How Do You Reinvest In Your Business?

Great advice JC! This is exactly what I am attempting to do. I am trying to build up my inventory to be able to do live events!!

Right now, mostly just advertising (and I get good returns on the limited advertising I do) and investing in trips to go shoot more. My other big push now is to get into some space and places to get others to sell my work for me.

Same here with the co-op gallery fees and time spent working at the gallery. I am also in the process of helping develop their e-commerce site and getting them set up on FAA and all the social media sites. I figure the more visibility they get, the more visibility I get as well.

For my original paintings I invest my time and money in researching and applying to
High end exhibitions where customers with expendable income will be looking.

For my photographs, I only reinvest by making books to be used by designers as portfolios of my work. I do about 2 new ones a year.

I treat my work as a business not a hobby so I watch my expenses. I reinvest in software, equipment, web sites, entry fees to juried shows - mostly putting in time in blogging and other promotion.

I buy the BEST quality materials I can find. It would be easy to cheap out and still create a beautiful painting. But I believe providing top notch quality earns repeat business. I am currently working on a huge commission for The Senior VP of Hewlett Packard....He paid 10K for this art. Even though the canvas and paint will cost me a few thousand dollars it is worth the investment. He already loves the preview of the art, now when he gets it he will be wowed by the quality too. He will have big parties...He will show it off to his friends and colleagues....He will tell them my stuff is the best. So re-investing to me means buying the BEST quality and not cheaping out to try to make a little more money in the short run. :)

I am still in the original investing phase, and since I have sold no "Art" in years, I invest by shooting people. Relax, I mean doing portraits. I do four college graduations a year, providing formal grad portraits and the event/walk through photos as well. It is a small college and typically only has 130 or so graduating at any time. After expenses all income goes into new gears, etc. I have spent as little on advertising, and have my own proofing site, that provides processing, printing, and shipping of client orders. I feel like I will be more specific about my art and choices once I find my muse.

I played very briefly two weeks ago with a FB boost of a post. I did not think it was targeted well and pulled it. Used less than five dollars.

I have to invest in an external hard drive. I am more productive now and want to back up my OS and all my files.
Also earlier this week I used a discount at Godaddy and registered my two domain names out over nine years.

My time is my main investment. I am getting into far more targeted communications on Twitter and somewhat on FB.
I know more and more who and where I want to talk to people particularly on Twitter. This might take some time to pay off,
but my odds of selling are rising. I have gone from just showing other artists my work, to showing just anyone my work, to showing
people in the ID world my work. This is much more recent, but the little feedback I am getting is far more encouraging.
A few of the communications have run from I will use your work later to I will keep you in mind. One lady with a lot of potential work
has directly said she will be getting back to me. She also signed up for my Newsletter. That is where my time has been directed
for the last week making my time far more valuable.

I finished three artworks today, made vast searches of Twitter as well, but will post my works tomorrow. Between 1 and 2 pm I need
to call it quits and line up the rest of my day, the gym and work. Plus a stop either at Starbucks or the Whole Donut so the gym does not
overwhelm my system. ;)


Dave

Lenses, gas, time, various web site fees. I've been considering a new camera body as my D5100 is getting a little long in the tooth (but still works amazingly well). I also pay in sleep as I am not an early riser but have been forcing myself to be one to get sunrise photos. I will be investing tons of time going forward as my FAA site is going to be the type that has thousands of photos available.

Thankfully I love photography and would be doing it regardless :).

You get used to it Toby.

I was not an early riser until I started doing this seriously. Now, if I sleep until 0700 it is sleeping late. WAY late.

Toby,

Sleep is the kicker. I want to function better than any other time in my life, sleep matters.

I can not be a night owl any longer. That is coming to an end. It is a clear choice.

Happier about being an artist instead of hanging out nights after work.

Dave

Look over your best sellers and pick your top ones. Get some 3 x 5 cards printed up with those images on them (one image per card) and leave those cards in as many restaurants and bars and galleries and laundromats and supermarkets and on as many bulletin boards you can find. The more you get printed the cheaper they are. Bookmarks with a best seller on them would also work.

