I just got done listening to Todd's most recent podcast and it definitely hit on a lot of things that I think about on a daily basis. One thing Todd mentioned was that he lives in "daily terror" when he thinks about his business. I completely relate to that, and it's on the forefront of my mind everyday. I think, will I book enough weddings in 2014? How long will people be attracted to my work? I'm I charging enough or too much? Will this job continue to provide for my family? What if I get hurt and can't shoot anymore? On and on...
I've talked with other small business owners and fear is common among all of them. When I had my 9-5 job I knew my paycheck each month, and I budgeted accordingly. If my employer continued to bring in business, and I continued to do my job, I didn't need to worry about losing that paycheck. Financial stress was still in the mix, but it wasn't as overwhelming as it is now. Funny thing is, if I never booked another wedding I'd be okay financially until December of this year. Shouldn't that be enough to ease my mind?
At times I feel that fear is a healthy part of running a business. Fear keeps me from getting too comfortable and it pushes me to work hard. At the same time fear has me always thinking about the future and hindering me from enjoying the present.
I'd love to hear others weigh in on this. Do you deal with fear when it comes to running your business? How do you manage those fears?
In some biz's there's equipment, multiple employee, property, tense vendor contracts and agreements. Many other factors that support your biz. We as photogs mostly invest in ourselves. We're our biz. I think that adds expectations/fears on a personal levels. "If I fail, the whole biz iz gone.."...
I came to a conclusion, that I'll do photo az a biz as long as I enjoy it somehow. I do it because that's what I do best naturally. I can not see it as best and fastest and easiest biz to make a lot of money right away. So, once I get burnt, I'll probably quit and will go deliver pizzas..
As of today I choose day job for stability and fin. security.
Yearly I continue to get more successfully financially but fear just multiplys - am seriously considering stopping 2014 bookings now and just shoot them while doing something else for a living once they conclude.
Being employed by a company is not the steady, non-risk environment that our parents enjoyed. Not even close. I know many people in the 9 to 5 world (but really, who only works 8 hours these days?) that have as much, if not more, stress as the small business owner. Many fear layoffs, and many are being asked to do a lot more for less. I worked at a large entertainment company and, like clockwork, you could expect large rounds of layoffs every 3 years. I prefer to control my own destiny rather than leave my fate to some bean counter looking for ways to fatten up the bottom line.
CMB Photo wrote:
In some biz's there's equipment, multiple employee, property, tense vendor contracts and agreements. Many other factors that support your biz. We as photogs mostly invest in ourselves. We're our biz. I think that adds expectations/fears on a personal levels. "If I fail, the whole biz iz gone.."...
I came to a conclusion, that I'll do photo az a biz as long as I enjoy it somehow. I do it because that's what I do best naturally. I can not see it as best and fastest and easiest biz to make a lot of money right away. So, once I get burnt, I'll probably quit and will go deliver pizzas..
As of today I choose day job for stability and fin. security. ...Show more →
Ya it is stressful but that is life.
The world is changing and things are different and we have to deal with that.
I choose to try to run a photography business so I have to deal with what that brings. It is at times extremely stressful and can be stressful for my wife. Luckily we do not have any kids and do not have many other obligations.
I used to teach middle school industrial arts and run the business basically full time and I hated every second I was in the classroom.
I felt like my time could be used better elsewhere (my business). That is the worst feeling ever... I would rather be stressed about money or even dirt poor than do a job that requires time and energy that could be put elsewhere for something I cared more about.
I love what I do and I feel like it is really worth doing. I do not consider myself the end all wedding photographer (I dont think anyone thinks they are the best) but I do think that I can bring something unique to the table.
Fear keeps you going. It keeps you on your toes. If you can deal with the fear then you (not you personally morby just people in general) will be ok.
Can you expand on that, Jeremy? Is it just the uncertainty of everything that makes you afraid?
For me, I'm still fairly new to the game (kinda), but I'm willing to work hard at it, because photography is all I really know, love, and do well. When I think of employed people complaining about work, it's never that the job is hard, but just that it sucks in general. At this point, I think I'd rather work hard and live with some fear than be secure in a job I can't stand.
I guess the root of my fear is in the fact that I have a wife and two kids to care for. If I was on my own, or without kids, I think it would be a little different.
hardlyboring wrote:
Ya it is stressful but that is life.
The world is changing and things are different and we have to deal with that.
I choose to try to run a photography business so I have to deal with what that brings. It is at times extremely stressful and can be stressful for my wife. Luckily we do not have any kids and do not have many other obligations.
