- First, you'll start by deciding how much you'd like you're annual net income to be each year, then the tool works its way back to show your cost of sales and overhead and how they impact your profitability from get-go. All of these calculations come from past Benchmark Surveys, so you know they're based on real life examples of what's worked and more importantly, what hasn't.
- Second, the survey will help you sidestep common mistakes many photographers unknowingly make. It will help you understand how to determine or adjust your pricing (and it's not based on what the guy down the street is charging)! You'll also be able to determine if it's financially realistic to hire an employee or if it makes sense to move into a retail space. And the best part is, you'll be able to make sound calculated decisions, not just based on your "gut" feeling!
- And third, we understand you don't know what you don't know. That's why there are additional Benchmark Resources--resources, tools and guides that can quickly impact your bottom line! You'll get things like a comprehensive guide to the results. This will allow you to get the most from the survey by breaking it down to plain English and extrapolating the results into things you can do to change your business for the better. It will also give you access to comparison tools that allow you to size your studio up to the top performing studios in the nation (and learn from how they do business), along with how to see where you fit in the bigger picture of the photographic industry.
How to be more profitable: 3 (simple) ways the Benchmark survey can help! - PPA Today
How to be more profitable: 3 (simple) ways the Benchmark survey can help!
Want to work less and make more? Awesome! Have a plan on how to do that? Don't worry--PPA's got your back (and it's not as complicated as you'd think).
Every few years, PPA invites studios from around the country--from home studios to brick and mortar locations, weddings to pets and everything in between-to complete the Benchmark Survey. This survey gets stronger with the more studios that participate. (Hint, hint - sign-up here to be an integral part of the upcoming survey! The information isn't difficult to obtain, in fact you'll have plenty of it readily available since you just completed your taxes!)
Here's another way to look at the Benchmark survey:
Once the survey is complete, PPA's CPAs and industry experts create an all-encompassing photography business guide and compile other resources that will show you where to increase your own business' profitability. And if you don't want to wait for the results of this year's survey, check out the new tool that helps photographers plan for a profitable business model by beginning with their/your end in mind. How? Easy!
It might sound too good to be true, but we assure you it isn't! You just fill out a few simply questions and you'll be ready to see how many sessions you need to book and at what prices to make the money you want. Get started at square one today!
And there's a bonus if you participate in the survey: you'll get side-by-side results (personalized just for you!) from the 2014 Survey for free! This is HUGE! Best part: If you're a PPA member, this is included in your membership. If you're not, join today to improve your bottom line now!
You can't afford to wait. Access these great resources today and sign up to participate in the 2014 Survey!