Posted by Bob Ampula on October 2, 2009 at 3:41 PM
Since joining NPN over a year ago, I have seen several posts related to the business side of photography. As a retired business executive with 35 years in the retail industry and experience in the business planning field, I may be able to provide a different view on this wonderful world of photography that is not normally seen in this venue. Hank Pennington, in a recent response to a question about a career in photography, clearly articulated the practical side of the business from a personal standpoint. Any business needs a plan to succeed and that plan should cover one to three years. Marketing is only one component of a plan but it is the one most people assume to be the entire plan.
When I retired, my intention was to invest more money, time and energy in my hobbies of birding and photography and supplement my retirement income by selling my works. Because of my background, I obviously put together a business plan to see how viable this idea was. I came to the conclusion that unless I was willing to invest much more of all of the above than I was prepared to and had some luck, the best I could do would be to break even after several years (5 to 7). I altered my plans to focus on being a very good amateur and selling my limited offerings in a very limited market. I am satisfied that after four years I am breaking even on my expenses but will probably not get a return on my equipment investment for another four to five years.
In retirement, in addition to spending time and energy on photography, I also volunteer as a counselor with SCORE. That organization works in conjunction with the SBA to provide free and confidential advice and mentoring on how to start or operate a small business.
I would advise folks interested in putting together a business plan to contact their local chapters of SCORE, www.score.org, or the SBDC (Small Business Development Center) to seek advice on how to put together a business plan. If that is a problem for you because of geography, time, etc., I am willing to give back to this NPN community, as I have with our local business community, and serve as a counselor/mentor in that regard. If Jim Erhardt feels that this is a worthwhile topic for this venue, maybe he can suggest a way of providing a means to exchange information. If not, by responding to this posting, I can respond to any questions that you might have directly.
Bob, what a wonderful idea and generous offering of your business expertise. Thank you for the SCORE information. A business plan is a daunting task for those of us who haven't put one together yet, helpful resources will hopefully make it less painful! I'm gearing up to get started on my own plan and reading your post has inspired me to get started sooner. Thanks again.
Posted by Carol Nichols on October 2, 2009 at 6:10 PM
Bob, as a CPA I frequently see people who have started a new business venture without the proper planning to determine if they would be able to financially succeed at the business. I've learned over the years that this isn't always because people are blind to the possibility of failure or overconfidant in their abilities (although this is often the case), quite often it is because they just have no idea how to prepare a business plan, what all is involved in running a business, and the tax consequences of being self-employed. I commend you for offering your services to NPN members and hope those individuals who are thinking of starting a photography business will take you up on your offer.
Coming from the practical (hard knocks?) side, your offer is incredibly generous Bob. I'm hoping anyone dreaming of a photo business avails themselves of SCORE or your personal offer. Deciding whether and how to start a business is all about asking yourself the right questions and listening to the answers. Most of us can't do that unaided. You and SCORE will really help.
Great offer...at 55 yr old, another 5 years ...or so to go. Were I younger and more keen to start a new career...I can think of no better advice than consult with folks like yourself and SCORE. Thanks for giving to help others succeed!
Posted by Andy Richards on October 4, 2009 at 9:30 AM
Bob: I hope Jim sets something up. I think it is a worthy topic of its own "forum" or regular thread. I am an Estate and Business Planning attorney, and believe I could offer something to that, too. Unfortunately (so my wife reminds me), I am 12-15 years from retirement and have to find ways to pay for my rather expensive hobby.
I agree with Carol that so often, new business startup clients come to me without really having a clear idea of the financial, tax and structural aspects of business. They are usually very good at what they do, and often good at marketing. But the "nuts and bolts" of planning, finance, bookeeping, and the general business structural environment is often done by "seat of the pants." I often see clients buying "corporate setup kits" on the internet and trying to manage their business with Quicken. These are "tools," but just buying a hammer and a saw does not guarantee a well-built house.
Hope folks take you up on your offer -- and if there is a "place" here for it, I will be delighted to participate.
Posted by Bob Ampula on October 4, 2009 at 10:28 AM
Andy - Your offer is a good one and appreciated if there is any interest in this topic.. In our counseling sessions, we advise clients to seek professional assistance from an attorney, accountant, and tax adviser since those fields are usually not a core competency and can be quite complex and therefore daunting.
Discussion
6 repliesWhen I retired, my intention was to invest more money, time and energy in my hobbies of birding and photography and supplement my retirement income by selling my works. Because of my background, I obviously put together a business plan to see how viable this idea was. I came to the conclusion that unless I was willing to invest much more of all of the above than I was prepared to and had some luck, the best I could do would be to break even after several years (5 to 7). I altered my plans to focus on being a very good amateur and selling my limited offerings in a very limited market. I am satisfied that after four years I am breaking even on my expenses but will probably not get a return on my equipment investment for another four to five years.
In retirement, in addition to spending time and energy on photography, I also volunteer as a counselor with SCORE. That organization works in conjunction with the SBA to provide free and confidential advice and mentoring on how to start or operate a small business.
I would advise folks interested in putting together a business plan to contact their local chapters of SCORE, www.score.org, or the SBDC (Small Business Development Center) to seek advice on how to put together a business plan. If that is a problem for you because of geography, time, etc., I am willing to give back to this NPN community, as I have with our local business community, and serve as a counselor/mentor in that regard. If Jim Erhardt feels that this is a worthwhile topic for this venue, maybe he can suggest a way of providing a means to exchange information. If not, by responding to this posting, I can respond to any questions that you might have directly.
I agree with Carol that so often, new business startup clients come to me without really having a clear idea of the financial, tax and structural aspects of business. They are usually very good at what they do, and often good at marketing. But the "nuts and bolts" of planning, finance, bookeeping, and the general business structural environment is often done by "seat of the pants." I often see clients buying "corporate setup kits" on the internet and trying to manage their business with Quicken. These are "tools," but just buying a hammer and a saw does not guarantee a well-built house.
Hope folks take you up on your offer -- and if there is a "place" here for it, I will be delighted to participate.