552: Danielle Hendon – Understanding the numbers behind a successful photography business

PhotoBizX The Ultimate Wedding and Portrait Photography Business Podcast

Premium Members, click here to access this interview in the premium area

Danielle Hendon of www.4cornerscfo.com is a financial advisor to small business operators. Her background is in corporate finance and accounting, which she left behind and started her own small business.

Today, her goal is to help and guide entrepreneurs to pay themselves what they’re worth and continue to put more profit in their pockets every year.

Are you a photographer passionate about capturing stunning images but struggling with the financial side of your business? Do you ever wonder how much to charge for your services, how to manage your cash flow, or how to make smart investments in your equipment?

In this episode of the podcast, we'll dive into the world of financial management for photographers. Danielle has helped countless small businesses achieve financial success and is here to share her expert insights with you.

We cover topics including:

• How to price your photography services profitably
• How to manage your cash flow so you can avoid feast-or-famine cycles
• How to make smart investments in your camera gear and other equipment
• How to understand your business's financial statements so you can make data-driven decisions

If you want to avoid burnout, understand your numbers, and focus on your reason for becoming a photographer, this episode is for you!

Here's some more of what we covered in the interview:

• Managing Finances for Small Businesses: Expert guidance on cash flow and profitability.
• Transitioning to Small Business Finance: Transition support from CPA to entrepreneur.
• Cash Flow Essentials: Key insights for managing cash flow effectively.
• Understanding Cash Flow: Control money inflow and outflow for better financial management.
• Financial Management for Solopreneurs and Sole Traders: Mastering cash flow dynamics for solopreneurs.
• Separating Business and Personal Finances: Legal and tax compliance through separate bank accounts.
• Unlocking the Balance Sheet's Power: Insights for better financial decision-making.
• Making Financing Decisions with Your Balance Sheet: Smart financing choices based on creditworthiness.
• Finance Your Camera Gear Wisely: Smart financing options for equipment investment.
• Mastering Financial Roles: Bookkeepers vs. Accountants: Understanding financial team dynamics.
• Optimizing Financial Health with Equity Analysis: Maintaining a healthy financial position through equity analysis.
• Reconciling Finances for Success: Streamlining accounting processes and identifying outstanding payments.
• Navigating Cash Flow Challenges: Tips for managing cash flow during lean times.
• Using Lines of Credit Strategically: Utilizing lines of credit for business stability.
• Prioritizing Debt Management for Stability: Securing the business's financial future through debt management.
• Maximizing Investments for Growth: Understanding returns on investment for business expansion.
• Building Savings for Economic Downturns: Preparing emergency savings tailored to the business.
• Understanding Cost of Goods Sold (COGS): Accurately calculating expenses, including time.
• Setting Profitable Prices for Your Services: Finding the balance between pricing and profit margins.
• Exploring Business Model Strategies: Balancing business model strategies for growth.
• Optimizing Your Wedding Photography Business's Financial Health: Insights into pricing strategies and revenue generation.
• Analyzing Business Expenses for Profitability: Identifying essential costs and investment opportunities.
• Ensuring Profitability in Your Pet Photography Business: Streamlining expenses and maximizing revenue.
• Unlocking Financial Insights: Accessing a free expense review guide.
• Get Personalized Financial Guidance: Exploring tailored fractional CFO services.

What’s on Offer for Premium Members

If you’re on the fence about becoming a premium member, join with the $1 trial today and get access to the FULL interviews each week, a fantastic back catalogue of interviews, and have ALL future interviews delivered automatically to your phone or tablet.

Plus, special member-only interviews.

“A budget is not going to make or break your business, your bank account will.” – Danielle Hendon

You'll also receive access to the members-only Secret Facebook Group, where you can connect with other Premium Members and interview guests to help, support and motivate you to take ideas you hear in each episode and put them into action. The group also has FB live video tutorials, role-play, and special live interviews. You will not find more friendly, motivated, caring and sharing photographers online.

Seriously, that's not all.

In addition to everything above, you'll get access and instructions on forming or joining a MasterMind Group with other premium members. These groups are super motivating, make you accountable and build friendships with other pro photographers with similar motives to you – to build a more successful photography business.

What is your big takeaway?

Following this interview, I’d love to know if you're taking anything from what Danielle shared. Is there something you heard that excited or motivated you to the point where you thought, yeah, I'm going to do that! If so, leave your thoughts in the comments below; let me know your takeaways and what you plan to implement in your business due to what you heard in today's episode.

“Your hour is worth more than what you would pay a bookkeeper to do it. You don't want to figure this out for yourself. Get a bookkeeper have them take care of it.” – Danielle Hendon

If you have any questions I missed, a specific question you’d like to ask Danielle or if you want to say thanks for coming on the show, feel free to add them in the comments area below.

iTunes Reviews and Shout-outs

I check for any new iTunes or Google reviews each week, and it's always a buzz to receive these… for several reasons.

Firstly, it's confirmation that I'm on the right track with the interviews and that they are helping you improve your photography business. That's awesome!

“When you start hiring administrative staff, you are in a place where your profitability is going to sit in the productivity of your people. So if those administrative staff are not increasing productivity in some way, shape or form, then they are not a good investment in your business.” – Danielle Hendon

Secondly, iTunes and Google are the most significant podcast search engines, and your reviews and ratings help other photographers find PhotoBizX. More listeners mean more interviews and, ultimately, a better show.

If you have left a review in the past, thank you! If you haven't and you'd like to, head to https://photobizx.com/itunes or https://photobizx.com/google, and you can leave some honest feedback and a rating which will help both me and the show, and I'll be sure to thank you on the show and add a link to your website or blog if you let me know the URL of your website and your name.

Alternatively, if you've left a review for PhotoBizX and are looking for more backlinks to help your SEO, leave a review for the new Photography Xperiment Podcast. Email me your keywords or phrases and where you'd like me to link them.

“We do not want to set you up to go below zero… We want to have enough cushion because what happens when someone starts getting really close to zero in the bank, it's not just about the money and getting money in the door, it becomes a very emotional and mental thing.” – Danielle Hendon

Another great way to get a backlink to your site is to send a video testimonial. It doesn't need to be fancy, and your phone will be perfect. Click record and tell me how PhotoBizX has impacted you and your photography business.​

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Links to people, places and things mentioned in this episode:

4 Corners CFO Website

4 Corners CFO on Facebook

4 Corners CFO on Instagram

Danielle Hendon on LinkedIn

Danielle Hendon's One Sheet

Episode 476: Arica Dorff – How to have your own photography supported road tripping adventure

Thank you!

Thanks again for listening, and thanks to Danielle for sharing her thoughts, ideas, and experience on managing finances, understanding the numbers and giving photographers the confidence to create a truly profitable business.

“Any time that is spent generating money for the business is a cost of goods sold.” – Danielle Hendon

That’s it for me this week; I hope everything is going well for you in life and business!

Thanks, and speak soon
Andrew

The post 552: Danielle Hendon – Understanding the numbers behind a successful photography business appeared first on Photography Business Xposed - Photography Podcast - how to build and market your portrait and wedding photography business.