My Husband and I would like to start a photography business with two friends of ours. I was wondering if anyone can direct me in the right direction as of where I should start? We are thinking of a name for the business right now and need to get a water mark for the pictures. This business is more of a side job and hopefully over the next year it can turn full time.
(1) Of course start at the courthouse to get your 17 dollar business license (easy to do)
(2) while you probably don't have the need now, if you have several others outside of your family going in with you and you own homes, you should consider becoming incorporated (Lawyer time)
(3) because you take a chance in ruining pictures of weddings and critical non-replaceable pictures, I would get simple business insurance the day you get your first job tasking (around 500-1500 year depending on coverage). I would do this regardless of your volume of work. This also covers advertisement damage and other related risks.
(4) get a name and after you are sure it will be your chosen name, plan on a website to promote your business and when you get the website, plan on spending the 90dollars a year to secure a "domain name" which is your own internet address protocol. You will be surprised at how much business this brings you. Secure a deal with companies like yahoo or Google to post links on your website to help cover costs and you might even profit (visit the company to get link packages usually around 75 dolllars.)
(5) steer clear of the sales people who want to sell every little thing to a new business. keep it simple and don't overspend on your dream. This includes the yellow pages (extreme expense) which are alot of hype. the internet is where you need to be. Print your own invoices and advertisement flyers. Don;t place inside postal boxes (against the law) you can get a permit with the USPS (cheap) and pay around .20 per parcel peice and you can pick a certain postal route to mail to (visit the postmaster and he will walk you through it). They have numbers for their routes and you will have the amount of houses per route (to control spending too much at one time) and I sugest mailing to only one or two routes at a time while your small time.
(6) the most important is start from the beginning on treating your customers with respect and honoring your committments to them. Customer word of mouth will do the best for you or will destroy you. When you know someone is trying to walk all over you, keep your temper and use tact to decline their request. In other words, try not to tick them off although don't give away your work as others wiill follow. People can be destructive when dealing with business names even when you are innocent.
(7) don't fool around with the IRS. Keep their quarterly payments up to date and follow their rules (visit IRS.gov) make sure you plan on a good tax preparer for your first year as business start up costs and a portion of your home is deductible. You can use one of the computer programs in following years although spend the 600 for a tax pro the first tax year. You will learn alot from him/her and make sure you write down questions before your visit (pick their brain) make sure they are knowlegable and up to date with rules. Research of them is important. I once had a friend who almost paid 30 thousand more then they needed (you won't have even a fraction of this extreme tax bill) and luckily they got a second opinion. remove a portion of your profit at once and set aside for expense. I suggest at least 60% during start up. put it back into the growth of your business.
(8) be prepared to deal with awnry people and don't let it get you down.
(9) all motor vehicles need your company name on it (even if you make your own sign) so you can write off the entire vehicle as business expense and gas for any portion of time you use for your business. The sign can be very small if you want. keep a log book for mileage if you use part time. If during your trip to the post office to mail business related mail, the entire trip is deductible (hint)
(10) Keep any and all receipts the moment you get your business license including personal receipts for grocery and such. Not one receipt goes into the trash.!!!!!!!!!!!!!!!!!!!!!! critical
(11) try to limit credit as much as possible. Pay as you go and get payment as soon as work is satisfactorly completed. Don't get into the credit crunch.
GOOD LUCK and hope you make it.
If you want to do it, I say go for it. Your pics you have posted have been inventive and pretty. Best thing to do is get your name out there...and then word of mouth. I have had wonderful pics taken by Darrens (sp?) and have passed his name along and my friends have had their babies pics done, senior pics, engagement pics, and such. Good luck sounds like fun!