I have a sizable investment in my camera body, lenses, flashes, tripods, stands and other accessories. I sorely need to replace and upgrade. I occasionally invest in new software. I bought a bigger computer to handle image storage and editing. I have a travel laptop. I buy books and do webinars. I have tried Google ads but I really can't get the hang of it and it is not something I want to do again right away. I have some pretty nice business cards. I have an ipad for showing my photos. I occasionally invest in travel and lodging. I do these things even though I have been underemployed for years. I try and keep enough credit reserved so I can make a sizable purchase in equipment or travel if the need or opportunity arises. If the money coming in from photography was not needed for things like my mortgage, I would definitely be investing a lot more in equipment, travel, software and education.

I have made 10' s of thousands through image licensing and print sales on a relatively small portfolio. I doubt I could have done it without making the investments first.

I am not well off by any means. I don't buy anything unless I can get a return on the investment. I never had a hobby camera (or a point and shoot). My first SLR was an expensive Nikon I used to further my career as a biologist. I bought it on credit only after getting a thorough education in what I needed and how I was going to use it. I decided right away I wanted to pursue photography as a career and found ways to afford it on a pauper salary.

In the first years I spent thousands on film and processing. That reminds me I need to make a sizable investment in professional scans.

equipment, travel, software and education.

Bradford,

It is long past me getting offline.

But specifically what sorts of educational materials?

Cya later,

Dave

After Windows 10 is out I will buy a newer, faster computer.

Right now, time is the biggest investment I am making.

I also consider my art work as a business and use my profit from sales to purchase new camera equipment, editing software, advertising costs, business taxes, fees or licenses and to help pay a portion of travel expenses. I am still using my Nikon D7100 ( purchased with art sales money, for a little over 2 years now ) and will continue doing so until it is necessary to replace.

When that time comes, I will reinvest my profit from sales with the purchase of a new full-frame camera and lens.

I recently ordered one of my images as a canvas gallery wrap, which I will donate to a local charity fund-raising art auction, as a means to support a worthy cause and to increase exposure for my name and brand. I have done this for a few years now and it has led to more sales and recognition in my area.

Not that long ago I was living paycheck to paycheck and even then the money usually ran out before the next paycheck.

During that time, my wife had a 24 hour Saturday layover in Boston. She is a flight attendant so I travel free and the company pays for the hotel. We had 24 bucks between us and wouldn’t have any more until Monday.

A friend of mine was in DC so I met him for sunrise shots downtown. I went home, changed, went to the airport and hopped a flight to Boston. I had planned on shooting the sunset but the flight was delayed so I missed that. I didn’t have money for a cab and missed her crew bus to the hotel. So, I had to budget for the T. That was a trip to and from the airport and a trip to and from where I would shoot at sunrise. $6… Now, doesn’t sound like much of an investment except I had to pay for airport parking when I got home and we still had to eat. I brought a bunch of food for breakfast and lunch leaving us 6 bucks to eat dinner on Sunday. (clam chowder and a BUNCH of crackers.)

I got home penniless until payday but that trip has netted me a few grand in returns over the years. If you include the investment in time to shoot DC at sunrise tack a couple more on the returns. I shot my number two best seller that AM and my number four best seller the next morning. (Plus some other images both days that have sold fairly well.)

Investment means far more than just dollars of course and frankly the time and sometimes the hardship is harder to do.

"After Windows 10 is out I will buy a newer, faster computer." Yes, Chuck on July 29th Windows 10 will be available.

I worked hard to get my business to the point where it is self-funding and debt-free, so to keep it that way, I carefully consider my investments back into the business. I plug back in financially through paid advertising (or enhancing the freebie options), upgraded camera equipment and processing software, coursework that inspires/teaches me more about my craft or about the business side of things, expenses to travel to interesting shooting spots... things like that. My business profits also go to good causes that I'd like to support, some of which end up being other artists. ;)

i don't like spending money, when i do, i will usually upgrade the camera. but only if i think the features in it will improve my overall work, and let me get better shots. i should upgrade the pc, but it seems to be running ok right now.


