Recently in Finance Category

Starting to dread opening those credit card bills every month? Don't fear them, conquer them and put debt in its place. Here's a great place to start: join our webinar featuring Chris Hogan, director of the financial coaching division for Dave Ramsey (March 17th at 4:00pm Eastern).

Ramsey's Financial Coaching is responsible for providing practical financial coaching, counseling and guidance to artists and athletes with a top-notch program designed to help them "win with money" through personal budgeting, saving and debt elimination. Sound like it could help you? That's what Hogan believes.

"No matter what the economy is like, it's a smart idea to recession-proof your business. That way, when the hard times come, you'll be standing strong," says Hogan.

You'll learn about:

• Recession-proofing your business and standing strong in any economy
• Balancing calculated risk with the right level of operational restraint
• A plan for debt elimination
• Developing a budget and sticking to it
• Creating a cash flow plan
• The importance of a business plan and how to get started
  

Hogan will also help you put together an outline on paper that helps you set a vision and define goals for your company. "This is extremely important because it gives you motivation to leave the cave, kill something and drag it home everyday," he explains. "Owning your own business can be a challenging endeavor, but knowing what your dreams and visions are will help you stay focused."

Listen to Hogan's webinar, "Win with Money: Conquer Debt and Dream Big," on March 17th (4:00pm Eastern) to gather more tips for standing strong in any economy.

Dear PPA Member,

Knowing when to ask for help is probably not one of my strong suits. You know those situations where someone should have asked for a helping hand, but didn't? Well, I've been guilty of that a couple of times...like when I wanted popcorn (we won't mention how old I was) and thought I could make it on my own. I found out rather quickly that plastic colanders and microwaves don't go well together. (I'm sorry, Dad.)

Keeping with the theme, this week's Vital Signs covers some tax topics that are easier to handle with the assistance of a financial advisor. Taxes are not an easy road to navigate, but thankfully, there are people out there who know how to help. Clients come to you because you're a professional, so why wouldn't you turn to a professional for tax issues? I highly recommend that you take advantage of that help--it will help save you time and headaches (and maybe even the microwave). (Again Dad, I'm really, really sorry.)

Cheers!
Christel Aprigliano
Director of Member Value & Experience

P.S. United Funding, a PPA Affinity Partner, has created a new online payment calculator to accommodate the financing of equipment under the standard $5,000. Use the Special Payment Calculator to determine your potential payment options on the equipment you need for your business.

Dear PPA Member,

There are words that have the ability to make people cringe. Take, for example, "root canal." What about "taxes"? I cringed when I wrote it, and I knew it was coming! For most of us, taxes are one of the necessities of life that we would much rather not think about--at least not until April 15th, and even then... Unfortunately, taxes are not optional (at least not if you want the IRS to leave you alone).

When you become a business owner, your tax responsibilities expand beyond your personal taxes to include business-related taxes. That means more tax forms, more information and more time dedicated to the filing process. This week's Vital Signs kicks around some ideas on how you can better prepare yourself for this tax season. Hopefully, you won't have to cringe as much when someone mentions taxes. (Sadly, I can't help with your reaction to root canals.)

Cheers,
Christel Aprigliano
Director of Member Value & Experience

P.S. PPA will be doing some computer maintenance on Saturday, February 27 from 9:00am to noon ET. During that time, some web services (like meeting registration and merit reports) will be offline. We apologize in advance for any inconvenience. Please remember: PPA members will not be able to register for meetings or see their merits online while we are working on the system.

Dear PPA Member,

It's already the end of December, and the holidays are here (if you haven't noticed). If you're anything like us, you are wondering where the year went! It feels like we were just in Phoenix for Imaging USA 2009...but in a few short weeks, we will be in Nashville for Imaging USA 2010.

Even though we associate this time of year with Imaging USA preparation, we like to remember that it is also the holiday season. It's a time for friends and families to gather together. To continue that holiday spirit, we have gathered together a list of Vital Signs articles that we feel represents the best of the year. Take a look at the topics and see what articles spark your interest. It never hurts to refresh business advice and ideas, and they can be a great read on your trip to Nashville!

Happy Holidays!
Christel Aprigliano
Director of Member Value & Experience

P.S. Have you heard about the Imaging USA Rockstar Giveaway? We're counting down the days to Imaging USA in Nashville by giving away cool stuff! Find out the daily giveaway and how to enter by following Imaging USA on Twitter or joining as a fan on the Imaging USA Facebook page. We're giving away over $10,000 worth of items that Photographic Rockstars (like you) want. Come rock with us!

