Secure All You Need Get a Small Business Loan for Photographers
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Dreaming of starting your own photography business but don’t know where to start? Here’s a look at some of the essentials you’ll need to start a photography business, plus how those tools can help you be successful.
Starting your own business is a daunting but exciting challenge, and one you’ve likely been dreaming of for a while. Launching a photography business is a great way to bring in extra income and can even grow to a fulltime gig—but you may be wondering where to start. From having the right tools to tackle all aspects of your business to setting goals building strategies, here’s how to get your new photography business started:
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Starting a photography business is a big endeavor, and you’ll have to be committed and take your business venture seriously for it to be successful. It helps to think of photography no longer as a hobby, but as your work. You’re not a freelancer, you’re a business owner.
While the type of photography you do will affect the cost (for example, being a wedding photographer is typically more expensive than shooting portraits), the average estimated cost for starting a photography business is around $10, 000.
First-time professional photographers usually charge between $75 all the way up to $300 an hour, depending on their level of education, training and skill. Other photographers choose to charge per final edited image, with cost ranging from $50-$350 an image. Some photographers choose to offer a lower rate for editing versus shooting but watch that you aren’t underestimating your charges—editing a photo can take between 5-30 minutes, depending on how much post-production you need to do.
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In the spirit of taking your business venture seriously, set up a separate bank account for all your business-related expenses and payments; that way money management will be much easier as your business grows, not to mention less stressful during tax season.
If you’re starting your own photography business you likely already own key pieces of equipment, such as a digital SLR camera, a few lens options and a tripod. At this point in your business journey, you should be actively trying to avoid debt when possible. Don’t go overboard buying lighting kits, backdrops and other pricey purchases until you can afford them. In addition to photo-capturing equipment, you’ll also need backup hard drives, extra SD cards and quality photo-editing software.
There are equipment needs outside of just photography gear to keep in mind, too. The “business side” of your company will require certain tools as well, like accounting software and payment-acceptance hardware. For individuals just starting out their business, there are plenty of affordable (sometimes free) tools at your disposal. A mobile POS (point-of-sale) system will cover your invoicing and payment acceptance needs when coupled with a travel-sized card reader. Mobile POS software operates on your phone, so you can collect payment on the spot rather than emailing an invoice.
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When choosing merchant payment services, look for providers that will scale with you. While you are just one person now, you may expand your business later by hiring a photography assistant, bookkeeper or a second shooter. Look for accounting and POS tools that will grow with you, allowing you to have multiple points of sale and cloud-based access to business essentials.
For professional photographers, your camera is your lifeline. Imagine a possible scenario where you’re shooting a family portrait outdoors. Your camera is sitting on your tripod, and you look away for a moment just as a heavy gust of wind brings the tripod crashing to the ground, camera and all. Having your equipment insured means the difference between being out of work while you save for a new camera or getting back to business quickly.
Any seasoned photographer knows that accidents happen. That’s why contracts exist—to protect you in case of accident, like files getting corrupted or SD cards mysteriously disappearing. To protect you and your business, seek the services of a legal advisor to help you in writing a standard contract to protect you from being sued in case of an accident; this is especially important if you’re photographing one-time only events like weddings.
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You will also need legal advice on payment collection and cancellation policies. It’s very important that you create concrete payment guidelines up front, and that you keep the rules you set. While hiring a lawyer does come at a financial cost, having certainty that your contracts and insurance forms are correct can prevent you from more difficult legal work later. Plus, if you do have to enact any part of your contract, you will have legal aid on the ready.
The final step in setting up a photography business is to register it. There are many ways you can register a business, but for a solo venture, there are essentially two options to choose from:
Starting a photography business is challenging. Starting any new business is stressful, but with thoughtful prep work, strategic planning, reliable advice and plenty of hard work, you could turn your passion for photography into your life’s work.
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Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.Running a successful photography studio can be expensive. Equipment and marketing can cut into cash flow, making it difficult to meet day-to-day obligations. However, there is a way to shore up cash flow and meet your business goals. SmartBiz Loans works with customers across every industry, including photography. Read on to learn about a real photographer who came to SmartBiz for low-cost financing. Successful photography business funded fast with an SBA loan Derrick Bryant Photography, owned by Derrick Bryant, is a photography studio successfully expanding with low-cost funding from a bank in the SmartBiz network. To spark growth, move into a new space, and purchase equipment, Bryant initially went the traditional route for a small business loan. “I went to a bank and it was very difficult for me. I gave them all of my documents showing them where I started and where I am now. I explained that I needed funds to move into a studio or I could potentially go out of business, ” he says. Although he was prepared and financially stable, the bank lowered the requested amount and ultimately said they couldn’t approve the loan. Bryant is well connected in his community and asked for advice from another small business owner who had recently opened a new location for her bridal shop. “At this time, I’d been trying to get funding to grow for years. Another business owner in the community told me about SmartBiz so I checked it out.” Bryant worked with his accountant to pull together the requested loan application documents and uploaded them to the secure SmartBiz online platform. Bryant secured an SBA loan through a SmartBiz bank partner with low rates and a 10-year term. Funding options for photography studios Although SBA loans are known as the “gold standard” in small business financing due to low rates and long terms, there are other options available. Here’s information you need to know before you apply. There are three types of SBA loan programs available for photography studio businesses, the 7(a) Loan Program, the CDC/504 Loan Program and the Microloan Program The 7(a) Loan Program An SBA 7(a) loan can be used for a variety of purposes to strengthen a photography studio’s bottom line. Acceptable uses of proceeds include: Working Capital – Purchase equipment, increase inventory, add marketing programs, use for operating expenses or hire additional staff. Debt Consolidation Loans – Refinance merchant cash advances, short-term business loans, high interest business loans, daily or weekly payment loans, or business credit cards. Commercial Real Estate – Refinance an existing commercial real estate mortgage, buy an office building or other owner-occupied commercial space. For in-depth information about the popular SBA 7(a) loan program, visit the SmartBiz Small Business blog and review our comprehensive article: What is an SBA Loan? The 504 Loan Program This program was created to give small businesses low cost funds for expansion or modernization. Typically, up to 50% of project costs are funded by a lender backed by the SBA. CDCs (Community Development Corporations) usually fund up to 40% of the project cost. The final 10% is a cash down payment expected to come from the small business owner. A 504 SBA loan might be a good fit for small business owners interested in purchasing a commercial real estate property and if their unique business circumstances fit with the public policy goals of your local CDC. The Microloan Program The Microloan Program is for very small businesses, including start-ups and provides loans of up to $50, 000. Requirements to qualify for a
When choosing merchant payment services, look for providers that will scale with you. While you are just one person now, you may expand your business later by hiring a photography assistant, bookkeeper or a second shooter. Look for accounting and POS tools that will grow with you, allowing you to have multiple points of sale and cloud-based access to business essentials.
