Can you start of a successful business with this camera?

[bribrius]

.......I dunno what the answer is for you, but it might or might not be one year's income.........

Several presidents ago, it was 6 months. In today's economy, a year's worth is a much better buffer.

well. If you have a years worth of income, i guess you don't have to worry about any of the rest of the list for at least a year.

Well, let's pretend you wrote up your own contract for photography services. You may well end up with a clause that is, in effect, illegal and unenforceable. That could well invalidate the entire contract.

But you've already completed the job and delivered the goods to the customer. Now wouldn't you wish you had paid your lawyer a measly $100 to review your contract?

Together with an accountant, you will find out whether an S- or C-corp is best for you, or an LLC or LC. Accountants can also handle tax issues. And tell you how to save money on taxes.

A banker. Hmmmmm. Suppose you've been approached to do a job that you are able to do, except you don't have the necessary $8,000 of gear to do it. Wouldn't it be nice to know your signature is worth a $10,000 business loan before the need arises?

you don't even have a business do you.

 

[480sparky41 40]

you don't even have a business do you.

No, I don't.











I have two.














.

 

[photoguy99]

The banker is free and gives you money. OK. He lends you money. You probably get a line of credit. Which costs a little bit when you use it.

The accountant costs some money. Not much, though. You'll make it back by the end of the year in tax savings, in money saved by efficiently using your line of credit, and probably money gained by a couple receivables you lost track of. This is all on top of the pleasure of knowing that your taxes are all correct.

The lawyer costs a little money. You'll make that back too. Your contacts, being well written, will not only protect you and help ensure you get paid, but will generate more money because you have broken out the right things as add ons, and you have protected your other opportunities for revenue. This is on top of the pleasure of knowing that your contracts are secure and do in fact protect you.

If you business makes enough money to pay you, your team will make money for you. Interview them and get them on board early.

If you haven't seen it, you need to watch a video. Search for '**** you pay me' where **** is a four letter word starting with f that means to copulate.

 

[480sparky41 40]

 

[bribrius]

you don't even have a business do you.

No, I don't.











I have two.














.

curious. what are they? And did you have this list before you started? To me, just imo, it seems a bit over kill for a starting out photographer.

 

[Bebulamar]

The camera is good enough to start your business.
I think if you want to you should start. Asking too many people opinions especially those have done photography for a long time but not doing it for money would certainly discourage you. I often find that whether you could start a business is whether you have the guts to start a business. Listening to people talking you out then you never start.

 

[snowbear116 47]

What you need to start your business:


Get market research done.
Get a lawyer.
Get an accountant.
Get a banker.
Get one years' worth of income saved up.
Get a business plan.
Get a balance sheet.
Get good credit.
Get advertising.
Get customers.
Get going.

You forgot one . . . Get any licenses and permits required by your state/county/municipality

 

[Designer]

In our state it is a requirement for anyone selling a product or service to collect sales tax. Now you don't want to have to pay it twice, so you need the exemption on one end, and a reporting mechanism on the other end.

I've had two businesses and for each I had to register with the State and the fedgov. for tax purposes. The fed number is called a "tax I.D." and it is entered on the quarterly statements of estimated income with the tax payment.

If you have employees, you have to "withhold" the employees' contributions, and send that along with your (the employer's) contribution to the IRS and your State.

You're a long way from having employees, but if you sub-contract part of your work (i.e.: photo retouching, for instance) then you will have to obtain a statement (Form 1099) from the sub-contractor as to how much was paid and for what service. This lets you off the hook for their portion of assessed taxes.

The above is just a portion of why you need professional services of at least an accountant, and perhaps an attorney specializing in business law.

 

[480sparky41 40]

curious. what are they? And did you have this list before you started? To me, just imo, it seems a bit over kill for a starting out photographer.

They're obvious.

And yes, I had the list long before I started the first one. I spent about 3 years working for others while I was planning on hanging out my own shingle. I didn't just buy a pair of strippers and a ladder & strike out on my own.

Overkill? I look at it as 'those who fail to plan plan to fail'.

But it makes no difference to me how you run your business. If you want to try, have at it. But don't blame me for failing.


ETA: I guess my question now would be for those of you 'giving advice' on the matter: Do YOU own/run a business?

 

[bribrius]

The banker is free and gives you money. OK. He lends you money. You probably get a line of credit. Which costs a little bit when you use it.

The accountant costs some money. Not much, though. You'll make it back by the end of the year in tax savings, in money saved by efficiently using your line of credit, and probably money gained by a couple receivables you lost track of. This is all on top of the pleasure of knowing that your taxes are all correct.

The lawyer costs a little money. You'll make that back too. Your contacts, being well written, will not only protect you and help ensure you get paid, but will generate more money because you have broken out the right things as add ons, and you have protected your other opportunities for revenue. This is on top of the pleasure of knowing that your contracts are secure and do in fact protect you.

If you business makes enough money to pay you, your team will make money for you. Interview them and get them on board early.

If you haven't seen it, you need to watch a video. Search for '**** you pay me' where **** is a four letter word starting with f that means to copulate.

curious. what are they? And did you have this list before you started? To me, just imo, it seems a bit over kill for a starting out photographer.

They're obvious.

And yes, I had the list long before I started the first one. I spent about 3 years working for others while I was planning on hanging out my own shingle. I didn't just buy a pair of strippers and a ladder & strike out on my own.

Overkill? I look at it as 'those who fail to plan plan to fail'.

But it makes no difference to me how you run your business. If you want to try, have at it. But don't blame me for failing.


ETA: I guess my question now would be for those of you 'giving advice' on the matter: Do YOU own/run a business?

legally i have two right now just like you. But that is on paper, they are virtually non existent. Tax deductions. Haven't been full scale in quite a few years.

 

[jsecordphoto]

Good conversation, but I do find it funny that it arose from somebody asking if they can start a business with an entry level camera and nifty fifty.

In other news, I just bought a pen and paper- now I'm a professional writer!

 

[photoguy99]

I do not currently operate a business. I love working for other people, it turns out.

I have in the past been involved in launching and operating businesses on a somewhat larger scale than a solo photography shop.

I read a lot, though.

 

[bribrius]

I do not currently operate a business. I love working for other people, it turns out.

I have in the past been involved in launching and operating businesses on a somewhat larger scale than a solo photography shop.

I read a lot, though.

Same here. Might explain my outlook. I just don't take someone shooting baby photos and doing weddings with a camera as that serious a business.

 

[bribrius]

Good conversation, but I do find it funny that it arose from somebody asking if they can start a business with an entry level camera and nifty fifty.

In other news, I just bought a pen and paper- now I'm a professional writer!

you nailed it earlier in the thread. If they have to ask the question, they aren't ready.

 

[BillM]

I'd like to see some examples of your work. I've seen people with entry level equipment put many "photographers" with all of the latest and greatest equipment, including myself, to shame.




PS
I am not a professional photographer and i don't pretend to be one just because i'm on the internet.