a_bell1 Posted March 17, 2009 Share Posted March 17, 2009 <p>I have been running a successful wedding photography business for the last 4 years. Each year my client base increases as well as the weddings I book. Last season I was barely able to maintain a full time job while completing 25+ weddings. For the '09 season I raised my prices to match what I made in '08 at the full time job and wedding job combined.<br> I sit here now, at my full time job while my wedding business is suffering because I am not devoting the time to it that it needs. The only complaints I receive from my clients is that things take a little too long to get completed. This is because I am here all day. My full time job is not something that I want to be doing... just something that paid the bills while I was building my business. I dont feel like I need to be here. I have the strongest urge and passion to leave here and run to my studio to work on my weddings. Every minute here seems like an eternity and it devastates me.<br> I feel confident and secure in my business and feel like its time to rock and roll. The question is, is it silly to do that during these economic times? Or... recession or not... my fate is calling?</p> Link to comment Share on other sites More sharing options...
nathan_meador Posted March 17, 2009 Share Posted March 17, 2009 <p>What other benefits does your 9-5 bring to the table? Life/Health Insurance? Is it a job that would allow you to go to a part-time schedule instead? The decision is ultimately yours, only you have a true feeling for how stable the photography business in your part of the country will continue to be. Good luck in either case.</p> Link to comment Share on other sites More sharing options...
leicaglow Posted March 17, 2009 Share Posted March 17, 2009 <p>Amber, all I can offer is a badly paraphrased quote: "I'm not as worried about dying as I am about how I am living." Life's too short not to go for it. Sounds like you know what you need to do or you wouldn't be asking. Just do the math one more time to make sure the income from your new venture is sufficient, and go for it.</p> <p>Another thing to consider is that it doesn't have to be an all or nothing proposition. Can you talk to your employer and ask if you can cut back hours and maybe provide some base income to work with? If not your current employer, maybe someone else can provide a part time position if needed.</p> <p>Having made the same commitment to jump back into my photography, I got a kick out of your 9-5 headline. You're probably going to increase your hours substantially. But I'm sure you'll love it.<br> Best of luck to you!</p> Link to comment Share on other sites More sharing options...
john_bellenis Posted March 17, 2009 Share Posted March 17, 2009 <p>Amber, clearly only you can decide that, as we don't have all the relevant facts, figures and insider info needed to help you with such an important decision.</p> <p>I can offer some general advice that may add some thinking points though. You will need to seriously consider health insurance and any 401K / retirement fund issues - also the additional cost of doing business as your photography business grows (book keeping, tax prep, insurances, etc). If you feel that you have a handle on growing your business, and the economic realities of leaving your full time job, and are making sure that your wedding business can replace the benefits, etc. of that job, then you are on the right track. Also, when replacing a regular paycheck with a freelance income you will encounter cash flow issues. You will need either some reserve savings or a credit line to make sure you can keep afloat and current in those times.</p> <p>With regard to the personal side of things - if you are currently miserable in your job, then something has to change anyway, right? Before you jump I would get as much professional advice as possible to make sure you are fully compliant regarding sales tax, insurances and business registration. Also, I'd let a business advisor look at your business plan and listen carefully to any advice he might offer.</p> <p>Good luck with whatever you decide. I would take all advice offered on internet forums (including mine) with a pinch of salt, and make sure you obtain as many local business professionals advice as possible (bank manager, tax specialists, insurance agents and small business advisors). </p> <p> </p> Link to comment Share on other sites More sharing options...
a_bell1 Posted March 17, 2009 Author Share Posted March 17, 2009 <p>Thank you guys for your quick responses! I am currently obtaining health insurance through my full time job. BUT, I am willing to find alternate sources for that going full time photographer. What is most exhilarating for me is that I am not afraid. It has been so tough to build this career maintaining a full time job for the past 4 years. Imagine how much I can grow committing to it entirely.<br> As for the full time job... I would prefer not to work here part-time. It's the run of the mill office job where all I do all day is COPY-PASTE-SEND. Nothing fun... and to an artist this is a paralyzing prison for 8 hours of my day/life =)<br> I do think I will get a part time job at first... just to feel a little more comfortable. Though... I truly feel that I need to step off this ledge and free up the time to really wrap my hands around the photography world and all it has to offer. <br> Also, to answer a question above... I have saved up a year’s salary (the full time jobs yearly salary). That should be sufficient, right?</p> Link to comment Share on other sites More sharing options...