Dear PPA Member,

The last thing you probably want to be thinking about right now is credit cards and debt. It's the holiday season, and you're busy with other things (like, oh...orders from clients, party invitations, and that perfect gift for Aunt Mabel). Still, before the end of the year, you should really take the time to order your credit report.

You can do this by going to www.annualcreditreport.com. (Use this site, and not others that claim to be "free," because they're not.) AnnualCreditReport.com is the official site to help consumers to obtain a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.

This week's Vital Signs will help to decipher what's on your credit report and how it can affect your credit score. Understanding that can help you with your peace of mind for your business...but I regret to say, it won't help you with Aunt Mabel's gift.

Cheers,
Christel Aprigliano
Director of Member Value & Experience

P.S. Have you heard about the Imaging USA Rockstar Giveaway? We're counting down the days to Imaging USA in Nashville by giving away cool stuff! Find out the daily giveaway and how to enter by following Imaging USA on Twitter or joining as a fan on the Imaging USA Facebook page. We're giving away over $10,000 worth of things that Photographic Rockstars (like you) want. Come rock with us!

Dear PPA Member.

Boo!

It's no coincidence that this week's Vital Signs is being sent out so close to Halloween.

The financial management of your business can be scary if you don't know where you are. It's sort of like being lost in the woods on a dark, stormy night, where all you hear is the haunting sounds of: "Do you know how much you'll owe in taxes this year?" and "What's your Costs Of Goods Sold?"

Worst of all? You can't run away. It's YOUR business.

So instead of hiding out with a bowl of candy hoping the boogey man (or the IRS) won't get you...take a moment to read the last installment of Studio Management Service's series on financial management. We promise that you won't scream at the end. No tricks. Just treats.

Cheers,
Christel Aprigliano
Director of Member Value & Experience

Dear PPA Member,

What price do you place on the value of your work?

You could get all philosophical and say that your work is, like the Mastercard ad, "priceless." But when it comes to having your clients pay you for the services you provide, you have to have a price in mind. After all, those new camera bodies and lenses don't grow on trees. (If you do have one of those trees, I'd keep that a secret.)

Whether you're an established commercial photographer or are looking to branch out into commercial work, this week's Vital Signs covers the considerations needed for effective commercial pricing. Even if you're not a commercial photographer, don't miss the information on valuing usage rights, something all photographers need to understand.

Cheers,
Christel Aprigliano
Director of Member Value & Experience

P.S. Remember last week's Vital Signs introduction, where I compared my sea monkey experience to testing the waters with a new vendor? Well, Scott Kurkian, PPA's CFO, was so moved by my admission that I was given this.

In 2003 the Fair and Accurate Credit Transactions Act was signed into law. This law directed the Federal Trade Commission (FTC), the National Credit Union Administration (NCUA) and other federal bank regulatory organizations to develop a set of regulations that prevent and protect against identity theft.

PPA has created this guide to help you determine if your studio must comply with these laws. If you must comply with the Red Flags Rules, the FTC requires you to create and implement your identity theft plan before November 1, 2009. Get PPA's Guide to the FTC Red Flag Rules here.

Dear PPA Member,

One word can make a big impact, especially if you are referring to the economy. The news is oftentimes filled with stories about the current state of the economy, and phrases like "With the economy the way it is..." have become commonplace. But thinking positively can fire up your creativity to find new ways to deal with these issues.

Even though things are starting to get better, your own photography studio might have seen the side effects. With clients and vendors trying to save as much money as possible, you might find yourself looking for ways to save yours. That's where the "creative thinking" comes in.

This week's Vital Signs teaches you how to barter smarter. Odds are that you use your creativity to create beautiful photographs. Why not use that same creativity to keep more money in your business? Instead of paying for services the typical way, consider offering up your own services in exchange. It's a great way to both save money and promote your business. After all, with the economy the way it is...

Cheers,

Christel Aprigliano
Director of Member Value & Experience

Dear PPA Member,

Not many people I know raise their hand at the chance to learn more about taxes. Let's be real...taxes aren't "exciting." In most situations, they bring us more headaches than joy. However, if you avoid learning about particular types of taxes, you're just putting off the inevitable--and you may hurt your business in the long run. Successful photographers are not just talented artists; they're business-savvy.

This article in the Studio Management Services' Business Finance for Photographers series is a must-read for anyone who wants a clearer understanding of sales and employment tax. As business owners, staying on top of these types of taxes can prevent headaches (although I can't guarantee you'll be jumping for joy)!

Cheers,

Christel Aprigliano
Director of Member Value & Experience