---Mike Savad
MikeSavad.com

Unfortunately the clients I deal with in the event world have become very equipment conscious. If you don't have the latest version of your camera, the job goes to the college kid who just got the newest camera from daddy.

On the FAA front, I've come up with a game plan involving still lifes and I've been buying items for them. Just working on clearing out things and rearranging to create shooting space.

I was reading a travel blog that mentioned Walt Disney World Memory Makers--basically, the in-house photographers you can utilize to make sure your whole party gets in the picture as you're going around the parks--and the blogger commented that you could be assured of a good picture, because the "photographers' cameras are excellent". Head, meet wall.

Software, hardware, website, advertising, gallery space, gallery inventory, education/training, info brochures, business cards, bookmarks I give away at the gallery, printed notecards for resale, framing and framing supplies.

As my business grows, I can afford better versions of all of these elements. I agree with Sharon, I always want to provide the best quality I can.

You mean besides selling everything I owned, buying a motorhome, and traveling around the country shooting photos? LOL

Yeah, besides that.

Loree Johnson just stepped up to the mic...said what needed to be said......stepped back, dropped mic on stage...and walked away.

Conversation over...next thread! lol

Oh I forgot to mention buying a 3 bedroom house so I would have a room for a photo studio and one for storing my gear. I had to rent the rooms out after i lost my job as a biologist in the oil industry due to the spill and other reasons after that. I also did not mention all the framing materials I bought and stuff like archival bags for matted prints. Oh yeah and a show tent with displays. A couple grand at least. I don't need that now,I sold it, I let FAA do all that. I also have stuff like a lightbox and a good loupe. Anyone know what those are? Thousands of archival slide sheets. Shelves and file cabinets. Film cleaning supplies. Camera sensor cleaners. That is why I am in shock and disbelief that people complain about the $30 annual fee here. Or expect to go into business with a $300 camera. Or are worried about the cost of a scanner to scan their paintings. Really those are like the minor expenses in a business.

David B I did mention specifically books and webinars. Yes I still buy books and I bought a few this year on photography business etc. I also took a college course in digital imaging (PS 5) back in the day so I could get moving in the digital age. I failed Photoshop but I learned a real lot. Back then my computer couldn't even load a photo much less edit one, so I used one at the college.

Funny you should say that David, I've been trying to clean out the house of props lately.

...

The one purchase I can't wrap my head around buying is a fine art printer. I just can't justify the expense of the prints and the risk of inks drying up. I'd love to be able to run off some test prints but until I'm selling locally or offering limited edition prints - it makes more sense to just offer print on demand via FAA.

...

If you look up the phrase "All In" there is a picture of Loree.

LOL JC I've been waking up naturally at around 4:30am lately after a few shoots. Completely out of character for me. It's always worth going out in the morning though- I love walking up and down a beach at sunrise. Really peaceful.

I agree David- it's tough but I always feel better when I get to bed to allow 6-8 hours of sleep which often means by 10pm.

Now if only I was selling enough to write off my trip to Italy as a business expense...

So far my investment is gas for when I travel occasionally to a location. I can only afford to travel maybe once a month. Don't have enough to spend on new gear, although I really want one of the 150-600's. I'm happy with my camera and will be for quite a while. I did once try paying for facebook advertising, but nothing came from it.

Right now I'm thinking of buying a new computer, or having the Geek Squad come out and fix the one I have. Photoshop keeps crashing on me despite every fix I could Google, so something has to be done. So that's going to be my next investment, I guess.

I've invested in equipment, travel to different destinations.. wanting to get a Kayak for some different types of shots.

