Starting Over

[kric2schaam626]

Hi all,

I'm thinking about starting over with my whole photography "business". I started really fast because people needed me to take pictures of whoever and handed me money, so that gave me a fat head, thinking I was a good photographer.

I want a new, fresh start. I want people to pay what I am worth and not only on what I think I'm worth (that's my own fear of over charging). I would like to make sure I'm doing everything right when it comes to the technicalities as far as becoming a legal profit business (is that what it's called) and that my way of recording everything isn't just a cutsie notebook. (FYI --- I don't rely on any "income" from photography; it all goes right back into getting more equipment/books.)

Lastly, I'm working on my work being original. I don't want my PP to be reliant on the PS actions sold by other photographers, or that I think to myself, "I hope my composition is ok this time!"

Does this make sense or am I just wasting space on TPF with a tiring rant?

If anyone can help me out, I'd appreciate it. And thanks for reading this . . . .

 

[tirediron]

Makes sense to me! My [unsolicited] suggestion would be to leave the photography side of things alone for a little bit, and spend some time and money taking business ed and entrepreneurship classes at your local adult ed faciltiy.

 

[pgriz]

The difference between art and business is that in art, you satisfy yourself, and in business you satisfy your client. If you can do both at the same time, then you've hit the sweet spot. Realistically, though, unless you've achieved a following where you are being hired BECAUSE of your unique signature style, to keep the bills paid you need to deliver what others are paying you to do. Every business needs clients, who need to be attracted by marketing, and then need to be "sold". Every business needs to keep track of prospects, existing clients, and past clients. Every business needs to keep records of who paid what for what. In practical terms, running a business means that the "doing" part is usually no more than 10-20% of time that is needed to be spent. The rest of the time, it's logistics, client management, vendor management, equipment management, project management, book-keeping, record-keeping, etc. That's why actually earning a living at one's craft is not easy - many cannot juggle all the nitties and gritties without dropping too many.

 

[behanana]

Have to agree with tirediron, invest some money on classes and learn about developing a business plan, that will be the foundation you build any future business on and help with the '"what to charge?" question. Good luck.

 

[IgsEMT]

Start w/ lighting Portrait Lighting

 

[KmH]

(FYI --- I don't rely on any "income" from photography; it all goes right back into getting more equipment/books.)

How do you pay and account for your non-reimbursed business expenses and things like WI sales and use taxes?

There is little in retail photography today that is original in any way. The only way to stand out from the crowd is to market and sell the only unique thing you have to offer - YOU.

 

[kric2schaam626]

Thanks all, for your feedback. Glad you understood what I was saying and that it wasn't some tired rant!

 

[kric2schaam626]

(FYI --- I don't rely on any "income" from photography; it all goes right back into getting more equipment/books.)

How do you pay and account for your non-reimbursed business expenses and things like WI sales and use taxes?

There is little in retail photography today that is original in any way. The only way to stand out from the crowd is to market and sell the only unique thing you have to offer - YOU.

I know this is almost a year old but I guess I am wondering where to start to make this possible. In the last year, I practiced more than anything and now I would like to be 1. legal and 2."official" (in the sense that, the state of WI sees me as a "business") - where do I start?

 

[Bitter Jeweler]

Get a federal tax ID number, register your business name and get a vendors license (that's what it's called here, may also be called a business license).
Check with your local small business association (SBA), they have lotsa good help.

 

[Tarayn]

Totally understandable...

 

[kric2schaam626]

Get a federal tax ID number, register your business name and get a vendors license (that's what it's called here, may also be called a business license).
Check with your local small business association (SBA), they have lotsa good help.

Does this also mean choosing an LLC or sole proprietorship?

 

[bratkinson]

As a former WI resident that started his own computer consulting business 30 years ago, one of the first decisions you'll need to make is what form of business? Ie, proprietership, LLC, corporation, or? There's advantages and disadvantages of each. Find out what the differences are and make an informed decision...perhaps with the help of another one-person business in the area you are familiar with. In addition to a Federal tax ID, you'll also need one from Madison, as well.

When I started, I created a Sub-chapter S corporation, where all profits/losses of the business are treated as ordinary income on my personal taxes. That was the easy part. I also had some bookkeepping experience, so I could do my books, and paid an outside accountant (one-man business working out of his house part time, not a 'service' or any place with overhead (secretaries, etc)) at year end to do all the tax forms, etc. Dealing with the IRS, making 941 deposits (withholding), etc, is more nuisance than it's worth, but a necessity. Note, IRS penalties can be stiff for even 1 day late on making deposits!

Like any new business, there will be some 'hungry' times at the beginning. I had a contract promised to me prior to opening my doors, but it suddenly vanished 30 days later when I was 'up and running'. With that in mind, make sure you have some 'real business' lined up before you start. Or you could end up eating a lot of peanut butter and jelly sandwiches like I did.

Lastly, have at least 60 days cash available to handle the lean times. 120 days cash is even better.

 

[12sndsgood]

Start doing your research, and getting your ducks in a row. start reasearching between what type of business, corportation, llc you want to be. start thinking of a name. sounds dumb to be thinking that but you need to have the name to form your business, and you should also look into availability of your name in your state and if the domain names you want are available if you plan on having an online presence. The SBC is a great place to start, and an offshoot of that is SCORE they have classes all over about starting yoru own business, and have mentors who will help you along the way. Check with your local goverment to see what is required of them. Call your agent and have him look into insurance quotes, It's allot more work then people think when you want to do things the right way. Allot of it is just doing the research on your particular area to make sure your taking the proper steps. You may not be doing this to survive on but your going to want to work on at least covering your costs. liscenece, insurance, websites, layer time (for your contracts) busines cards, all of that has cost. and you should track every dime of it.

 

[orljustin]

I'm thinking about starting over with my whole photography "business". I started really fast because people needed me to take pictures of whoever and handed me money, so that gave me a fat head, thinking I was a good photographer.

I want a new, fresh start. I want people to pay what I am worth and not only on what I think I'm worth (that's my own fear of over charging). I would like to make sure I'm doing everything right when it comes to the technicalities as far as becoming a legal profit business (is that what it's called) and that my way of recording everything isn't just a cutsie notebook. (FYI --- I don't rely on any "income" from photography; it all goes right back into getting more equipment/books.)

Lastly, I'm working on my work being original. I don't want my PP to be reliant on the PS actions sold by other photographers, or that I think to myself, "I hope my composition is ok this time!"

Me likey this post.

 

[KmH]

Contact the City Clerks office (or the equivelent) in your town to find out what they require as far as business licensing/registration. In the town where I live, a business cannot be run out of a home. There is no business license that has to be paid for, but the business has to be registered.

Each state has different requirements too, and you will also have to license/register your business at the state level for sales and use tax purposes.

Most new small businesses start as a sole proprietorship. In many states any business that is registered as an LLC has to pay an initial and yearly fee (IIRC $800 a yr. in CA). Plus, as more complex business types are used the reporting requirements also become more complex.

The first and most important thing you need is a well researched, and written, Business/Marketing Plan.

You can get free business advice form these resources:
Wisconsin.Gov - BYB Business Wizard
Starting & Managing a Business | SBA.gov
Free Small Business Advice | How-to Resources | Tools | Templates | SCORE