The Business Side of Modeling: How to Manage Your Career and Finances

Alright, so you’ve landed some modeling gigs, gotten your Instagram popping, and you’re ready to take on the world. But here’s the thing: modeling isn’t just about looking good on camera—there’s a whole business side to it that can get a little complicated. No worries though, I’m here to break it down for you! We’re talking rates, contracts, taxes, and how to make sure your finances are just as on point as your runway walk. Let’s dive in!

1. Setting Your Rates: Know Your Worth (And Don’t Settle for Less)

First things first—know your value! Whether you’re new to the scene or have been around a while, setting your rates is one of the most important business decisions you’ll make. Don’t sell yourself short, but also be realistic about what you bring to the table. Are you a runway model, an influencer, or more of a commercial kind of vibe? Your specialty can influence how much you charge.

Research is key here, so keep an eye on what other models in your niche are charging. And when you’re negotiating, remember: you can always adjust your rate based on the type of job, location, or long-term potential. But always have a baseline you’re comfortable with.

Pro Tip: Keep track of every gig and how much you were paid. This helps you spot trends and know when it’s time to raise your rates.

2. Contracts: Read Before You Sign!

I know, I know—contracts can be boring. But trust me, reading the fine print is so important. Every time you sign a contract, you’re agreeing to things like payment terms, how long they can use your photos, and any exclusivity clauses that might affect other gigs. You don’t want to get caught in a situation where your photos are being used for way longer than you expected, or—heaven forbid—you don’t get paid when you should.

Don’t be afraid to ask questions if something’s unclear! And if you’re really unsure about anything, it might be worth hiring someone who specializes in contracts (yes, a lawyer is a thing). It’s a small investment to protect yourself and your career.

Pro Tip: If you’re with an agency, they’ll often help with contracts, but that doesn’t mean you shouldn’t still understand what you’re signing.

3. Taxes: Don’t Sleep on This One!

Alright, so this is the part that most of us try to avoid, but let’s face it: taxes are unavoidable. If you’re working as a freelancer (which most models do), you’re responsible for your own taxes. This means keeping track of what you earn, how much you spend on work-related expenses (like travel or portfolio pics), and setting aside money for Uncle Sam.

It’s a good idea to set aside about 25-30% of your income for taxes—especially if you’re just starting out. Nobody wants to face a huge tax bill down the road.

Pro Tip: Keep receipts! You’d be surprised what you can write off as a business expense, like travel, clothes (hello, photoshoot outfits), and even your portfolio costs.

4. Long-Term Financial Security: Plan Ahead

Modeling can be a rollercoaster ride—some months you’re booking jobs left and right, and other months… crickets. That’s why planning for the long haul is so important. You want to build a financial cushion and think about your future. This means saving money, investing in your retirement (yes, even at the beginning of your career), and creating a financial plan that goes beyond the next paycheck.

Pro Tip: Set up a separate savings account for taxes and long-term savings. This way, you won’t dip into it for regular expenses, and you’ll be better prepared when you need it.

5. Multiple Revenue Streams: Diversify Your Income

Okay, so here’s the fun part: don’t just rely on one source of income. Modeling gigs can be unpredictable, so it’s a good idea to explore other ways to bring in money. Maybe you want to use your Instagram to land brand deals, or you’re thinking about creating a YouTube channel. Some models even start their own product lines or become brand ambassadors.

Building multiple revenue streams can give you more financial stability and open up new opportunities in the industry. Plus, it’s a fun way to expand your personal brand!

Pro Tip: Don’t be afraid to get creative with how you earn money. You never know what could become your next side hustle.

6. Networking: It’s All About Who You Know

No matter how good you are, your reputation and who you know in the industry can make all the difference. Building a strong network of photographers, stylists, other models, and brands is key to landing more gigs. Networking can also lead to brand partnerships or even collaborations with other influencers.

Pro Tip: Be professional, kind, and respectful. Word-of-mouth referrals are a powerful tool in the modeling industry!

Wrapping It Up

Modeling is a lot more than just showing up and posing for a shoot—it’s a full-blown business! By mastering these business essentials—setting your rates, understanding contracts, managing taxes, saving for the future, and building multiple streams of income—you’ll be well on your way to not only surviving in the industry but thriving.

And remember, you don’t have to do it alone! Surround yourself with people who can help you manage the business side of things, so you can focus on what you do best: looking fabulous and working your magic in front of the camera. 💁‍♀️✨