My 2017 Goals

My goals for 2017 for my photography side hustle are:

  • Gross income of $1,200
  • Stock photography income of $50/month by end of year
  • Net income of $700
  • Write and publish two eBooks
  • Get paid for one magazine article or photo

You can compare these against my 2015 and 2016 goals here. My income and stock photography goals are the same as 2016.

Last year I published one eBook, Diesels on Prince Edward Island – which did well and had good feedback – and this year I’d like to publish two more. I enjoyed the process very much.

I’ve had several articles published – and I’m working on another for an online magazine – but these are freebies. I’d like to get paid for this, so I have to work toward submitting articles and photos to the few magazines in my niche that pay for them.

Those are my goals – let’s get them done!

 

August Progress Report

White Lighthouse at Cape Spear Newfoundland
White Lighthouse at Cape Spear Newfoundland

Here’s my August progress report to show how I’m doing in my photography side hustle. I skipped the July report as there wasn’t a lot to say.

TL;DR> Definitely falling behind.

The numbers are as of August 1, 2016.

Goal Review

I have five goals for my photography side hustle in 2016:

  1. Gross income of $1,200
  2. Stock photography income of $50/month by end of year
  3. Net income of $700
  4. 2 paid work for hire gigs
  5. Write and publish one eBook

Here we go.

Gross Income

The gross income I’ve received is $543.38. If you look at that as 7/12 of what I need to reach my $1,200 goal, I’m definitely below target.

I did have income from several sources, which was good…

  1. I sold several images for use in railway training manuals. I was contacted out of the blue for a couple of images, and after some conversation I found a few more photos in my catalogue that they could also use. I’m never quite certain what to charge for images like this. In the past I have been contacted for images and apparently quoted too much, because they disappeared without buying; here I may have priced them too low.
  2. Big news, I received my first stock photo payment! Shutterstock sales were strong and I received USD $39.14 as my first income from stock photography.
  3. I sold another eBook and that put me over the threshold to get another payment from Gumroad.
  4. Redbubble changed their payment terms to eliminate the minimum payment amount, so I received the $1.46 that was sitting in my account. Big money!

Score: FALLING BEHIND

 

Stock Photography Income

June was my best month ever (USD $23.29), mostly due to Shutterstock, and July was good too at USD $17.91, although Shutterstock really slumped. As I said above, Shutterstock paid me!

iStock income is improving as they review more images.

I submitted a lot more stock photos in this period so I hope that translates into higher income in the months ahead. I was on vacation in July and that resulted in some good stock photos that were accepted.

Score: GETTING BETTER

Net Income

My net income is continuing to increase. I’m not sure if it will hit my goal of $700 for the year yet.

Score: ON TRACK

 

Work For Hire Gigs

No luck on the work for hire gigs. I applied for a gig last month and received no reply at all, which was disappointing. I’ll keep at it.

Score: FAILING

Write and Publish eBook

I’m working hard on my third article to be published. I do think this could be turned into another book, especially since a friend wants to co-write it with me!

Score: ACHIEVED

 

Summary

I feel that I am definitely falling behind  – I am failing at a couple, fair for one, on track for one, and one goal has been achieved.

Steps For The Rest of August

  • Update portfolio – I keep saying this, and I need to get on it!
  • Submit more stock photos
  • Look for paid gigs more aggressively

2015 Summary

2015 summary
2015 Summary

Here’s a summary of my photography side hustle for 2015.

I think it was a good year. I didn’t achieve all of my goals, but I had some good successes and I’m building a good foundation for success in 2016 and beyond.

Let’s dig into some details.

Starting Goals

My main goals for 2015 were:

  • Achieve a gross income of $1,000
  • Get into stock photography
  • Start doing photography jobs (weddings, portraits, events, whatever)

How’d I Do?

I did not achieve my gross income goal. You’ll see below that my gross income was $778.98. It was an ambitious goal, as my 2014 gross income was $427.52, so I did achieve a significant increase but not as much as I’d hoped.

I did get into stock photography, with some small success to date, so we’ll call that a win.

I did one photography job – I was one of the several photographers at the Manitoba Marathon and earned a decent income for my 6 hours of work. Another win.

 

Income

I had a gross income of $778.98, which includes some American income converted to Canadian at the exchange rate at the time. I record income on a cash basis, meaning I only count it as income when I receive it.

Here’s where the income came from:

I stopped running AdSense on my main blog (Confessions of a Train Geek) in May and that certainly affected the income from that. I decided that I’d rather solicit ads from companies and people I believe in rather than run random ads on my main blog. I’m still using AdSense on several niche sites. I probably will stop those once I get my next payout but I haven’t 100% decided on that yet. It’s not a lot of income.