For professional photographers, your camera is your lifeline. Imagine a possible scenario where you’re shooting a family portrait outdoors. Your camera is sitting on your tripod, and you look away for a moment just as a heavy gust of wind brings the tripod crashing to the ground, camera and all. Having your equipment insured means the difference between being out of work while you save for a new camera or getting back to business quickly.
Any seasoned photographer knows that accidents happen. That’s why contracts exist—to protect you in case of accident, like files getting corrupted or SD cards mysteriously disappearing. To protect you and your business, seek the services of a legal advisor to help you in writing a standard contract to protect you from being sued in case of an accident; this is especially important if you’re photographing one-time only events like weddings.
Small Business Loans For Minorities Guide
You will also need legal advice on payment collection and cancellation policies. It’s very important that you create concrete payment guidelines up front, and that you keep the rules you set. While hiring a lawyer does come at a financial cost, having certainty that your contracts and insurance forms are correct can prevent you from more difficult legal work later. Plus, if you do have to enact any part of your contract, you will have legal aid on the ready.
The final step in setting up a photography business is to register it. There are many ways you can register a business, but for a solo venture, there are essentially two options to choose from:
Starting a photography business is challenging. Starting any new business is stressful, but with thoughtful prep work, strategic planning, reliable advice and plenty of hard work, you could turn your passion for photography into your life’s work.
Personal Loans For Small Business: What To Know
Loan approval is subject to credit approval and program guidelines. Not all loan programs are available in all states for all loan amounts. Interest rate and program terms are subject to change without notice. Mortgage, home equity and credit products are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.Running a successful photography studio can be expensive. Equipment and marketing can cut into cash flow, making it difficult to meet day-to-day obligations. However, there is a way to shore up cash flow and meet your business goals. SmartBiz Loans works with customers across every industry, including photography. Read on to learn about a real photographer who came to SmartBiz for low-cost financing. Successful photography business funded fast with an SBA loan Derrick Bryant Photography, owned by Derrick Bryant, is a photography studio successfully expanding with low-cost funding from a bank in the SmartBiz network. To spark growth, move into a new space, and purchase equipment, Bryant initially went the traditional route for a small business loan. “I went to a bank and it was very difficult for me. I gave them all of my documents showing them where I started and where I am now. I explained that I needed funds to move into a studio or I could potentially go out of business, ” he says. Although he was prepared and financially stable, the bank lowered the requested amount and ultimately said they couldn’t approve the loan. Bryant is well connected in his community and asked for advice from another small business owner who had recently opened a new location for her bridal shop. “At this time, I’d been trying to get funding to grow for years. Another business owner in the community told me about SmartBiz so I checked it out.” Bryant worked with his accountant to pull together the requested loan application documents and uploaded them to the secure SmartBiz online platform. Bryant secured an SBA loan through a SmartBiz bank partner with low rates and a 10-year term. Funding options for photography studios Although SBA loans are known as the “gold standard” in small business financing due to low rates and long terms, there are other options available. Here’s information you need to know before you apply. There are three types of SBA loan programs available for photography studio businesses, the 7(a) Loan Program, the CDC/504 Loan Program and the Microloan Program The 7(a) Loan Program An SBA 7(a) loan can be used for a variety of purposes to strengthen a photography studio’s bottom line. Acceptable uses of proceeds include: Working Capital – Purchase equipment, increase inventory, add marketing programs, use for operating expenses or hire additional staff. Debt Consolidation Loans – Refinance merchant cash advances, short-term business loans, high interest business loans, daily or weekly payment loans, or business credit cards. Commercial Real Estate – Refinance an existing commercial real estate mortgage, buy an office building or other owner-occupied commercial space. For in-depth information about the popular SBA 7(a) loan program, visit the SmartBiz Small Business blog and review our comprehensive article: What is an SBA Loan? The 504 Loan Program This program was created to give small businesses low cost funds for expansion or modernization. Typically, up to 50% of project costs are funded by a lender backed by the SBA. CDCs (Community Development Corporations) usually fund up to 40% of the project cost. The final 10% is a cash down payment expected to come from the small business owner. A 504 SBA loan might be a good fit for small business owners interested in purchasing a commercial real estate property and if their unique business circumstances fit with the public policy goals of your local CDC. The Microloan Program The Microloan Program is for very small businesses, including start-ups and provides loans of up to $50, 000. Requirements to qualify for a