Bought an old country store for gallery/studio on US Highway 21 Have 500 foot frontage. Bought adjacent property with 5 acres a house and my own personal trout stream, Blue Ridge Parkway four miles away. Now letting the world come to me. I read a long time ago that the photographers in NYC that purchased real estate for their studio's retired very happy.

___John Harmon
JohnHarmonGallery.com

Like Marlene said, paint supplies which are very expensive. A new camera and computer this year so far.

Upgrading computer and monitor, quite of bit of software gathered over a couple of years, my camera is very modest but works for now. First actual trip this year, driving (5-6 hours) to Charleston and it was truly a working trip and tight on time with two half days and just one full day, never turned the hotel tv on, no internet! BUT, sold 4 of those images, 3 were good sized canvases...on another site. Definitely worth the time, humidity, oh and ripping the spoiler off my car on the last day in one of the parking decks...really did not see the bright yellow painted bumper barrier...oops. Had just backed out of a spot and started going forward so speed was slow and I was able to pull the thing off and stuff it in the back seat. That event was oddly much less stressful than 'losing' my car the first day for about 45 minutes...got 'lost' in one of the neighborhoods when I was just gonna walk around the block...

In all honesty, it's really about a lot more than just selling photos. Even if I never sold another print, I would not regret my choice. Life is good!

I put all my sales towards the photography itself at this point in items such as lenses, wacom tablet, programs to enhance editing etc. Sadly my day job is getting to the point where it's become all encompassing and I haven't had much time for photography at all lately. I haven't been taking many photos, working on my blog or doing anything for marketing. Maybe in the winter I'll have more time and energy to put into the photography and then I'll have more sales again. And at Loree, you are my hero and I hope to one day live a lifestyle like yours :)

@Loree-I want your life, but I think the hubby and kids would deny it, I occasionally look at my life, working my day job 50-60 hours a week, then using evenings and weekends to shoot, edit, etc. Sometimes I quietly think "Maybe I should have NOT gotten remarried a few years ago and just chased my dream instead of funding someone else's"...lol oh well, at least my hubby is pretty.

@ Edward-Several years ago I dropped way too much money on a printer for my artwork....totally wasted cash...fail....I have a pro lab/Business website with print on demand and online payment processing I use for any prints I need, a must for the "Shooting people" end of my business. Totally awesome since I dislike dealing with people outside of doing their portraits-even then I have an assistant with way better people skills that me that I have trained to properly pose my subjects and take orders from clients that do not wish to use the website for proofing/purchasing. The only printer I did not regret purchasing was a kodak dye-sub I used for event print on demand that I actually made money on-shooting events and putting the shots in the clients hand netted much more word of mouth business (person shows of their pics, their friend must now get their own)

I just buy art supplies and gas to get to locations, but it's my day job that pays for that since my "business" isn't generating any income to speak of.

Loree, count me as another envious of your lifestyle.

Loree,

Freedom is just another word for nothing left to lose.

Do not count me in.

I do not have to have the most toys when I die, but I want some toys.

Show me the money.

Dave

"Freedom is just another word for nothing left to lose."

LOL David. I often say that to people who ask about what it's like. I don't mean to make it sound like it's all unicorns and rainbows. There are challenges, just like there are with anybody's life. I had the so-called "American Dream," with a big house, two cars, and lots of stuff. But, I found the more "stuff" I had, the more obligations and worry I had. Instead of owning things, my things owned me.

I used to sit in my cubicle wishing I was out somewhere with my camera. Now, I am usually out somewhere with my camera. Experiences are what make me rich. And I do reinvest in my photography by paying for web hosting, domain registration, and the occasional facebook ad. I also buy a lens, tripod, or other accessory now and then when profits allow. Mostly, I invest my time in learning every day how to take better photos and how to process them better.

A new computer is high on my list as well as software upgrades with it.

