The Dos and Don'ts of Finances for Photographers with Katelyn Magnuson
06/01/20 • 39 min
It doesn’t matter if you like numbers or not, as a business owner you have to understand your money. Katelyn Magnuson is the freelance CFO and knows how to help you work through your numbers to reach your goals.
Katelyn spent her 20s moving through various roles between corporate and the online space. What she learned is that our parents’ and grandparents’ way of doing money... no longer works.
We chat about how you can set yourself up for success and which money habits you need to establish now. Here’s the thing... it’s easier to make money than to save money... so how can you start making more money?
Listen as Katelyn shares her best tips for approaching your taxes and how you can find more write offs. Check out Katelyn’s site if you know you need help getting your numbers in order now!
In This Episode:
[01:27] Welcome to the show, Katelyn!
[02:13] Katelyn shares a little of her background and how she got where she is today.
[05:06] Katelyn speaks about things she does in her business and where she feels she is the strongest.
[06:08] What do you mean by, “you are not your parent's money expert?”
[08:12] Katelyn discusses the financial strategies that she shares with her clients.
[10:13] They speak about Dave Ramsey and how her beliefs differ from his even though the end goal is the same.
[11:49] Are you focusing on a scarcity and lack mentality and staying broke instead of flourishing?
[13:13] Katelyn shares some photography do’s for taxes.
[15:32] You must have a separate bank account to keep your business and personal assets protected.
[16:14] Keeping receipts and having accounting software is very important.
[18:46] Which accounting software do you recommend?
[20:39] Anything $75 dollars or over the IRS wants a receipt.
[22:52] Katelyn speaks about traveling for an event, but you stay longer, how the IRS looks at those expenses.
[25:53] Mileage is a big write off, but there are some caveats that you need to understand.
[29:00] Katelyn shares her biggest don'ts.
[31:08] Should businesses accept Venmo for payment of services?
[33:33] Katelyn gives her number one tip for listeners today.
[34:30] What is your favorite quote?
[36:01] Hubdoc and Xero are Katelyn's favorite business tools.
[36:56] If we went out for a drink, what would you order?
[38:13] Thank you so much for being on the show!
Links and Resources
Find Jenn:
@successbeyondthelens
@successbeyondthelenspodcast
Find Katelyn:
@thefreelancecfo
It doesn’t matter if you like numbers or not, as a business owner you have to understand your money. Katelyn Magnuson is the freelance CFO and knows how to help you work through your numbers to reach your goals.
Katelyn spent her 20s moving through various roles between corporate and the online space. What she learned is that our parents’ and grandparents’ way of doing money... no longer works.
We chat about how you can set yourself up for success and which money habits you need to establish now. Here’s the thing... it’s easier to make money than to save money... so how can you start making more money?
Listen as Katelyn shares her best tips for approaching your taxes and how you can find more write offs. Check out Katelyn’s site if you know you need help getting your numbers in order now!
In This Episode:
[01:27] Welcome to the show, Katelyn!
[02:13] Katelyn shares a little of her background and how she got where she is today.
[05:06] Katelyn speaks about things she does in her business and where she feels she is the strongest.
[06:08] What do you mean by, “you are not your parent's money expert?”
[08:12] Katelyn discusses the financial strategies that she shares with her clients.
[10:13] They speak about Dave Ramsey and how her beliefs differ from his even though the end goal is the same.
[11:49] Are you focusing on a scarcity and lack mentality and staying broke instead of flourishing?
[13:13] Katelyn shares some photography do’s for taxes.
[15:32] You must have a separate bank account to keep your business and personal assets protected.
[16:14] Keeping receipts and having accounting software is very important.
[18:46] Which accounting software do you recommend?
[20:39] Anything $75 dollars or over the IRS wants a receipt.
[22:52] Katelyn speaks about traveling for an event, but you stay longer, how the IRS looks at those expenses.
[25:53] Mileage is a big write off, but there are some caveats that you need to understand.
[29:00] Katelyn shares her biggest don'ts.
[31:08] Should businesses accept Venmo for payment of services?
[33:33] Katelyn gives her number one tip for listeners today.
[34:30] What is your favorite quote?
[36:01] Hubdoc and Xero are Katelyn's favorite business tools.
[36:56] If we went out for a drink, what would you order?
[38:13] Thank you so much for being on the show!
Links and Resources
Find Jenn:
@successbeyondthelens
@successbeyondthelenspodcast
Find Katelyn:
@thefreelancecfo
Previous Episode
Uplevel Your Client Experience
Giving your clients an amazing experience is one of the best ways to ensure repeat business. Think about it. Are you more likely to rebook with the same hairdresser over and over if she remembers your birthday?
The same concept applies for your photography business. Which is why I wanted to share my three favorite tips for up-leveling your client experience.
First, always be on time. Be on time with communication, to your appointments, and in providing your clients their products. Second, make it easy to book with you. Provide a friction-free way for them to book, reschedule, cancel if necessary, etc.
Last but not least, always make your clients feel special. Make it a point to go above and beyond their expectations and they will always come back to you.
The client experience is the most important aspect of your business because when a client loves you and your work, they’ll talk about it. If they hate it, they’ll talk about that too... but more loudly. Always be sure that the experience your clients have with your services are exceptional.
In This Episode:
[00:45] Welcome to the show!
[01:11] Jenn discusses upleveling your client experience.
[01:50] There are three easy ways to make this happen.
[02:02] The first tip is to always be on time.
[04:34] The second tip is to make it easy to book with you.
[07:10] Do you get deposits from your clients?
[08:46] Tip number three is to make them feel special.
[10:44] Learning your clients names before the session is one way to make them feel special.
[11:52] Jenn recaps the three things you can do to uplevel your clients experience.
[12:30] The bonus is that when you make your clients feel special they will tell their friends which will get you referrals.
[13:13] Thank you so much for listening to the show! Please remember to share this podcast with your friends and coworkers.
Links and Resources
Find Jenn:
@successbeyondthelens
@successbeyondthelenspodcast
Next Episode
Why Follow for Follows Don't Work and What to Do Instead
Have you ever seen those posts in large Facebook groups asking to follow each other on Instagram? Seems like a great idea right? You boost your follower count and show Instagram that you’re an active user. All I can say is... stop!
I know that this is an unpopular opinion, but when you follow a bunch of other people who are doing what you do, you are actually hurting your Instagram strategy. All you’re doing is showing Instagram that those are the types of accounts and posts that you want to see.
This means that you’re losing your chance to see more of your ideal clients and to get in front of your ideal clients. Instead you should use the platform the way it’s designed to be used.
Take the time to research the hashtags you’re using. Those little babies can make or break your Instagram strategy. Also, geotag your posts. As a photographer, making sure that the local community can find you is key!
Have I convinced you?
In This Episode:
[00:44] Hey friends, welcome to the show!
[01:01] Today’s episode is about why follow for follow threads don’t work.
[01:26] Jenn shares two reasons these threads don’t work.
[03:02] The people you follow on Instagram need to be the people that will put you in front of your ideal clients.
[03:43] Jenn speaks about what you should do instead of follow for follow threads.
[05:01] Making connections through hashtags will get you in front of the clients you want to work with.
[05:40] Geotagging your posts is another thing you can be doing.
[06:36] Instead of using the follow for follows, make sure you are using Instagram, it’s hashtags, and it’s geotagging.
[07:01] I Hope you all have an outstanding day!
Links and Resources
Find Jenn:
@successbeyondthelens
@successbeyondthelenspodcast
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