To go solo or not?
AZTarHeel
Registered Users Posts: 23 Big grins
Hello all -- I've been a small-town newspaper guy (working in sports) since graduating from college in the mid-1990s. I love most aspects of the job -- taking my own pictures, writing stories, designing pages, following the hometown heroes but in many ways I've outgrown it financially. There just aren't a lot of small-town, community-minded papers who want to pay much beyond entry-level salary for their sports editors.
Anyways, I've been doing freelance photography work in increasing measure the past 2-3 years, and I see promise for doing this full time and making newspapers my hobby. I've done everything from prom pics to youth baseball tournaments to team&individual stuff for sports leagues, etc. I've failed miserably and I've done some stuff I'm really proud of.
But here is where I'm stuck. I have minimal equipment right now and I basically have no capital to start doing this full time (I feel like I need another $5 to $10K to really launch things). And I also lack a lot of extra time to add to my clientele because of the nature of being a sports reporter for my current full-time gig (lots of nights and weekends, etc.). I'm already having a hard time fulfilling orders as it is because of the crazy hours of my newspaper job.
What to do, what to do? I have a wife, one young daughter and another little one on the way. In the long run I see photography as much more promising and possibly better for family life in terms of hours, etc. But I guess I'm not sure when to try and make the break.
Thoughts and stories anyone? Thanks for listening...
Anyways, I've been doing freelance photography work in increasing measure the past 2-3 years, and I see promise for doing this full time and making newspapers my hobby. I've done everything from prom pics to youth baseball tournaments to team&individual stuff for sports leagues, etc. I've failed miserably and I've done some stuff I'm really proud of.
But here is where I'm stuck. I have minimal equipment right now and I basically have no capital to start doing this full time (I feel like I need another $5 to $10K to really launch things). And I also lack a lot of extra time to add to my clientele because of the nature of being a sports reporter for my current full-time gig (lots of nights and weekends, etc.). I'm already having a hard time fulfilling orders as it is because of the crazy hours of my newspaper job.
What to do, what to do? I have a wife, one young daughter and another little one on the way. In the long run I see photography as much more promising and possibly better for family life in terms of hours, etc. But I guess I'm not sure when to try and make the break.
Thoughts and stories anyone? Thanks for listening...
"A sportswriter is entombed in a prolonged boyhood."
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Comments
That is the first of many questions that boil down to can you make more than you do now, if not, how long will it take to get there? Will your family accept that?
As a business person you need to have a complete REAL budget. Know all your benefits, vacation, sick pay, insurance, and pay. Then figure out what you can make working 80 hours a week.
If you work for yourself you will work 80+ hours a week, really. Really!
I'm not married, not living with anyone, no kids and most of my photo work is Wed-Sunday generally between 4pm and 1am weekdays and somewhere between noon and midnight on Sat and Sun. I have a highly flexible p/t weekday job to help cover some income needs. Between weddings and regular stringer assignments I work about 45-55 hours a week just shooting and editing and post processing. Another 10 hours a week is spent drumming up business (marketing) and another 20 hours a week is spent on my p/t job. I always have processing work in the queue. There is a copy job in my studio that needs to be shot. So I'll do it tomorrow morning before I head out to my p/t job then in the evening I'll edit and post those images.
Then again, I really like what I do. If I didn't, I'd be back in a cube in some drab corporate office.
You, and your family unit, are a business. You need money, and time. Budget for both. I've had too many friends end up getting divorced once they started their own business.
Good Luck!
David
Most people fail due to their expectations.
1. Family. You cannot overlook their thoughts and concerns.
2. Time. See rule number 1
3. Income. Again see rule 1
Marketing yourself and your company will become the most important part of your business.
Do not overlook the little things. Owning your own business now means that you are the chief cook and bottle washer. You are the phone person, the accountant, the photographer, the collections agent, the media guru, the janitor, and everything in between.
Now, if absolutely love what you do, and can manage all the "stuff", it is true that you will never work a day of your life. However, it is also true that you can work like a dog and go broke in the process.
If I had a family and wanted to start a new business, I would first and formost make sure that we had 1 year of money in the bank to survive on. That may be overkill, but with 1 year you should know if you are going to make it or not.