Dave just bought me the new Canon 5D SR that has over 50 megapixels as a surprise. He said that if anyone deserved that camera, it was me because I work so hard. What a nice thing to say!
We also have a new laptop on order with much faster capability since we are on the road often and can't take the house computer (which he bought for me last year that has a super fast processor and lots of storage).
We don't travel to exotic locations but do spend lots of gas money on the back roads searching out interesting photo subjects... That is so fun!!
And, one of these days, I am going to get a macro lens!!
Blessings to everyone today!
Celebrate life, Debra

I've got 2 more weddings I have to shoot, then my current bodies are going away in favor of a 5dsr, or I am seriously looking at a medium format rig if I can swing it.

I'll probably get a new Mac Pro at some point. My existing one is still ticking away nicely after 7 years though, but it can't last forever. I'll sweat it as long as I can. I invest in one workshop a year with another photographer, and I'm very selective who I go with. You never stop learning and even the smallest of useful tips can make it worthwhile. I'm surprised how many pros don't do this or think they don't need to.

I'm having an extension built for my matting and framing so that my wife can have her sunroom back, which will be finished this week. The rest goes on ink, paper, travel & accommodation, etc.

A new printer is next on my list. I just retired my 8.5 yr old canon ipf5000, which has served me well. I'm off to Australia on the weekend, so I will get some more images there, but once I get back I'll get the printer. I'm just after a 17" one, so I've decided on the new epson p800. I don't have to sell too many prints to pay it off.

With my first 2 original art sales I invested in an awesome Canon printer and also paid for the FAA membership. With my next original sale I bought supplies/packaging for making & sending out prints. Next investment will be a new laptop for the home :)

My husband can't complain that my new & fun venture/hobby is costing him anything. It so far has paid for itself (+) and given me a little more to smile about as icing on top!!

I am always reinventing and reinvesting in my businesses. As a matter of fact I just started a thread today about Crazy marketing ideas, but I remembered seeing this thread about reinvesting in your business.

#1.Most recently purchased New camera which will allow me to take better photographs and offer photographic prints for sale. (I need good tools) there is the potential for a huge return on investment.

#2.Internet exposure, working on opening several more online selling platforms and combining several existing ones. Again potential for return on investment is there.

#3. New upgrade on Ebay to Pro Ebay Store, expanding Amazon presence with products. Many benefits, mainly more new exposure and more customers.

#4. ADVERTISING,ADVERTISING,ADVERTISING, this is where my customers in my"Real" business come from, mainly an on going 4 Classified "Killer" ad that keeps my phone ringing, now I want to do the same ONLINE, I'm working on it, but I'm not sure where to put my advertising dollars as of yet. Return on investment is very high and measurable.

#5. More tools, monopod, tripod, lighthing, things to allow me to take better images of my art work. Potential to attract more new customers with better images of my art.

#6. Did I say ADVERTISING! Every business needs customers, without new customers, nothing else matters, it cost money to attract customers. THIS IS THE KEY!!!

Loree,
Taken out of context, Janis' quote reads so differently than the intention of her song.
The song is about her regrets. You certainly won't have any, my friend!

I've been following the tiny house movement and everyone says the same basic thing....untie yourself from the extra stuff to make room for the life you are meant to live!

I have bought two new camera bodies, switched systems! two new lenses to go with them, two new tripods, one for in the back of my car, it's a tank, I love it, and a light one for flying in plains, business cards, some postcards that I made up as business cards, and a bunch of prints for our local fair that is coming up, Swiss days, we get thousands of people through here on that weekend, but there are almost that many vendors :-) I sold some property to be able to finance those things because right now I don't sell anything, I guess I don't take photographs of the right stuff!!

Back in the day when I was shooting portraits, and weddings I was so busy I almost couldn't stand it, never invested in anything for a long time there, I bought the best I could afford and just used it up, my cameras lasted me many many years!

TL Mair
tlmair.com

JC Findley - I LOVED your Chicago story. I have lived one or two of those kinds of experiences myself. If only we knew on the front end what was going to happen on the backend we would stress so much less!

