Starting up a photographic business

Messages
49
Edit My Images
No
#1
I plan to launch a photography company in June. yes I will be part time to start, but within 7 years I plan to be a full time photographer. My business plan reflects this.
As I have spent a lot of time on this I just want to listed everything I have sorted just to check in case I missed anything.

I have an accountant -will register for tax
Business Plan - which has be checked by my account, a photographer, and a business contact who has a lot of experience in setting up companies.
Bank details set up.
Website done with integrated shopping cart.
PE, Public liability and equipment insurance.
Marketing sorted (part of business plan).
Pricing sorted (part of business plan).
Workflow tested.

is there anything else?
 
Messages
6,153
Name
Darren
Edit My Images
Yes
#2
is there anything else?
Might help to know what sort of images you are looking to supply, to who and how (as in stock or to order etc).
 
S

Steve

Guest
#3
Equipment requirements/needs and replacements for if/when any of it get broken or should develop faults.

Life expectancy of equipment too, along with projected costs for replacement.

Printing requirements if needed.
 
OP
OP
J
Messages
49
Edit My Images
No
#4
I will be doing weddings ,events and portraits(sp),
equipment cost have been taken into account within the business plan

but thanks for the feedback
 
Messages
1,170
Name
Carl
Edit My Images
Yes
#6
Insurance:-

Publicly Liability - whilst on site taking photos
Indemnity - if employing anyone (I think)
Equipment Insurance - thieving scroats
 

dod

Droopy
Staff member
Messages
26,146
Name
Ebenezer McScrooge III
Edit My Images
Yes
#7
first thing I'd do is add 30% to the expenses and subtract 30% from the income. Not meaning to be negative but I've never seen a business plan yet which was worth more than the paper it was written on.

Also see if you can get any financial assistance from the Local Enterprise body. They probably wont help as you're part time but worth a shout.

At this stage I wouldn't set up a business bank account either. What's the point in accruing charges, just use a new personal one and wait for them to catch up, they won't normally look to apply charges retrospectively, just move you to a busines account at the time. If you have to set one up make sure the first year is free.

The one big thing I'm seeing missing is market research. You've probably covered it already but can your area stand another wedding photog? Is your pricing competitive or are you offering something better than the competition? Have you already got potential customers lined up or are you going in cold?

How are you going to handle customer enquiries when you're at the day job? People are going to want to talk to you, probably face to face, and if you're at work it's going to be difficult, unless of course you're work is flexible enough to cope. The weekends are going to be out as hopefully you'll be doing shoots.

Have you thought about VAT registration? Bit of a pain if you don't have to but it can present the image of you being a bigger set up than you are, especially if you're dealing with busineses. Your accountant should be able to advise you properly on what's required.
 
Messages
11,348
Name
Adam
Edit My Images
Yes
#8
orangepeel said:
Only thing I don't see there is company registration. Everything else appears covered.

He doesn’t need to register as a company OP; he can just trade as a 'Sole Trader'. A self-employed photographer if you like. :)
-----

VAT registered...I'd wait a while, nothing worse than struggling though your first year and then find you have to pay the VAT man his couple of thou...unless you plan to turn over more than £47,000 in your first year that is....I think its 47, it may be higher now...possibly lower. (ask you accountant)
 
Messages
180
Edit My Images
Yes
#10
Forbiddenbiker said:
He doesn’t need to register as a company OP; he can just trade as a 'Sole Trader'. A self-employed photographer if you like. :)
I know it's not a requirement, I just didn't see it on the list so added it as a reminder.
 
Messages
2,146
Edit My Images
Yes
#11
Have you built contingency into your plans. I would say a 7 year plan is probably your answer, but always worth having a backup plan if work dries up etc during quite periods.

Seeing as you have already taken the steps mentioned in your 1st post, your miles futher down the line than most people looking to start up a 1 man band :thumb:
 
Messages
137
Name
Mark
Edit My Images
Yes
#12
dod said:
At this stage I wouldn't set up a business bank account either. What's the point in accruing charges,
To avoid bank charges use Abbey business banking, saves a fair bit of cash each year , it's free :)

http://www.anbusiness.com/

Best to stick with one bank from the start rather than changing banks as soon as the 1st years free banking is finished, as if you ever need to borrow money / open credit trade accounts etc, one of the questions asked is usually length of time with bank etc.


Good luck !

Mark.
 
Messages
5,298
Name
Gary
Edit My Images
Yes
#13
Lots of good feedback already. I would re-iterate Dod's remarks about adding to your costs and reducing your income. If the plan won't work with that adjustment, ask some serious questions!

A cash-flow plan is more important than a business plan in financial terms. Your business plan will have financials that are aimed at lenders, banks, etc. The cash-flow plan is for YOU. You need to know where your cash position will be at, say, month 36 if your plan fails to deliver the required income. Business plans often assume money in-money out is balanced. What if payment is delayed?

This may sound negative but you should consider the most bleak of propsects . Once you have envisaged how bad things can go it is amazing how hard you will work to avoid being there!

Good luck and have fun doing it :thumb:
 
M

madmike

Guest
#14
Firstly - get a degree in marketing!! (you think I'm kidding!)
Then buy your camera.
Never ever underestimate just how hard it can be!
Try to have a second form of income.
Make a list of all the places of interest in your area and try to get good photos of them - then add local photo library/stock photos to your business.
I still sell photos I took years ago for at least £50 each!
Get a load of post card size/type flyers (about 2500 if you can) and do a mail drop all around you area including local businesses.
If you have a particular interest (ie sailing, fishing, mountain biking or whatever) try to building a stock of photos.
Never ever underestimate the problem of cash flow, especially in the winter months.
Keep a tight grip on credit - for whatever reason many companies/people think they can pay for photography when they feel like it or after 90 days. Make it clear what you terms are.
If you have a biggish shed, perhap set it up to do product pack shots for local companies.
Most adverting is a waste of time! - Don't accept free adverts instead of payment!
Good luck!

madmike;)
 
OP
OP
J
Messages
49
Edit My Images
No
#16
Thanks everyone for the feedback.
market research[/B] I have spent 3 months researching my target market so have a good understand of who I am going to target
marketing The website will only be a small part of my marketing. The main use for the website will be for online purchasing and displaying my work for client to proof. I have a number of other marketing idea, which I have been running past a marketing expert.

I will start as a sole trader for the 1st year to see how it goes, if goes a well then I will move to an ltd.



Finally it is good that the site is back on line.
 
Top