Last week, I had you list all of your business expenses to transfer them from your personal account to your business account.

Did you find any monthly expenses that you either didn’t realize you were paying for or don’t need anymore?

There may be old subscriptions you forgot you were paying for, a free trial that you didn’t realize turned into a fifty dollar a month charge after thirty days (such a scam!), or random things you really don’t need.

All of that “stuff” is a waste of your money and distracting you from your great work.

If that sounds like you and you’re the kind of person that’s quick to click “buy” on every program or product that looks decent, it’s time to go on a spending detox.

Here is how the 4-week Spending Detox works:

Step One: resist the “buy” button.

For the next four weeks, I want you to resist the urge to click “buy” every time you see a new template or program you think you need for your business.

You can do this! It’s just four weeks. If you really need it, it will still be there after four weeks.

Step Two: revisit your collection.

During the four weeks, I want you to take action and apply the knowledge you have already learned through all the programs, hours of webinars, and fancy equipment and list five creative ways to generate more income for your business.

This could be rewording the copy on your programs using the tips you learned from the book you bought last year. Or, creating a marketing plan from the tips you learned on that great hour long webinar you listened to two months ago.

Step Three: save a bit.

Keep track of each time you want to buy something that you don’t really need. Write out what it was and how much it cost.

At the end of the detox, add up how much you saved by getting rid of things you don’t need and resisting the urge to buy new things.  It’ll surprise you!

After the four weeks, I bet you’ll find that you don’t need all the “stuff” you buy and you’re perfectly capable of creating amazing things in your business without all the crap.

Are you going to join the 4-Week Spending Detox? Leave a comment and let us know what your first actions step will be.

Psst! Karie wrote a bio to include here, but I scratched it to include something personal. This woman, a Financial Freedom Coach, helped me to organize my personal finances (business? Easy! Personal? Um, there’s money in the bank so let’s spend it, woohoo!) in an incredibly short amount of time with supreme amounts of care and humor. Years of dragging my feet were cleared up in a few phone calls.

Karie Hill is amazing, which is why I recommend you go and download her free Woman’s Guide to Financial Freedom at Kariehill.com. You will heart heart heart her.

Want to read it on the blog? Quick to Click “Buy,” Too? Time for a Spending Detox!

Step Three: Keep it simple!

Bookkeeping doesn’t have to be complicated. You can use something as simple as Mint.com to keep track of your income and business expenses.

You can label each expense and track it throughout the year. So easy and FREE. Outright might also be helpful for finance tracking. Remember, done is better than not done, so just pick a program and get going.

Step Four: Taxes.

Use your brand new, shiny business savings account for taxes so you have a nice little cushion when it comes to tax time. If you end up saving more than you need, you can use the extra money to pay the accountant, reinvest in your business, or help Kristen donate to orphan care.

I suggest taking 25-30% of the money you earn and automatically put it into your savings account — and at the end of the year, tax time is going to be easy and stress free!

Do you know of any great, inexpensive, easy to learn accounting programs? Please share in the comments!

Psst! Karie wrote a bio to include here, but I scratched it to include something personal. This woman, a Financial Freedom Coach, helped me to organize my personal finances (business? Easy! Personal? Um, there’s money in the bank so let’s spend it, woohoo!) in an incredibly short amount of time with supreme amounts of care and humor. Years of dragging my feet were cleared up in a few phone calls.

Karie Hill is amazing, which is why I recommend you go and download her free Woman’s Guide to Financial Freedom at Kariehill.com. You will heart heart heart her. And she’ll be back on Tuesday, hooray!

Want to read it on the blog? Personal + Business Money Breakup: Part II

Let’s say you’re allowed to eat a whole cheesecake when you make $10,000, or 3 cheesecake squares each time you make $1,000.

Tiny goals and steady rewards keep you motivated.

In both scenarios, you get to eat a WHOLE cheesecake.  But by splitting your heart’s desire into smaller rewards, you get to stay motivated.  (And not get instant diabetes!  Bonus!)

