If you’re looking to turn your passion into a business, starting a photography business is a great way to do it. Before you can start taking photos for clients and getting paid, there are lots of things you need to set up first. From deciding on a name to getting insurance, this blog will take you through all the steps of starting your photography business so you can get started as soon as possible.
Decide on a Name and Check Trademarks
Coming up with the right name for your business can be tough! Take your time brainstorming and make sure it accurately reflects what your business stands for while being memorable enough that potential customers won’t forget it. Once you have a shortlist of potential names, check them against trademarks to make sure they’re not already taken. This might sound like an extra step but trust us – it’s worth it! You can read more about naming your business by reading HERE.
Create an LLC or Stay as Sole Proprietorship
Depending on the size of your business and the amount of risk you want to take on, consider setting up an LLC (Limited Liability Company) or registering as Sole Proprietorship. LLCs provide more protection than sole proprietorships since the company acts as its own legal entity separate from the owner(s).
Get an EIN
An EIN (Employer Identification Number) is how the IRS identifies businesses for tax purposes. If you plan on hiring employees, forming an LLC or corporation, opening any kind of bank account or registering for taxes in multiple states —you need to get one!
See if Your State Requires Additional Steps For State Tax
If your state requires additional steps such as registering with the department of revenue or filing annual reports. Make sure you have those done before getting too far down the rabbit hole.
Set Up Your Business Finances
Open a separate bank account specifically for your photography business. Try to keep all your personal finances out of it – that way at tax time understanding where everything came from and where everything went will be much easier!
Determine Your Tax Strategy
Taxes are tricky so it’s important that you understand exactly which taxes apply to your particular situation. Federal income tax vs self-employment tax is what we are talking about. Make sure you know what applies to you now so when April rolls around you won’t be scrambling trying to figure out what deductions apply. Often there are any special rules related to your industry that affect filing deadlines or other requirements.
Make A Decision About Insurance
Photographers need insurance for both their equipment and their liability in case something goes wrong during a shoot. Talk with an insurance agent about getting coverage tailored specifically for photographers. There are lots of different options based on what type of work/equipment coverage makes sense for your particular situation. – Do some research and shop around until you find one that works best for YOU.
Get Photography Contracts
Make sure everyone who hires you signs contracts outlining rates, terms & conditions (including release forms!), copyrights/usage rights etc. Everyone should be clear about expectations right from the start. This is key piece in protecting yourself legally AND financially down the road!
Starting a photography business can feel overwhelming. Breaking it down into manageable steps like deciding on a name, creating an LLC or staying as sole proprietorship, getting an EIN, seeing if additional steps are required by state tax laws & setting up finances – plus determining tax strategy & making a decision about insurance & having contracts signed before shoots begin. Starting YOUR photography business doesn’t have be daunting task after all! With these steps covered off & more research into specific topics related YOUR individual situation. You’ll be ready SOONER THAN YOU THINK!!!
Good Luck!!
