Approve the Cookies
This website uses cookies to improve your user experience. By using this site, you agree to our use of cookies and our Privacy Policy.
OK
Index  •   • New posts  •   • RTAT  •   • 'Best of'  •   • Gallery  •   • Gear  •   • Reviews
Guest
New posts  •   • RTAT  •   • 'Best of'  •   • Gallery  •   • Gear  •   • Reviews
Register to forums    Log in

 
FORUMS Post Processing, Marketing & Presenting Photos The Business of Photography 
Thread started 14 Jun 2016 (Tuesday) 22:51
Search threadPrev/next
sponsored links
(this ad will go away when you log in as a registered member)

Question, I don't even know how to title this

 
Josilou
Member
56 posts
Gallery: 1 photo
Likes: 47
Joined Jul 2009
     
Jun 15, 2016 14:38 |  #31

Why not consider paying for the past equipment, course and anything else out of the "Profits" once you have made some. Your loan is a start up cost isn't it?

I agree with the others that having your own bank account for your business is important. It's not going to work otherwise if you mix business and family money.

Did you plan on being a photographer in a partnership? If you want to work for yourself, just as yourself, you'll need to have a different arrangement, and may need to consider not sharing all the information with someone else who does not have the best interests of your business or yourself at heart.


Canon EOS 70D EOS Digital Rebel XT / EOS 350D / Kiss Digital N EOS 5D Mark III | Canon EF 50mm f/1.8 II EF 24-105mm f/4L IS USM EF-S 18-135mm f/3.5-5.6 IS STM EF-S 10-18mm f/4.5-5.6 IS STM EF-S 18-55mm f/3.5-5.6 II EF 100-300mm f/4.5-5.6 USM EF 35-80mm f/4-5.6 III USM EF 85mm f/1.8 USM EF 100mm f/2.8 Macro USM EF 17-40mm f/4L USM | Sigma 70-200mm f/2.8 EX DG APO OS HSM | Canon Speedlite 430 EX

  
  LOG IN TO REPLY
sponsored links
(this ad will go away when you log in as a registered member)
Archibald
You must be quackers!
Avatar
7,744 posts
Gallery: 319 photos
Best ofs: 1
Likes: 11555
Joined May 2008
Location: Calgary
Post edited over 2 years ago by Archibald.
     
Jun 15, 2016 15:17 |  #32

atsilverstein wrote in post #18040333 (external link)
I don't qualify for a business loan because I haven't had the business open for at least a year. And since I've been a SAHM for the past several years I could only qualify with combined household income. I am assuming loan qualifications have gotten more stringent since the collapse of the financial market 2008.

OK, if nobody will give you a business loan, and if you must have gear now, then you have to underwrite it yourself. And that will stress the family finances.

Financial institutions know that starting up a business is risky. If they won't give you a loan, take that as wise counsel. You are too high a risk to them.

An alternative way to build a business would be by bootstrapping - start with the gear you have and fund new acquisitions with earnings from your photography work. There is much less risk that way.

Your new business seems to be in conflict with what hubby wants. That is going to make things difficult for both of you. Unfortunately we at POTN can't do anything about hubby's viewpoint. So for that reason alone, it is probably best to keep that talk to a minimum.


Sony RX10 IV, Canon 7D2, Canon 77D, assorted Canon lenses
C&C always welcome.
Picture editing OK
Donate to POTN here

  
  LOG IN TO REPLY
Scott ­ Spellman
Member
203 posts
Gallery: 2 photos
Likes: 122
Joined Oct 2015
Location: Royal Oak MI
     
Jun 16, 2016 08:31 |  #33

atsilverstein wrote in post #18039757 (external link)
I am in the process of going pro and so I am starting my own LLC. I've taken out a 10k loan, $7500 of which is for new gear and equipment that will be enough to work a wedding I have booked in August. I also have a couple of smaller jobs before then. The rest of the loan amount is to give me some cushion while I am starting up. My monthly bills for everything including the loan is under $500. My husband wants me to pay him back for the prior things that have been bought for the photography, which he then wants transferred into the business as business assets. Has anyone else done this? I understand it's just swapping things around but I'd rather not use the loan funds to pay ourselves when I haven't even officially started.. basically he was saying that I owe him that money back. Help.

Get a professional accountant to setup your accounts properly and make proper decisions based on expert advice instead of amateur whim.