If you’ve got a big project or goal you’re working on, why not break it into smaller goals with steady rewards?

I even thought up sample rewards to get you started:

A trip to the library to check out a book you’ve always wanted to read.

A luxurious bath with fresh rose petals and a glass of wine.

A walk through the park to gather ‘treasures’ with your kiddos, where treasures are blossoms, buds, leaves, sticks, stones, caterpillars…

A latte with your best friend.

An hour alone to do whatever you’d like. Meditate, dance, sing, watch Bravo.

Time to learn a new recipe or to perfect an old one.

Create three smaller goals and choose three smaller rewards (steal mine or make your own) to earn over the next three months.  Business, personal, whatever…the same principles apply!

Now, lemme have it.  What are you gonna do and how are you gonna reward yourself when you do it? 

I’m in India hugging orphans (more about that here, if you’re confused), but you can bet your sweet bippy there’s wifi and I’m paying attention when I can.  Hugs to you!

Want to read it on the blog? HOW TO STAY MOTIVATED WHEN YOU’D RATHER EAT CHEESECAKE.

So. Happy.

Want to read it on the blog? The View From My Mosquito Net

Ready?

If your personal and business finances are still together, it’s time to break them up!

This is one of the easiest ways to get organized and relieve stress or overwhelm in your business.

For most people, talking or thinking about money makes them cringe. We would rather pretend like it doesn’t exist and hope that it magically works itself out at the end of the year.

You did not start your business so you could be an expert on taxes, business expenses, and income streams.

You are an artist and you just want to do what you’re good at.

I get it.  But finances aren’t going anywhere because you ignore them.

If you’re at a place in your business where you can afford to hire a bookkeeper, hire it out!

If you’re like most and doing it all on your own, I’m going to make it easy for you in these four steps.

Step One: Remember, you are NOT your business.

It’s not that I don’t love you, it’s just not working anymore.

You are not your business, so your business and personal money don’t belong in the same account.

Get your calendar and block out a two-hour window where you can head to the bank and open a business checking account and a business savings account (and a retirement account if you want brownie points. It’s really easy. I promise.).

You can also use an online bank depending on what you’re comfortable with and what’s best for your business. Research it.
You’ll need a few things (this varies state to state so double check before you go):

- Tax id number or Social Security number
- Proof that your business is registered

If for some reason you don’t have the required documentation, just open a regular account and treat it as your separate “business” account.

Step Two: List out recurring monthly/yearly business expenses.

Hey, I let you chew gum, so don’t go staring out the window during this part!  If you had any monthly charges taken out of your personal account, switch them to your business account.

Anything business related should go in and out of your business checking account.

The only thing that should go into your personal account is your big, fat paychecks that will be transferred from your business account.  Transfer any recurring expenses from being taken out of your personal account to being taken out of your business account.

That’s it! Tell me one thing you’re going to do today to help your business break up with your personal money in the comments, would you please?

Psst!  Karie wrote a bio to include here, but I scratched it to include something personal.  This woman, a Financial Freedom Coach, helped me to organize my personal finances (business? Easy! Personal? Um, there’s money in the bank so let’s spend it, woohoo!) in an incredibly short amount of time with supreme amounts of care and humor.  Years of dragging my feet were cleared up in a few phone calls. 

Karie Hill is amazing, which is why I recommend you go and download her free Woman’s Guide to Financial Freedom at Kariehill.com.  You will heart heart heart her.  And she’ll be back next Thursday, hooray!

Want to read it on the blog? Personal + Business Money Break Up: Part I

“I’m not ready to ‘outsource’ my editing.”

You might not be.

Every week I get to make new friends with photographers. They call with questions about our service, how it works and whether or not this is for them. I’ve heard it all.

Before we talk about how to figure out if you’re ready to “outsource” your editing, can we first talk about the word “outsource?”

I hate it.

