Mar 25, 2021
In this episode I am talking with Natasha Ford, a romantic wedding photographer based in Cardiff. We’ll get into how to organize your income, how to know when it’s time to take your business full-time, and some tips on how to make your finances more efficient.
While working on her business, Natasha took a part-time job to supplement her income. Before you go full-time, make sure the income from your business matches or exceeds what you make in your day job. It’s an achievable target. Set your goals and you can make your business sustainable.
Going full-time with your business means all your focus and energy can go towards it. There comes a point when you can no longer take it any further while having it as a side hustle if you are working a day job your business can be a distraction. If you have plateaued, it might be time to look at making your business your main focus.
This last year has seen a lot of photographers struggle with having to refund deposits, but Natasha has a method that could help you cut out that stress in the future. Natasha uses the profit first model, based on the book Profit First by Michael Michalowicz.
Natasha has multiple bank accounts to keep her funds organized, as she separates her income, taxes, expenses, deposits, and so on. Keep your deposits separate - if you haven’t earned it yet, don’t spend it! The education surrounding finances is so limited, so go out there and do your own research. You can’t manage what you don’t understand.
Find out more about Natasha:
Profit First by Michael Michalowicz
Connect with Suzi:
Suzi’s Photography Studio: https://sunlightportraitstudio.co.uk/
Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz: https://amzn.to/3bXZDAW