Crocodile101 wrote in post #11894314
Thank you everyone, I acctually have a credit line of 50k available so all that rent , insurance ect. does not bother me. I own my property (paid for), I am at the moment unemployed for full dedication, my wife is working so future bills are not a problem. Just found out im getting 11k in tax refunds. I put a price of 10k because thats what I'm willing to gamble on to try and make it, after that I would consider what I have going. What does your experience say, is it worth a shot.
I take all comments good or bad, thanks to all.
11k tax refunds.....Just enough for that 500L markII.... Seriously, I am speaking as a former store manager (for 5 years+)of a large retail chain corporation, your store or business won't grow just because you have a physical present. You need a brand recognition. When people think about the name of your studio, it has to associate with certain quality and services. Do you have a lot of exposures at the moment? Do people know you? Sure, you have the capitals to start up a store/business. Your capitals would dry out after paying all the overheads (utilities, insurance, retail sales and fire department licenses, rent--you say you own the property already??, interior furnishing to convert the place into a studio, and etc).
Once you have a store front, you have to open for business 7 days a week, from maybe 10 to 7. I assume you would be the primary photographer. Let me tell you something. When my former company were cutting payroll, I have to open the store by myself in the morning until like 1pm. Then, my closing shift staff would come in. Do you want to get stuck in this store for the entire day by yourself? I hope you have customers in the morning. Otherwise, it is going to be a long boring day for you. You say you want to hire someone to run the store while you are off? You are technically seeking a manager and hopefully he or she is as good as you with photography. Are you willing to allow this person, maybe someone you don't know, to run your store and handling all the transactions? What if he or she is stealing from you?
You don't need a store front to do the actual portrait photography, unless you also perform services such as printing, film development, and others. You can rent a studio for the actual shoot.