andrew_gale Posted March 17, 2009 Share Posted March 17, 2009 <p>If you dont like what your doing, you probably shouldnt be doing it. Life is too short to not enjoy your work.</p> Link to comment Share on other sites More sharing options...
jmichaelc Posted March 17, 2009 Share Posted March 17, 2009 <p>In addition to Health insurance, did you come out equal after the 30+% small buisness tax deduction and after expenses? If so, I say take that step.</p> Link to comment Share on other sites More sharing options...
vilk_inc Posted March 17, 2009 Share Posted March 17, 2009 <p>...on the other hand, if you're asking "should I..." questions, you probably don't have a plan, let alone a contingency plan. not the best of times for head-on dives<br /><br />in any case, good luck! no matter what you decide, it'll work out. always does ;)</p> Link to comment Share on other sites More sharing options...
ellis_vener_photography Posted March 17, 2009 Share Posted March 17, 2009 <p>How much money do you have saved up to invest in the business? Enough to get by for 3 months, six months, a year? Do you have children? Have you spoken with someone about the cost of doign business: salary, insurance (health, liability, equipment) and marketing? Plan the work, work the plan and be prepared to skim on things like Starbucks and eating out and working harder and longer than you work now -- but the rewards of being your own boss are major.</p> Link to comment Share on other sites More sharing options...
tony_palmieri4 Posted March 18, 2009 Share Posted March 18, 2009 <p>Hi Amber,<br> Personally. I would take the plunge. Sounds like you've already checked out of your current position anyway. I was faced with this same decision 2 years ago. My wife and I had a physical retail studio that was operating part time (I was the photographer, working 8-5 for another comapny and shooting on weekends.) I got to the point you're at right now. I was the sole income earner and it was a HUGE decision.<br> One of my wife's friends asked why I had another job. She said my work was good enough to compete withothers in the area. I thought about how my business would grow if I took the 40-50 hours/week I was putting into someone else's company and invested it in my own. Another friend told me she would never bring her daughters to me for senior pictures (if she didn't know me) because there was something "creepy" about a guy photographing high school seniori in his house. Just her opinion but I valued it. That was what kicked me out of the house and into the retail location.<br> Your biggest challenge is going to be having the descipline to think of and perform revenue generating activiteis everyday (based on a marketing/business plan you create) and not sit and wait for business to come to you. That would be certain death! If you can convert the time you're wasting in your current job into activities that generate money in your new business, you should be fine. You'll also find that you're in it alone so be prepared to "put the blinders on" and forge ahead no matter what the economy is doing, how many of your friends are losing their jobs and what the "naysayers" have in store for you and your decision. If you're an emotionally based person this may be tough but if you really believe in yourself you'll tune those things out.<br> I wake up ever day doing something I love. I've made a good name in the community because I decided to use my last name in my business' name. I can't wait to get to work to play the game of going after my competitors' business and improving my talent. If you're serious about going after it you can't let up one minute or doubt yourself. It really is "sink or swim"; "fly or crash". If you have the will to survive you will. But only you know if you have that inherent "will"....or if you're just dreaming and know deep down it's the wrong move.If you're the least bit doubtful, wait until you know it's the right time. It may just be right now!<br> Good luck with your decision.</p> Link to comment Share on other sites More sharing options...
hjoseph7 Posted March 18, 2009 Share Posted March 18, 2009 <p>I'm not sure how young you are or if you invested heavily in your 401K and pension, but if you didn't and this is my personal opinion I would quit that 9-5 job in a minute. If you can make just as much money doing 25 weddings per year, that means with all that free time you can double your earnings. Now you can have time for travel, take a course in photography get a part time job, or just stay in bed when you got a hang-over. If you can double your earnings, then health insurance would just be a drop in the bucket unless you have a Huge family, then I would think about it. If it doesn't work out you can allways join the 9-5 work force again, but by the look of things I don't think you will ! Good luck </p> Link to comment Share on other sites More sharing options...
steve_hovland Posted March 18, 2009 Share Posted March 18, 2009 <p>For health insurance you have COBRA for 18 months, and you will pay the full premium.<br> In California you have another 18 months under CAL COBRA.<br> If you or any other family member has a chronic condition you may find it hard to get insurance on your own.</p> Link to comment Share on other sites More sharing options...
