Photography Business Help: Smart End of Year Purchases for your Business!

Photography Business Help: Smart End of Year Purchases for your Business!

I have been reading a LOT of posts about this lately – so many photographers need photography business help for the end of the year, going into tax season!

Here’s my pretty disclaimer: I am NOT a tax professional, so please always seek out the advice of your CPA or bookkeeper or lawyer before taking ANY tax advice to heart.

What I have for you today isn’t really tax advice, but instead some ideas for purchases for your photography business to finish out the year.

I have seen so many people asking what they can do for that end of year tax deduction, and the default answer seems to be new lenses, bodies, or additional gear.

Gear is great, gear is fun, believe me I definitely want that new MarkIV! BUT – you don’t HAVE to buy new gear at the end of the year, there are so many other investments into your business that can help you grow!

Take a few minutes and really consider what will help grow your business, what will bring new clients to you. Is it a new lens? Probably not.

Again – I’m not dashing your gear dreams here, or saying that you can’t get that lens, but realistically, there are investments that you can make that will provide ROI, and there are others that are simply a CODB.

What the heck are those terms, you may be asking?

ROI – Return on Investment. It basically means that if this particular investment costs you $500, and you make $1500 because of it, your ROI is 300%. Pretty sweet, right?
CODB – Cost of Doing Business. These are costs that just HAVE to happen. To be a photographer, you HAVE to have a camera. To be in business legally, you HAVE to have certain things (like insurance, business licenses, etc., depending on your local municipalities). To be a wedding planner, you HAVE to have a phone to contact everyone with. Little things like this can really add up, and while gear can certainly play into this, unnecessary gear is just that – unnecessary.

So again, back to the few minutes we spent earlier: what will really GROW your business, instead of just taking prettier photos, or looking fantastic to others? Grab a piece of paper and your sparkly awesome colorful pen, and write down 5 ideas.

You have your list, and I would bet that marketing is on that list, am I right? If it isn’t, it should be.

Here is a photography business help truth bomb: marketing is the lifeblood of your business and what will ultimately bring new clients to you, so you can wow them with your amazing personality and skills!

Marketing can take many different forms, but let’s talk about those end of year investments that have to do with marketing and growing your business!

The key here is to think FUTURE rewards. It’s hard not to get that immediate gratification, that package in the mail, I know – but what is really going to move your business forward long term?

Suggestion #1: Studio Management Software

An online service that will help you be organized and allow you to keep track of clients, contracts, invoices, expenses, clients’ personal information and their important dates. Personally, I use Pixifi and love love love it. And no, I don’t get a kickback for this, I am a lifetime member, so I get ZERO kickback or bonus, I just really love it THAT MUCH.

Straight up truth bomb: ALL STUDIO MANAGEMENT SOFTWARE IS A BITCH TO SET UP. Sorry, just throwing that out there and keeping it real. None of it is easy, and I have tried four different options before really nailing it with Pixifi. I can’t imagine my life without Pixifi, and if studio management is something that you have wanted to jump into, you can pay for the entire year at the end of the year. Pretty sweet deduction, right? Plus, we all know that when you PAY for something, you are more likely to actually use it. It’s a kind of kick in the pants to get into it and make it happen, instead of it always going to the back burner. Of course, if you choose to go with a different provider that is totally fine, there are several to choose from. But the point is, before this year ends, get that advance subscription paid for. Write-off for this year, and a bonus for next year. And how much will your clients love to see a beautiful card from you, in the mail, for their birthday – BECAUSE YOU KEPT TRACK with your studio management software?

Suggestion #2: Marketing via Mobile App or Galleries

I love love love StickyAlbums. There are other options, my gallery choice (Shootproof) has mobile apps as well, but these mobile apps are GOLD to your clients. Imagine being able to send a gift six months after their session, hey there, I was just thinking of you and wanted to send this over to you! It is an amazing gift that allows sharing and is branded for your business – meaning that every time they share that album or show it to friends, they’re going to see YOUR name. And do you really think they’re going to have this on their phone without showing it off? Heck no, they’ll be super excited to show it off! Again – zero kickback here, I just really love StickyAlbums THAT MUCH. They also have brand new functionalities designed to help you reach out to other professionals – which is a whole separate article, but seriously, check it out. You can pay for the whole year, get that writeoff, and start using it to build your brand and your business!

Suggestion #3: Expos, shows or other mass marketing opportunities

This will vary greatly depending on your niche and specialty, but consider the different expos and shows that are coming up, and how you can register for them NOW and get that writeoff completed! For wedding photographers, this is crazy bridal show season. For kiddo photographers, think of the kids expos that are coming up, or the Lego expos. In Colorado, we have the massive National Western Stock Show that is HUGE. There are expos like this in every city, and it can be a huge outreach for your business.

Suggestion #4: Travel, retreats and conferences

Most of the conferences coming up for 2017 have been announced or are already planned. I know of three personally that I will be attending next year – and this is the perfect time of year to pay for them and get that registration DONE, and get the writeoff as well. How about plane tickets? Can you pre-pay for your hotel? There are so many ways to pay ahead of time for your travel, get it done now so you don’t have to worry about it later! Quick note that the former travel agent in me is nagging me about in my brain: with ALL registration or travel arrangements, make sure to read the cancellation policies carefully, and know what the terms are before making any payments!

Suggestion #5: Education

I’m not really sure why we have such a hesitation in paying for ongoing education as adults, especially as business owners. I’m sure part of that could be that there are SO MANY options out there, and it is really difficult to know what is worth the money or not.

Learning new skills, both in your chosen skillset or industry as well as in business, pays off in DIVIDENDS when it comes to growing your business into something that is profitable to support your family.

This is quite the rabbit hole of information so I’m not going to go into a ton of details, but there is so much available that really, anything you want to learn is out there. The year that I decided I was going to focus on BUSINESS was the year that my business completely turned around, including my mindset and other blocks that I had going on. I highly, highly recommend investing in education, and this is the perfect time of year to do it!

Again, I have SO MANY suggestions when it comes to education, but a favorite resource specifically for photographers and other creative business owners is CreativeLive. Again – no kickback, they’re just really, really awesome. I am personally a bit of a CreativeLive junkie, but some of my favorite courses are from Sue Bryce and Sal Cincotta.

There are so many opportunities to get those last minute tax writeoffs that do NOT involve purchasing new gear, and then dealing with the depreciation that comes with it. Hopefully your accountant is taking care of that for you, but if you do it yourself, you know what a nightmare it can be!

Consider a different type of investment: one that will move your business forward and bring more clients to you, so that you can continue doing what you do best!