Apr 11, 2025
Feeling the weight of debt while trying to grow your photography business? You’re not alone. Many photographers are incredible artists but struggle with the financial side of running a business. Whether you’re trying to go full-time or already are but find it difficult to allocate funds toward paying down debt, this episode is your roadmap to financial freedom. I’ll be sharing my personal journey to becoming debt-free through my photography business, along with actionable strategies you can implement right away. Listen to the episode below, or keep reading for a summary of what’s covered.
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I grew up hearing that all debt is bad. Anytime there was a conversation around debt in my household as a child, it usually involved an argument. Even when I was planning to go to nursing school, I was so nervous about having student loans that I worked full-time for my first two years of college while also attending school full-time to pay for my education out of pocket.
But not all debt is created equal, and understanding the difference between good and bad debt is crucial when building a business.
Bad debt is typically high-interest consumer debt that doesn’t generate any return. Think credit card balances carried month to month for that Madewell shopping trip you couldn’t actually afford, personal loans for vacations, or financing expensive gear when you’re just starting out but don’t have consistent bookings to justify it.
Good debt, on the other hand, is leveraged to grow your wealth and business. This includes strategic investments in education with a clear return on investment, certain business loans (if absolutely necessary), or mortgage debt since property typically appreciates over time.
For example, investing in a mentorship program like Book It can be good debt. I recently had a past student, Tara, on Episode 54 who shared how within just three months of joining Book It, she was able to go full-time, leave her nursing career, and pay off over $10,000 in debt. This was because the strategies she learned directly increased her bookings and revenue, giving her investment a clear and substantial return.
Even with good debt, though, the goal should always be to leverage it strategically and pay it off as quickly as possible so you can start building true wealth. I want my students to make investments they know will have a return, then pay them off quickly or see returns tenfold, a hundredfold.
I didn’t start my business thinking, “This is how I’m going to get out of debt.” I had to learn how to get consistent bookings first, then manage the money coming in. From there, I started building wealth and working on becoming debt-free, one step at a time.
The biggest game-changer for me was implementing the Profit First method for managing my business finances. This completely transformed how I looked at my business income.
Instead of the traditional approach of having one account where everything goes in and comes out (while hoping for the best), I followed the Profit First approach. I didn’t come up with this myself—it’s from a book by Mike Michalowicz that I highly recommend to my students.
I created separate bank accounts for:
Every 10th and 25th of the month, I would transfer designated percentages from the income account to each of these accounts. This forced me to be intentional with every dollar I was making and helped prevent the common trap of spending everything that comes in.
Many photographers live booking to booking. I often hear from people applying to my programs that they need to wait until their next booking because they have zero funds in the bank. With the Profit First method, I was able to break that cycle, pay myself consistently, and use the debt snowball method to tackle my personal debts.
The debt snowball method is all about momentum and psychological wins. You list your debts from smallest to largest, regardless of interest rate, and check them off one by one. There’s something powerful about this mentally—you feel like you’re on top of the world with each debt you eliminate.
If you’re managing your finances well—knowing your numbers, tracking expenses, understanding how many bookings you need—you can start crossing debts off your list quickly and completely. This is why I teach my students to know their numbers in the financial section of Book It. I don’t just want to teach how to book more clients; I want my students to feel like CEOs and financial managers so they can create true financial freedom.
Because what’s the point of booking 15-30 weddings a year if you’re still struggling financially?
If you don’t have large lump sums to pay off debt, I recommend making debt repayment a monthly expense line item in your budget. Consistently contribute to paying down your debts each month, and eventually, they will get down to zero. That’s just a fact.
If you’re going to pay off debt, whether in large lump sums or gradually, you must have consistent revenue. This is non-negotiable because you need to cover your basic expenses every month while also having extra funds to put toward your debts.
I recommend checking out the book “Deeper Than Money” by Chloe Elise or her podcast. Her approach to budgeting feels less restrictive and scarcity-minded. It’s more about allowing yourself to live while also paying things off to work toward greater financial freedom.
You need consistent inquiries and bookings. Yes, there will be ebbs and flows in business—that’s true for every entrepreneur. But without baseline consistency, it’s hard to make progress on your financial goals.
If you’re struggling with consistency and thinking, “Yes, Claire, you’re talking to me,” I invite you to register for a free overview video of my Book It mentorship program. I show multiple student case studies and results to help you see how you can achieve more consistency by mastering your business foundations.
Eliminating debt is just the beginning of your financial freedom journey. Here’s what to focus on next:
Even if the amounts seem small at first, still do it. Small, consistent actions have more impact than you think, and this is how you build generational wealth.
Becoming debt-free is not just about the numbers—it’s about the freedom it creates for your life and business. When I made those final payments on all my debt, the weight lifted off my shoulders was indescribable. I could make decisions based on what I wanted, not what I financially had to do.
I could invest back into my business without stress because I knew the money was there. I could take time off for maternity leave without watching debt grow during that period.
If you’re feeling the weight of debt or just living booking to booking, know that there is a way out. It requires strategy, consistency, and sometimes a guide to help you navigate—which is exactly why I created Book It, to help photographers build businesses that aren’t just creatively fulfilling but financially sustainable and stable.
I hope this episode has given you clarity and actionable steps for your own debt-free journey. I can’t wait to be back with another episode soon, but until then, keep showing up friend. I promise you are doing so much better than you think you are.
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