Bob,
Congratulations, looks like you have done a bit of research. Something a lot of entrepreneurs do not do well or deeply. One bit of research and planning that many also do poorly is work on exit strategy prior to signing the papers and committing to the dream. Entrepreneurs are great for seeing the potential, are not afraid of hard work and letting it all hang out there, but are all too often very short sighted and dismissive on seeing the dangers and pitfalls. Before jumping in the canoe you should make sure that you have a paddle and a life jacket. How deep is your cash reserve- can you go six months of not meeting expenses nor being able to pay yourself a wage during that time? Will the landlords work with you if things are tight, is there an escape from the lease? Can you survive for a month with out a single client.
You said you are applying for a business loan Bob. I personally think that this is a big mistake for most people. Not sure what you need the cash for but by taking a loan you just increased you chances of failure and added a ton of additional stress to your business and marriage. It is always better to run your business on a cash basis and debt free. It often means that you have to start smaller and move slower but you will still be in the race a year from now. A borrower is slave to the lender. When you borrow money you now have a partner in your business. One that will tell you that they are there to help you but like the government usually just restrict you, get in your way and always demand to be paid first. Buy equipment only as you can afford it (in cash) in the meantime rent if you must and buy good used rather than new. So many mistake WANT for NEED and it bankrupts them. A nickel saved is more than a nickel earned when you consider taxes overhead and such a nickel earned is more like 1.5 cents while a nickel saved is actually more than a nickel as you can invest the whole thing.
Wont do weddings is a mistake do not limit income streams. You do not like doing weddings, I get that, I hate going to the things so I understand. You have two options then. Charge enough that it is now worth it to you. Find a people person, a college age person, art student type or an older retired person or someone looking to break into the photography world and teach them how to take a picture and send them to do the weddings. Saying I dont like this part of photography business so wont do it is an indulgence in my opinion and short sighted. There will be things you are not good at or do not enjoy. Either get good at them, learn to enjoy them or hire someone else that is good at and enjoys them.
Start thinking what other income streams can come into your shop. What about camera repairs (you can send out for repairs) Camera sales used and new (do you like trading and bartering) How about a small gallery with artwork for sale (either your own or on commission for others) Photography classes. Dark room services for those that like the old way of doing things. Photographic supplies (paper, batteries etc) for sale. Set up some way of traveling to clients homes to do the photography (get word of mouth and references) in the very best areas for this exclusive professional service
Be prepared for little pay and lots of hours. Be prepared for seven day work weeks and 16 hour days. Get ready for the city state and feds to all come with their hands in your pockets demanding to be paid first and punishing you if you fill out any one of the hundreds of forms wrong.
A business especially a new business will add a stressor to your marriage. Decide now which is more important and then never forget it. It will be very important for your wife to be on board and completely supportive. It will be just as important for you to not hold things in or keep things from her. The two of you have to communicate very well to each other or there will be problems. There are so many issues that come up, family security, time away, LOL time together, insecurities. Starting to address those issues in the beginning will help to mitigate them.
You might have to open the shop AND take a part time night job until and if the shop pays.
You asked in the OP would I use your shop. The honest answer is no I would not. Just not into getting my picture taken. I am one of those unwashed unsophisticated types. We outnumber the sophisticated elite and people that get rich in business learn how to get our dollar. One of your jobs Bob is to figure out how to make us want/need your expertise and become willing to pay for it.
One more risk that I can think of off the top of my head. That your love and passion becomes a business rather than a hobby you risk losing that love and passion. This as well has to be guarded and worked.
You are an entrepreneur already so you know the benefits, you know the rewards and you know the work. Weigh the benefits vs. the costs then make up your mind and get on it. Small business is what drives our country to greatness and it is better to be in the drivers seat (with eyes open) in my opinion.
Good luck Bob
Regards
Brian King
Congratulations, looks like you have done a bit of research. Something a lot of entrepreneurs do not do well or deeply. One bit of research and planning that many also do poorly is work on exit strategy prior to signing the papers and committing to the dream. Entrepreneurs are great for seeing the potential, are not afraid of hard work and letting it all hang out there, but are all too often very short sighted and dismissive on seeing the dangers and pitfalls. Before jumping in the canoe you should make sure that you have a paddle and a life jacket. How deep is your cash reserve- can you go six months of not meeting expenses nor being able to pay yourself a wage during that time? Will the landlords work with you if things are tight, is there an escape from the lease? Can you survive for a month with out a single client.
You said you are applying for a business loan Bob. I personally think that this is a big mistake for most people. Not sure what you need the cash for but by taking a loan you just increased you chances of failure and added a ton of additional stress to your business and marriage. It is always better to run your business on a cash basis and debt free. It often means that you have to start smaller and move slower but you will still be in the race a year from now. A borrower is slave to the lender. When you borrow money you now have a partner in your business. One that will tell you that they are there to help you but like the government usually just restrict you, get in your way and always demand to be paid first. Buy equipment only as you can afford it (in cash) in the meantime rent if you must and buy good used rather than new. So many mistake WANT for NEED and it bankrupts them. A nickel saved is more than a nickel earned when you consider taxes overhead and such a nickel earned is more like 1.5 cents while a nickel saved is actually more than a nickel as you can invest the whole thing.
Wont do weddings is a mistake do not limit income streams. You do not like doing weddings, I get that, I hate going to the things so I understand. You have two options then. Charge enough that it is now worth it to you. Find a people person, a college age person, art student type or an older retired person or someone looking to break into the photography world and teach them how to take a picture and send them to do the weddings. Saying I dont like this part of photography business so wont do it is an indulgence in my opinion and short sighted. There will be things you are not good at or do not enjoy. Either get good at them, learn to enjoy them or hire someone else that is good at and enjoys them.
Start thinking what other income streams can come into your shop. What about camera repairs (you can send out for repairs) Camera sales used and new (do you like trading and bartering) How about a small gallery with artwork for sale (either your own or on commission for others) Photography classes. Dark room services for those that like the old way of doing things. Photographic supplies (paper, batteries etc) for sale. Set up some way of traveling to clients homes to do the photography (get word of mouth and references) in the very best areas for this exclusive professional service
Be prepared for little pay and lots of hours. Be prepared for seven day work weeks and 16 hour days. Get ready for the city state and feds to all come with their hands in your pockets demanding to be paid first and punishing you if you fill out any one of the hundreds of forms wrong.
A business especially a new business will add a stressor to your marriage. Decide now which is more important and then never forget it. It will be very important for your wife to be on board and completely supportive. It will be just as important for you to not hold things in or keep things from her. The two of you have to communicate very well to each other or there will be problems. There are so many issues that come up, family security, time away, LOL time together, insecurities. Starting to address those issues in the beginning will help to mitigate them.
You might have to open the shop AND take a part time night job until and if the shop pays.
You asked in the OP would I use your shop. The honest answer is no I would not. Just not into getting my picture taken. I am one of those unwashed unsophisticated types. We outnumber the sophisticated elite and people that get rich in business learn how to get our dollar. One of your jobs Bob is to figure out how to make us want/need your expertise and become willing to pay for it.
One more risk that I can think of off the top of my head. That your love and passion becomes a business rather than a hobby you risk losing that love and passion. This as well has to be guarded and worked.
You are an entrepreneur already so you know the benefits, you know the rewards and you know the work. Weigh the benefits vs. the costs then make up your mind and get on it. Small business is what drives our country to greatness and it is better to be in the drivers seat (with eyes open) in my opinion.
Good luck Bob
Regards
Brian King
