7. Set up bank accounts
Where is the money from your photography business going to go? You need to create new accounts that keep your business checking and savings separate from that of your personal use. That means when you are paid for services for your business,s those funds should be deposited into the business checking account. You will need to pay for any of your business expenses through this account, too, such as paying your accountant or paying for marketing services.
8. Consider any business loans or credit you need
If you are opening your new photography studio, you may want to think about purchasing real estate for that purpose. If that is the case, you can obtain a loan, depending on your creditworthiness, to do this. Many times this is a cost that comes later in the business once you are more established and have built up the credit you need for your company.
However, many business owners find it beneficial to set up a business credit card soon. A business credit card allows you to easily account for all of your business expenses. That may include purchases you make for your company, paying for materials, and anything else. The key here is that you’ll want to keep costs as low as possible. Plan to pay off your expenses on the credit card each month to help keep costs better under control.
If you need startup funds to help get your business off the ground, you can talk to your bank or other local lenders. Consider Small Business Administration (SBA) loans when possible. These are designed to be affordable and easier to access for business owners who may just be getting started.
9. Find Your Space
You may already have done this step, but if not, now is a good time to consider where you will operate your photography business going forward. Here’s the good news. Most photography studios do not have to be very large and can be quite small, especially if you are just getting started.
When choosing a location, consider your budget as a starting point. Be sure you have the money available to pay the lease even if you do not have any or many clients. Then, consider location in terms of where it will be. You may be tempted to choose a location close to home, but instead, consider things like where your customers may be or where there is the least amount of competition.