The Elephant in the Room

01

Jan

filed in

expressive, Finances

It’s time to address the elephant in the room.

I have closed Caroline Price Photography. This is now a blog website.

It was 99.9% a financial decision, the closing of the business. I am trying to be more savvy for my family’s finances. As long as there was a business, I was going to feel like I had to spend money to make money.

I’ve long known that I didn’t run a profitable business. It was more important to me to be affordable than it was to see money in my pocket. That was always to the business’ detriment. It was to my family’s detriment, unfortunately. I knew this from the start, and I didn’t care. I wanted the business to exist that badly.

The Elephant in the Room: Debt

Unfortunately, our family’s household expenses have withstood more than their fair share of debt due to this decision to be affordable. Now, it’s time to stop ignoring the elephant in the room: to say no more, to start chiseling away at that debt. It’s time to properly live within our proper means, to save rather than to throw away money at issues that accrue debt.

I still love photography. The brand new medium format camera that was recently acquired is a prized possession. I did make the decision recently to forego a Fuji autofocus portrait lens in favor of Minolta manual focus lenses. This was, again, primarily a financial decision (the Fuji lens was $2,300). But now that I have experience with the Minolta, I see the artistic benefits as well. I’ve taken more personal photos in the past week than I have in the past two years, probably.

I offered to sell the new medium format camera. Graciously, Jared knows how important photography is to my mental health. Mental health reasons was the whole reason he got me into photography to begin with, in 2011. So, the camera stays, thankfully.

The business was costing roughly $350-500 a month to run. I can ongoing pay for subscriptions to Photoshop, upkeep of my Shootproof archives, and the Google storage, along with my favorite domain names and hosting annual renewals for roughly $120 a month. The $350-$400 I was spending also didn’t include random impulse purchases I made occasionally to try to be more marketable. It didn’t include equipment purchase expenses, or the money I used to throw away at advertising on Facebook or Google. Thankfully I haven’t invested in advertising since July of 2021.

The elephant in the room: The business has been a serious money drain. I operated at an $880 loss for 2021, and that doesn’t include the personal money we spend on equipment purchases, which I have assessed but I can only marginally bring myself to think about except when I have to. I am just not built to run a business, mentally or emotionally.

Looking Ahead

We will be fine– there is a plan and it won’t take terribly long to climb out of the hole, considering how long I ignored and operated in spite of the elephant in the room– but the business has to close now and I have to face reality or else we’ll dig ourselves into a much deeper hole.

I will miss all of my wonderful clients, and I will miss saying yes to inquiries. It’s been a lot of fun meeting a wide variety of people over the past four and a half years. If you need access to your galleries for any reason, I am maintaining those archives for now.

Photography friends, I intend to remain active in the Click Community and to go to styled shoots and workshops occasionally, just for the fun of it. I’ll still be a hobbyist photog. So, you’ll see me around.

Love, Caroline

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