Do you want to stay in NYC?
So what does one do now? :-)
Let's say that I'm completely lost. My business has done far better than I ever thought it would. Now what do I do with all this dough. I need a plan. Any ideas? Who's the guy/gal that is good at keeping me ahead of the curve with expenditures and places to put my money?
16 Bizniks have posted replies
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Posted by Elizabeth Lee, Seattle, Washington | Apr 08, 2008
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Posted by Conrad Kiffin, New York, New York | Apr 08, 2008
I was considering being bicoastal (or is that bipolar?? hahaha). The way I see it there's not much stopping me from existing in two places and getting to someplace like the west coast a few times a year to work. Another NYC photographer I know does that.
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Posted by Jake Mayer, Greenfield, Massachusetts | Apr 08, 2008
what a lovely dilemma you have!
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Posted by Conrad Kiffin, New York, New York | Apr 08, 2008
I wish! It only means that I'm a moron about what to do when I have a good year.
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Posted by Valerie Farris, Edmonds, Washington | Apr 08, 2008
Congratulations - what a good problem to have! And kudos on recognizing your difficulty in dealing with similar situations in the past.
I would suggest you try meeting a few financial planners, and work towards finding someone you can trust in that field. Be sure to seek someone out who has experience advising small business owners, as opposed to simply working with individuals.
Also, it would probably help to know what your goals are, both personally and professionally. Then, when you find the right advisors, you can work with them to implement a plan to acheive those goals.
Best wishes!
Valerie
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Posted by Heather Pendergast, Seattle, Washington | Apr 08, 2008
dear lost and found,
I am a complete devotee of following my heart and soul--it feels good (and grows everyday)and it is touching and moving others in ways I could never imagine. Do with the money that which feeds your heart so that you feel good, moment to moment. So, simple...and you can never, ever go wrong.
As you well know, when you feel good, you know exactly what you want-- how to act, where to go, what you are moved to do. You know what gives you joy, right now. And as you give this to yourself more and more, you are practicing "being in fullness". And in that fullness, you pour over and spill out onto the world around you. Serving the world by serving yourself. It's spontaneously combustable. It's utterly desirable. It's seductive and fulfilling.
The world can always use those who know how to live by example, from the heart. Money or no money.
Use what you have been given to love your life as fully as you possibly can. Do nothing less.
Nothing less.
;) mahalo, Heather
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Posted by David Sword, Seattle, Washington | Apr 14, 2008
Was your success a result of your passion for photography business? Or are you incredibly lucky? If it's business passion, why own more businesses with managers? NYC - East - West - someplace else? Consider a complimentary business to even out economic cycles or a different business to keep you challenged. No more terrifying kitties!
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Posted by Anita CM, Hyderabad, Andhra Pradesh India | Apr 14, 2008
I guess reading " The Monk who sold his Ferrari" would help...
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Posted by Conrad Kiffin, New York, New York | Apr 14, 2008
Thanks all! My business is doing good. Photographers I've worked for when I was an assistant would take on larger studios, hire studio managers, take on agents and hire staff assistants when bigger jobs and clients came down the pike (and as a result, more money). It's a confidence thing I guess. I could take on more rent and other financial responsibility which MIGHT help my business grow but with the economy looking bleak I get so nervous about spending the $ when I can continue to be lean and mean. My clients seem very happy with the level of service, for the most part they don't come in (thanks to digital and me being able to email images for approval) to the studio when we shoot. So I guess the question was twofold. Would you grow your business if everything was going pretty well in a (potentially) shrinking economy? And...with all the questions and comments I see, I very rarely see one dealing with a good problem...so I figured if we are all destined for success in our ventures we should all know what to do when it comes knocking! (or at least discuss it) :-) To answer David, I don't know. I try hard to start with a good base of showing images that I thought were beautiful to me to people I want to work for. If I end up getting an assignment out of it that's fine but ultimately I look to have a relationship that will last years out of: -Listening carefully. -Making sure they're happy. -Meeting or exceeding levels of expectations. -Not raping the client on price. I'm not sure that that's passion or luck as much as it is my own tendency in the way I do things. I think the challenge of opening another location is an exciting, daunting but challenging prospect. Hmmm....
