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Are you constantly booking clients but still feel like your business is just barely staying afloat? Running a photography business takes more than talent—it requires smart money management. If you’ve ever wondered why your income isn’t translating into real and lasting profit in your bank account, you might be falling into one (or more) of these common financial traps.

Before I get to those, let me share the good news…these habits can be changed because they are just that…habits. And once you shift them, you’ll start seeing sustainable, long-term profitability in your business. Let’s dive into the 10 money habits that could be keeping your photography business broke—and how to fix them.

1. Undervaluing Your Work

Many photographers price based on fear—worried that if they charge more, they’ll lose clients. But low prices don’t attract high-value clients; they attract price-shoppers.

The Problem:

• You set your prices based on what others charge, rather than what you need to sustain your business.
• You hesitate to raise prices because you fear losing clients.
• You over-deliver without charging for the extra time and effort.

The Fix:

• Know your numbers. Calculate what it truly costs to run your business, including overheads, time, and profit margins.
• Shift your mindset. Understand that the right clients pay for value—not just price.
• Price with confidence. If you don’t believe in your rates, no one else will.

Need help pricing profitably? My Profit Planner will walk you through the process.

2. Not Tracking Your Income & Expenses

The Problem:

• You assume that more bookings = more profit (not if your overheads are too high).
• You have no clear system for tracking revenue and expenses.
• You’re surprised at tax time because you haven’t set money aside.

The Fix:

• Use a tracking system. A simple spreadsheet or a bookkeeping tool will help you see where your money is going.
• Check in weekly. Reviewing your numbers regularly will give you clarity and prevent financial surprises.
• Plan for taxes. Set aside a percentage of each payment so you’re prepared at tax time.

Think about it, a six-figure business doesn’t mean much if most of that income is eaten up by expenses. Profit matters more than revenue.

3. Living Payment to Payment

The Problem:

• You rely on your next booking to cover bills.
• You have no financial buffer for slow months.
• You feel constant stress about cash flow.

The Fix:

• Create a buffer. Set aside a small percentage of every payment into a separate account for future expenses.
• Plan for slow seasons. Photography income can be inconsistent, so get on the front foot and prepare in advance.
• Think long-term. Building financial stability isn’t instant, but consistent small actions lead to big results.

For more on this topic, check out Episode 13: Why Your Income Feels Like a Rollercoaster

4. Over-Delivering for Free

The Problem:

• You keep adding extra edits, freebies, or bonuses that eat into your profits.
• You believe over-delivering will make clients love you more.
• You struggle to set boundaries with your clients.

The Fix:

• Deliver value strategically. High-quality service doesn’t mean giving away time and products for free.
• Factor extra time and costs into your pricing. If additional work is required, don’t be afraid to charge for it.
• Set boundaries. Your time is valuable, and clients will respect you more when you uphold professional standards and value your own time.

Remember, a great client experience isn’t about doing more for free—it’s about delivering a well-crafted, seamless experience.

5. Saying Yes to Every Job

The Problem:

• You take on every job, even low-paying ones.
• You feel like you can’t afford to say no.
• You end up overworked and underpaid.

The Fix:

• Be selective. Does this job align with your business goals? If not, say no.
• Trust that better opportunities will come. The more you refine your brand and messaging, the more aligned clients you’ll attract.
• Market intentionally. Position yourself to attract the right clients, not just any clients.

Good marketing isn’t about reaching everyone—it’s about attracting the right people and repelling the wrong ones.

6. Avoiding Sales & Marketing

The Problem:

• You hope people “just find you” instead of actively marketing consistently and showing up online in the right places.
• You struggle with self-promotion.
• You avoid sales conversations because they feel uncomfortable to you.

The Fix:

• Set clear revenue goals. Define how many bookings or sales you need to hit your target.
• Create a simple marketing strategy. Use social media, email marketing, networking, and strategic partnerships to grow your visibility.
• Sell to serve. You may not realise it but having a photography business means you’re in the game of sales, so best you get good at it. Know that by selling your time and talents you are serving others. The sooner you shift your mindset around sales, the easier it becomes. And when you master the way you communicate the value you create for clients you’ll close way more bookings.

Spending time on ‘busy work’ won’t bring in bookings—focusing on sales and marketing will.

7. Not Saving for Taxes or Emergencies

The Problem:

• Tax season always feels like a financial emergency.
• You have no financial safety net for unexpected expenses.
• You rely on credit cards when unexpected expenses crop up.

The Fix:

• Set aside money for taxes from every payment. Avoid the stress of a lump sum due at tax time.
• Build an emergency fund. Even small, regular contributions add up and will give you peace of mind.
• Plan ahead for irregular expenses. Things like gear replacements and annual subscriptions aren’t surprises—you can plan for them.

8. Relying on One Income Stream

The Problem:

• Your entire income depends on one service (e.g., only weddings).
• If bookings slow down, your business struggles.
• You haven’t explored passive or additional revenue streams.

The Fix:

• Diversify your income. Explore prints, stock photography, presets, digital products, mentoring, or workshops. The only limit is your imagination.
• Think beyond client work. If you can create income streams that don’t rely only on constant bookings, you’ll have more financial stability. Period.

During COVID, many photographers saw their income disappear overnight. Diversification is a safety net.

9. Fear of Raising Prices

The Problem:

• You’re afraid clients won’t pay more.
• You undervalue your experience and expertise.
• You’re making less money over time due to rising costs.

The Fix:

• Regularly review your pricing. If your costs go up, your prices should too.
• Price based on value, not fear. Value based pricing attracts better clients.
• Remember, your business exists to make a profit. Undercharging isn’t noble—it’s unsustainable.

10. Not Investing in Growth

The Problem:

• You invest in gear but not business education.
• You avoid learning about finances, marketing, or strategy.
• You feel stuck but aren’t actively seeking improvement.

The Fix:

• Invest in your business skills. Photography is an art, but running a business is a skill.
• Learn from others. Seek out mentors, courses, or books that help you grow.
• Keep evolving. Stagnation leads to decline—growth leads to success.

The best investment you can make is the investment into your own growth. Learning from those who have gone before you can accelerate your growth and help you avoid unnecessary mistakes.

Are You Ready to Fix These Habits?

Recognizing the habits that are keeping your business broke is the first step. Now it’s time to take action. Hit play on the full episode for deeper insights.

Want a simple way to track your numbers and set profitable pricing? Download  The Profit Planner now! 

Until next time—keep growing, keep creating, and build a business that truly supports you!