I used to teach middle school industrial arts and run the business basically full time and I hated every second I was in the classroom.
I felt like my time could be used better elsewhere (my business). That is the worst feeling ever... I would rather be stressed about money or even dirt poor than do a job that requires time and energy that could be put elsewhere for something I cared more about.
I love what I do and I feel like it is really worth doing. I do not consider myself the end all wedding photographer (I dont think anyone thinks they are the best) but I do think that I can bring something unique to the table.
Fear keeps you going. It keeps you on your toes. If you can deal with the fear then you (not you personally morby just people in general) will be ok. ...Show more →
Very true! I need to remember that doing what I love with some fear is better than hating what I do. Part of my fear is also losing what I love doing and having to settle for something else. I feel like I'm living my ideal life and I don't want to lose that.
I started my photography business in 2011 with the goal of going full time by this year or next. After two years of reading posts, listening to podcasts, and attending Sexy Business last year, I came to the big realization that (at least for me) photography isn't a career option... but it could (and does) make a great side business.
I'm MUCH happier with the business now, we've already met our goals for this year (10 weddings) and we're starting to get a few contacts for 2014.
The biggest thing (kinda a fear) I get hung up on now is thinking my work completely sucks... especially when I compare myself to the talent here on FM. But... thinking about how blessed I am to have a stable job and paycheck (govt), 4 weeks of paid vacation / yr, govt pension plan, 401k, IRA, company car, and the fact that my ass will be retired, drinking beer on a beach when I'm 53ish makes me feel SO much better
HubbardJA wrote:
I started my photography business in 2011 with the goal of going full time by this year or next. After two years of reading posts, listening to podcasts, and attending Sexy Business last year, I came to the big realization that (at least for me) photography isn't a career option... but it could (and does) make a great side business.
I'm MUCH happier with the business now, we've already met our goals for this year (10 weddings) and we're starting to get a few contacts for 2014.
The biggest thing (kinda a fear) I get hung up on now is thinking my work completely sucks... especially when I compare myself to the talent here on FM. But... thinking about how blessed I am to have a stable job and paycheck (govt), 4 weeks of paid vacation / yr, govt pension plan, 401k, IRA, company car, and the fact that my ass will be retired, drinking beer on a beach when I'm 53ish makes me feel SO much better
HubbardJA wrote:
I started my photography business in 2011 with the goal of going full time by this year or next. After two years of reading posts, listening to podcasts, and attending Sexy Business last year, I came to the big realization that (at least for me) photography isn't a career option... but it could (and does) make a great side business.
I'm MUCH happier with the business now, we've already met our goals for this year (10 weddings) and we're starting to get a few contacts for 2014.
The biggest thing (kinda a fear) I get hung up on now is thinking my work completely sucks... especially when I compare myself to the talent here on FM. But... thinking about how blessed I am to have a stable job and paycheck (govt), 4 weeks of paid vacation / yr, govt pension plan, 401k, IRA, company car, and the fact that my ass will be retired, drinking beer on a beach when I'm 53ish makes me feel SO much better
Having a long term plan and goal is really important. I know that I won't be a wedding photographer for the rest of my life and I need to plan for that. Right now I can't handle two jobs because of my heavy shooting schedule, but I know that won't last forever. I have a degree in Art Education, and as of now my backup plan is to teach photography down the road in a high school or college setting.
morby wrote:
Having a long term plan and goal is really important. I know that I won't be a wedding photographer for the rest of my life and I need to plan for that. Right now I can't handle two jobs because of my heavy shooting schedule, but I know that won't last forever. I have a degree in Art Education, and as of now my backup plan is to teach photography down the road in a high school or college setting.
Yeah, it's hard enough keeping up with 10 weddings / yr. plus engagements and commercial work here and there. Throw in family, friends, and actually using some of my vacation time each year and I'm always busy. Good call on getting thinking ahead down the road.
Do you deal with fear when it comes to running your business? How do you manage those fears?
Being self employed for 30 years the answer is yes. I am 100% responsible for every good thing do and any mistakes I make. I can't blame the economy because I must find a way to work if it is weak or strong. I can't blame Google for changing the search results because I need to keep on top and change to keep my sites seen. Hit the bottom 4 weeks ago and literally clawed my way back to the top last week. More than a bit concerned over that little bump.
