Entering the modeling industry is an exciting endeavor, but managing finances in an industry lacking job consistency can quickly become overwhelming. While modeling offers opportunities for lucrative paychecks, it also comes with a range of expenses that can catch newcomers off guard. In this post, I break down some of the most common modeling expenses you should be aware of to help set yourself up for success.
Portfolio Development
Whether you're just getting into the industry or are a well-established model, having a strong portfolio is essential to your career. Getting a portfolio started or doing an update involves hiring a professional photographer, booking a makeup artist and hair stylist, and sometimes a wardrobe stylist, or renting studio space. New models are often under the impression that their agent covers this cost, but that is not the case at all. This is an out-of-pocket expense for models.
Since portfolios are key to getting you jobs, you don't want to skimp on the price and go with the cheapest photographer you can find. While you don't need to empty your bank account, you should expect to invest at least a few hundred dollars, possibly up to a thousand, depending on your location, on a good portfolio shoot.
Agency Fees
While it costs $0 to sign with an agency (if you have to pay to be represented- it's a red flag!), there are some fees that are associated with being an agency-represented model. All agencies take a commission from your earnings (typically around 20%), but there may also be yearly website fees or other administration fees that you are required to pay for. Be sure to read the contract carefully to understand all associated costs. These shouldn't be astronomical, so if they are, you should reconsider signing with that agency.
Transportation & Travel Costs
Getting to auditions, castings, and shoots can be another significant expense that many models don't consider. You have to factor in gas and parking or public transit fees for every booking you get, which can add up over the course of the year.
If you have agencies in other states or countries, you are often responsible for travel to and from non-local bookings, as well as your own lodging and food expenses, which can be substantial. While some clients may cover some or all travel costs, it's essential to budget for those that don't.
Training and Workshops
Most successful models invest in training and workshops to refine their skills since many agencies don't often offer training. Whether it's a runway workshop, posing class, or personal branding seminar, these programs can dramatically enhance your skillset and are great things to add to your resume. Costs vary widely, but expect to spend anywhere from $100 to $1,000 for specialized training.
Networking and Industry Events
Attending industry events like fashion shows and networking parties can benefit your career. However, these events may include registration fees, travel, and attire expenses. Set aside a budget for these activities to maximize your opportunities without overspending.
Wardrobe Costs
Models are often required to bring wardrobe basics and shoes to photoshoots and runway shows, even if a job provides most of the wardrobe. They must also have the standard "model uniform" attire for casting calls and go-sees. While these items don't have to be designer-level, they must look presentable and current with the trends, so they occasionally need to be replaced.
Grooming and Beauty Supplies/Treatments
Appearance is crucial in modeling, so it's important to invest in grooming and beauty treatments. These can include regular haircuts, hair products, skincare products, manicures, and makeup. Depending on your routine, these costs can add up quickly, so it's important to factor them into your monthly budgeting.
While the above list lays out some common expenses, there are always unexpected costs in modeling (an urgent need for a specific outfit, an impromptu photoshoot, or last-minute grooming, to name a few!). Being financially responsible and setting aside a "miscellaneous" fund can help you handle these surprise expenses without stress.
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