Create A Profitable Venture
You want to start a business, but you don’t want to be risking your own money.
Enter the world of pari-mutuel betting. With this type of betting, you’re not putting up your own money; instead, you’re contributing a portion of the wagers to a pool. When the winning numbers are drawn, you receive your share of the profits.
For example, if you’re betting on the favorite in the French Open tennis tournament and she wins, you’ll receive half of the winnings. The other half will go to the person who bet on her opponent.
You’re contributing to a pool, so you need to make sure you can afford to lose some of the wagers. Fortunately, this is where pari-mutuel betting systems come in. These are group betting systems where you can bet on a whole range of sporting events, from tennis to horse-racing – all with the same bankroll. When you join a pari-mutuel betting system, you’re given a credit account that you can use to make bets. The money in your account comes from several places:
- Your own savings
- Winnings from previous bets
- Profits from members’ wagers
- Donations from people who enjoy your work
- Investors who see your potential and want to back you
These are all viable sources of income, but you need to be aware that whenever you risk money, there’s the chance you could lose it. If you want to start a business that generates an income, this might be the way to go, but you should be prepared to tackle tax issues and legalities that come with operating a side-hustle.
Set A Wise Budget
Before you start spending money on expensive gadgets and tripods to take photos for your blog, you need to set a budget and stick to it. If you want to succeed as a photographer, you might have to sacrifice many of your indulgences. For example, you can’t buy the latest camera because you don’t have the money, you have to settle for an older model that takes decent photos but doesn’t have the latest features.
To keep your camera on the safe side of the law, you have to abide by certain guidelines that prevent you from shooting certain subjects or areas. For example, you can’t take photos of people when they’re having their nails done, and you can’t take photos of people who are eating or drinking because there’s no way you can ask them to hold their food or drinks while you take their photo.
Most importantly, you need to set a limit on how much you’re willing to lose. If you put a dollar figure on it, you’ll surely end up losing part of it. This is where most people get into financial trouble, because they think winning is more important than money management and they end up spending more than they can afford. Make sure you put aside a little each week, so when the inevitable happens and you lose some money, you’ll be able to cope with it.
Choose A Suitable Location
To start a business, you need to consider where you’ll locate it. There are lots of commercial areas, such as malls, that make great hubs for businesses, but you have to be careful about what type of business you’ll engage in. If you choose an area where there’s a lot of foot traffic, such as a mall, you’re going to have a lot of customers. However, if your business is more of an online venture and you don’t expect to see a lot of foot-traffic, then open-air markets or small-town centers with fewer distractions might be a better option.
Get The Necessary Legal Documents
One of the first things you need to do before you start your photography business is to get the necessary legal documents, licenses, and insurance. These can range from a studio lease to a business credit card, so it’s important to have them all before you start trading. Otherwise, you could find yourself in court over a matter that was beyond your control. For example, let’s say you start your studio business in a mall that doesn’t allow adult entertainment stores, but down the road, it’s discovered that you’re violating the mall’s rules by permitting nude modelling. In this case, you’ll be in serious legal trouble because you didn’t have the legal papers to start with. Make sure you get everything in advance and keep them in a safe place.
Design A Website
The next thing you need to do before you start your photography business is to design a website for it. If you don’t have a creative mind, there are lots of templates out there that you can use to design a professional looking site in no time at all. Of course, you can always hire a designer to create something unique for you.
The main thing is that you have a site. It doesn’t have to be perfect, as long as you can get the basics down. Once you get your site online, you can start sharing your work with potential clients.
Depending on how big you want your business to become, you might consider getting a professionally designed website. At the very least, you can use software to create a basic site that looks the same on all devices.
Decide How You’ll Market Your Business
When you have a product to sell, you need to decide how you’ll go about marketing it. Are you going to use expensive billboards or posters to advertise? Are you going to put up flyers or posters in local convenience stores and cafés? Are you going to make a website and use SEO tactics to get the website ranked on the first page of search results for relevant keywords?
These are all viable options, but you have to be aware of how much they cost. If you want to be a successful photographer, you’re going to have to be creative and figure out ways to market your business that aren’t as expensive as hiring a marketing team.
Research The Market
Every business, regardless of the size, has one thing in common – they need customers. In order to generate sales, you need to research the market and find out what your customers want. In the world of photography, you might want to create an online forum where you can ask questions about the industry and get advice from others in the same line of work. Alternatively, you can look at other photography studios in your area to see what they’re doing to lure customers in.
There are several ways to find the market for your product or service. You can look at similar businesses in your area that are already established, speak to customers to find out their needs, or look online for forums or social media groups that discuss your niche.
Choose A Business Structure
Depending on how many people you have working for you and how much money you’re making, you might want to choose a business structure that’s right for you. Are you planning on having a staff of 1 or 2 and are you already making enough money to live on? Choose an S-Corp. If you’re just starting out and don’t expect to have a large staff, you can opt for a sole proprietorship or a partnership – just be sure to file the correct corporate paperwork with your state’s Secretary of State’s office. Finally, if you’re looking for an more formal structure but don’t want to go the legal route, you can also look into a limited liability company.
Consider The Options
Once you know what you’re doing and have answered all of the important questions, it’s time to consider your options. Are you going to rent office space from a professional office provider? Are you going to use existing office space? Are you going to buy a home office with all the necessary equipment? Are you going to use part-time office staff or interns?
There are pros and cons to every option, and you need to figure out what’s best for you. If you want to keep your costs down, perhaps rent space from an office provider. On the other hand, if you want to have a quiet place to work, a home office might be the right option for you. You shouldn’t expect your business to grow overnight, so be sure to consider what’s most practical and affordable for you.