Starting out: What to charge? How to market?

[shootermcgavin]

1/3 Bitter? I think it's time to get a new accountant. I've never paid more than 10% in my life even when I made over 6 figures and worked for someone. 33% is an extremely high income tax. If you're making a ton of money your first 2 years then yeah of course you will have to show some as profits, but unless you're making 200k or more a year what is the major worry of going too high than too low? They say naughty naughty you have to pay a couple thousand more? I'd rather have that happen then leave a couple thousand extra on the table.

I won't get into details, but yes, I will be getting a new accountant, and yes, I was quite successful in my first year, and figures continue to rise.But that advice is still the worst to give, ever.You should always save for, and be prepared to pay. Always.It becomes a burden when you now owe past tax liability, AND have to save for next years tax liability.So please, don't ever pass on that advice!

I never said don't save, I just said don't give the money you save to uncle sam. Every situation is different, so let me rephrase, in the first 2 years don't hold back on deductions. If you're wondering if the trip to Hawaii you took some photos on is a deductable item, well you took photos didn't you? Congrats on a successful first year Bitter, I may not know much but one thing I know for sure photography as a business is not easy.

 

[KmH]

Bitter makes custom jewlery.

 

[dnavarrojr]

It's likely just a matter of time before the tax guys catch up with one of the posters in this thread.

When they do, it's going to hurt the bank account really bad, and lifer Bubba is going to have a new wife.

Man, if there was ONE piece of business advice I could give everyone, it's GET YOURSELF AN ACCOUNTANT AND PAY YOUR TAXES. I lived through that as a child, my dad owned a chain of restaurants and lost everything (and I mean everything) to the IRS because he didn't pay his taxes.

When I started my first business, I got an accountant and NEVER had any issues with taxes. After what happened when I was a kid, I swore I'd never own a business and attempt to do my own tax paperwork. And then I married my second wife who convinced me she could handle the paperwork when we started a business together. Long story short, she was wrong and I was an idiot for listening to her. The IRS nailed our asses to the wall. We lost our home and business in hurricane Charlie and she divorced me when I took our insurance check and used it to (almost) pay off the IRS. I finally got all my credit problems straightened out last year and you can bet your sweet ass that I have an accountant. And a separate savings account for my taxes that does not get touched, except to pay those taxes. And DON'T BELIEVE that crap on TV about the IRS settling for 1/4th of what you owe, it's a crock.

 

[PhotoNewbie2011]

I must say being new to starting out a photography business seems complicated but the advice I am getting from this forum is amazing! I am in the process of registering my dba company name. Also, I am starting to build a portfolio for clients to see my work. I have started writing my business plan and I am attending several seminars about running a small business. I am looking to start getting off the ground with advertising and taking bookings in Spring of 2012. I understand that getting a business started is about being a good business manager as well as knowing how to take the pretty pictures. I am wondering is it better to have a backup camera when first starting out or should you start with one and wait until you grow more before purchasing additional equipment?

 

[tirediron]

...I am wondering is it better to have a backup camera when first starting out or should you start with one and wait until you grow more before purchasing additional equipment?

A set of back up gear is essential. How is your first booking going to go if that's the day your only body decides to crap out? Remember, when equipment gives out, it almost invariably does so at the worst possible time.

 

[PhotoNewbie2011]

...I am wondering is it better to have a backup camera when first starting out or should you start with one and wait until you grow more before purchasing additional equipment?

A set of back up gear is essential. How is your first booking going to go if that's the day your only body decides to crap out? Remember, when equipment gives out, it almost invariably does so at the worst possible time.

That is an excellent. I am currently using a Ti2 from Canon. What would an adequate backup to use for a less expensive option so I'm not putting too much on equipment to start? I've been looking at a Ti1 but that is also a little higher in the price bracket than I want to spend with just starting out. Any ideas?

 

[psaracino]

You can also put up free local istings on google, bing and yahoo

 

[shootermcgavin]

I must say being new to starting out a photography business seems complicated but the advice I am getting from this forum is amazing! I am in the process of registering my dba company name. Also, I am starting to build a portfolio for clients to see my work. I have started writing my business plan and I am attending several seminars about running a small business. I am looking to start getting off the ground with advertising and taking bookings in Spring of 2012. I understand that getting a business started is about being a good business manager as well as knowing how to take the pretty pictures. I am wondering is it better to have a backup camera when first starting out or should you start with one and wait until you grow more before purchasing additional equipment?

I think it depends on what you plan to do. With weddings you pretty much have to have a back up everything. But if you're not doing weddings I think a back up cam is a waste of money at first. Unless your store is miles away it takes all of 30 minutes to run and get another camera, I think if it's a normal portrait they will understand. Although the flip side is 2 cameras also means 2 lenses ready to rock no time changing so you can flip from head shot to full body with primes, there's a lot of ways to skin a cat.

 

[JAC526]

Remember the two life certainties:

1. Death.

2. Taxes.

On that positive note...good luck.

 

[PhotoNewbie2011]

Thank you. I would like to do weddings but I'm sure that I should probably get my feet wet before diving into the deep end.

 

[JACC0811]

Very good info in this thread! I saw my dad lose his butt in the construction industry because of some bad tax advise, and I don't want to make his mistakes. So, I've seen small businesses from all angles and have decided to go back to school for a B.A. in Business Management. I might actually try to keep going for a Masters, as I better my photog biz. I think that's more important than going to a school for the photography side of the business, honestly.