Opening My Own Studio

All of you seem to have such wonderful advise to give so I was wondering if any of you could tell me some basics about opening my own studio. Who do I talk to? Where could I look for funding? How do I chose a name? I am literally lost and overwhelmed. Please help! Thank you all.
Sydney:confused:

Sydney,
The first thing to do is figure out your finances, and whether or not you can afford to do it, and part of that is to check out the competition, how much competition is there? How much do they charge? What do you need to be competetive? Where do you plan on having the studio (at home or rent)?
It's not easy to start a business, and even tougher to keep it going and make money. You can plan on losing money the first two or three years at least. Very few businesses last even the first year because people get in over their heads, and think they will be rolling in money, it simply doesn't happen. You really should work with someone locally and learn the ropes before even trying to start a business. I have thought of doing it, and would have more than enough clients to keep me busy, but I don't have the funds to get it rolling. To do it on the "cheap" I'd have to come up with 20 grand, and there are plenty of studios around here so it wouldn't make sense to go spend that kind of money. And I couldn't compete $$ wise with Wal Mart, which is a real killer as they undercut everyone. I know one studio that actually has Wal Mart do their prints now because it's the only way they can compete!
As for looking for funding, what can you afford? Do you have family that can help? Without excellent credit and a solid business plan no bank will give you a loan.

JS

Thank you. All of your points are very valid. Wow, this is stressful!:(

You also need to look at the type of shooting you do and the projected use of the studio.
If you do a lot of portraits, stills and product shots, then a studio certainly makes sense, but if you are constantly shooting on location, it makes less sense.

Some photographers have an office or studio in their home and then declare that section of their home and related percentage of hydro, water, mortgage and other costs as business expenses against their income tax.

Ronnoco

Thank you Ronnoco. Your advice about running it from home since I don't do many away from location really helped ease my mind. I appreciate the help.

Quote:

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Originally Posted by sydhobbs@msn.com

Thank you Ronnoco. Your advice about running it from home since I don't do many away from location really helped ease my mind. I appreciate the help.

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hi Syd, I know how you feel. I just signing the lease today for my very own studio, excited is one way to say it but then the worry is another too. I'm too really like to get some more advices from all the pro up here. Its really stressfull though.

It is really nice to know someone else understand first hand how stessful it is. I have already started getting stuff together for it and I would hate to stop after all the stuff I have done. It would be disappointing. lol Keep in touch I would love to hear how you are progressing. Thanks for the support.
Syd:thumbsup: :crazy: :yikes:

By the way, guys, my daughter is an artist in several media, and it really helps to have one when it comes to designing your photostudio for maximum positive effect on potential customers. Even if you can find a very talented art/design student, it is worth your while to hear some ideas you may not have considered for your studio.

Ronnoco

Thats great, well in the mean time I'm kinda watch what I'm spending on. Cause, I have to pay little over one K on the lease and utility each month. I'm sure if I make more and also spend more too of course. Syb, I just finishing putting up the wall seperating the whole room. will come back Monday for paint if I can figure out what color to paint it with, I'll keep you inform what when I'm done with it. in the mean time keep your finger cross for me ehh. Thanks all.

Ronnoco, what type of design for the studio are we talking about? Layout and such? Thank you for that tip. Very helpful.
JTCooper, congrats. You seem to be moving along very well. Keep it up and you will be done in no time.
Syd