Update March 27, 2020 We know the current pandemic has impacted many of Catch's users and their families. We caught up with Dylan to learn more about how COVID-19 has impacted his work, his family, and his career goals.
How have the last few weeks been for you and your family?
Things have changed pretty rapidly for us. My wife works full-time as a graphic designer and was recently put on furlough. And then we've had 4 weddings postponed; one of them has been scheduled for a new date, the other three are still up in the air. Plus, we've had a lot of photoshoots just cancelled. So things have been wild.
Our fall was already really booked and now everything that was supposed to happen now, they're trying to move to like October and, contractually, we have to do everything we can to be there. From a management standpoint, it's been pretty difficult figuring out how to arrange all of these things.That all sounds really stressful.
How are you managing your current financial situation?
Luckily, we have been extremely diligent financially in the past. I was telling my wife that I'm so glad we funded our emergency savings. You know I thought with something like Family Leave savings that would be something we would never touch, or would only touch when something happens we can control, like we have a baby and she decides not to work as much -- you know, for something cool. Not just a national shutdown. But all in all we've been extremely blessed to have our savings there for us and to be making it through as of now.
How does this change your goals for this year and beyond?
I mean, we're bummed because our goal for this year was to do $100k and we were right on track for that, and now that doesn't seem like it's going to happen. And with that goal [of $100k] that was going to give us the option to have my wife, Danielle, leave her current job and work full time running the studio with me, and so that has probably been set back, depending on whether or not we're able to get things rescheduled. There are just a lot of things up in the air right now.
Dylan and his wife, Danielle, started their own photography and videography studio as a side hustle in 2017. With the help of Catch and a lot of hard work, they've been able to take their business to the next level.
Tell us a bit about the work you do.
My wife and I own Three Twenty Studio, which is a photography and videography studio that specializes in wedding and lifestyle photography. We also work with agencies and businesses to help them create creative assets to promote their business.
How did you get started?
We started Three Twenty Studio as a side hustle in 2017 when we started dating while working full time at a marketing agency. We honestly started it because we weren’t making enough money at the agency. We were planning on getting married in March 2018 (which we did!) and wanted to be able to bring in more income to pay for our wedding and eventually get a house and whatnot.
The goal was always to take it full time -- we were just waiting for the right time. In April of 2019, the agency laid off half of its staff, which included me and my wife. So as of April 2019, I’ve been working full time in our business while she works as a Graphic Designer at a medical center nearby. In 3-5 years I’d like to have a couple employees and have my wife running Three Twenty Studio with me full time!
How do you use Catch to help you run your business?
We mainly use Catch to put away money for taxes and I use the Time Off and Family Leave features to put away profits. Catch is linked directly to our account and as soon as I get an online payment or deposit check, Catch notices and asks if it’s income. Catch puts 30% of everything we deposit away for later. We’re able to use this money when its time to pay taxes and use the profits to grow the business.
How has Catch impacted how you run your business?
We just finished building our studio and using Catch the way I use it, we were able to pay cash for it! We’re blessed to be a debt-free business and the way we use Catch is a big reason for that. Without Catch, there’s no way I’d have the time to keep up with percentages of income and put it away for when tax time comes. There’s no way we would have been able to build our studio without taking out a business loan. We use a lot of tools in our business that help us to be successful and Catch is one of the most important.
What's one piece of advice you'd give to someone starting out in your field?
Never stop learning, seek mentorship, and don’t be afraid to dream big!