Things to do when starting a business

I'm not sure if this has been done before, but I think it would be very helpful to put together a list of things that need to be done when starting a photography business. (I tried searching to make sure this isn't a rehash, but all the keywords I could think of gave me way too many results to sift through.)

I've been contemplating it for the past year, but I'm almost positive that my idea of starting a photography business is naive and simplistic, so if we amateurs could pick the brains of you pros once more, it would be greatly appreciated.

Things I can think of so far:
-get insured: hazard and liability
-get any required permits or business registration (Any idea how much this varies by region?)
-advertise?

What else?

Reading your post made me laugh - only in the US would getting insured be the first thing you think of

What about the obvious - market research? Is there a demand for your photos? Who do you aim to sell to?, and what product? at what price? etc Are you the only person in this category? or is the market place flooded?

Are you aiming for the mainstream or niche marketing?

Do you need a studio? all the time or occasionally?

Where will you source materials? what printing lab to use? albums? frames?

Will you sell online? How?

How will you fulfil your orders? Hand delivery? courier? Client comes to you?

Are you aiming to go full time? If so, how much money do you need to make a month?

These are just a tiny few of the questions that you need to know the answers to. I suggest you sit and write a proper business plan. This will give you a firm idea of where you are going/want to go and review it regularly. There is a well known phrase in business that "Those who fail to plan, plan to fail"

Get a copy of the newest issue of Photo Techniques magazine. It has the first of a two-part article on starting a photo business. Very thorough and well done.

Refine your style and build a basic portfolio.
Do not spend all your resources on gear, you can rent essentials without investing capital.
Assist established Pro's and find a mentor that you can ask questions.
Design a Promo Piece that will go out to Editorial and small Ad Agencies.
This is a people oriented business and people skills are paramount.
Everyone talks about good and bad experiences, especially the bad.
Read as much as possible about pricing your work.
Learn as much as possible about the taxes to be paid on your revenue, those low paying jobs get smaller when you factor in Self Employment taxes and State taxes.
Figure out your Cost of Doing Business, so you can understand how to bid on jobs.
Know when it's best to turn down work because the rate simply too low.
Love what you do, the joy will show in your images.

All very good tips! Thanks for the input so far.

I especially like the idea of assisting an established pro. I'm going to start making calls on Monday to area pros to ask if anyone needs an assistant.

talk to an accountant

Geez...That never even crossed my mind.

I guess that raises the issue of how the pros on here handle their taxes for their business. I wonder if more people go the "home business" route or the full fledged "corporation" thing...