 

Expenses

In 2015 I had expenses of $412.03, broken down as follows:

  • Web site expenses: 54% (hosting with Pair.com, name renewals, acquisition of this site’s name)
  • Photography expenses: 5% (Lightroom presets)
  • Advertising: 10% (Facebook ads for products)
  • Training: 2% (eBook for stock photography)
  • Software: 30% (monthly Adobe Creative Cloud payments)

My expenses were up in 2015 due to the Creative Cloud subscription (a good value, in my opinion) as well as the Facebook ads. I’ll be writing about my ad experience soon.

At the end of 2015 I paid my web hosting fees 24 months in advance to obtain a 24% discount. It didn’t get paid until 2016 so it doesn’t appear in my 2015 expenses. I believe this is a good investment to bring my expenses down.

 

Net Income

My net income was $366.95, which is 47% of the gross income (good) and more than twice my 2014 net income (great). I’m happy with that but I want to improve it for 2016.

 

Goals for 2016

Here are my 2016 goals:

  • Gross income of $1,200
  • Stock photography income of $50/month by end of year
  • Net income of $700
  • 2 paid work for hire gigs
  • Write and publish one eBook

Let’s get started!

 

Focus or Diversify?

Hoya Circular Polarizer - Steve BoykoIf you are pursuing photography as a side hustle, by definition you have a regular job that occupies most of our time, so you have a limited amount of time to devote to your photography business. The question becomes: should you spread our efforts across multiple aspects of your business, or concentrate on one aspect at a time? Should you focus or diversify?

Define Yourself

First you need to take a step back and define what you are going to do in our photography business. Are you going to be:

  • a wedding photographer
  • a portrait photographer
  • a fine art photographer
  • an event photographer
  • or some combination of the above?

Even if you decide you are going to be a wedding photographer, chances are you will also do portraits and maybe dabble in stock photography or fine art photography.

Note that this could be different from how you portray yourself publicly. I would advise being open about what type of photographer you are, but you may consider yourself an event photographer while publicly niching down to, say, a sports photographer.

Diversify

Diversification is key to success in many areas. In investing, for example, diversification is a key concept. Don’t hold one asset, or one asset class (such as stocks); diversify across multiple asset classes, diversify across multiple countries… spread the risk and spread the opportunity.

It pays to diversify in your photography business, too. Maybe you’re a wedding photographer. What do you do in the off season where bookings are less frequent? Diversifying into portrait photography can help smooth the load. The same goes for event photographers – maybe you shoot football. You need some income even when it’s not football season.

Having some fine art and/or stock photography can provide a steady income throughout the year. Diversification can pay off.

However, there’s something to be said for focusing on one thing at a time. Warren Toda argues that “when a photographer tries to be a jack of all trades, they may actually harm their business.”

Focus

The book The ONE Thing talks about focusing on the one most important thing that will move you toward achieving your goals.

There’s a lot to be said for a laser-like focus, concentrating all of your effort on mastering one aspect of photography, or driving one area of your business to great heights.

For one thing, you can get to know your target audience / customers really well. By focusing on, say, wedding photography, you can attend the wedding-related shows and skip the art or Christmas shows, saving money and getting in front of the exact customers you really want. Plus you can network with the right group of people. Getting chummy with sports photographers might be fun, and rewarding in its own way, but they may not be able to help you grow your wedding photography business.

Also you can get the right gear. If you dabble in all sorts of photography, you’re going to end up spending a lot more money than if you focus on one or two areas. You won’t need that expensive 600mm lens you bought for bird photography if you’re doing weddings. Those studio strobes won’t help your sports photography. Your photography side hustle has a limited budget and you need to spend it wisely.

What To DO?

I recommend you focus on the aspect of photography that you really want to excel at, and give it 80-90% of your time, effort and money. Spend the resources to get really good at it and develop it into a successful side hustle.

At the same time, take that 10-20% of your effort and diversify. Do some photography that you want to experiment in. Play. Learn. Network. You never know what you’ll discover that will help your primary focus.

 

 

Beginning the Side Hustle

rainbowHello and welcome to Photography Side Hustle. I will be writing about how to do photography as a “side hustle”, aka a second job, to earn additional income for you and your family. Many people have an interest in photography and we’ll explore how you can use your photography to earn some income.

I am an IT person, and I’ve been doing photography seriously for about five years. In that time I’ve seen my side income grow and I intend to grow it significantly over the next few years.

The key to a good photography side hustle is to have multiple income streams. We’ll look at the different streams available and how to take advantage of them.

I have several web sites that I maintain and generate income in one way or another:

Are you ready to start your photography side hustle?

Come join me on this journey.