Photography Business Finance | Managing Your Small Business Income with YNAB

Let's talk about how to manage business finances effectively. As a small business owner having your money in order is a HUGE win for your overall business. In this video, I share in this video how I use YNAB to help manage my small business income, how to organize your business income, and my financial workflow. I hope this will help you manage your money better and keep your debt low!
Head over to KEH Camera and build your wedding kit and don't forget to get 5% bonus here bit.ly/3oz6DKs. Use the code JBIV-1 when buying and code JBIV-SELL when selling!
Sign up for YNAB here and get your finances in order! bit.ly/3mL8yMz
I use Novo Bank as my business banking. Check them out here. bit.ly/36ILb1p
Pick up my Lightroom Classic Preset for ALL cameras here: bit.ly/naturalfeelspresets
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Check out my favorite tools as a PHOTOGRAPHY BUSINESS OWNER, CREATIVE ENTREPRENEUR, and KZbin CONTENT CREATOR
HoneyBook for Client Management + Online Contracts (50% off of your account!): bit.ly/honeybookdiscount
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License Free Music for KZbin and Wedding Videos:
Artlist: bit.ly/2T1olqT
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My Recording Gear:
Fujifilm XT4: bhpho.to/2ZSpEfo
Fujifilm XT3: bhpho.to/3uq764e
Fujifilm 23mm f/2: bhpho.to/3q2c1oR
Mefoto Tripod:
Rode VideoMic NTG: bhpho.to/3sxJRUl
Atomos Ninja V: bhpho.to/3r0LfOY
SanDisk Extreme Pro: amzn.to/2wfqzHK
MagMod MagBox Softbox: bhpho.to/2MoNwEl
Godox SL60W: bhpho.to/3uzyTiH
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DISCLAIMER: This video and description contain affiliate links, which means that if you click on one of the product links, we’ll receive a small commission.
#businessfinance #photographybusiness #ynab

[@IsaacEllison]

Videos like this are what make me appreciate your channel and content so much! Covering the OTHER side of photography and jobs so that it stays a passion.

[@RayCarrington]

Thank you bro, i've been searching the internet for a straight forward video like this forever!

[@heehaLOL]

Super helpful video! I got YNAB after I watched the 8 steps of productivity and have been loving it so far. I still would love to see advice on what's considered an expense/write off, what to look for when hiring a CPA, how to set up quickbooks properly, and general specific business tips along those lines. I can't find anybody who really talks about it in an updated 2022 way and I find it to be the only thing I'm having a hard time with!

[@waynethompson9494]

Really appreciate the info! Definitely would appreciate a gear set up video. Blessings to you and the family!

[@anh_nguyen21]

I love YNAB!! It's great for knowing what your true expenses are and not be in a shock when annual subscriptions come up

[@jbivphotography]

EXACTLY! Being able to see exactly what I'm doing with my money is LIFE CHANGING. No more being like "where did all my money go?"

[@gradypicinich2404]

Dude, you are such a gem!! Thanks for sharing more of your experience!!

[@jbivphotography]

Glad you enjoyed it!

[@kimarcos1540]

Great video and reality check! Thank you. I have been trying to keep expenses all cash only but this is a great way to really see what’s available and plan for the future.

[@jbivphotography]

The cool thing about YNAB is you could track all of your cash in it as well. It would be much more manual than transactions coming into your account automatically but you can totally do it.

[@Viewchasers]

Why would you take 30% out of the $900 versus 30% out of the total $1000 payment? That part has me very confused.

[@Viewchasers]

And all then all the math following it.

[@jbivphotography]

Personally you could do it however you'd like to which is what's cool about doing things this way. Generally it's best to save (or tithe) off of your FULL income. Which is why I'm doing 10% off of the top then 30% after. However, if you wanted to put your saving on the back end you could just do the 30% immediatley off the full payment. It's mainly just based off of what you think would be best for you finances and business. I hope that helps a little.

[@Viewchasers]

@@jbivphotography i more meant why take it from your new amount after you take money out versus taking the percentages our of the overall number. For example, 10% out of 1000 = $100, then 30% for taxes out of the 1000 = $300 , then you have 600. And so on and so forth

[@nkoz]

I agree. John, you may want to look at the math again. Your percentages should be coming out of the $1000 throughout all the categories. Not what is remaining after the previous deductions.

[@nkoz]

The way John has it right now, you will be $30 short when you go to do your taxes.

[@gerihenry2261]

Unbelievably helpful right now. My husband and I planned on discussing budgeting for our personal accounts today, but this information will also carry into my budgeting for my small business as well this coming year. I think 2020/21 was hard on all photographers in that it's such a social profession and with people becoming more antisocial due to covid, it's challenging to promote. But that's a goal of mine this year. Love your channel, thank you for sharing!!

[@jbivphotography]

I'm glad this was helpful! That is totally true as well. Being an event photographer, or even just photographer in general 2020 really hit our businesses hard. Keeping the debt low is the best way to deal with hard years like that. YNAB is also GREAT for personal finances. I really love using it and it's going to help my family now save for a house!

[@christopherrodriguez7223]

John, almost unrecognizable! Great transformation, looking for the fitness transformation video! All jokes aside great job bud. Happy New Year!

[@jbivphotography]

I honestly really thoguht about doing some. Fitness is super helpful to wedding photographers since our job is so physically demanding.

[@haleystrickler8490]

I appreciate your videos. I am a new photographer 📸 and currently working on building my business. You are a wonderful source of knowledge 💕

[@jbivphotography]

You are so welcome!

[@TaylorJacksonPhoto]

Morning, John!

