372: Richard Waine – How to achieve financial success as a photographer

Premium Members, click here to access this interview in the premium area.

Richard Waine www.richardwainephotography.com is a US-based headshot photographer recommended by previous guest, Alma Bruffy.

She said when introducing him…

He is a financial guru – Really! He has helped me realise my spending, budget and cash flow, through spreadsheets he has created for photographers. He has a background in finance and has shared his experience and knowledge with many of us in Peter Hurley's Headshot Crew, where he serves as a Mentor.

I went off and did a little digging before sending an invite and found a beautiful website and excellent headshot photography.

It wasn't easy to see if he was successful or not, but the signs were good from his website and work.

Some more searching and I found he's a university graduate, worked most of his career in finance before finding his calling as a headshot photographer. That was enough to have me contact Richard to see if he'd be interested in sharing his financial insights and how they apply to running a photography business today.

In this interview, we dive deep into the numbers you need to be focusing on if you're looking to achieve financial freedom through your photography business. And ultimately, how to achieve financial success as a photographer.

Here's some more of what we cover in the interview:

• How Richard measures business success
• Measuring social proof
• How Richard gathers feedback from his photography clients
• What is a good revenue target for headshot photographers
• The need to diversify income streams
• How Richard transitioned from the finance industry to photography
• Why headshot photography
• Going to conferences to learn and improve photography skills
• The challenges of establishing a business in unfamiliar territory
• How Richard attracted his first clients
• How Richard came up with his pricing structure and inclusions
• Paying yourself a salary from your business
• Revenue and operating expenses – what's the difference
• Should you strive to make more profit or strive to make a good salary
• Cash is always king
• How to compute for true profit
• The biggest key performance indicators of a successful photography business
• Things to consider when building a successful business
• Realigning income and expenses streams
• Artists are not great business people
• The best place to start reducing your expenses
• The need to have a rainy day fund
• Preparing your retirement fund now
• Richard's average sale
• Taxation
• Comparing purchasing powers in different regions
• What is the path to financial success as a photographer
• Understanding the numbers in your business
• Looking into expense variables
• The need to pay attention to what potential customers are doing every season
• The best person to discuss your business numbers with

What’s on Offer for Premium Members

If you’re a premium member, you should have received an email with links to your version of this interview – the full length and more revealing version where you hear the absolute best tips and advice from every guest.

If you’re on the fence about becoming a premium member, join with the $1 trial today and get access to the FULL interviews each week, get access to an amazing back catalogue of interviews and ALL future interviews delivered automatically to your phone or tablet.

Plus special member-only interviews.

Don't simply rely on numbers to measure your success but work backwards. This way, when you do achieve those numbers, then you know that's the break even point. That's the place you want to be. – Richard Waine

You'll also receive access to the members-only Secret Facebook Group where you can connect with other Premium Members and interview guests to help, support and motivate you to take ideas you hear in each episode and put them into action. There are also FB live video tutorials, role-play interviews and special live interviews happening in the group. You will not find more friendly, more motivated, caring and sharing photographers online.

Seriously, that's not all.

In addition to everything above, you'll get access to and instructions on forming or joining a MasterMind Group with other premium members. These groups are super motivating, make you accountable and build friendships with other pro photographers with similar motives to you – to build a more successful photography business.

What is your big takeaway?

Following this interview, I’d love to know if you're taking anything away from what Richard shared. Is there something you heard that excited or motivated you to the point where you thought, yeah, I'm going to do that! If so, let me know by leaving your thoughts in the comments below, let me know what your takeaways were, what you plan to implement in your business as a result of what you heard in today's episode.

Something is only worth what somebody is willing to pay for. – Richard Waine

If you have any questions that I missed, a specific question you’d like to ask Richard or if you just want to say thanks for coming on the show, feel free to add them in the comments area below.

iTunes Reviews and Shout-outs

Each week I check for any new iTunes reviews and it's always a buzz to receive these… for a couple of reasons.

Firstly, it's confirmation that I'm on the right track with the interviews and that they really are helping you improve your photography business. That's awesome!

Secondly, iTunes is the biggest search engine when it comes to podcasts and it's your reviews and ratings that help other photographers find PhotoBizX. More listeners mean more interviews and ultimately a better show.

Answer the why, not the what. Why is this happening, not what is happening. It's easier to see what's happening. The question is why is it happening in the first place. – Richard Waine

If you have left a review in the past, thank you! If you haven't and you'd like to, head to https://photobizx.com/itunes and you can leave some honest feedback and a rating which will help both me and the show and I'll be sure to thank you on the show and add a link to your website or blog if you let me know the URL of your website and your name.

Alternatively, if you've left a review for PhotoBizX and are looking for more backlinks to help your SEO, leave a review for the new Photography Xperiment Podcast and email me your keywords or keyword phrase and where you'd like me to link to.

Another great way to get a backlink to your site is to send a video testimonial. It doesn't need to be fancy and your phone will be perfect. Click record and tell me how PhotoBizX has made a difference to you and your photography business.

PhotoBizX Daily Vlog Challenge – Earlybird pricing is now available

Why utilise video in your photography business? The number one reason – to make a personal connection with our prospective client, faster than ever before.

You can do this with video on your website, email replies with video plus advertising and retargeting with video. 

There is no faster way to make a connection than you talking to your clients via video. 

If you generally book most of the clients you meet with face to face, imagine building that bond earlier in your process and before other local photographers. It'll mean more bookings for you. Fantastic right? As long as you can be yourself and make the same kind of connection you do in person. And you can! 

Want to learn how to get comfortable being yourself on camera?

This Challenge will get you there. 

The improvement and transformation in members videos has been extraordinary as we add something new to focus on throughout each module – from lighting, framing, eye contact, intro and outros – all with daily prompts.

Everyone involved is getting daily feedback, and it's easy to see the fun we're all having as we progress.

The next Challenge is starting soon! Click the link and add your details to get involved: http://dailyvlogchallenge.com

The way it works

1. Watch the daily video (with topic/Challenge included) uploaded into a separate post each day – excluding weekends.
2. Record your video reply and upload into the comments for that unit.
3. Once your video is uploaded, leave comments or constructive feedback (if requested) on at least 2 videos from other participants. 
4. Wait for feedback on your recording and implement suggestions into your next Challenge.

That's it, as simple as that.