To manage I keep things simple. I never waste money. Pay cash for my cars and buy used. Those $600.00 payments many make can bankrupt you long term. Buy only photo equipment that will make me money. I would like a 5DIII but my for now it can't increase income compared to my 5DII. Maybe when the 5D4 comes out it will justify itself. Paid my home ( 2 of them) off way earlier than the mortgage required. Sure I had to buy less home than others might have but paid in 1/3 the time. Keep some money in the bank in case things slow down.
I wake up knowing the marketing I do today WILL pay off in 30-90 days. I don't rely on only weddings. I do all kinds of photography. For example I had a wedding last weekend. None this weekend but for the week did 6 other jobs. Total is a bit more than a wedding would be. I spend some time every day marketing. Could be an hour or 10 minutes but I do something.
I am an amateur who only occasionally shoots paid but ...
I would like to dispel the myth that anyone has it secure anymore, whatever job they're in. 10 years ago there were 19000 post offices in the UK, today there are 11000 and my wage is falling. I also have a shop but a supermarket opened up close by. And another business is threatened by legal changes.
All kinds of jobs are under threat these days. There are 40% less fire call outs than 10 years ago. Prisons are closing if they are judged bad value for money. Our school has 20% less teachers than a few years back. I saw my dad struggle with his career choices as an Army officer.
I lost one job because I was made homeless when I married a black girl. I lost another because (IMHO) I gave evidence to the police about my boss.
You are not in control of everything in your life. So at least choose to spend it doing something you love if you can!
And one last thing - career/jobs are utterly irrelevant if one of your kids falls badly sick. So don't sweat it.
I'll chip in on this one with a somewhat unique perspective.
I experienced more stress running my business than I did getting shot at in Iraq. Seriously.
My business ran pretty darn well looking back, but even when business was good I was always in fear of not getting that next gig or wedding I needed. I was fortunate to have a wife with an excellent job and benefits, but the thought of supporting the entire household on just my business terrified me if we decided to start a family. I would say that as rare as the financially successful photography business is, the financially SECURE photography business is more so.
I think some folks are better at dealing with that kind of insecurity than others. For me, I prefer making life-or-death decisions for myself and/or others to the daily nagging worry about where the next job is coming from.
morby wrote:
I guess the root of my fear is in the fact that I have a wife and two kids to care for. If I was on my own, or without kids, I think it would be a little different.
I only make it because I own my car, rent with all utilities included, and no kids. I do have fill in income from website work and graphic design. This has replaced my portraits as they have slowed down this past year. Graphics has made me more lately... and that just as saturated and hard as photography! I feel for those with more obligations to care for, its much harder.
I am trying to get seriously into wedding business. It is about doing what I love. Have a good paid day job, itīs OK but every morning I have to motivate myself to go - just donīt like it much.
I have obligations, kids, wife (sheīs a singer, no huge income there).
Probably it will never become a full time business, as for getting the same income as my day job it needed to go phantastic.
So what I want to say?
I put so much afford into my dream, spent the evenings working on my business that I am afraid it will not pay off. That in two years Iīll sit there, no business and 2 years wasted...
But what is life for, when not to try to live your dream?
Evan Baines wrote:
I'll chip in on this one with a somewhat unique perspective.
I experienced more stress running my business than I did getting shot at in Iraq. Seriously.
My business ran pretty darn well looking back, but even when business was good I was always in fear of not getting that next gig or wedding I needed. I was fortunate to have a wife with an excellent job and benefits, but the thought of supporting the entire household on just my business terrified me if we decided to start a family. I would say that as rare as the financially successful photography business is, the financially SECURE photography business is more so.
I think some folks are better at dealing with that kind of insecurity than others. For me, I prefer making life-or-death decisions for myself and/or others to the daily nagging worry about where the next job is coming from....Show more →
I don't have Evan's military experience, but I can relate to the rest. I used to not have much fear in regards to my photography business. I was just "full steam ahead" and would fail or succeed at something with no worries. I had a part time job and my wife had a solid job. It was just the two of us.
Fast forward two years later and I'm the sole provider for us and our daughter. We didn't plan it but our family grew by one almost a year and a half ago, and my wife also decided she hated her career path and wanted to quit her job, return to school and seek a different direction.
I basically knew I had to give up full time photography because there was no way I could support all of us on just my photography income. I still maintain part-time employment in addition to my photography business and likely always will at least until my wife finishes school in two years, at which point I may drop my part-time gig again.
I think some people are just more risk averse than others. I was a lot more so when I was younger and didn't have as many concerns or responsibilities. It's an entirely different ballgame these days though.
