Financial management is one of the most important things in everyone's life. I have a floating fund of around $2000, granted as overdraft from my bank. I spend from that account for my business, and collect my money to that account. For an overdraft,you have to pay the interest for the money that is withdrawn and kept in your hand, on daily basis. In India we have GST and income tax. GST is to be paid by my client, income tax from my pocket.,that have its own benchmarks. Regarding pricing, in my province , Kerala, we have an organisation called "All Kerala photographers association". It has more than 17000 members. This association suggest the minimum prices for different photographic services for every year,in my province. So the pricing is not a very complicated issue here 😀
@@Joymichelle It is the minimum support price.The association is democratic in nature.It has an organisational structure for easy co ordination.They create a projected tarrif for one calander year and take opinion from every individual member. Finally the tarrif is published and almost all follow that.
can you please do a video about staying in state wedding photographers vs destination wedding photographers and what are the pros and cons of each one?I am in college however , I am maybe looking into photography as a career option and maybe college is not for me
Great question! Salary is your wage - that’s your pay as if you worked FOR the business itself. I pay myself every two weeks from this account. The profit account is something I draw from quarterly as an owners benefit. Because you own the company and don’t just work in it, you get to take a little profit payout! Read more about this in Profit First. It’s meant to be something for you and not to be used for business expenses or for your regular bills. ⚡️
