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Jan 12, 2022 · Pros of Setting Up an LLC as a Photographer. Now that we understand the philosophy behind setting up an LLC and what to consider as a photographer, there are certain benefits that may convince you that an LLC is a great decision for your business. 1. Protection from Liability.
Starting a Business in Ohio; Tips for Starting a Photography Business; Ohio Photography Business Overview & The Local Business Landscape. Whenever you start a new venture, it’s a good idea to get an idea of the existing business landscape. To do this, you can take a look at both state-wide trends as well as photography business trends in your ...
Jun 3, 2024 · Fortunately, you don’t need an LLC to start a photography business. You can operate as a sole proprietorship, which requires no paperwork and costs nothing to establish. However, doing so means going without liability protection. You'll be personally liable if you get sued or default on a business debt.
- Scenario 1 – USA
- Scenario 2 – Denmark
- Scenario 3 – Canada
- Make Sense?
- My Business
- Salary
- Staff
- Assets
- I Rent Myself Gear
- What About Youtube?
Ok, let’s imagine a scenario where the corporate tax rate is 21%. Let’s pretend that you’re earning about $100,000 from your photography business. In the US, the personal tax rate at 100k is around 24% (note that all figures are fictional or quickly generated from internet searches and not exact, or even correct; they are examples). So, if you were...
The previous scenario is even more drastic in countries with high personal income taxes and low corporate taxes. For example, in Denmark the average corporate tax rate was 22% in 2018 and the average personal tax rate 55.4%. Thus in the same scenario, assuming the same income of $100,000 (yes, I know Denmark uses Krone). A sole proprietor would pay...
In Scenario 3, you live in Canada. The average corporate tax is 26.5%. But, for argument sake let’s say this time you only earn about $50,000 from your photography. So, you fall in the tax bracket paying 20.5% in personal taxes. Essentially at that level of income, if you had a business, you’d pay more in taxes. So, it’s best to just work as a sole...
Essentially, it’s math. And you need to have a little bit of foresight into how much your photography business is going to make before you decide whether to incorporate a business or run as a sole proprietor. If you’re saving a lot of money by incorporating, then it’s probably a wise move to incorporate and operate as a business. But, that’s not th...
I’m an e-resident of Estonia. My business is called BvS Media OU and it’s based there. That’s where I pay taxes.
Each month, I pay myself a salary. That salary fluctuates based on how much work I have. As the sole owner/operator of my company, it makes sense that I pay myself for the work I do.
Due to the rules of e-residency in Estonia I can’t hire any staff aside from myself. However, I do often contract people. I pay Greg on a contract basis for assisting. When I run a travel photography workshop and have a co-leader, he or she invoices me. I contract people on a freelance basis. I don’t have any staff, nor can I have any.
The way I handle my camera gear is a bit funny. I didn’t have enough money in my personal account to buy new camera gear when I needed to, so I bought it and it’s owned by my company. Thus, I don’t own my 24-70, 50mm, or 100-400mmlenses my company does.
All the gear that I personally own, I rent to my company from month-to-month. My 5d, 14mm, drone, gimbal, 200d, 16-35mm, etc are all rented to my company each month. So, each month I send my company an invoice for the rental cost of my camera gear for that month.
My YouTube earnings are now a part of my business as well. That means, whatever I earn from YouTube each month goes into my business. It also means that anything I do on my YouTube channel can be expensed.
Oct 16, 2023 · Researching and understanding your target market is crucial for building a successful photography business. Analyze your potential clients, their needs, preferences, and spending habits. This will enable you to tailor your services and marketing efforts to meet their expectations, ultimately helping you attract and retain loyal customers.
Mar 5, 2023 · Then add a few new pieces of equipment every few weeks as you can afford them. 5. Lay financial groundwork. As a business owner, getting and keeping your finances in order is essential. There are several aspects of business finances to keep track of, so getting organized early on is a good idea.
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Jul 18, 2024 · Step 1. Purchase the Right Equipment. In order to set yourself up as a competitor in the photography industry, you’ll need the best equipment possible. A professional studio will need not just a ...