  
  LOG IN TO REPLY
AZGeorge
Goldmember
Avatar
2,461 posts
Gallery: 3 photos
Likes: 642
Joined Dec 2010
Location: Southen Arizona
     
Jun 16, 2016 18:06 |  #34

You may want to search out a good marriage counselor and, unless you pretty certain your spouse would participate willingly, make the first appointment a solo.

What seems to be coming off as selfish and controlling may (or may not) be based or perceived (or even real) business acumen. A safe place in which to explore might be worth the time and effort.

In any event best wishes for your new business.


George
Democracy Dies in Darkness

  
  LOG IN TO REPLY
Capn ­ Jack
Goldmember
Avatar
2,267 posts
Gallery: 995 photos
Likes: 5229
Joined Mar 2010
Location: NE USA
Post edited over 2 years ago by Capn Jack.
     
Jun 16, 2016 21:16 |  #35

Also consider a bookkeeping class, or a financial accounting class. This will let you set up accounts properly so that it is easier to handle your taxes, if nothing else. I also agree with keeping the business account separate from personal accounts. Even if you follow the advice above about getting an accountant accountant to set up initial books, it will be a great help in understanding why he set things up as he did and enable you to ask better questions about the arrangement of the accounts.

I hope you get things worked out at home and I hope your business is a success.




  
  LOG IN TO REPLY
BigAl007
Cream of the Crop
Avatar
7,954 posts
Gallery: 542 photos
Best ofs: 1
Likes: 1596
Joined Dec 2010
Location: Repps cum Bastwick, Gt Yarmouth, Norfolk, UK.
     
Jun 17, 2016 05:54 |  #36

Here in the UK we have local Enterprise services, my local one being the Norfolk &Waveny Enterprise Service (I think thats the full name, they go by NWES most of the time). They offer free courses on setting up your own business. These cover all the important stuff like finance, tax registration, costings and even producing a business plan. Along with the courses they also have support and mentoring services. I did their seting up a small business course a few years ago, and it was really helpful. I am sure that you must have similar services over in the USA.

From what you have said here I think that at this moment in time taking out a significant personal loan to finance your business is not the cleverest of ideas. I second the idea of going to marrage guidance. I can say that as unpleasant as it can be to confront those things now can be, the later regret at not dealing with it can end up being even worse.

Alan


My Flickr (external link)
My new Aviation images blog site (external link)

  
  LOG IN TO REPLY
ThreeHounds
Senior Member
Avatar
830 posts
Gallery: 76 photos
Likes: 474
Joined Mar 2014
Location: Delray Beach, Fl USA
Post edited over 2 years ago by ThreeHounds.
     
Jun 17, 2016 07:28 |  #37

BigAl007 wrote in post #18042080 (external link)
Here in the UK we have local Enterprise services, my local one being the Norfolk &Waveny Enterprise Service (I think thats the full name, they go by NWES most of the time). They offer free courses on setting up your own business. These cover all the important stuff like finance, tax registration, costings and even producing a business plan. Along with the courses they also have support and mentoring services. I did their seting up a small business course a few years ago, and it was really helpful. I am sure that you must have similar services over in the USA.

Alan

Yes, here we have the SBA (Small Business Administration). They can be very informative and helpful for people starting on the path for the first time. Lots of local retired people are more than willing to mentor in adition to the program.

Link (external link)


5D MkIII | 7D | Bronica ETRS
EF 24-105 f/4 L | EF 85mm f/1.8 USM | EF 17-40 f/4 L | EF 70-300 f/4 L | 105 f/3.5 Zenzanon | Tamron SP90 f/2.8 Di Macro VC USM
flickr (external link)

  
  LOG IN TO REPLY
atsilverstein
THREAD ­ STARTER
Goldmember
Avatar
1,254 posts
Gallery: 46 photos
Likes: 1717
Joined Mar 2015
Location: NYC Metro
     
Jun 17, 2016 07:53 |  #38

I am doing everything through Legalzoom to set everything up and to make sure taxes are taken care of. I'm setting up my business bank account today and will transfer the remaining loan balance into it.

I tried going through the SBA but apparently it depends on the state how robust the program is.


