Discover the Perfect Photography Invoice Example for Planning

Photography invoice example for Planning

hey if you're looking to start a photography or videography business and you need a set of financial projections maybe for a potential investor or lender or you just need to do some internal cash flow forecasting then you've come to the right place because we've built a financial projection template built specifically for photography or videography businesses I'm going to walk you through how to fill this out today and create a five-year forecast a little bit of background on me I'm Adam huxima I'm the co-founder of projection hub remember the last decade we've helped 50 000 entrepreneurs create Financial projections for potential investors lenders and internal planning and all sorts of different businesses and industries today we're specifically focused on this photography and videography template I have put a link to the template in the description of the video below and as a thank you if you stick around to the end of the video I will also give you access to a coupon code where you can get a discount on the template as well all right so with that let's go ahead and dive into how this works okay so I'm starting on our at a glance tab now this is kind of the end of the process after you've entered in all your assumptions you will be able to see a profit and loss at a glance some Key summary data and interesting you know key performance indicators for your particular business your use of startup funds monthly sales forecasts and cash generated from the business some different key ratios and charts you'll notice that if your business is very seasonal you'll get to see the seasonality of the business with our graphs and charts as well you'll get a five-year income statement summary a five-year cash flow summary a five-year balance sheet summary and then you'll get your income statement cash flow statement and balance sheet broken down by month for each of the five years so you have that monthly detail as well which can be helpful if you are applying for an SBA loan for example all right so on the input assumptions tab this is where we're going to have to do some work to be able to produce all these reports we are going to start by just entering in some general assumptions so any of the cells that are highlighted in light blue are assumption cells that you can change without breaking anything in the model so we've got our business here start month for the projection a starting cash balance if you're already operational and have a have an existing cash balance you can enter that here personal investment so if you're making a personal investment into the business or maybe an outside investor is putting some money in you can enter that here fixed assets so um let's say we don't own the building but maybe we leased a studio and we did a bunch of build out through the studio and so we were responsible for sixty thousand dollars of leasehold improvement so we can enter that here we have photography equipment and uh you know could be videography equipment you know that sort of thing um that you can enter here now you have the ability to pick what month these purchases were made so we're saying this first batch of fifteen thousand dollars of equipment was made in month one but maybe we bought a second set um in month 13 so we can add that there and let's say we are applying for an SBA loan to help us out with some of the startup costs and so we've got a 50 000 SBA loan uh amortized over 120 months or 10 years all right so now onto our input Revenue tab now in this particular model we are going to be focused on photography businesses and videography businesses that don't do weddings right so we actually have a separate variation of this template with with a focus on weddings and that just kind of adds a whole bunch of complexity and so it's really a separate template we have kind of simplified this one down to exclude the wedding piece if you need a wedding template if you buy this template we're going to give you access to both so you know you'll have access to both by what I'm walking through right now is the template excluding weddings okay all right so what we're thinking about you know maybe your your services are you do senior portraits family portraits engagement photos and corporate corporate work okay and what you can do then is each month you can put the number of services you expect to provide each month so let's say senior portraits maybe that is very seasonal and so maybe that's a big piece of your business and you're going to do 10 senior portraits in the month of May June and July and then you can do family portraits engagement photos and corporate sessions you can see how you can enter in those those units that you expect to sell each month and this is kind of the the services that you're providing but then from there we need to know what what are the individual packages that people are buying how does that kind of breakout and so you can enter in your different packages here so basic senior portrait Deluxe senior portrait newborn portraits and and pick what service type those are whether they're you know family engagement corporate right and then you can pick a launch month so you could say we're going to start out with just doing senior portraits and then family engagement and corporate headshots and then maybe in month 13 here is when we maybe we bring on an additional photographer and that's why we brought on that additional equipment in 113 that you saw and we're going to start offering additional Services here as well so that just these are just kind of examples of how you can fill this out um okay from there this this uh column right here is pretty important so um it's the percentage of services in each category so you've got these different service categories right so we've got senior portraits and there's the basic and the deluxe so we need to break down what percentage of of the senior portraits categories are basic versus Deluxe so we're saying 50 of the people that buy a senior portrait fifty percent are buying the basic and 50 are buying Deluxe now within the family portrait category service category we're saying 10 percent are newborn ninety percent are family photos but we only have one type of service in the engagement service type and so that's all 100 are buying the engagement photo service type and then you can see what that looks like for corporate split 50 50 between corporate headshots and events and for each category or for each service line item you'll put in a revenue and then your cost your cost of the service so this is costs other than employee labor and and it could include contract labor or materials um or if you're like renting equipment or something for for the service that could be put in this field as well all right from there um the model will do the rest of the work it's going to calculate your photography Services Revenue um and the service costs the your cost associated with providing those services now one more bit of complexity here is that your cash flows might be kind of unique and you may um you may take deposits right to kind of hold certain dates or slots um because you only have a certain amount of capacity so this is you know very prevalent with Weddings But it could be prevalent with other other services as well so we wanted to leave this feature in there where you can accept deposits now this field right here just as a starting point when you're starting the projections if you are already holding customer deposits for uh for work that you're planning to do in the future you can put in what you're currently holding in as deposits um right here okay so then going forward for any new work we're saying hey we're going to require 50 deposit and then how this is how many months in advance are you typically accepting the deposit um you know maybe you book out for senior portraits uh way in advance and so you want you know six months between deposit and when you provide the service again that would be very common and why didn't you take a deposit you know 12 months in advance perhaps um probably less common or less time between the deposit and the service for these other services but we want to give you that ability so you can set the percentage and the time between the deposit and the service all right now we also have the ability to add product sales in here as well so um you know things like a photo book a frame portrait or prints right and so you'll be able to add in some assumptions about the average number of orders of products for each different service type service category that you have and then a breakdown of what those products they're they're purchasing so for example for prints we're saying average revenue per print is ten dollars your cost of goods sold is nine you're just making a small margin on that perhaps and the average order quantity is 25. 25 prints per per customer that ends up ordering prints okay all right and so that is really all of our projected Revenue in this template now we can jump over to our input other expenses Tab and you can see other General operating expenses like accounting marketing transaction fees so this is one thing to point out is that you can select a uh your expenses to be a percentage of Revenue so we've got a percentage of total revenue as a transaction fee and we entered in 0.02 so that would be two percent two percent of your total revenue goes towards transaction fees maybe that's because you're using uh you know credit card processor or something to to accept payment and they take a fee um Let's uh expand these columns real quick okay so you may also have uh rent Insurance utilities internet and phone and so on now the last input tab is our salaries tab where you can enter in photographers and their salary salaries what month they start the number of photographers that started in that month benefits annual raise if you want to offer an annual raise into the model and then you can also have you know other other employees you can have an assistant you just wanted to kind of separate the salaries between photographers and other employees so that we can show some some useful um data like Revenue per photographer for example all right and so that is really it now you would come back to where we started on that at a glance time and be able to see what your projections look like over the next five years so if you have any questions at all please reach out to us at Support projectionhub.com also again as a thank you for sticking around to the end of the video we have put a link in the description of the video below both to this template a link to the template and then also a link to a form you can fill that form out and you'll be emailed a coupon code then you'll use that coupon code at checkout to get a discount on this particular template as our thank you for sticking around so again if you have any questions at all please don't hesitate to reach out support projectionhome.com and we'd be happy to help thanks