Starting My Own Business ---Am I Crazy

[stephenthomas]

Well after almost 27 years of working for someone else , By the end of next year . My wife and me want to run things ourselves, My wife's job at the Dallas Morning News wont be around for Long ---She is a graphic artist 27 years worth , I have about 13 years of Portriat Photography ,Doing mostly church Photography ,By this time next year we hope to be busy enough ourselves --I am still working for Olan Mills And I like it , And My wife is still working So Far
===Any Advice ===
So far I have gotten nothing but good advice from this forum
My wife is very proficient In all Facets of Design , I don't worry about her as much as me
I need to break out of the box and try some small weddings , Kids shoots , and other venues on a small scale

Wish us Luck

[ronocnikral]

well, they only way to know if you will succeed is to try! do it!

[bondarnes]

If one of you is a better schmoozer than the other then that person should be out booking business for you now. In this economy I wouldn't recommend anyone giving up their day job to start a new business. You really need to have a base of clients and a dynamite marketing plan before making this leap.

[stephenthomas]

Don . We are keeping are Jobs and working on this part time now , My wifes Job , I dont think she will have by the end of the year , Our plan is by the end of next year is to be rolling full time ----But who knows with this economy

[HotHolly]

take off running is my advice. act like its a FT job right now to generate new clients. i also think that most successful photogs have a niche. there are some exceptions, but for the most part, you cant be everything to everyone - that seems to attract no one. id also really study other photographers who have been doing this FT for a while, and take some biz classes at a local college. if you want any help, feel free to email me.

[ggeen]

Since I've been thinking about the same thing too, not now but when I retire in a few years. I'm a 20-to-lifer at a large Fortune 200 corporation.

1. do some research. I recently picked up Legal Handbook for Photographers and Business and Legal Forms for Photographers. These are two great resources to start with. The are listed under the "Bookstore" link at TPF.
2. Write a business plan. Do that now and give yourself some time to change it up.
3. Decide if you are going to work out of the house or own a studio. My initial plan is to home office and rent studio space on an as needed basis. My main focus will be "on-location" photos.
4. File a DBA "Doing Business As" or better yet, LLC "Limited Liability Corporation"
5. Visit the Comptroller's Office and get your Texas tax id.
6. Go down to your local bank and open a business account for your DBA or LLC. Fund it. Mark this down in your accounting journal as owner's equity. Do NOT intermingle company money and your money. Give yourself a salary. Don't just take from the business when you need it.
7. Oh yeh, learn a little accounting. At least keep a journal of cash flow in and out.

Gosh, I'm sure there is a lot more stuff, but that is all I can think of at the moment.

Oh, GOOD LUCK! We're pulling for you.