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DPChallenge Forums >> Photography Discussion >> How did you finance your initial business invest?
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 07/21/2006 04:45:49 PM · #1
Hey Guys,

One more question. For those of you that are in the pro photo business, how did you finance initially? I am looking at about $5k to get everything and I mean everything that I could need.

Just wondering how the rest of you broke in to the business :)

Thanks for always being so helpful!
 07/21/2006 04:51:49 PM · #2
Tax return from heaven.
07/21/2006 04:53:04 PM · #3
Originally posted by tkare:
Just wondering how the rest of you broke in to the business


I think you just hit on the key word!!! I'm going broke trying to get into the business!!!
 07/21/2006 04:58:32 PM · #4
Originally posted by Palmetto_Pixels:
Originally posted by tkare:
Just wondering how the rest of you broke in to the business


I think you just hit on the key word!!! I'm going broke trying to get into the business!!!


I've been in the business for quite a while and I stay broke... LOL

OP:

If you want to dive in, you can likely get a small business loan. Visit //www.sba.gov . Or you could just run up CC debt. I suggest wading in and see what your market looks like though.
 07/21/2006 05:07:55 PM · #5
$5k ?

Don't underestimate it. If you're budgeting for just studio equipment then perhaps $5k is a start. However, you should also factor in advertising costs, business cards, web hosting and design, software, and most importantly paying yourself for however long it takes to get your business off the ground.

And then things like accountant fees, costs for registering the company or company name (however it works in your country) - phone bills, travel expenses .... I'll stop there, I don't want to frighten you off or anything! :)

edit: oops, forgot to answer the original question. The main sources of funding are: Bank loan, friends/family, your own money, business development grant, or venture capitalists.

Message edited by author 2006-07-21 17:11:02.
 07/21/2006 05:15:24 PM · #6
My suggestion is to start small and let your equipment grow with your business.

You didn't say what kind of photography business you are interested in - that makes a BIG difference.
 07/21/2006 05:34:51 PM · #7
A day job, credit cards, tax refunds, donations, burglaries.... anything that works! :)


07/21/2006 06:25:38 PM · #8
I started small and just built up based on word of mouth. I think you really can start with less than $5K (I did), unless you're trying to make this a full time business. Then I think you're going to need a LOT more money than that to get started. Heck, I've spent more than that this year and I'm already up and running (though still growing).

07/21/2006 06:29:00 PM · #9
Originally posted by tkare:
Hey Guys,

One more question. For those of you that are in the pro photo business, how did you finance initially? I am looking at about $5k to get everything and I mean everything that I could need.

Just wondering how the rest of you broke in to the business :)

Thanks for always being so helpful!


I wouldn't say I am all business, just because I have to balance my photography with being a stay-at-home-mom! But, when my hubsand, who is in the Navy, got orders to Guam, we sold our house in Florida. We knew we were not going to buy here, so we used some of the profits to buy my studio lighting, another camera, and some great lenses. We did that so I wouldn't have to take out a loan down the road for the stuff.
 07/21/2006 06:31:03 PM · #10
OK, listen, if you dive head-first into this, you can expect to not see a profit from 6 to 18 months. In that time, you will need to live, start paying back any loans, business expenses, etc. It can be (and has been) done. But, you are a lot safer starting small and working up to a full-time business.
 07/21/2006 06:43:58 PM · #11
Again though - it depends on what you want kind of photographer you want to be.

Photo journalist - buy a camera and be done with it.

Portrait photographer - buy a camera, lights, backdrops, reflectors, soft-boxes etc.

Landscape photographer - buy a camera and some really good lenses and a great tripod.

Commercial / Stock Photographer - can range from a camera to a huge set up costing upwards of $100,000

Paparazzi - buy a camera, some HUGE lenses and have a legal team on retainer.

Street Photographer / Artist - pick up some disposable cameras and be done with it ;)
 07/21/2006 07:07:13 PM · #12
If you use a credit card to finance your business, you are too stupid to succeed. A bit harsh? So are creditors.
I should have added....GOOD LUCK!!!!!

Message edited by author 2006-07-21 21:52:54.
 07/21/2006 07:27:34 PM · #13
Day job, credit, day job, any paying gig regardless of how embarrassing or ridiculous it may sound; if it pays, do it. Oh yeah, did I mention day job?

5K isn't a drop in the bucket for us but then we also spend more than that advertising through just one venue every year.

I say that fotoman's idea on starting small and understanding your market is absolutely golden. Get out there with other photographers in your area. I suggest you look for a local chapter of the PPA or even WPPI. Stay away from the hobbyist meetings only because you'll get a ton of people who will tell you crap like "oh buy the most expensive stuff you can get" and when you get around the folks who are really making money at this they'll tell you in a heartbeat that it doesn't take the best equipment; just dedication and consistently good customer service. Honestly your interaction with the customer will by far do more for your business than what equipment you choose to purchase or how you finance it.

Get with the mom & pop folks that are doing this, find out what they have to trade off to be able to do this as their only job (LISTEN TO FOTOMAN ON THE BROKE THING -- OFTEN THAT'S REALITY FOR PERIODS OF TIME) and then figure out what your local market can support.

If you're just dying to spend the money get a mid-level camera and a decent lens (20D with a 50mm f/1.8 ooops - just use the Rebel and the 50mm to start off with) and dig in.

Credit cards are one way (I agree that its probably a dumb way given the kind of money you're liable to make at this) but the SBA seems like the best to me. Having to jump through hoops for the SBA will give you a better opportunity to examine (A) what you want in a small business and (B) what your market has a tendancy to support.

Once you've made your decision about your target client and you've purchased the equipment you think is necessary to service that clientele then you have got to get your message to them so that means marketing in some manner (word-of-mouth works but you're gonna have to get that first set of clients who can start talking about you).

Message edited by author 2006-07-21 19:28:21.
 07/21/2006 07:29:58 PM · #14
Originally posted by David Ey:
If you use a credit card to finance your business, you are too stupid to succeed. A bit harsh? So are creditors.


AGREED!!!! Get a small business loan, aren't they tax deductable? If you own a house, get a home equity loan, that is tax deductable. Credit cards are nothing but bad news. Ideally, put together a good business plan and find a financial backer.
 07/21/2006 07:41:59 PM · #15
Also, you may check this thread: Starting out in Pro Photography and every single link off of it before you get too much farther in.
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