Taking up photography as a profession can be as daunting as interesting. When you started clicking on the camera you just did it as a passion and never thought that one day you would love to make it your profession as well. Now, when you have decided lets understand some points that may help us to set up our business in a smooth manner.
The first point to know about a photography business is that you don’t need any kinds of license to become a professional photographer license and start the business. This is a very common myth which many of us may have but this is not true. The only point that we should keep in mind in this aspect is that if we are making money which falls with the tax ambit under tax laws we should ensure that we are paying up the taxes. We should understand that there is nothing wrong in having photography as a business while we have another source of income. You need to have genuine receipts associated with your business. If as a business expense you are showing trips to the French Riviera for deductions and your income statements are all from your home region then you might be in for a round of questioning from the tax people. Hence you need to be very careful when you are showing your income and expenditure statements related to your business.
If you find that your business has really taken off well and giving you a steady income streams its time that you have your business incorporated. Thus you establish your business as a legal entity with proper documentation and pay taxes according to the required rules. There are also other points that you need to take a decision as to what type of business do you want your business to be. In other words do you want the business as a sole proprietorship or do you want it as one of the different kinds of corporations.
You need to understand that a business can be set-up in many ways and there is no single way in setting up a business. There are pros and cons of each of business type and it is strongly suggested that you take the help of a professional before you decide on which would be the most suitable one for you. There are issues which may be related to inheritance of the business at a later stage which we may not have an idea while starting but a professional can throw light on these aspects.
There is also a requirement to get a business license. The law has it that any kind of business which has a customer walk-in for a product or service requires a business license. Online businesses generally do not require licenses but if you have a photography studio set-up it is suggested that you acquire a business license from the state.
We have tried to elaborate a few important pointers required to start off your photography business. We suggest you take the help of a professional before you start. A right start for any kind of business helps you go a long way without any legal or administrative hassles.