The Vancouver Island SMUG met at the Oliver Road Community Center, Nanaimo BC with guest speaker Mike Delves of MNP Accounting. Mike spoke to a well attended group of more than 20, with several new attendees.
Finance is one of the core foundations of running a business, but many photographers don’t have a basic grounding of what it takes to become successful. Mike spoke on the advantages and disadvantages of different types of companies such as Sole Proprietorships and Incorporation or Limited Businesses. Each type of business had its own set of pros and cons, and it wasn’t surprising to find that all types of business were represented in the room
Mike also touched on the advantages and disadvantages to leasing or purchasing vehicles and to most of us we were surprised to find out that over the long run that there is not much difference. He explained how camera equipment was depreciated and the allowable write-offs for home businesses.
As one can imagine, Mike was not able to cover all the topics regarding taxes in brief overview and recommended that we sit down with a professional accountant if we wanted to learn more.
Or SMUG co-leader, Neil Gaudet, then spoke to us next about being true to yourself and not to follow, but to lead, because that is what will make you an individual. Although we all love Photography, you have to remember as a professional that photography is also a business, and to be a successful business, you have to be profitable.
Neil’s tips on how to be profitable were:
- Be organized and manage your time effectively.
- Know and understand your clients and offer them an experience that they will not find anywhere else.
- Tailor your products to your clients needs and offer them a range of valued products to choose from.
- Present those products in unique and professional packaging.
- Make photographing your clients an experience that they will want to tell their friends about.
There are many photographers out there, but like any business, it’s not always the best person at their trade that is the most successful. You also have to be a successful business person, and you have to separate yourself from the crowd so that you stand out to your client base.
Submitted by the Vancouver Island SMUG Scribe: Todd Ross
Todd is an amateur photographer that is hoping to make the jump to professional in the next few years. He mostly shoots landscape, nature and sports, but he’s going to try his hand at some portraits in the near future. For a peek at his work feel free to visit his site http://www.imagesbytoddross.com
