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PPA Today: Benchmark Financial Survey: January 2015 Archives

Benchmark Financial Survey: January 2015 Archives

Congratulations to PPA's Benchmark Grand Prize winner Emily Engelhardt, CPP! Emily won an all expense paid trip to Imaging USA this year in Nashville - including roundtrip airfare, accommodations and all access passes to the show for her and a guest. Emily has participated in the Benchmark Survey twice over the past few years, so she's not a newbie when it comes to the benefits this photography business guide can offer. Emily has officially been in business for the past 7 years. And after attending PPA's 3-day Business Breakthroughs workshop in Texas, she became inspired to seek financial advice to take her photography business to the next level. 

"I knew if I wanted to make this a career I needed to be smart about how I ran my studio, and knowing how to appropriately price myself and not getting into debt were both big wins for me," said Emily.

PPA's Benchmark also helped Emily see when to cut back on her expenses, hire a new employee, and look into purchasing the current studio she was renting. Emily explained that being able to see where she stood in relation to other studios in the country gave her a much needed confidence boost. 

When Emily utilized the Benchmark, it opened her eyes to possible investment opportunities. "My quarterly meetings with Bridget [Jackson, CPA] and my mentor, Julia [Woods], also helped me see that I could invest a lot more into my advertising budget, so this year I was able to invest in a large display in a mall in my target area and still gross a 42% net profit. Being able to see that I was right in line with some of the top grossing studios in the country, even if my sales totals weren't as high, my percentages were just as good, if not better,  gave me such a confidence boost, and reassurance that I really was doing well, not just hoping I was."

Before, Emily felt she was winging it with her business. After going through this process, not only is she reassured about the wellness of her business, but now she can analyze her financial budget and plan her next steps, using tangible data that make sense for her and her business.

"Even if you're not a 'numbers' person, it's so helpful to have some kind of standard to look to, not just hearsay," Emily stated.

If you participated in the Benchmark Survey, you can follow in Emily's example later this spring when your side-by-side comparison comes out! Let us know how PPA's Benchmark Survey helped you Be More! Oh, and be on the lookout for this year's new data... coming out soon! 

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About this Archive

This page is a archive of entries in the Benchmark Financial Survey category from January 2015.

Benchmark Financial Survey: December 2014 is the previous archive.

Benchmark Financial Survey: April 2015 is the next archive.

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