Am I ready?

rub · Jan 5, 2012

Well, as many of you know, I have had some bigplans for 2012. And today, I was presented with a pretty sweet opportunity.

There is 3000 square feet of "office" space available for rent. Its connected to a tattoo galler and art studio. Tons of natural light, washroom, private entrance, and wicked awesome landlords. Its right in the downtown core of my city, with parking out from and directly across from the one main "parking lot" in town. Im beside the post office, the good sushi place, and all of the banks. My main entrance is stairs, but there is wheelchair freindly access through the tattoo parlour.

Rent is $700 per month, all utilities included.

I am wanting to make the switch to in person proofing and ordering, and this would give me ample space for that, plus room for a boudoir set where I can shoot if I like. I would be allowed to rent the space to other photographers who are wanting studio space.

The numbers work for me, provided I can maintain my current workload. I do not have any additional income, and I am the primary breadwinner in my household.

I am anticipating about $5000 in renos to get it where I need to be, plus decor. I have one contractor who has expressed interest in trading labour for his wedding photography next year.

I guess my big question is, how do you know when you are ready? I have the passion, but what about the skill? Im worried the "real" pros will think WTF is she doing? I gues I am my own worst critic, and when so much is riding on it, I dont want to be the laughing stock of town. I FEEL like im ready to make this jump.

Blah, sorry for the verbal diarhhea, I am just so excited and scared!!

willis_927 · Jan 5, 2012

The business end of it, I can not help you with... but as far as your work goes, I have always very much liked the stuff you post on here. Your photos are great, and for that reason, I say you are ready. As long as you can handle the extra expense!

Trever1t · Jan 5, 2012

just did a quick look at your budoir sets and I enjoyed them....only you can know if you're ready.

APHPHOTO · Jan 5, 2012

Sounds like your allready there.

GeorgieGirl · Jan 5, 2012

I think you have to take the risk to gain the reward. Sound like a viable location and a suitable one for your business. Limit the term of your lease to perhaps one year with one year options so that you are not stuck with a lease obligation if you are not hitting your marks after year one, year two, etc. Rent sounds very comfortable though. I'm excited for you!!!

mwcfarms · Jan 5, 2012

I am really excited for you Kristal. If you have sat down and figured out the numbers and it looks feasible then do it. There might even be small business loans available in your community like a community ventures etc. Check with your local chamber.

Whats your gut tell you? And if fear is the only thing standing in your way I say go for it and stomp it like a bug.

MLeeK · Jan 5, 2012

rub said:
Well, as many of you know, I have had some bigplans for 2012. And today, I was presented with a pretty sweet opportunity.

There is 3000 square feet of "office" space available for rent. Its connected to a tattoo galler and art studio. Tons of natural light, washroom, private entrance, and wicked awesome landlords. Its right in the downtown core of my city, with parking out from and directly across from the one main "parking lot" in town. Im beside the post office, the good sushi place, and all of the banks. My main entrance is stairs, but there is wheelchair freindly access through the tattoo parlour.

Rent is $700 per month, all utilities included.

I am wanting to make the switch to in person proofing and ordering, and this would give me ample space for that, plus room for a boudoir set where I can shoot if I like. I would be allowed to rent the space to other photographers who are wanting studio space.

The numbers work for me, provided I can maintain my current workload. I do not have any additional income, and I am the primary breadwinner in my household.

I am anticipating about $5000 in renos to get it where I need to be, plus decor. I have one contractor who has expressed interest in trading labour for his wedding photography next year.

I guess my big question is, how do you know when you are ready? I have the passion, but what about the skill? Im worried the "real" pros will think WTF is she doing? I gues I am my own worst critic, and when so much is riding on it, I dont want to be the laughing stock of town. I FEEL like im ready to make this jump.

Blah, sorry for the verbal diarhhea, I am just so excited and scared!!

Your key statement is right there. How long have you been keeping that current work load? Long enough to feel confident that you can maintain it? Do you have the working capital to make it through the crappy months right now? We are headed into spring. You're wrapping up boudoir for Valentines day now and there is a famine for most photographers until Senior portraits start. So you need to sit down and decide if you can make it through that famine. If you are unsure you need to start figuring out how to market and get the clients in the door during that famine-at least enough to pay the rent and immediate operating overhead.
If you can do that and book the hell out of senior and Christmas season next year? You sure as heck sound like you are ready to go.
What's the deal with the "real pro's"? LOL! You are doing this professionally now, you're a pro.
Now sit down and design a marketing plan that will kick ass with your current work load and add to it.

rub · Jan 5, 2012

I was willing and able to spend $400 on an office - I currenly spend about $400 on rental locations for my shoots - so Im actually saving money. There is no minimum on the lease - I can pick what I want.

Thanks all for the support. This could be a career and life changing moment.

MLeeK · Jan 5, 2012

You didn't mention the utilities you would be responsible for? If no utilities? I'd be all over it. The $400 current outlay figure seals the deal as far as I am concerned!
Go for it!
Can't wait to see how you design your space!!!

mwcfarms · Jan 5, 2012

MLeeK said:
You didn't mention the utilities you would be responsible for? If no utilities? I'd be all over it. The $400 current outlay figure seals the deal as far as I am concerned!
Go for it!
Can't wait to see how you design your space!!!

700 a month including utilities for 3000 square feet. I think thats awesome Kristal. I too can't wait to see how you fix it up.

tirediron · Jan 5, 2012

WOW... I would jump on that so fast your head would spin. Retail space around here in the main shopping areas runs anywhere from ten to 15 dollars a SQUARE FOOT per month!!!!!! GO FOR IT!! Good luck!

Big Mike · Jan 6, 2012

I think if you ask most people if they really, truly though they were ready, when they first took the plunge...most of them would say no. So don't let a little apprehension hold you back.

My advice (for what it's worth, I don't have a studio) would be to make sure that you can handle it...in terms of the business & financial end of things. Photographically, I think you're ready. Make sure that you have a comprehensive business plan in place and that you have some ideas of what you will do in certain scenarios. Like what will you do if you have a bad/slow month...or two...or three? What if you get sick or injured? What if you get so busy that you can't handle the work load? A great problem to have, but it's pushed plenty of people out of the business. What if the place needs more repair or renovation that you anticipate?

What does your accountant say about it...what about your lawyer? Those are two professionals that you'll want to have working for you when it comes to this type of venture.

rub · Jan 6, 2012

Hey Mike - Thanks for the info and advice!

I meet with lawyer monday, and accountant next week. I knew there was something too good to be true - my space would not be the full 3000 ft, but closer to 1200. Still a wicked deal, and he does want to trade rent for work (ongoing tattoo portfolio updating).

I have got a rough estimate on renos - I will be well under the $5k -maybe hitting that mark with all of my furnishings.

Biz licence is covered - insurance will need to be slightly tweaked.

I know that if I find I am not making ends meet or get slow, I can always grab another job for a month or 2. I'm not to proud to do some grunt work wherever I need so I can invest some money into my business, provided its a temporary thing. If I stay on par with last year, Ill be fine. Busy months would make up for the slow. Add the in studio proofing and sales, me busting ass to to gain more market share, following my new marketing plan, and having a place to work other than my kitchen table, I think I can make this be a winner.

I am attending a Boudoir Divas workshop in January in San Diego, so it will hopefully really show me im on track, or give me the understanding that I am not ready, yet.

I also have 4 photogs who would like to rent studio space (no boudoir, obviously) which will bring in some additional income. 2 said they would be interested in a monthly rental fee that would allow them X number of hours per month.

Thats it for now. Ill post more Tuesday after ive spoken with the contractors. Cheers y'all!