Nicole O'Neil Photography
Hopefully if you have a business, you are doing so legally and with everything in place that should be. This means you're registered as a business, registered to pay taxes, any other requirements in your state and having a business bank account. If you're not, DO IT. Just because you're "doing it on the side" or "not making enough yet" does not mean you should take any chances. I've heard so many horror stories of people who ended up having the IRS come after them when they found out they had been accepting money from clients but were not paying taxes. Don't get yourself into trouble.
If you don't have a business plan, you are doing yourself a disservice. I learned about Business Plans and even had to create one as a Management and Marketing Student. And yet, when I started my business, I did not create one. Years later, I did and wondered how I didn't do it sooner. It's the blueprint for your business, the document that can be altered and includes every aspect of your business. Two of the most important parts of the plan include your marketing plan and your CODB which is ESSENTIAL to how you price yourself. Which brings me to my next point.
PRICING AND VALUE
I see talented business owners every day talking about their pricing. Most fear charging more. Some just don't think they need to. I can't tell you how often I see a photographer say they are willing to do a photo session for $300 with "everything" (Meaning 30-60 digital images) included or $1000 for a full day wedding. I can tell you with complete certainty that if you are changing either of these, you are NOT making a profit and you are completely undervaluing yourself. You don't base your pricing on what others are charging or how long you've been in business or on fear that you're not worth more. You base it on the numbers. If you don't have a thorough CODB and Business Plan, you won't know.
Once you have all of the above in place, it becomes a lot easier. You now have a marketing plan and budget. You now know which model fits you best. You now know how much you need to make per client to survive.
I'm really excited to be launching (June 1) my Business Bundle where you'll get a very comprehensive template for a business plan and many other forms and worksheets you need to go with it and to run your business successfully. You will also have guides to help you fill them out. If you sign up for coaching or workshops, you will get this bundle included!
Let's set up your free discovery call to see if I can help you or refer you to resources that can help you start or level up in your business!
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