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04/25/2006 10:32:09 AM · #1 |
As some of you know, I am in the process of setting up a wedding and portrait photography business. I am jumping in the deep end and making it my full time profession. I know the photography side well but I am not in the least business saavy. I was talking to my husband about it yesterday and it just seems so daunting that I am starting to second guess my decision. I realize I need to pay equal attention to both aspects of a photography BUSINESS for it to succeed but I have no idea where to start. So, my question is, for those of you have already started your business...where did you start?? business plan? what? I'm clueless. Any tips or advice for me? It's not as easy as I thought!
June
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04/25/2006 10:43:11 AM · #2 |
Do you have any experience shooting weddings and do you have any examples? This is going to be the first question that anybody looking to hire you asks. If not than you may want to consider taking on a few free jobs and first focusing on those to build up a portfolio (assuming you already have the skills needed for a killer portfolio). With those images I would then highly suggest that you build yourself a nice website. This is probably the best way for people to find you and for you to showcase your work. Make sure that the site is quality too, because nothing will turn people off quicker than some ready made template with a few pics uploaded.
That should keep you busy for a bit.
As for the business stuff, you are going to need to incorporate first and register your comapny name. This will allow you write-off all of your equipment for taxes. Also invest in a Quicken type of program to track EVERYTHING. This includes miles driven to job, utilities as well as other little misc, things. Definitely insure all of your equipment as well as your business. Market yourself as much as possible. If you have the time and money register for booths at bridal shows. Find wedding planners and see if they already have a photog that they recommend. Go to bridal stores and see if you can leave business cards on their counter. Consider referal fees as this gives people more incentive to push your name (it doesn't have to be much).
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04/25/2006 11:28:59 AM · #3 |
jaywalk gave you simple info and much of it wrong.
What (if any) business experience do you have?
You need to 'set up' the business - that means a plan (which can be simple or complex - a to do list works to a point).
What are you selling? To Who? For How Much? How do you tell them about your business?
-you need an outline and then details (price lists, if your advertsing then where, how often at what cost?)
What do you need to do that work?
-equipment (camera, lens, lights, etc) and also the paperwork - contracts, releases, business cards, website, invoices, letterhead, etc. Envelopes to deliver prints, etc.
Who is your competetion? Who is your market? Are you high end, low end, in teh middle? Do you sell completely framed prints?
Suppliers - who are they?
Albums? What albums? Where do you get them? How long does it take to get them? Printing at walmart, mpix, whcc, filmet? Who and why?
Money...can you get it? I mean from a customer. cash, checks, credit cards? Are you selling on line, in person, ??
What are you going to call your business? Here in PA if you name it 'Christopher Perry Photography' you are in business. Done. If you name it 'Studio C' then you need to file with the state and take out ads in teh paper and you need a business bank account (dba - doing business as - if i get check in my name i can cash it. give me a check made out to Studio C and i need a bank accout for that name). Details, but important ones.
Insurance - liability and equipment. Need it? Cost? from who?
So add up these start up costs (equip, name, biz cards, etc). Then add up any on going costs (website, rent, internet, advertising, phone, etc). then how much income do you need? If you can live off what come in then great. If you need to make $20,000 this year then add that in.
SO you get something like:
Startup $8,000
on-going for the year $4500
Income $20,000
- so you need to have $32,500 in the bank right now to startup and survive your first year. You assume you'll have income (sales) and profit from that, but there are no guarantees on this. I can guarantee that if your income is low and unpredictable (it will be in the beginning) then you may not have the cash when you need it to pay a bill - and that will be the demise of your business.
This number also tells you how much money you need to make to break even or make a profit. Your equipment lasts more than a year, so you might need $25,000 in actual cash to pay these bills in a year. To get that yo uneed sales of $35-40,000 (taxes...expenses on prints, albums, etc that vary by event). So you need to 'sell' $40,000 worth of photography to make your $20,000 in income. Your numbers may vary, but you get the idea. So if you get $2000 a wedding you need 20 of them. Easy, huh? You may not get $2000, you may not get 20. You may get more.
Is that enough to get you started? As for writing things off - if the business pays for it, it is a business expense - save that receipt and find a CPA and talk with him ASAP so you have an idea what you're doing here. Some things can wait - sales tax ID numbers and collecting tax, insurance, etc - but as always there are risks with waiting. And, can you legally run your biz from home (if that's your plan). The last thing you need is to have some competetor or neighbor or pissed off customer turn you in to the city and put you out of business cause you failed to get the $25 permit.
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04/25/2006 11:31:22 AM · #4 |
Get this book today and read it twice.
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04/25/2006 01:41:03 PM · #5 |
Thank you. I am starting the business in the UK so it may be a bit different. This info however, has helped me a lot. Thank you very much and wish me luck!
June
Message edited by author 2006-04-25 13:49:44.
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04/25/2006 02:24:40 PM · #6 |
Write a business plan and set up a budget, and don't forget to modify both as you go.
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04/25/2006 03:03:07 PM · #7 |
I never used to get letters in the mail. Not many friends, you know. But ever since I started my own business about four years ago, the government has been stuffing my mailbox. It makes me feel so popular and important. They must love me.
Once I let their forms pile up for about six weeks before taking a look through them. So many accountant-type questions I didn't know the answers to. I got annoyed and stuffed them all in one big envelope with a note asking them to fill them out for me.
To my surprise and delight, they did. And now I'm also exempt from filing some of that crap too.
The government is like my best friend. We keep in close touch.
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