Its unlikely you will get a business loan for this sort of sum (and you would have to put half up in any case) a personal loan is far more likely. However when you are talking about this sort of sum then you probably be as well to "boot strap" it.

Ie do what you can do using the knowledge and equipment you have, make money, put money straight back into the business. Its how almost all real businesses start. Ie view what you are doing now as a starting point, and build for later on. Don't beat yourself up about they fact that with X Y and Z you could do A, B and C, deal with what you HAVE got and can you can do. If you have customers, then if the business model works, you will presumably be making money.

One angle which might be possible with this, are you able to rent or borrow the equipment? If you approach some well established photographers you might be able to sell the penniless 20 year old approach and perhaps offer to do something for them in return? Ie offer some of your time in return for their old kit? You may well find someone would be more than happy to mentor you and help out, especially if they are not directly competing with you.

I hope that helps

PS do look at the Shell LiveWIRE awards, £1,000 a month. You would be eligible given you are 20.

Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk

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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT

ooshphotography where in UK are you? I have had exactly the same problem. Graduated photographer with no good equipment. I was thinking about starting a business with another photographer to share the expenses. Or another possibility is to make a portfolio of your photographies and try to apply for a job in some photostudio. Difficult it is:/
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Jamie

Hi oosh!

Well done passing your photography qualifications!

I know a guy who was in a similar position to yourself about 5 years ago. The best and quickest way to raise the money is from your own profits. Provided you are pricing your work correctly and getting a reasonble amount of work, you should have little trouble. In my experience your overheads/expenses should not be excessive so your profits should be reasonable once you are up and running.

Build your profile/reputation/get noticed
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Are you a member of a photography club? - a good source of knowledge, you may be able to borrow equipment you don't have, you may meet a retired photographer who could mentor you

Could you do a charity calendar to showcase your skills and give profits to charity? - is there a local hospice/hospital/animal shelter nearby - produce a few calendars only, get a feature in local newspapers about what you are doing and where people can buy them, then a follow up feature with you presenting the charity with a cheque, make sure your business is mentioned

Could you hire a stand in a local shopping centre on saturdays between now and christmas offering children/family photos for christmas?

Website - would be good - lets people see quality of your work

Advert - on car/van of family/friends - build public awareness

Learn, learn, learn
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You will learn so much over the next 5 years. It's like driving, you only really learn to drive after you pass your test, with experience.

Gain as much practical experience as possible over the next few years a) as a commercial photographer; learn to price quotes correctly and improve your skills as a photographer, and b) running your business effectively; invoice as soon as possible, get paid, know what your sales/profits/cash are and who's not paid each month. Some naughty people will try to take advantage of you because you are young and inexperienced - get advice from others on how to deal with people like this. Also you may be able to get deposits from people for weddings, this will help your cashflow and also reduce the chance that they will 'bump' you for another photographer; if they have paid you a deposit, it's less likely they will change to someone else.

Feedback - you say you already have a client base - get some feedback - also send a short questionnaire with each invoice after every job - try to learn something from each and every one.

Things to do
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1. Get noticed
2. Find help/advice/mentor to gain practical experience as commercial photographer
3. Find help/advice/mentor to run business effectively
4. Prepare a 5 year plan
5. Know my sales/profits/cash/who's not paid every month

Good luck! Have fun!

Gordon

www.astonaccounting.co.uk

You may also want to look at the prince's trust (or prince's scottish youth business trust) as the case maybe.

I received a £5K loan from them, and then went on to become a Scottish and UK shell live winner too as it happens, and "won" £10K.

If you are considering self employment, you may also want to check out

http://www.consideringselfemployment.com

Regards


Fraser
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Fraser

Fraser J. Hay

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