[@jbivphotography]

Oh hi. Good morning sir. 👍

[@szegedgabor]

When u know someone has an eye on you :))))

[@TaylorJacksonPhoto]

@@szegedgabor haha Im always around and trying to give those early clicks on push notifications and 100% views so the algorithm doesn’t hate on anything it shouldn’t

[@SahabuddinTanrkulu]

Thank you for recording such a useful video. If you don't mind me asking, what camera and lens did you use the video with? And what is your setting? Your skin tone and colors look awesome.

[@tonyandjeaninehoppers2872]

Excellent video! I for one would love to see a video on wedding gear. Thanks!

[@jbivphotography]

Coming soon!

[@dabuchrister]

What savings bank and credit bank do you use? Thank you for the Novo information, after looking them up I learned about ACH transfers.

[@christinaburnside4198]

I would to see you do a video about bldg a gear kit

[@albertomancini7268]

Thanks John for your super tips! Hughs from Italy.

[@jbivphotography]

Thanks for watching!

[@FullFaceFitness]

LOVE THIS VIDEO! Can I ask what your strategy was roughly to pay off that debt back in the day? Like what percentage of your income did you alot to chip away at that iceberg?

[@samanthasavoie6639]

Can you make a daily/weekly/monthly workflow video? How do you keep track of all the photography and business tasks that need to get done? To balance client appointments with editing, email correspondence, marketing, finances, editing, delivery. There’s so many tasks to running a business that I got overwhelmed with organizing it all and I ended up quitting but I want to try again and take a more organized approach I just don’t know how to manage it all !

[@HilockGaming]

Sir which is good xt2 with a good 56 f1.2 or xt3 with viltrox 56 f1.4? This would be a great help.

[@mariomarez2223]

Thank you for sharing this and all of your content! I’m a new viewer, even though I’m a wedding videographer. I would like to take my landscape and sports photography and learn wedding photography, but will need to shoot as a second photographer first.

[@jbivphotography]

So awesome! Welcome to the channel. Us wedding vendors gotta stick together. Glad you're enjoying the content.

[@lifes_gems5131]

Fantastic budgeting tips! For any sole business operator, for anyone :) Value vid 👍🏽

[@jbivphotography]

Glad you enjoyed it!

[@automatic_goose]

Hey John! Could you do the “Building a Wedding Photography Kit” video?

[@KalynRobert]

love your videos. We shoot on fuji also. We have a team of 8 and I love this because I am always worried about paying everyone on time.

[@jbivphotography]

Glad it could help!

[@JG-np7qp]

Nice haircut, looking fresh!

[@jbivphotography]

Thanks!

[@MaxBlurr]

How do I stick to my budget? I’ve been “creating a budget” for 3 months now and I can’t seem to actually stick to it. I feel like I need blockers on my bank account 😂 I don’t have any debt but after the savings and paying taxes I can’t control the dividends. Please help.

[@sanonkid]

Love that you mention tithing, 10% is for God! Thanks for your help in my photograph and video journey

[@jbivphotography]

🙏🙏🙏

[@tothbotond5927]

Please do that video on gear!!

[@jbivphotography]

Awesome! I'll get to work on that.

[@tothbotond5927]

@@jbivphotography Thank you! You're my biggest inspiration.

[@ladmanstudiosphotography]

Does it come with a "WIll Power" or "Impulse Buying" modifier it can account for? lol. I have been eyeballing YNAB for a bit. i really like how it is set up.

[@jbivphotography]

😂😂 I really wish it did! LOL. This year I'm really cutting back on my expenses for the business so I can focus on building wealth and possibly buying a home. It's going to be a hard year because I'm sure so many cool products are going to be coming out.

[@trevrodriguezphoto]

YNAB has a system it calls the Four Rules. Rule 3 is “Roll With The Punches” meaning to be flexible and manage overspending as it happens. YNAB makes it easy to reallocate funds from one category to another. If you’re inputting (or importing) transactions often, you’ll see when you overspend and get a handle on how you tend to impulse spend and in the long term, adjust how you budget, or learn to cut back somewhere!

[@zachreedphotography]

"And I'll say the account balance is $0, hehe". I feel attacked.

[@jbivphotography]

😂😂😂😂

[@TrancerII]

Wait, so youre manually calculating the figure each time? isnt that the same as entering into a spreadsheet? or is there automation here?

[@jbivphotography]

Yep yep. If I have a bunch of income come in at once I'll wait till it all hits my account and then do it in one sitting. But I do this all manually. Currently I haven't found a good system that will automatically break everything down like that for me. If you know of one I'd love to hear about it.

[@TrancerII]

@@jbivphotography Thanka John, I’m looking myself too, but struggling to see where the value is with using YNAB at $15 a month vs a free spreadsheet.

[@lorenzo1031]

How many bank accounts do you recommend to have as a professional photographer?

[@jbivphotography]

So generally, at least from what I've seen/my understanding the main reason people say to have multiple bank accounts is so they can do exactly what I'm doing here. Make sure money is divided out and you don't over spend. So one account would be for gear and services, and another would be for travel or something of that sort. But YNAB let's me do that all inside of a single account. So to answer your question I don't think you need too many. A business checking, a High Yield Savings account, and then some type of SEP IRA for retirement savings.

[@lorenzo1031]

@@jbivphotography makes a lot of sense. Thanks a lot for all the greay videos that you do! Hope to see you at wppi!!

[@ditermejia6027]

Is ynab better than quickbooks?

[@jbivphotography]

They’re different products. YNAB is more for just budgeting and knowing what you’re doing with your money. Where as Quickbooks can be a whole suite to run your business, manage invoices and such.

[@ditermejia6027]

@@jbivphotography thanks for the clarification