Landrum Kelly Posted March 18, 2009 Share Posted March 18, 2009 <p>"He who's not busy bein' born is busy dyin'."--Bob Dylan</p> <p>Everything worth doing entails some risks.</p> <p>--Lannie</p> Link to comment Share on other sites More sharing options...
a_bell1 Posted March 18, 2009 Author Share Posted March 18, 2009 <p>Thank you guys SO MUCH for your encouragement. I have been asking people around me for their thoughts and feelings about my situation and they've all told me to go for it. I just wanted the opinion of my fellow photographers. To answer a few of the previous questions... I do not have anything invested in a 401K (yikes, I know). I haven't felt comfortable at my 9-5'er because over the years that I've worked here we've been bought out, split into a joint venture... etc. Also, I do not need insurance for anyone but myself. <br> I think I am going to put in my 2 weeks on Monday. And, you guys are right... freeing up 40+ hours a week to focus more on my business and craft can only increase experience and profit. I just want to go for it. I want to be a <strong>Photographer</strong>, you know? I want to wake up with a smile knowing that I'm only doing what I love to do... and that all the effort and time that I contribute of myself and life is towards something that I truly love. Isn't it almost full proof when you feel like that? =) </p> Link to comment Share on other sites More sharing options...
aimee_pieters Posted March 18, 2009 Share Posted March 18, 2009 <p>I just heard that the government now will reimburse you for 60% of your COBRA..-Aimee</p> Link to comment Share on other sites More sharing options...
christian_harris1 Posted March 18, 2009 Share Posted March 18, 2009 <p>That's fantastic, Amber! :) Best of luck to you and your successes!</p> Link to comment Share on other sites More sharing options...
bill_mussett1 Posted March 19, 2009 Share Posted March 19, 2009 <p>Be sure to have a schedule for yourself. Small distractions can easily, collectively, eat-up hours. Make time for yourself, but spend work-time doing whatever needs to be done to build and maintain the business.<br> Print a fresh supply of business cards and introduce yourself to area wedding-oriented vendors and venues; something you may not have had the time to do previously.</p> Link to comment Share on other sites More sharing options...
craig_shearman1 Posted March 19, 2009 Share Posted March 19, 2009 <p>60 percent COBRA reimbursement is only if you lose your job, not if you quit it.</p> Link to comment Share on other sites More sharing options...
tony_palmieri4 Posted March 20, 2009 Share Posted March 20, 2009 <p>Good luck Amber! You're making the right move. One thing to remember regarding the "yikes" comment...in my opinion, it's better to invest in your own company with marketing $$$ than to invest $$$ in the market. Where else can you put $500 and make $10,000...in direct marketing to high school seniors, in wedding advertising, etc...... but not in the market. I don't have anything in a 401 because I chose not to roll it over when I left my last job. I'm happy I didn't becasue I would have lost a good % of it. So it sits in a reserve fund if I need it for my business. I took the penalty but it still outweighed the loss I would have taken in recent events.<br> Personally, I've come to the decision that I'd rather be growing a photography company that will continue to suppply revenue for me as I age (The Goose That Lays The Golden Egg) rather than "bet" money on other companies in the market and "hope" they provide a return to me based on their performance (The Golden Egg). I guess I'm saying that I'm much more confident in my ability to provide myself with an income than someone else. The last 2 market adjustments taught me a valuable lesson...rely on yourself for your own income and future! <strong>Don't forget to tell everyone you meet what you do for a living</strong> . Everyone has pictures to be taken and they'll appreciate knowing you can help them. If you ever have questions, drop a line. Good luck!</p> Link to comment Share on other sites More sharing options...
a_bell1 Posted March 20, 2009 Author Share Posted March 20, 2009 <p>I agree with you, Tony. I have seen people lose a lot when dealing with their 401k. Honestly though.... I don't think I want to stop working when I'm 50 or 60... you know? Why? Especially when I'm doing photography.</p> Link to comment Share on other sites More sharing options...
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