Entrepreneur Media - Photography Business: Step-by-Step Startup Guide

Entrepreneur Press, Publisher

Cover Design: Jane Maramba

Production and Composition: Eliot House Productions

2019 by Entrepreneur Media, Inc.

All rights reserved.

Reproduction or translation of any part of this work beyond that permitted by Section 107 or 108 of the 1976 United States Copyright Act without permission of the copyright owner is unlawful. Requests for permission or further information should be addressed to the Business Products Division, Entrepreneur Media Inc.

Th is publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

Entrepreneur Press is a registered trademark of Entrepreneur Media, Inc.

Photography Business: Entrepreneurs Step-by-Step Startup Guide, 3rd Edition,
ISBN: 978-1-61308-414-4

Previously published as

Start Your Own Photography Business, 3rd Edition, ISBN: 978-1-59918-657-3,
2019 by Entrepreneur Media, Inc., All rights reserved.

Start Your Own Business, 7th Edition, ISBN: 978-1-59918-629-0,
2018 Entrepreneur Media, Inc., All rights reserved.

Printed in the United States of America

23 22 21 20 19 10 9 8 7 6 5 4 3 2 1

Contents

Entrepreneur Press, Publisher

Cover Design: Andrew Welyczko

Production and Composition: Eliot House Productions

2018 by Entrepreneur Media, Inc.

All rights reserved.

Reproduction or translation of any part of this work beyond that permitted by Section 107 or 108 of the 1976 United States Copyright Act without permission of the copyright owner is unlawful. Requests for permission or further information should be addressed to the Business Products Division, Entrepreneur Media Inc.

This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional services. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.

ebook ISBN: 978-1-61308-388-8

CONTENTS

Editor-in-Chief, Entrepreneur Magazine

I nevitably, at every gathering of entrepreneurs that I speak to, someone will raise their hand and ask me a version of this question: Its said that nine out of ten businesses fail. What do you say to people who dont want to be one of the failures?

And I reply: That statistic is misleading. It shouldnt scare you. In fact, it should encourage you.

First, lets dispel the statistic itself. Nine out of ten businesses do not fail. About half survive past four years, according to a study from the Small Business Administration, and a third of the ones that close were successful at the time of close. So, why did they close? It appears that many owners may have executed a planned exit strategy, closed a business without excess debt, sold a viable business, or retired from the work force, the study says. Its impossible to say that a closed business is, by its very nature, a failure. A closed business could be a successful businessbut just one that came to its natural end.

The point is, we need to define for ourselves what success and failure looks like. If you launch a business and it supports your family for four years, is that a success? What about a decade? Must it outlive you, passed down for two generations? Three? Five? Heres how I answer these questions for myself: I dont care about longevity. I am successful if I seized an opportunityif I made something happen for myself, built something with my own ingenuity, or created something that I was proud of.

And when that thing comes to an end? Thats when I learn from the experience, and go seek another opportunity to seize.

This leads us to the other important part of that misleading statistic. Even if it were true that nine out of ten businesses fail, that doesnt mean nine out of ten entrepreneurs fail. To an entrepreneur, a failed business is simply a data point. It teaches us what to do better next time. The greatest entrepreneurs in the world have cycled through many, many businesses before they hit upon their billion-dollar idea. At no point did these people give up. They didnt close one business, declare themselves a failure, and get a desk job somewhere to toil away in obscurity. No! They dusted themselves off and started again.

So, lets look at that question again. Its said that nine out of ten businesses fail. What do you say to people who dont want to be one of the failures? I say that you are not a failure, regardless of what happens. By simply taking the leap into entrepreneurship, you are seeking to take control of your own life. You will stumble along the way. Its inevitable. Entrepreneurship is not a smooth or easy ride. Youll need to be nimble, humble, and willing to ask very uncomfortable questions. Youll need to sacrifice. Youll need to make hard decisions and say no more often than you say yes.

This book can help you along the most challenging early hurdles. You will need to embrace systems and processes, even if youve always thought of yourself as a freewheeling person. Youll need to make consequential financial decisions like whether to buy an existing business or launch a new one, and whether to pay for real estate or start solely online. You may need to hire employees and become a good manager and leader. Youll need to learn marketing, sharpen your sales skills, and embrace customer service.

Is it easy? No. But nothing great is easy. If youre willing to do all thisto truly put in the work, embrace the emotional challenges, and make the decisions that are best for the long-term health of your businessthen I promise you: By some measure, you will succeed.

And if your business eventually crashes and burns? Well then, take heart. It happens to the best of us. And it just means youre one step closer to lasting success.

W hy did you pick up this book? Perhaps you know you want to be an entrepreneur and take charge of your own life. Youve already got a great idea for a business youre sure will be a hit. Or perhaps you think, somewhere in the back of your mind, that maybe you might like to start your own business but youre not sure what venture to start, what entrepreneurship is really like, and whether its for you.

Whichever of these categories you fall into, youve come to the right place. In Part 1, Think, well show you what it means to be an entrepreneur. Use our personal goals and objectives worksheet on to decide if entrepreneurship is right for you. Dont have a business idea or not sure if your idea will fly? Youll learn the secrets to spotting trends before they happen and for coming up with dozens of surefire business ideas. Well also discuss multiple ways of going into business, including part- and full-time entrepreneurship. Finally, well show you the different options for startup, including starting from scratch, purchasing an existing business, or buying into a franchise or business opportunity system.