It matters not how strait the gate, How charged with punishments the scroll. I am the master of my fate: I am the captain of my soul.
- William Ernest Henley

  
  LOG IN TO REPLY
joedlh
Cream of the Crop
Avatar
5,275 posts
Gallery: 36 photos
Likes: 411
Joined Dec 2007
Location: Long Island, NY, N. America, Sol III, Orion Spur, Milky Way, Local Group, Virgo Cluster, Laniakea.
     
Jun 17, 2016 08:06 |  #39

I didn't read all the responses. However, I think there are aspects to this situation that go beyond what a bunch of photographers or small business owners can help you with. Your husband's actions bespeak of other underlying issues that should be taken up with a counselor.


Joe
Gear: Kodak Instamatic, Polaroid Swinger. Oh you meant gear now. :rolleyes:
http://photo.joedlh.ne​t (external link)
Editing ok

  
  LOG IN TO REPLY
mikeinctown
Goldmember
2,075 posts
Likes: 221
Joined May 2012
Location: Cleveland, Ohio
     
Jun 17, 2016 10:22 |  #40

atsilverstein wrote in post #18042149 (external link)
I am doing everything through Legalzoom to set everything up and to make sure taxes are taken care of. I'm setting up my business bank account today and will transfer the remaining loan balance into it.

I tried going through the SBA but apparently it depends on the state how robust the program is.

Legalzoom is for documents. What you really need to do is sit down with an accounting professional and find out what is legal in your state as far as deductions, how to handle sales, collecting sales tax, etc. The accountant will help you far more than you may think. If you haven't already, you'll need to seek out several photography contracts and also go through the forum here to get ideas on what to add to that contract. Don't do any job without a contract in place as you'll only wind up creating more of a hassle for yourself. Have a lawyer look over anything you come up with and approve or help you make changes.

I think as you go along you will find that the actual photography aspect of the business is by far the smallest part of running that business. Take care of the really important stuff and the artistic side will fall into place.




  
  LOG IN TO REPLY
rob0225
Senior Member
268 posts
Likes: 10
Joined May 2011
     
Jun 21, 2016 21:08 |  #41

Bounce this bozo. If he is being this much of a jerk instead of trying to help you in your venture (as a husband should). You don't need him, find someone who will treat you like a wife should be.


http://www.randsphoto.​com (external link)

  
  LOG IN TO REPLY
rrblint
Listen! .... do you smell something?
Avatar
22,160 posts
Gallery: 38 photos
Best ofs: 2
Likes: 1555
Joined May 2012
Location: U.S.A.
     
Jun 21, 2016 21:17 |  #42

rob0225 wrote in post #18046395 (external link)
Bounce this bozo. If he is being this much of a jerk instead of trying to help you in your venture (as a husband should). You don't need him, find someone who will treat you like a wife should be.

Such good advice Dr. Freud.:rolleyes:


Mark

  
  LOG IN TO REPLY
sponsored links
(this ad will go away when you log in as a registered member)

5,574 views & 26 likes for this thread
Question, I don't even know how to title this
FORUMS Post Processing, Marketing & Presenting Photos The Business of Photography 
AAA
x 1600
y 1600

Jump to forum...   •  Rules   •  Index   •  New posts   •  RTAT   •  'Best of'   •  Gallery   •  Gear   •  Reviews   •  Member list   •  Polls   •  Image rules   •  Search   •  Password reset

Not a member yet?
Register to forums
Registered members may log in to forums and access all the features: full search, image upload, follow forums, own gear list and ratings, likes, more forums, private messaging, thread follow, notifications, own gallery, all settings, view hosted photos, own reviews, see more and do more... and all is free. Don't be a stranger - register now and start posting!


COOKIES DISCLAIMER: This website uses cookies to improve your user experience. By using this site, you agree to our use of cookies and to our privacy policy.
Privacy policy and cookie usage info.


POWERED BY AMASS forum software 2.1forum software
version 2.1 /
code and design
by Pekka Saarinen ©
for photography-on-the.net

Latest registered member is milashinyz
370 guests, 331 members online
Simultaneous users record so far is 15144, that happened on Nov 22, 2018

Photography-on-the.net Digital Photography Forums is the website for photographers and all who love great photos, camera and post processing techniques, gear talk, discussion and sharing. Professionals, hobbyists, newbies and those who don't even own a camera -- all are welcome regardless of skill, favourite brand, gear, gender or age. Registering and usage is free.