Llc Or S Corp For Photography Business – The number one question that successful photographers ask is how to start a photography business. People see their work, travel, money and lifestyle and want it for themselves.
Perhaps, you have gained some experience and have been shooting for a while, and now you want to turn your passion for photography into a business.
Llc Or S Corp For Photography Business
Choosing to start a photography business and taking it seriously is a great honor, especially considering that most young photographers either don’t know or don’t care about the business.
S Corp Vs. Llc: Tax Difference And Benefits
You want to focus on the equipment and creating good photos, but unfortunately, neglecting the business will spell death for your photography career.
The truth is, you need to focus on steps 1, 2 and 3 before you can worry about 4-500. Many budding photographers start with social media because it’s easy and popular, or worse, they dive into the market and start shooting quickly, making all sorts of mistakes.
99% of photographers never plan to become a business owner. At best, they can refer to themselves as freelancers who get paid to work.
Their faith in their work of photography is great, but they feel misunderstood in the best business. If you’re anything like me, photography has always been an escape from education. I prefer to express myself or tell a story with a camera instead of sitting in a classroom.
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Let’s face it, you didn’t start a photography business because you wanted to own a business. you want to take a picture. Plain and simple.
There are marketing, branding, pricing, packaging, approval and other small areas of business that are quickly becoming equal parts of your business.
Prices vary greatly as a photographer, whether you are just starting out or looking to grow your business into something bigger. Here we will cover low cost for photographers or you can explore the costs involved in growing your photography business and taking your business to the next level.
I like to call it MVB because of the size and scale needed to pay for your equipment and other expenses (listed below) up to the spaghetti number (how much money you need to survive if you spend every night eating spaghetti).
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If you want to grow your MVB into something bigger and really take it to the fullest, check out our 2016 guide to growing your photography business.
Equipment is nothing. You want me to tell you what equipment to buy because deep down you think that if you have the equipment that the best photographers use you will be as successful as them.
But don’t feel bad. We do this in almost every aspect of our lives. Bookcases full of unread books, closets full of used clothes, and cupboards full of kitchen utensils we will never use. We got it because we wanted a shortcut.
If you’ve been around for a while and own one of these cameras, buy a Nikon D750 or Canon 70D.
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Strong love is coming: There is no difference between Nikon and Canon. I won’t argue with that. If you need *me* to pick one for you, do you really believe you can run a business if you can’t decide between cameras? I’m a bit harsh, but I want you to see it for what it is. You know I love you.
I got my first Nikon because a friend of mine had a cool lens I wanted to borrow. You should do this, especially if you are just starting out. Get the same type of camera they have and get as much as you can to learn how to use the new equipment. BUT want to do this for them.
After all, tools are an excuse not to focus on what is important: running a successful business and spreading good news with your work.
What about all the stuff you “need” other than what I listed above? Here is a helpful shopping list for you.
How To (legally) Become A Professional Photographer
You’re reading this because you want to start a business and part of that means growing up (not that you haven’t grown up, but you’ll see what I mean in a moment). Being a freelance photographer with a DSLR doing a $250 wedding is risky. Here’s why:
You’re photographing a wedding and making a flash that catches the waitress off guard. He tripped and fell while pouring hot coffee on the groom’s mother who was burnt by the drink.
Who is to blame? He sued you and the place, but since you have no law, insurance or anything else to back you up, you could lose your home and everything you own (and your family).
We’ll cover exactly how this works together in a moment, but for an overview of the costs involved in starting a photography business, we’ll list them here:
Key Differences Between Llc Vs. S Corp (2023)
As I mentioned above, technology is often used as an excuse to procrastinate. Can you imagine if some of the top photographers in the world thought they couldn’t start their business until they got their hands on a new iMac or light room?
I say this, start with your MVB, use whatever you have on hand. But if you’re just starting to grow, check out some great techniques like:
Let’s talk briefly about the website. As a photographer, you are in the customer service business. This means that potential customers will judge your image based on the quality of your website. If you do your SEO, content marketing and social media right, your website is one of the most important first points of contact a potential customer will have with you.
After having a good website (Zenfolio or Smugmug are also options), it needs to have good on-page SEO options, so I tend to lean towards WordPress over other themes.
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Business Knowledge (This is the most important part) I run a full-fledged photography/wedding studio and we joke that business is 90% and 10% photography. This is correct. – Darlene (Digital Photography Instructor)
You may have paid for courses to improve how you use your camera or how to use photo editing software. Your skills as a photographer are the most important part of getting started, but once you start a photography business, the game changes quickly. If you want to keep paying your brand for the skills you do, you need a business analysis.
If you are with MVB, I recommend our free 7-day course that will change the way you think about running a photography business. Start making your business work for you, not the other way around.
If you are more advanced, I recommend becoming a member of MBA Photo. Taking good photos is not the reason most photography businesses fail (or will never succeed). It’s all different like sales, customers and sales. Learn it all from someone who learned it in the trenches. (nearby)
Dba Vs Sole Proprietorship Vs Llc Vs Corporation
I will tell you the truth. I love flipping and trading, haggling, writing, and even the idea of ”How to Start a Photography Business” intrigued me enough to write about 3,000 words on it.
Unfortunately, I have to grow up and work hard which makes the business run successfully.
And despite what the internet would have us believe, there is more to starting a business than creating a Facebook page.
Sole Proprietor – This is the easiest, but it also leaves you the most vulnerable. If you are ever sued for any reason, they can go after all of your assets. Your house, your cars and even your Cal Ripken Jr. collection. baseball cards. You (right? The last one is just me.). If you care about yourself, your future, and want to be professional, this is not for you.
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Limited Liability Corporation (LLC) – Ah, now we’re talking. An LLC separates your business from your ownership responsibilities. There are other documents to file in your state, but if I remember correctly from when I started my LLC, you can do it online in most states. The name of your LLC photography business is not important at all, don’t make it a joke if you have to do paperwork in the future.
S-Corp – As a one-person photography business, there is no reason to consider this expensive and complicated option at this time. In the future, this may provide a better tax situation for you, but if you just want to start, don’t worry and just get an LLC.
There are always things you look back on and wish you had known when you started your photography business.
In our guide to creating a profitable photography package, I cover how to set your price. An anchor is the standard price against which your future customers will evaluate all of your other prices.
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If you’re just starting out and think you have to be cheap to compete because you’re “just starting out,” you’re dead wrong. You may even run out
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