2nd. I would make sure that I could buy everything I needed. Don't get caught up in the "one day" mentality. One day is not on any calendar I have ever seen.
3rd. While I wrote this last, it is the most important. Jobs come and go, never allow a job to be placed ahead of family. While you may "own" the company and be the boss, your family will smile and suffer with you through all the growing pains.
I have been both an employee and a business owner, and while I love what I do, and rarely does it feel like work, it is a life style. Make sure you consider all the big and little things before jumping off that bridge.
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Be prepared to deal with conflicting priorities, both time and money, between your business and your family.
I fully agree with needing 1 year's, or at least 6 months, worth of basic living expenses in the bank to tide you over until you start generating enough cash flow to feed your family and support your business needs.
Do you have any family members that might be financially supportive to help you get started?
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Is there any chance that your current employer will let you work on a freelance contract basis as opposed to an employer/employee relationship? Maybe that could free up some time?
Would your current employer be upset if they knew you were thinking about going solo? If not, maybe they would cut you some slack allowing you to do some premarketing and making other preparations?
And I fully agree with all that's already been said. Self employment ain't as easy as it looks.
I'm certainly not trying to discourage you, but there are a lot of things to consider and I'm sure others will mention more.
Just my initial thoughts. The best of luck to you.
www.socalimages.com
Artistically & Creatively Challenged
I suggest a 1-year, 3-year and long-term (5+) business plan. What forms of photography are going to bring in your money? Are those forms conflicting (i.e. sports and wedding work will conflict as Saturday afternoons ar critical to both). Would you be able to meet your shooting obligations with only one photographer or do you need an employee? What are you going to do for marketing? I.E. how will you generate business? There's a HUGE difference between not having enough time for the part-time gigs you may have now and having enough part-time gigs to make it full-time. As part of that business plan I would advise checking out competition in the area. Will your business be able to compete with what is already out there?
Do you have any background or education in running a business? Whether it's photography or restaraunt or something else - most self-started businesses fail not because the product is bad but because people running the operation don't have business accumen. If you don't already have the background I might suggest a stepping stone is to enroll in some business classes at a community college. If you don't like business stuff you better have a partner that does or you'll fail.
Also - you said you have minimal equipment. That doesn't bode well for a full-time gig. First you should have all the MINIMUM equipment you need for the types of work you want to do - want to do portraits, you'll need studio space, backdrops, lighting, refletors etc... And, of course, you need backup equipment. If you're going to survive as a business you'll need a pretty full plate of work. What will you do if you break a camera or lens and need something for the next day? Or even the shoot you're currently working. Doesn't need to be top notch gear but it better be capable of completing the job.
Otherwise I suggest formulating a bridge plan on how to get yourself from your current position to actually having the gear you'll need and the financial reserves (that 6mos - 1 year cash in the bank) before giving it a go.
And finally - just to jump on the band wagon - make sure your family is completely on board with this. do NOT, UNDER ANY CIRCUMSTANCES, pressure your wife into accepting this move. She has to be 100% on board with the long hours, nights and weekends and lean stretches without income coming in. Like it or not your a husband and father - your dreams take second fiddle to your family. If she's on board 100% and you get the finances you need and get a firm business plan in place the go for it! If any of those are missing, the outlook isn't bright.
My wife is definitely on board with this. I'm probably the one dragging my feet more for many of the reasons stated above (knowing we don't have the one full year of fallback money, knowing my equipment bag isn't as full as I think it should be, knowing the potential for working all day every day, etc.).
I do have a business plan in progress (pretty detailed actually) and have heard from many folks that this is necessary. I've also contacted our local community college about business classes and looking into doing that... I think the business side is my weak point, but it is my wife's strong point. She actually has done a couple of home-based businesses since we've been married. I think it would be a stronger point for me if I was able to focus on it full time. When I come in to work at my newspaper at 9 a.m. on a Tuesday morning and don't go home until 3 a.m. Wednesday, it kind of takes energy away from thinking about my "side" business.
Anyways, just wanted to say thanks again. I don't think we'll do anything rash (unless my newspaper goes under, which is a possibility it seems these days). If fact, someone may have to push me off the ledge when many of these things get addressed...
AZ