differently if I could. We’ll talk about everything from tax laws to cash flow to pricing to business plans to target demographics to branding to client management, and all the stuff in between.
If the business side of being a photographer is frustrating you or holding you back, check out the workshop page. Let’s get your business on the right track so you can stop worrying about your business and start enjoying your craft!
Last night I had the opportunity to spend a wonderful night out with some of my fellow females in the wedding industry. It was so refreshing to be able to spend time with a group of women who completely understand what I’m going through as a small business owner, and we all had a great time “talking shop” (and talking about other things!). One thing we all agreed on is that so many wonderful artists out there are failing miserably because they don’t understand basic business skills like pricing, bookkeeping, branding, marketing, networking, and business management. In fact, so many photographers aren’t even running their business legally – if the IRS or the State Comptroller got ahold of them, they would be buried in penalties and backtaxes, and god forbid something happen to them when they don’t have proper insurance or legal protection! Although it’s great to be able to take beautiful images, without a solid business foundation, you’re destined to fail, so it’s crucial that you get your ducks in a row before you really begin to book clients on a regular basis.
In the past I’ve only offered one-on-one consultations for photographers because I believe that it’s important to customize advice to each person’s specific business, market, and weaknesses. However, I recognize that not everyone can afford a full day private consult, so I’m considering offering an 8 to 10 hour group workshop and/or online webinar for photographers focusing primarily on the business side of things. We may or may not include some time posing and shooting, but the goal of the workshop is for everyone to leave with their business affairs in order (or at least a plan for how to get there). Before I make any firm decisions, I’d like to gather a little more interest about you guys and what you’re looking for. If you think you might be interested in attending a workshop like this, please take my survey and provide me with some feedback: Click Here to take survey
Thanks, and I look forward to hearing from you all!
10 Comments
- I would love to do a workshop like this, but I'm about to graduate college and have no money hardly. If you do decide to do one, I'll try to figure something out!
- love the idea, I highly recomend an online webinar... because I live in NJ, doubt I will be making it to Texas anytime in the near future. Or, start the Staacey Reeves business tour. Cheers
- Just filled out your survey and really want to focus on branding and business topics so that I can turn my business from part time to fulltime. Crossing my fingers you do a workshop soon! :)
- Count me in!
- I love the idea of an online webinar. I've always liked your pictures and your professionalism on your blog and on flickr discussions. Each time you post a set of images on your blog I try to figure out how you achive such vibrant and emotional images. I always tell myself "I hope one day she'll post some behind the scene pictures, setup shots etc." I know you want to focus on the business side of things, but I tend to let the business to talented people like you, and try to focus on taking good pictures since for me it's only a hobby. I would love to attend an online webinar, since I am as far as Quebec, Canada. Anyway, if or not I will attend, I just want to say you're the wedding photog I admire the most and you take by far some of the best pictures out there. Keep up the good work and please continue to post your work on the blog, i love it! (and please include some setup shots one day for the less fortunate of us who can't attend workshops :) ) Alex.
- Your workshops are on my list to take. I am taking a Jerry Ghionis workshop next year and your is all I need to round the year out
- Great Idea! I think an online option would be great for those of use that live out of town. The business side of things is where many artist fall short. I have a degree in Fine Art Photography, but sadly they didn't teach us anything in school about how to run a business. Sad, I know...
- Thanks for surveying us to gauge our interest levels. Perhaps you could think about doing a 2-part session. First, the business/pricing/marketing/social network side of things then posing/workflow/post process, etc. side of things. Give a deal to the people who book them both at once. Thanks again!
- love the idea! for something as soon as december/january, i'm all about an online webinar. in the future, i'd totally invest in a flight to DFW!
- My sister and I are half way through your Wedding Pricing Guide and would love to come to DFW from Vancouver, BC! I know we can't make your January workshop, but we would be so interested in an online webinar if you are offering one at the same time. Your work is amazing and thanks for inspiring all of us!
I just thought I would mention that one of my favorite wedding coordinators just announced that she is doing a workshop for people who are interested in getting into the wedding planning industry. Kelly Siamants of Sweet Pea Events established herself as a stellar coordinator in Seattle, and has since opened the second branch of her business here in Dallas, and we are so lucky to have her! If you’re interested in learning more about what it takes to be a wedding coordinator, this is a great opportunity to learn from someone who absolutely knows her stuff. The workshop will be Wednesday, April 8 at the Dallas Arboretum, and here’s the best part – it only costs $200 to attend, or $150 each if you bring a friend! For more info, e-mail Kelly at kelly@sweetpeaevents.net or check out her blog here: http://sweetpeaeventsllc.blogspot.com
No Comments
Kaysha - Wish I could make it! If you ever do any kind of online workshop I'll be there is a heartbeat (or maybe I'll just have to get out of California for a few days)! :)
Dennis Pik - would love to attend, but I can't make it to Texas. you should either do online stuff or travel a bit in the future
imthiaz houseman - congrats Stacy!
Gail Kelly - It's my birthday that day - I wonder if anyone will fly me out to Texas as a special treat!!! Probably not ;-(
Drew - I wish I could be in Texas on that day. Man I'm just starting to get my photography business off the ground and I really thing this workshop would help out. Are you planning on taking the workshop on the road at all?
Bethany Murphy - So any thought to doing one in Cali or putting it on dvd for us to purchase or watch online? I sooo want to be a part of this somehow. It is about time something like this comes around!
Plano Dallas Wedding Photographer Meegan Weaver Photography | Meegan Weaver Photography Blog/Wichita Falls Wedding Photographer - [...] and I attended a workshop put on by Stacy Reeves - a fabulous Wedding Photographer in Dallas. Mind your Business was exactly what I was needing in this new year with the new business name and all- I was in dire [...]