You’re clear about your photographic style and you’ve determined your ideal client, but have you created the legal and financial structure for your business that is necessary for your protection and for your success?
Make sure to listen in to episode 130 as lawyer and photographer, Paige Griffith, guides us through the 5 steps photographers need to take to make sure that they’ve sucessfuly established their business from a legal standpoint, and set themselves up for financial success.
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Lesson Learned: After working her traditional 8-5 job as a law clerk and photographing on the weekends, she knew she something wasn’t right since she lived for the weekend. She knew photography was pulling her into a different direction than the traditional post-law school route. She decided to combine her photography and legal passions into one as her own practice.
Time Technique: Schedule time for yourself.
The Gear Bag: Canon Mark IV, 85mm 1.2L, Reflector
The Legal Paige: Empowering small business owners to feel confident and protected in their legal legitimacy.
5 Steps to Legal Success in Your Business:
1. Determine if you’re running your business alone or in a partnership, then determine how you want to register your business (sole proprietor, LLC, etc.)
2. Maintain a separate business bank account (requires a free EIN number).
3. Create a budget spreadsheet that is accounting for the percentage of what your tax liability will likely be in the end. Keep all of your receipts.
4. Ensure that you have the necessary contracts in place.
5. Have a plan in place in case something comes up (ex. A lawyer you can call).
1. Plan for your taxes on a monthly basis to ensure you’re saving the correct amount of money.
2. Keep all of your receipts.
3. Working from home saves so much in the long run.
4. Hire independent contractors before hiring full time employees.
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