The more time I spend in my Business Organizations class, the more I am struck by just how poorly most creative businesses are structured and managed. This class is about the law of businesses, not the management of them, but we do spend a lot of time essentially observing management through the cases we read for the class. Far too often, I am very sorry to say, anything resemblances between a well-run business and a creative business, especially a photography business, are purely coincidental.
A few of the basics to consider…
- Do you keep your business accounts completely separate from your personal ones? That is, credit cards, bank accounts, loans, etc.? Just making a note at the bottom of a check (biz purchase) is not enough.
- Do you pay yourself a salary from your business? Regularly and the same amount?
- Do you reinvest in your business?
- Do you have a plan for what happens to your business if you get incapacitated or die?
- Do you have outside, non-photographer/creative mentors or Board Members (even you you are not a corporation)? They can give you important perspectives on your business decisions.
- Is your spouse/significant other involved in your business and if so do you have an employment contract with her/him? (you should)
- Do you have employment contracts with all your employees? (you should)
- Do you hire professionals to help you? (you should)
These are just a few of the kinds of things that a good businessperson, regardless of industry, will think about and do.