Figure out Personal Finances before Starting a Photography Business

When making art is made easy by technology and affordable methods everyone feels they are an artist. With affordable cameras and good camera phones available to everyone all the people of the planet have become photographers. Some even manage to take some good pictures but that does not mean people will buy them. Taking pictures and making a business out of photography skills are two separate things. So the ‘real’ film photographer needs not to worry, instead put in a little effort so that you can stand out from the flock of amateur photographers.

A photographer needs to first draft a business plan on paper which will serve as a roadmap. You will need to break down all the things from cash flow, expenses, ownership, to competition. It is no surprise that photography is one of the most competitive businesses so one will need to be a business person to make a decent living. There are free downloadable sample photography business plans available on the internet so making plans is no more a daunting task.

Add up all the costs of gears, softwares and studios that will be needed to start the business. Firstly decide on how you plan to start and from where do you plan to operate. One will need to apply for business licenses, insurance. Then build a website as no business can survive today without a strong internet foothold. One needs to decide what accounting software like QuickBooks or Xero will be using.

One will need to plan out the finances. How and who will be funding the business, till the business gets started on what funds will you be surviving, is there some part time job you will need to do, or a loan you will need to apply through a bank or ask from a friend or family member. Figure out the finance so that you can break even and monthly bills are not a headache later.

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