The art of Budgeting for Stock Photography
So we’re getting to the end of another year and it’s now time to start planning for the next year. As much as I enjoy the thrill of taking pictures and watching the sales roll in from all over the word ( thanks shutterstock ! ) stock photography is still a business and like any other business you have to set targets for the next year to keep you on track.
Your targets can be both financial I.e a percentage increase in revenue or to increase your average revenue per download. Targets and non financial I.e increase in the number of downloads or becoming a contributor to another agency
For 2019 which was my second full year of my targets was to double my income for 2018 , sell a thousand pictures and sell my 1st video clip. I was able to achieve all 3 and during the year since I was doing so well I increased my revenue target by another 20%
However, remember that while targets ( especially your financial targets) should be challenging they should also be realistic. So saying that you plan to triple your income while not adding any pictures to your portfolio may be a bridge to far.
Happy budgeting and see you same time next year!