In this episode of Oh Shoot Podcast!, Cassidy Lynne dives into the world of photography business investments. She talks about investments she’s made, and how to know what investment is the smartest for your next business move.
What is a business investment?
Today’s podcast is all about business investments and that can be an investment of:
- Your time
- Your energy
- Your money
- Your experience
An investment is anything you put energy towards that MIGHT NOT lead to a return. It’s enough of an investment that you want a return because it costs you so much. Yes, we want to see a return on investment, but we also have to be okay if it doesn’t necessarily lead to a return right away or doesn’t lead to a return period.
We hope for a return on investments, but it’s a risky game. There are no guarantees and I think that’s why it’s so scary for a lot of people, me included. It’s scary to invest your time, energy, money, and experience into something and not know for sure if it’s gonna pay off. I think that’s part of being a business owner. You’re not going to get anywhere if you don’t invest in anything for your business.
What investments will help your business?
In order to make business investments, you need to put your dreamer hat on. You have to be willing to dream and be a little bit ridiculous. Sit down and write out your goals to figure out what’s next for you.
- Where do you want your business to go?
- What are your business goals?
- In order to achieve that goal, what investments will help you get there?
For example, if you’re dreaming of growing a successful headshot business and eventually want to open up a headshot studio, what are things you will need to invest in?
Here are some examples:
- Website (investment of time and money)
- New gear (investment of money)
- Marketing (investment of time)
- Client experience (investment of time)
- Studio space (investment of time and money)
Investments I’ve Made for My Photography Business
I’ve definitely had to make investments for my own business, so I’m going to share some examples.
Investments I’ve made for my own photography business:
- My Sony camera gear (cameras, lenses, etc. ) easily over $10k.
- Macbook Pro laptop $3-4k.
- Lightroom, photo mechanic, etc.
- Driving 5+ hours for a session or wedding.
- Education website for my courses, presets.
- Photography website.
- LOTS of time invested into my social media channels.
- Podcast gear.
- Content days.
- A marketing coach for my course launch.
All of these investments have seriously helped lead my business to success. I don’t think I would be where I am today without the investments I’ve made with my time, energy, money, and experience.
How can you make back your investment?
For the things that take money, how much are you willing to pay? What is in your budget right now for an investment? What will you need to do to make that back?
- If you’re paying 10k for a coach, how can you make that back?
- If you pay $5k for a new website, you can make it back by booking 1-2 weddings.
- If you buy a new camera for $3k, you need to book 1 wedding.
- If you pay to attend a content day, you need to book sessions from that content.
Always ask yourself: will this investment make my money back?!? If so…THEN WHY ARE YOU AFRAID?!? If you know it’s gonna come back and be worth it, then why are you scared?
What are you needing to invest in to make your business successful?
Is there something you’ve been thinking about investing in, but you’re holding back on? The right investment can give you tools and equip you to create a successful business! That investment can continue to make your business even more successful than it already is.
Maybe you’re thinking of investing in:
- a new website
- a coach
- legal things to make your business legit
- app to track your finances
- outsourcing editing
Investing is scary. It’s not easy, but it’s necessary. There are so many things that a business simply needs to spend money on!
Mental Energy Investments
Sometimes, investments are just a THOUGHT & MIND ENERGY INVESTMENT.
- Being willing to answer inquiries on the weekend takes time and mental energy.
- Posting on social media is a huge investment of your mental space.
- Caring about your clients is another mental energy investment.
You have to put money back into your business.
- If you’re just starting out, put all the money you make right back into your business
- If you’re an intermediate business owner, invest in things that will elevate your client experience and take you to the next level (website, CRM, client gifts, a new computer, a course, etc)
- If you’re very experienced, what can you invest in your business to help you grow and hit the dreams you have?
If you haven’t already, sit down and write out your dreams and your goals. Everyone at every different stage in photography has dreams and goals and it is so important to help you figure out what you need to invest in NEXT.
I hope this episode encourages you to step out of your comfort zone and make an investment whether it’s time, money, or energy! Start with something small. It’s going to be worth it!
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