After having read the Accidental Millionaire, I’ve instantly lapsed into the thought of starting my own photography business. Well, after deep thought, I decided to keep doing what I am doing, blogging and add some nicer photos/videos to my blogs.
But for those of you serious about starting your own photography business, Photojojo has some great basics you will need to know:
- Part 1 – Starting Photo Business
- Part 2 – What’s in a name?
- Part 3 – The Nitty Gritty Details
- Part 4 – Fame and Fortune
Since I do run a business too, sorta like a photography business where I don’t have to report to a boss, I can tell you off the bat you might want to form an LLC for the sakes of taking liability issues out of the way.
For one, if you are a sole proprietor and get sued, you are liable to lose your own assets including your house. But if you are an LLC, you won’t be liable so long as you didn’t do any criminal acts in your business plus you can also report taxes as easily as a sole proprietor.
If you are going to just experiment for 6 months to a year on your new business, I highly suggest to just do it as sole proprietor since you don’t even know you are going to hit gold.
But if you are going to be investing a lot of money and there’s a lot in stake, you might want to go the LLC route.
Another advice, don’t spend on things that you really don’t need. Using your money wisely at the beginning of your business might be the smartest thing you can do to survive in the long run.
Over 90% of start-up businesses fail not because they don’t have a great idea but they don’t have the financial backup to go long enough before they start profitting.
Even me, it’s been a rough, rough start, I had about $40,000 just in credit card debit before my business started making positive profit, I almost had to declare bankrupt before I was saved. (I swear it was god!)
Haha, anyways, I think having your own business is priceless. Always take a chance if you have a good business plan and don’t wait until you are too old to take chances. As for me, I didn’t have a choice, I had to make an incubating business successful overnight (in couple months) because I got fired from my old job. Or my other choice was to get another job (just over broke) but glad I risked literally everything I had and now, I am blogging for living.