When did you know it was time to move your photography from hobby to a business?

5 years 11 months ago #423651 by Joslyn
I might as well ask this too.  In my other post I just made here.  I pointed out I've been asked to photograph my first wedding.  It's in France, and I'm super honored for this opportunity.  This has me wondering if I want to pursue a photography  business.  It would be nice to make some spare cash.  How I see it, this isn't something you can just dip your toe into, you need to go all in.  Meaning you need to set up a legit business in order to accept money totaling more than $600 right?  

How did you weigh that decision yourself? 


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5 years 11 months ago #423666 by Geospiri
when you can,t come up with the money to buy the photographic gear the ""you... NEED... so much""


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5 years 11 months ago #423672 by effron
Going "all in" could be a monumental mistake. If you can swing it, do the wedding and some other stuff, and don't quit your day job just yet. Asking for financial advice here is also possibly not wise. Good luck in any event....;)

Why so serious?
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5 years 11 months ago #423692 by CatherineW
Depending on your state fee's, you can become 'legal' to do business with just a few hundred bucks.  Go down to your local court house, register a DBA, file the appropriate paper work, and then go to your existing bank and set up a separate checking account for your new business.  Most banks will let you start a new checking account with nothing to $50 deposit.  

***Remember 9/11***
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5 years 11 months ago #423695 by garyrhook
Setting up a legitimate business can cost next to nothing if you are going to use a Sole Proprietorship and file a schedule C with your 1040. Where I live you have to file a DBA form with the county, and once you get your certificate go to a bank and open a business checking account. You'll have to collect, file and pay quarterly sales tax as well. It's really not hard.

For a few hundred dollars you can set up an LLC, but that requires more pain at tax time.


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5 years 11 months ago #423703 by CatherineW
I live in Fresno California and you CANT set up a LLC here for a few hundred dollars.  Our state wants to tax the heck out of us!

"
  • California: A $20 reporting fee and a statement of information are required 90 days after formation and then every two years. An annual $800 LLC tax is due 75 days after formation and every year thereafter. There is a minimum annual fee of $865 if the LLC's net income exceeds $250,000."
www.legalzoom.com/knowledge/limited-liab.../llc-operating-costs  

***Remember 9/11***
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5 years 11 months ago #423707 by Overread
Setting up a business as stated already can be inexpensive and legally keep you covered if you decided to proceed.  When I started getting more people asking for me to photograph their wedding or event, that's when I made the jump.  I guess you have to do what feels most comfortable to you.  


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5 years 11 months ago #423759 by J Hemingway

CatherineW wrote: I live in Fresno California and you CANT set up a LLC here for a few hundred dollars.  Our state wants to tax the heck out of us!

"

  • California: A $20 reporting fee and a statement of information are required 90 days after formation and then every two years. An annual $800 LLC tax is due 75 days after formation and every year thereafter. There is a minimum annual fee of $865 if the LLC's net income exceeds $250,000."
www.legalzoom.com/knowledge/limited-liab.../llc-operating-costs  



The state needs to pay for all the illegals some how.  :rofl:


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5 years 11 months ago #423801 by garyrhook

CatherineW wrote: I live in Fresno California and you CANT set up a LLC here for a few hundred dollars.  Our state wants to tax the heck out of us!

  • California: A $20 reporting fee and a statement of information are required 90 days after formation and then every two years. An annual $800 LLC tax is due 75 days after formation and every year thereafter. There is a minimum annual fee of $865 if the LLC's net income exceeds $250,000."
www.legalzoom.com/knowledge/limited-liab.../llc-operating-costs  


Well, Texas really is more business-friendly, I guess. Bummer, that.


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5 years 11 months ago - 5 years 11 months ago #423813 by hghlndr6
Yeah, a LLC is a corporation and the hassles regarding setting one up and the fees and complying with all the regulations are going to vary widely from state to state.  There's a good reason why many are established in the state of Delaware (but that opens up a whole other set of hassles regarding operating in your home state as a "foreign corporation").  ;)

Gary is right on a setting up a sole proprietorship.  It's as simple as a DBA, a bank account, and tax filings.  Running the business successfully, though, is a whole other story. ;)

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5 years 11 months ago #423913 by Jessa Layton
When I started getting multiple job requests, and I was mentally ready and financially ready.  


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5 years 11 months ago #424077 by icepics
Your state should have information for small businesses on the state's official website, and the federal gov't. has a small business administration website with info.

Try http://asmp.org or PPA for business info. and resources for photographers. I'd get informed so you know what you're getting into and that can help you make good decisions. Most working photographers have to figure out expenses, a budget, get insurance etc.

I'm not sure about doing photography overseas if it's for pay; if it's a favor for a friend I wonder if that might just be considered to be a vacation?? But if you're doing work in another country you probably need to check into it.

Sharon
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5 years 11 months ago #424106 by TedReichner
When you had the business lined up and a burning desire to go down this path 


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5 years 11 months ago #424307 by Joslyn
A lot to process, thank you.

Let me ask this, are there other than some state fee's, any other negatives I should know about having your own business?  

:thx2:


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5 years 11 months ago #424314 by effron

Joslyn wrote: A lot to process, thank you.

Let me ask this, are there other than some state fee's, any other negatives I should know about having your own business?  

:thx2:


More taxes , insurance and liabilities than you can imagine. You need to do your homework in your state of residence. I operated in California years ago when the leadership was still sane. I left there in 1985 and only miss the coast and Yosemite......:P

Why so serious?
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