A good business budget can make the difference between a photography business that thrives, and one that will have to close its doors within six months to a year. If you don’t have any idea where money is going, or where you’ll get more money, then the dream of running a company will slip out of your reach. You’ve got to think about building a professional photography business that meets your goals, challenges your weak spots and encourages you to grow.
Let’s start with the budget. Do you know how much money is coming in every month, as well as how much you can expect to make over the next three months? While you might be scratching your head on those numbers, chances are good that most of the established businesses you have heard of on the television and radio can rattle off those numbers with no trouble. Of course, they have accounting departments to handle that part, but you can still capture this information for yourself. You should have a basic accounting set-up if you want to build your business right. Continue reading Setting up a budget your photography business can live with