"The Business of Photography"
Taught by Clem Wehner
Due to unforseen circumstances, this class is canceled. We will offer it again next year.
This is a special 1-Day Class offered on Tuesday, June 7, 2011. You may take this class with Randy Taylor's "Real World Studio Management for 2011" for a 3-Day Class price!
Are you thinking of opening a studio? Do you already have one, but are working too hard and not making enough money? You will learn essential financial and legal considerations and techniques for operating a successful photography studio. Whether you are just starting or have been in business for years, this class will help you make and keep more money.
CLASS OUTLINE:
- Potential earnings of photographers in the U.S. according to the US Dept of Labor.
- Current new business failure rates. (US D.O.L).
- 5 common mistakes in business planning.
- Setting personal and business goals.
- The purpose of business plans.
- 10 business functions that must be considered and planned.
- How to determine your chances of success even before you start a photo business.
- 100 ways to make money with a camera.
- Forms of business- (explains sole prop, partnership, corporation, LLC, etc)
- How to choose a good business name.
- Deciding on a retail studio or a home-based business.
- Evaluating possible products, the mark et, your value to clients, your image, etc.
- The 8 steps for starting a business in Oklahoma. (required & optional steps).
- All about free Business Tax Workshops offered in Oklahoma.
- Getting your Federal Employer's Identification Number. Why you need one even if you don't have employees.
- Why you need to consult an attorney and tax advisor before you start a business.
- Why you need a business plan.
- How to write a simple "mini" business plan.
- 100 questions you should be able to answer before attempting a new photo business.
- Understanding financial elements of business (general expenses, cost of sales, gross profit, net profit)
- PPA recommendations for the percentages of each of these elements.
- Understanding the importance of Cost of Sales.
- How to estimate General Expenses of a startup business.
- How to determine Cost of Sales.
- Determining mark up percentages to meet PPA guidelines.
- How much can you pay yourself and not kill the business.
- How to use Owner's Compensation and Net Profit to manage the health of your business.
- PPA Survey results for owner's compensation in America.
- How to manage cash and cash flow, avoiding debt, stupid money mistakes.
- Accounting methods (Accrual and Cash methods) and when to use them.
- How to do Projections of sales, expenses, and cash flow to avoid money trouble in the future.
- How to do a 5-year projection to help assure growth.
- Determing if you can afford employees.
- Business employer taxes, business insurance, workers comp, and benefits costs.
- 13 alternatives to keep employee costs down.
- Picking the best pricing structure for your business.
- In-class pricing exercise for packages, ala-carte pricing, and a combination approach.
- 21 lessons about pricing we learned the hard way in our studio.
- The current PPA survey results on photo studio's performance
Tax FAQs
- The IRS definition of "in business" and what it really means.
- 31 things you can use to show "business intent" to the IRS.
- What legal deductions can be taken by a photo business.
- Can contract labor be used and not considered as employees.
- Oklahoma tax provisions that apply only to photographers.
- What state and federal paperwork is required initially, monthly, quarterly, yearly with employees.
- Should you consider making money as a photographer just as a hobby and not as a business?
- How to claim expenses in a money-making hobby.
- 6 things you must know about collecting Oklahoma sales tax.
- Oklahoma "Use" tax requirements.
- Legal aspects of the photo business (all about copyrighting and model releases)
- 18 PPA recommendations for success in photo business.
- Resources that can help photographers start and manage a business.
Clem Wehner is a photography business owner with a solid background in business, management, and teaching. After a 21-year career as an Air Force pilot, a master instructor, and an educator, he retired as a Lieutenant Colonel. Clem was on the faculty of the Webster University Graduate School of Business, teaching business management at the post-graduate level. He later moved to the aerospace industry and retired a second time after 16 years with The Boeing Company. Most recently an executive Business and Program Manager, Clem directed a program valued at nearly one-half billion dollars with an operating budget of $50 million per year. He also concurrently owned and operated with his wife, a successful photography business in Lawton for 15 years. He is very active in several professional photographic organizations. He holds a Bachelor’s degree in Public Speaking and Journalism, a Bachelor’s degree in Education, and a Master’s degree in Business Management. Clem’s experience in industry, private business, and photography taught him that the principles and practices of successful business are the same at any level. It is from this perspective that he presents a common sense approach to managing photography business finances. 
