She began off as a college student with a modest side gig that converted her into a self-made millionaire before she turned 30.
Image by: Katelyn Alsop
Getting into the hobby that would make her a billionaire before she reached 30 was a complete accident, as Katelyn Alsop recalls.
Alsop, 35, lives in Richmond, Virginia, where she works as a wedding photographer and raises her four (soon-to-be-five) children. Wichita Falls Wedding Photography According to tax returns and bank statements examined by CNBC Make It, she earns about $240,000 each month from her wedding photography and online education businesses.
Alsop claims that she "wasn't fascinated about photography" as a child. I didn't study photography in either high school or college. No, I never even entertained the thought of giving it a shot.
Still, Alsop possessed a keen sense of creativity and business acumen. At the age of 15, she launched "Katelyn's Krafts," a business in which she painted and sold various home decor items, such as bowls, plates, and ornaments.
During in her second year at Christopher Newport University, Alsop was asked by a friend whether she wanted to go on a photowalk with her and take pictures of the student body.
"Even if I was horrible at it," Alsop admits, "I felt it would be enjoyable to try something new." She invested $700 in a Canon Rebel XSi during that semester and carried it with her wherever she went. She like taking pictures of sheer happiness, such as her friends having a snowball battle in the quad or the graduates walking across the stage.
After spending the better part of six months taking pictures of friends and family for enjoyment, Alsop decided to transform her pastime into a full-fledged business in 2008. She called it Katelyn James Photography and operated it out of her college dorm.
Alsop made her first million in 2016, the year she turned 28. She made a fortune with a photographic side gig, and here's how:
Establishing one's identity as an early success
Although Alsop was a full-time student throughout her first year of business, she devoted at least 40 hours per week to developing her photography side business by attending shoots, processing images, and posting the resulting albums to her blog.
Indeed, that blog ended up being a really helpful resource for Alsop's fledgling enterprise.
According to her, "people really attracted towards that" after she began "sharing personal things about my life" on her blog. "I believe that being truthful about my life helped me create trust with potential clients since the stuff I was giving gave the impression that I cared about others and was open about my experiences."
Somewhere during my time in university, there were Alsop says that staying up late to write a blog post or update the images on her website never seemed like work because she could see the results of her efforts and enjoyed hearing how others had been inspired by what they read or saw.
I may not have slept for a few years, but it was worth it to me since I was so passionate about it, she says. "You should never overwork yourself, but if you find something you're truly enthusiastic about, you won't feel the need to stop working on it any time soon."
Once Alsop completed her undergraduate studies in 2010, she decided to pursue photography as a career. While she first agreed to photograph "any and all" events, including engagement parties and professional headshots, she soon learned that she particularly enjoyed wedding photography.
Image by: Katelyn Alsop
Alsop would shoot between 40 and 50 weddings a year during her busiest times. Her website has pictures of the bride and groom's first look, the ceremony with candles, and the reception with everyone dancing the Electric Slide.
In 2015, inspired by the popularity of her blog, Alsop began offering photographers' online technical classes. Business classes, such as how to market your photography business and establish an effective personal brand, are also available.
Alsop still regularly updates her blog, where she discusses anything from the design of her son's nursery to recommendations for photographic gear.
They say "it takes a village to raise a company."
Alsop attributes much of her success to the people who have supported her since she started her side hustle, including her family and friends in the business and her college roommates who cheered her on when she pocketed her first cheque.
On the days when she wanted to give up, she adds, "I've always had a tremendous amount of support," and that's what kept her going. The proverb goes, "It takes a village to raise a company."
Michael Alsop, Alsop's husband, left his job in 2013 to join his wife in running their photography business, Katelyn James. Alsop currently employs her sister, sister-in-law, and other family members.
Alsop hosted a series of dinners at Chick-fil-A and parties in her backyard for photographers she met through friends or her blog in the early stages of her career.
Other photographers began recommending Alsop for events they couldn't capture themselves, and they began referring her online classes to people just starting out in the field, all thanks to her active participation in professional networking.
She argues that "more hustle is not the answer" and that it will not lead to happiness or stability. I finally gave myself permission to ask for assistance. Instead of becoming bogged down in the routine of running your business all by yourself and accepting it as "the way things are," a smart business owner will seek outside assistance.
Also, she picked up some great tips on bargaining from her companions. Initially, Alsop charged $750 for six hours of photography and editing, but as her abilities developed and she became aware of what other photographers were charging, she increased her prices, resulting in a six-figure income by 2013.
Over $240,000 per month was earned by Katelyn James Photography last year. Over $230,000 of that is residual income from her various online seminars and workshops.
Alsop photographs at least four weddings year, for which she charges at least $12,000.
Alsop claims that being able to provide for his family comfortably thanks to the success of his business is his proudest achievement. Nothing can compare to how you felt then.