I think “outsourcing” is something you do with manufacturing a commodity… Something that’s replaceable, dispensable, inanimate and without a soul.

And this may be the first problem with “outsourcing.” Maybe the terminology is uncomfortable, sterile, and apathetic.

So let’s start with a better mindset.

If you’re ready to work with a company to do your editing, think of it as a partnership. Think of it as hiring a person to come work in your studio.

Only you aren’t doing payroll, scheduling, and purchasing a new workstation and software. You must be as comfortable with a company as with a live person you interviewed and hired to work in your studio. (And by “studio” I mean whatever space is designated as your work space.)

“Fine, I’m not ready to partner with a company to do my editing.”

Okay, you might not be.

Let’s walk through a few thoughts to help figure out if this is true.

First up, can you afford it? It all goes back to the math.

I know… Photographers typically hate math. But if you don’t know the score, how are you going to win the game? Know the score. Win the game.

I’d challenge you to take a real hard look at how many hours you spend from start to finish. Estimate your time spent for every client you serve. From initial contact to final delivery. EVERY. SINGLE. STEP.

And be honest.

Maybe you can’t afford NOT to partner with a company to do your editing.

Start with your typical package price. Subtract your cost of goods sold and divide that by your hours spent.

For many of you, this could be very revealing as to why you feel an imbalance. Maybe you feel like a slave and have considered going back to your day job. At least you can make overtime “working for the man,” right?

The point is, please run the numbers. If you have a Napoleon Dynamite moment (“That’s like a dollar an hour!”) then you really need to change things.

Go ahead and run your numbers now.

No, really… I’ll wait…

Still waiting…

Got ‘em? Great. Onward!

OK, so unless you’re a real whiz-kid with Lightroom, I’m guessing when you log your post production time, you’re going to see about a 2:1 ratio. (Two hours of post production work for every hour you spend consulting, shooting, or taking care of a client.)

Several industry surveys have confirmed our own survey that reveal most people spend 20 hours of post production per wedding.

Think about that…you spend more than twice the amount of time it took you to actually shoot the wedding in editing if this ratio is true for you.

Reclaiming that time opens up so many more options. We’re talking about better care for your clients, better networking with friendly vendors, promoting your business and growing your business.

And of course there’s that thing we like to do called “having a life” which is worth more than I can articulate here.

“I think I’m ready to partner with a company to do my editing.”

Great! First, be ready to talk. Sometimes it can be hard to express what you like about your look. Take a few moments to find the right words to describe your vibe. Then be ready to chat about it once you get in touch. The more you can convey what you need, the better your company can serve you.

Second, set proper expectations. As you’ve found out, editing can consume a LOT of time. If you’re editing 700 images one-by-one in Photoshop, it’s unrealistic to expect any company to duplicate your look. And sadly, it’s just cost prohibitive.

Ask yourself as you edit, “Is this for the cover of Grace Ormonde? Martha Stewart Weddings?” If the answer is no, you’re probably investing too much in that grab ‘n grin of those sauced frat boys on the dance floor. It’s time to let go of some control.

Most services have their “lab standard” which is basically a neutral, natural skin tone with protected, but bright highlights and crisp shadows without clipping the detail. The editing should be consistent from beginning to end.

That may be enough for you. The idea is to establish a good baseline image you can proof to the client and maybe then you take your favorites into Photoshop for your own personal creative touch.

Some companies let you customize your profile as much as you like. Explore your options, invest in your partnerships and develop a connection.

After all… your images are irreplaceable, indispensable, wildly animate and indeed have soul. Invest in partnerships that will support your vision and get to know you well and enjoy the life you expected when you became a photographer.

If you have a question about outsourci…er, partnering with an editing company, fire away in the comments! Leon will be by to answer your questions — and to take the Wacom pen of editing control from your death grip, if necessary.

Want to read it on the blog? HOW TO OUTSOURCE YOUR PHOTOGRAPHY EDITING WITHOUT PANIC.