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Home: Video University Forums: Wedding & Event Videography:
What percentage do you put aside?

 
 


robcg
User


Dec 2, 2004, 8:17 AM

Post #1 of 3 (1028 views)
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What percentage do you put aside? Can't Post
i currently do wedding videopgraphy on the side. i also have a full time job. my wife stays home and runs the business.

all the money from our wedding videography goes into the general pool to pay for mortage, bills, etc, etc.

we really started last year and we feel very comfortable with what we are doing now. however, i want to start setting aside money that comes in from the business for any future expenses such as new equipment, advertising, etc.

what percentage do you put aside? i was wondering what others in a similiar situation are doing.

thanks!

- robert
--------------------
Robert
Godina Videography & Photography
http://www.godinavideo.com
http://www.godinavideo.com/blog
http://www.godinaphotography.com/
626-768-3459


DVXGalt
Veteran


Dec 2, 2004, 8:34 AM

Post #2 of 3 (1020 views)
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Re: [robcg] What percentage do you put aside? [In reply to] Can't Post
if you are only worried about equipment replacement, just budget it out. When do you think you need a new camera, how much will it cost, and how many jobs will you between now and then. It sounds like you need a book on basic budgeting (household and business are same concepts), since no formula (especially percentages) fits all.


Jeko
Enthusiast


Dec 2, 2004, 3:04 PM

Post #3 of 3 (952 views)
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Re: [robcg] What percentage do you put aside? [In reply to] Can't Post
Simple suggestion to start: Plan on replacing equipment every three years (and possibly upgrading). Now, do the math for your number of weddings, etc. and figure out what you would need to set aside. It is good to be moving in that direction....
Jeko

Sony VX2100's, iRivers, M-audio 24/96, Canon 5Ds/20Ds (and too much glass), Vegas6, PhotoShop CS3, Lightroom, etc.