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mikeharris7

posts: 4

Dec 29, 2008 1:04 PM ET Quote Report Abuse

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Hi all, I was just laid off for the 2nd time in 15 months. I`ve decided I`ve had enough of that, and would like to start my own business. I have a degree in photography, and I think I`m darn good at it. I`ve figured out a unique idea too. Now I`m trying to put all the pieces together to get this going. I`m going to need a little start up capital, but I`m trying to get a handle on how much. Has anyone done anything along these lines and can offer tips and suggestions?

robertj

posts: 1458

Dec 29, 2008 1:24 PM ET Quote Report Abuse

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Mike,

Sorry to hear about your employment woes.

What I tell my clients to do as the first two steps in the startup sequence are:

1. Get your personal financial house in order. Determine exactly how much you will need (monthly) to survive. Take action to reduce that amount if possible.

2. Prepare a basic financial projection for the business. It doesn`t have to include every minute detail but it should tell you:

a. How much capital will be needed to start the business

b. How long it will be before the business reaches break even

c. When it can pay you enough to cover your personal needs (item 1)

d. How much additional capital will be required to bridge the gaps.

Given the above information, you`ll then need to decide how to acquire the necessary capital. (your capital strategy) and what you will need to do to prepare to acquire it (get Capital Ready)

If you want to discuss the specifics of your situation, send me a PM or contact me directly.

-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

stonesledge

posts: 1093

Dec 30, 2008 12:12 AM ET Quote Report Abuse

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I am so happy to hear that you are taking charge and not living by your circumstances. I know someone that if you call her ( she is a master photographer and so giving) , she would be willing to tell you what it takes to start. Her name is Rae. Tell her Erin Hurry suggested that you contact her for startup advice.

http://www.lighteffectsphoto.com/

Erin

-------------------------

Our Goal Is Your Success!
Founder Girls with Goals

mikeharris7

posts: 4

Dec 30, 2008 8:54 AM ET Quote Report Abuse

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Thanks Erin - really appreciate it. I`ve was thinking about contacting local photographers but I`m concerned they`d consider me to be potential competition. I`d love to talk to someone in the business though. I`ll shoot her an email later on this morning. Thank you again!

stonesledge

posts: 1093

Dec 30, 2008 9:00 AM ET Quote Report Abuse

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Great! She is super nice. And I am assuming you are not in Fredericksburg VA. Even so, she would be glad to help!

-------------------------

Our Goal Is Your Success!
Founder Girls with Goals

mikeharris7

posts: 4

Dec 30, 2008 9:19 AM ET Quote Report Abuse

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Nope - in Austin, TX. :)

startuphelper

posts: 106

Jan 02, 2009 2:50 PM ET Quote Report Abuse

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Mike, it sounds like you`ve got the makings for a great business. With all the economic trickle down affecting so many people this is the time to start thinking about starting your own business. Unfortunately this is no time to be in search of a loan so hopefully you can start small and not require major funding.

I would advise writing up a business plan first so you know exactly what is doable for you. Photography can be a great business to start from home and later move to a retail location. But even for a home based business you need a business plan. It will help you create a road map and force you to consider everything including marketing and your target customer.

I offer business plan help and start up help below. Good luck!

-------------------------

Sylvia Freelance Business Plan Writer

mikeharris7

posts: 4

Jan 02, 2009 4:03 PM ET Quote Report Abuse

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Thanks all - I`m off and running! I`ve had two jobs totalling over $1k in 3 weeks. I know that`s pretty modest but its a start. I had one job doing some executive portraits for a real estate company. After I finished that I asked if they had any buildings they needed photographed. They said they had one building that they had not been able to get a good photo of in years and said if I wanted to take a look at it I was welcome to. I looked at it (boy, not a pretty building) and took some shots using a technique that is pretty different. They loved the photos and are now buying them too.

I do need to make a fairly minimal investment in equipment - probably about $2500 or so, but hopefully I`m headed in the right direction.

Erin - your friend has been very nice and helpful. Much appreciate you pointing me her way!

edit: here`s the shot of the building. http://img.photobucket.com/albums/v713/ravenmore/portfolio/d3a0b546.jpg

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