Business upgrades for me in the past couple years: New 27" IMac, 24 gig of Ram upgrade, topnotch large bed scanner for artwork, constant software upgrades and I do purchase some commercial use assets to add to my own art for graphic design. I have just purchased two 5 TB external hard drives and will retire 2, 4 TB drives as a hard backup. I do this each year to 18 months.

Marketing: Twitter feed auto drip, and blog site maintenance. FAA store this year and I will be adding some specific advertising in wedding invitation blogs and probably something similar for fine art & home decor.

In general about 20% is reinvested each year at a minimum.

P.S. Printer is dying, so we'll add that into this years' budget as well. We don't print our own prints anymore so that will be a basic laser printer.

For tax purposes, I keep all my receipts. So I can tell you that I spent $ on airfare, in addition to equipment, memberships/webhosting, printing. But I also spent a lot of time, which I did not track.

Invest?
Of course I do.
Time and money.
New canvasses, paints, exhibitions, etc.
Each new painting is an unknown entity - it could be a seller or a dog, but before it's finished how do I know?
So I invest time and money on a dream. And sometimes it's a dream come true.

I don't do it as a "business" (used as main income as some do), but recently purchased a new camera, and also did a deal with a fellow member whereas I got a brand new, really nice monopod from her, and she now has one of my prints. Also got a portable hard drive for image storage to take the load off of my aging pc's hard drive. Two days ago I rec'd the tilt head ord'd for the monopod, and a lens hood for the lens that came with the new camera. Not a "business" per se, but trying to maintain decent gear.

My investment is time,.....I'm usually out there shooting,...when everyone else is sleeping,...sometimes for not,...other times being rewarded with pleasing results.

Time for doing exacting post processing is another investment I make,.....I add images to my portfolio slowly and try to avoid overdone subject matter.

I try to put myself where others are not.

Am usually on the computer till 2;30AM or later.

Sleep????,...2 to 3 hour catnaps or maybe 4 max when sleep deprivation catches up to me. It's 4 AM as I type this.

Always building up a reserve inventory of images to work with.

I should be investing in publicizing myself more,...am just not very good at it .

I also reinvest occasionally on FAA prints to display as well as greeting cards which pay for themselves over time.

I try and put 25% of my earnings back into the business myself though am raising that % for at least the next year.

I am also going to incorporate this year so each of my kids owns 25% of my business and hopefully make the taxes someone easier, or at the very least separate.

I had the so-called "American Dream," with a big house, two cars, and lots of stuff. But, I found the more "stuff" I had, the more obligations and worry I had. Instead of owning things, my things owned me.

Loree's got it right. I am a hoarder. I tell myself I'm not a common hoarder because I tend to acquire and hoard high-end garbage rather than low-end garbage. But I've become a slave to it and it's weighing me down. I'm in the process of lightening the load but the logistics are a nightmare and realistically it will take me several months even if I work at it a little every day. Have donated and will continue to donate a lot of stuff to Hospice and other thrift stores but I'm not a person of means so I'd like to get money out of the expensive stuff as I get rid of it. I can't advertise and become a target for thieves, I don't want the logistics of selling on Ebay and there is way too much stuff (and it's way too fragile) to haul to antique shows or co-ops. I'm spending most of my summer right here trying to deal with getting rid of stuff rather than being out shooting. It sucks.

Back to the question in the OP - I've been upgrading bodies and lenses. Bought 3 new bodies during the last year. Have 2 more new lenses and a flash on my wish list for next year and then I should be set equipment-wise for quite a while.

Lots of TIME. Always trying to find a balance between marketing and painting. Money goes into materials, show fees, gallery fees, etc.

I just purchase a pen monitor. Huion® Pen Monitor 18.4 Inch Tablet Monitor with IPS Panel and HD Resolution - GT-185HD

I've invested in the hiring of someone to help me in selling my work at a 9 weekend stint near my home.

She is there right now, while I'm back here,supposedly to create more art. ..Instead, I'm spending this time in front of my computer typing this comment.

I'm obviously running an art show - not a business.