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Posted by Andrey Rozmaity, Kent, Washington | Apr 14, 2008
You can always become a Biznik supporting member, receive more business exposure, and then worry about what to do with even more money. ;]
Good luck with your "problem."
-Andrey
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Posted by Arthur Torelli, Seattle, Washington | Apr 15, 2008
I'm curious; did you get all of your money from jacking the cat or was it from your other photos? Art T.
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Posted by Conrad Kiffin, New York, New York | Apr 15, 2008
The cat had deep pockets. Haven't we all been "putting money into the kitty"? That little bugger was loaded!!
Seriously, let me bring this back into perspective. The last 5 years have been okay. I realized yesterday that part of it was due to me getting a nicer space for my business and paying a little more. It was a hard decision but it was well worth it. Now here we are 5 years down the road and my lease is up. Rents in the area have soared considerably since we cut that deal 5 years ago so we'll see how this all plays out.
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Posted by Paul Spafford, Ottawa, Ontario Canada | Apr 17, 2008
Hey Conrad,
I'm a fan of keeping it lean and mean. A client of mine used to be a graphic designer, but now owns one of the largest graphic design firms in the city. She is constantly urging me to hire people and start up my own large firm.
That idea scares the hell out of me. First and foremost, I started up, and am currently operating with zero debt. I don't have to make payroll, rent, or other overhead and production costs. So if my business ever curls up and dies, I can just walk away.
However, more importantly, I enjoy what I do, and I provide great quality. I don't want to trade in what I do to become a manager. I also don't want to spend time worrying about the quality of work that an employee is doing for my valued clients.
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Posted by Conrad Kiffin, New York, New York | Apr 17, 2008
I guess that's the crux! It definitely pays to be lean and mean. Certainly it's how I've survived so long. Personal service is something clients appreciate and there might be some deterioration in the product if you hire the wrong person (something that's getting easier and easier to do nowadays). The crux of the matter might be this. What if you hire the right person? Ideally someone you wouldn't have to overly manage and can maybe add a building block to your company. Is the risk worth it? I'm all for spending on my business but I don't want to regret that I hired someone who can't add to my business or diverted money away doing something I thought was going to pay off in some manner. So the fear of spending can keep me from doing something potentially good for my business and / or myself (and leave me with a "good" business, cash in hand when I could've had a "great" business and more cash in hand...and more clients). The downside risks never seem to be worth it. Which is why I posed the question. Maybe I didn't do such a good job but it is the true source of "what should one do now".
I hope that made sense...sometimes I rattle on! :-)
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Posted by Paul Spafford, Ottawa, Ontario Canada | Apr 17, 2008
That totally makes sense, Conrad. This is all based on my obsessions as mentioned above, but it is just so much easier to hire a wrong person than it is to hire the right person.
A wrong person can do a lot of damage to your reputation and client relationships before you even get the chance to find out that they are wrong. More importantly, a great chef has recipes, but draws on superior instinct and experience to make great dishes. Once he tries to get people with lesser instinct and experience to follow a set of directions to make the same dish, he starts heading down that slippery slope to becoming the next McDonald's clone.
All that being said, McDonald's is a very successful business, but their products are nothing that would make any chef proud.
Of course, a lot of businesses have gone big and totally thrived. However if excellent quality is the main draw for your clients, there is a good chance they will be disappointed and you will need to find new clients who are willing to accept the change in quality.
Mind you, a large portion of my database development business is the up-front consulting process, which draws heavily from my past experience and expertise. How true that is for your business affects how important all my ramblings are to you. I don't know enough about your photography product/service to say.
As a result, everything I say may just be a fart in a windstorm to you.
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Posted by Conrad Kiffin, New York, New York | Apr 17, 2008
Ha! Hardly Paul, your opinions are very valid! I like hearing this kind of stuff.
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