Death-Proofing your Photography Business
“…in this world, nothing is certain except death and taxes.” -Benjamin Franklin
Taxes have been a part of my existence…since birth. My birthday is April 17, right at the end of tax season, and my father is a CPA! My birthday celebrations were always planned AFTER tax day came and went. And as an American citizen and small business owner, I’ve had my fair share of dealings with all things taxes: federal, state, income, sales, business, and property taxes. I’ve come to accept that taxes are a part of life. They help pay for essential parts of our society: education, police, fire prevention, roads, and the court system.
A gravestone at the Old Sheldon Church near Beaufort, SC.
Another part of life is, inevitably, death. I’m very lucky to have not experienced too much death in my journey thus far. The first funeral I attended was when I was in my 20s and was my grandfather’s, who died in his late 80s. Both my grandmothers passed away in their 90s, and our family had everything set up so that it was fairly easy to deal with their estates. But lately, it seems like our inevitable mortality has been tapping me on the shoulder, reminding me that our life here on Earth is merely a wisp. I’ve had several friends and family members whose parents or loved ones have passed away suddenly, and I’ve watched them struggle to figure out all the things after: probate, insurance, investments, possessions, bank accounts, credit cards, cell phones, car titles, you name it. When someone dies, their loved ones shouldn’t have to worry about all those things…it’s enough to cope with the loss and grief. But the pile of unknowns and financial burdens left to handle, on top of the grief, can be incredibly overwhelming. I never want to put my family through that!
Besides setting up a will and making sure your family has access to all of your personal information and accounts, have you thought about what might happen if you are involved in an accident and are out of commission to run your photography business (or any small business)? I often think about what would happen if I have weddings in my queue and am unable to finish editing and deliver the galleries. That would be devastating for me as well as my clients. And there are so many bills and subscriptions I have just for my photography business…who would know what they are and be able to access and close them out? Just like making sure you have a will set up for your family, having a “business will” can help protect you and your family if something tragic were to happen and you needed someone else to wrap things up or take over for you, temporarily or permanently.
The longer you’ve been in business, the more difficult it is to think of all the details. Take inventory of everything you use and do to run and maintain your business, and make a list, including account numbers, contact numbers, and anything your loved ones would need to handle things in an emergency. Then put that list somewhere safe, like a lock box or safety deposit box, and let your family know where it is. And then, you can breathe a little easier knowing that you won’t leave your family or cleints in a bind should something unforeseeable happen.
Here are some things to consider:
Do you have a business bank account or investments? If so, would a family or loved one be able to access them?
Do you have an accountant or someone who could take care of your business taxes, including income, property, and sales taxes?
What subscriptions and accounts do you hold that need to be maintained or canceled? Think about your website, social media accounts, software, client management systems, gallery storage, email accounts, etc.
Does someone have access to your business insurance information?
Do you have a few trusted associates who could be reached out to for help with finishing up editing and delivering any projects that you may have open, such as weddings or portrait sessions?
How would your loved ones let your clients know about the situation and what to expect?
No one wants to think about the tragic things in life, and it’s best not to dwell on them. But it is important to take a moment to be prepared in case something does…for all your loved ones’ benefits.
Kimberly Cauble is a wedding & portrait photographer and small business owner in the Charlotte area. She has been photographing families, seniors, and weddings for over 12 years.
Please drop me a comment below and let me know if this resource was helpful to you! What other things would you suggest to death-proof your small business?