5 Great Lessons You Can Take Away From Rich Dad Poor Dad For Your Photography Business
Rich Dad, Poor Dad is a book about money. Most photographers do not like to talk about money. It’s not photographers alone, but people n general.
The Turbo #RealMoneyTalk survey showed that more than half (51%) of respondents do not talk about their finances with either their friends OR family. 43% of respondents said they didn’t feel comfortable talking about money or financial status with their friends, while 27% were not comfortable talking about their finances with family.
I’ve been here before but now, I’ll talk about money with anyone who can give me sound advice. Not only how to make money as a photographer, but also how to make money without abandoning my craft.
Most photographers struggle to make money because they don’t like to have this conversation or they focus more on their craft than the business aspect, especially if they run a one-person business. I understand the pressure of running a one-man business. I’m still doing it and kudos to everyone doing it.
Business is business. If it’s not making you money, you’re not running a business. If it’s only taking money away from you and giving zero in return, then I do not know what you’re running a charity? Let’s get into the book now.
1. Poor and middle-class people work hard to make money. Rich people, however, make money work for them. Working hard rarely makes someone rich; working smart does.
Unless you were born with a diamond spoon in your mouth, you’re broke. No matter what, you’ll need to work hard to make money. You have no connections, no portfolio, you’ve got to put in the hard work for years to make spectators think it’s easy because you have good connections today and seem to work “smart.”
So, break the grounds, do the necessary work, build a portfolio, have an online presence, keep providing value, establish yourself as an authority, then monetize. Working hard is your breakthrough to making money in the first place and establishing connections, after that, you can fly on auto-pilot.
2. Surround yourself with the rich.
When Kiyosaki was a kid, he went to school with rich people, but was never invited to their homes or on vacations because he was poor. His friend Mike and he decided they wanted to learn how to make money, so they asked Mike’s father, “rich dad,” to teach them.
You know a photographer who found it, I dare to say “easy” because they were born into rich families. They did not have to struggle to purchase equipment like you did starting from ground zero. There are pros and cons on both sides. Surrounding yourself with good rich people is how you get to be rich. You learn about finances and you build connections along the way.
Motivational speaker Jim Rohn famously said that we are the average of the five people we spend the most time with. This is true, who are you spending your time with? Because whoever that is, you begin to conform to that person’s image, or I should say you metamorphose into the person. Spend time with business minded people and be business minded.
3. Raise your prices.
Want to make money the easy way? Sell value at premium prices. You should desire to be that photographer who shoots 10 or 15 times in 365 days and makes 15X more than the one who shoots 200 times in 365days. What is the major difference? It is increasing your price!
Rich dad suggested that they (Kiyosaki and Mike) work for him three hours a week for 10 cents an hour. He offered them a prompt opportunity and taught them to take it, because opportunities are few and it’s always best to say yes and not hesitate.
After a few weeks, Kiyosaki grew tired and felt like he was being taken advantage of. He asked his father what to do. He told him he needed to ask for a raise, and agree to 25 cents.
Find prospects who value your work and respect you as a person. This way, they pay what you’re worth. Don’t be hired because you own a camera. That’s one of my biggest regrets ever. “Are you a photographer? I’m getting married next month.” This is the beginning of all frustrations you don’t want. Be hired because the person understands the value you’re going to give them not just because you own a camera.
4. Invest in something else.
There’s nothing sweeter than “sleeping” and making your money work for you. You want to figure out a way to make your money work for you or have an asset. A chunk of the book speaks about assets and liabilities. Assets make you more money and liabilities take money away from you. With my knowledge, I publish books on Amazon for photographers and it’s good for business. I publish them because I want to bring value to my reader for a fair price. If what I share I very valuable and can make a photographer thousands of dollars and it’s in 10 pages, be sure I’m going to charge a premium. Pricing should be based on value, not the quantity. An enormous book does not necessarily mean big value. Do you get my point? Great, let’s move to the last point.
In fact, I can write a lot for you from what I’ve learned from this book. Let’s see what the future holds.
5. Be flexible!
No one is pointing a gun at you to remain in that same niche for 20 years. To be honest, you owe no one a damn explanation! You don’t! Make the switch, and make sure it’s solely a business decision… It can be whatever… But if a niche is not making you money as a photographer, and you don’t see a future for it in whatever country you find yourself, switch! Switch to something different that can make you money. Yes, you’re a solo business, but again, you’re an investor. Investors don’t invest in liabilities.
I know a photographer who moved from Ghana to Asia and in Ghana focused on shooting nudes and in Asia, he’s shooting landscapes!
You’re looking for an already existing market. Rich dad taught them that the reason most people stick to their less-than-tolerable jobs is because they are scared. They’re scared of not having enough money to survive and pay their bills, or they fear unemployment because it’s seen as the ultimate failure.
Making the switch is difficult for some and easy for others. But I implore you to make the switch if it’s a good business decision. Make the switch.
Get out and make the switch!!!
Thank you for checking out this article. If you’re new here, I’m Clement Eastwood, a photographer and an author who has made it his mission to educate photographers. Tap on this link to have access to my books on photography. And here’s a link to my podcast.
See you in the next article.