Going Pro series pt 3: Knowing When to Make the Jump

posted January 22, 2012 in Photographer Resources

Aloha from Oahu! If you are joining us for the first time, catch up with the series since I will build on the knowledge from each previous post. Here are the past posts if you want to tune in:

Part 1: Take the Big Step

Part 2: Delay Instant Gratification

The next installment of “Going Pro” addresses the important issue of when to launch from an amateur photographer to full-time photographer… especially in the age when so many dream to be a Hawaii destination wedding photographer. I focus on this simple quote and follow-up in answering three important questions.

“I spent the weekend working with some great photographers volunteering their time for a great cause. They had the right equipment, were experienced in weddings and were very good, yet were not full-time photographers. Their photography was supported by their day job. One couple had been in business for 3 years and they were reinvesting in gear so much that they had not reported a profit yet.

As an artist, you sell your work as apart of yourself. That is key, yet without risk comes no reward. No different than hang gliding for the very first time… sure jumping off a ledge is a scary thought… but the bliss can be worth it and I hope you can visualize this in this next image: Good news. There IS a balance between getting all of the pieces in place to go pro, yet still affording milk for the baby. We all juggle the same pins.

1. How long do you stay in the reinvesting and portfolio building side?

If you stay passionate, and have the means to keep at it, then by all means keep doing it and hit that goal of being a destination wedding photographer. You’ll never see a funeral hearse towing a Uhaul. While money provides lifestyle options, you can’t carry it with you after you die.

Sometimes it takes 10 years to be an overnight success. Other times, you’ll go bankrupt even with a Kodak name. You have to be a CEO and a creative business person at the same time, which is never easy in this line of creative work. If you find yourself constantly justifying your art to pay bills, you might need an additional source of income to support your passion. However, there is nothing wrong with a ‘day job,’ as it long as it supports your passion and doesn’t burn your out from working two jobs at once which balancing health, lifestyle, family, and friends.

I’d say that 50% of full-time wedding photographers put all their eggs in one basket for their full-time income, which I think is stupid. Diversifying your business will provide you the grounds to build your cliental, experience, and offer the needed time to genuine connects in the industry which will sustain you a la Chase Jarvis. Create. Share. Sustain. And have a bit of fun with taking a picture of a polaroid in a picture perfect spot on Oahu:

2. What self “checks” do you put in place to make sure you are moving ahead and not stuck?

Look at your bank statement. If more money is going out than coming in, that’s a sign perhaps your biz skills could be improved.

If you earn $100 and spend $99, then you are heading in the right direction. If you earn $100 and spend $101, you aren’t. Can’t paint a simpler picture.

Setting goals is paramount, but not at the cost of staying happy. Paying yourself now might come in the form of a piece of equipment, but if you owe more time that you care to give, reconsider outsourcing or be prepared to call it quits.

If there is passive income, however when the bread and butter of your livelihood comes from shooting, then knowing how to draw lines of profit vs loss is important. Do 50% of small businesses ‘fail’ within 5 years? Not sure, but I know that if I work smart, not just hard, the pay off will always come.

3. How do you balance purchasing gear (reinvesting in your photography) and paying yourself?

For me, it is all about goals and managing IRS expectations. If I don’t make money in 3-5 years, then I have a expensive hobby, not a business. If I am able to pay off a car, sock $20K into retirement, or pay off a loan with supplemental income then I know I am heading into the right direction. If I haven’t made money in a year after starting a business, I’d be very concerned given these current market conditions.

If I made one penny in a year with all expenses paid and I was happy, then it’s a successful year.

Rule #1. Never go into debt.
Rule #2. Reward comes without risk.

Think of the business like a Tetris game. At first you are able to place all the key pieces in the right places. With volume, the pieces pile higher and higher. Eventually, you must figure out how to place them in a finite amount of time to do your best work. Other wise the pieces stack up so quickly we can’t catch up and succumb to folding.

Some times you need to turn off the Tetris game, check out and go analog. My brother and I very much enjoy shooting Instax w/ the iPhone (check out that iPhone 4S bokeh):

So here’s to all those creative business couples just trying to make ends meet… set your goals strongly ( recommend a 101 in 1001) and share them. That simple effort at least makes you accountable for your goals with others and increases your chances of connecting with people that can help you accomplish some goals. Some of my goals like racing in a triathlon, creating a promo video, or improving my photography blogsite SEO would have never happened.

Here’s to chasing those goals and not let the wind get you down but raise your sprits and let you experience an awesome ride we call life!

Click here to read part 4 of the series: Make Amateur Photography Pay.