Every week, Fstoppers turns to its writers with years in the professional photography industry to answer questions submitted from the public in a series called "Fstoppers Answers". This week, we answer "If there was one piece of advice you could give a new photographer, what would it be?"
As always, if you have a question you'd like to have answered, please feel free to post it in the comments section below.
get an accountant
no it can be a big pain in here. It's fed. then state by state town by town depending on where you live. To do it right first inc. under LLC or LTD, then set up quarterlies, then deduction then state and town, permits, write off and hopefully your not double or triple taxed when you pay yourself. It's a lot easier to pay a guy about a 1k to set it up and 600 a year.
Also an accountant who knows their stuff can also give you tips that can either 1) make your life easier or 2) make your money go further. There are some crazy deductions that you may never know about on your own, and ways to file your taxes as different entities than what you may think (corporate vs LLC). It's really really complicated if you have a tax system like the US but it's also something you may not need to invest in until year 3 or 4. My suggestion is to write off everything you can those first couple years even to the point of losing money on your business and then by year 3 start making a profit. Good advice on getting a CPA though for sure.
If you're in the UK, I recommend FreeAgent. Most accountants working with freelancers recommend it too. Deals with invoicing, accounting, linking with bank accounts, credit cards and Paypal, you can scan receipts directly in using apps, and even prepares your tax returns in HMRC's format. I happen to know a thing or two about accounting myself but even if I didn't it would be dead simple to manage this side of the business. Maybe in the first year it might help to get an accountant cast an eye on things just before filing returns so that you can be sure of not having overstepped any guidelines on what expenses are tax deductible. The UK is a very small-business-friendly environment so read up on the rules - but don't get too excited about the generous depreciation allowances! I.e. don't start buying more gear instead of focussing on marketing :)
I also second the advice about avoiding being setup as a Ltd co.
Big pill to swallow, but I know it's good for me.
On the photography part... maybe returning back to some basics with a 1Gb card to get 36 shots, sticking gaff tape on the screen and not deleting helps mess around and grasp the aspects of the camera faster than chimping ever will.
On the business point of view I think trust yourself, and meet people, go places, do what you love and so much agree with the business part. The best inventor sucks if he can't sell, same goes for any business.
That quote going like : This person can sell a freezer to an eskimo in an igloo... And i believe this is part of the essentials, but the most important thing to me is, don't force a sale to make quick cash... nurture the long-term.
Fill the frame.
Dont worry about the photography part, that's the easiest bit. Go on a marketing and business course, that's the bit you really need.
Don't know about the industry in general, but it seems that in the region that I live in it's all about who you know rather than what you know. I do not consider myself a pro, but I do believe my work is at a higher quality that most in the place I live. And yet, the guy down the street with a Kodak is getting more jobs than I am all because he's friends with all the right people.
Don't quit your day job.
My advice to anyone who is starting out is to learn business. Sales, Marketing, administration, tax, accounting are all crucial.
like they say, you can have the best piece of art in the world, but unless you have the skills to show it to the right people, it is worthless.
Learn the lights.
Learn the light..
My advice would be do what YOU want to do. Don't let whats popular whats cool or whats hip right now shape what you want to achieve with your art. Focus on your art and not your equipment.
You guys seem way too focused on the money aspect which is really REALLY sad.