My Photography Journey (Part2)
It took me another year after the charity event I did another photography work. Being a mother with no family around was always the problem with me. Until a client contacted to ask me if I do make up as well. In my big imagination, I thought it was possible to be a "One-man band”. I believe if I could do make up on people/clients, I would not need to pay a Make-up Artist. Once again, I enrolled myself in Belfast Metropolitan College-Titanic Quarter doing Level 2 NVQ in Nail Services, Beauty and Make-up. A year after I successfully gained my certificates and thought I was ready for the world. But unfortunately I was wrong, the money that a client paid me is enough for the time I did their make-up never mind doing the photoshoots after. And to be honest, it did put me off a little bit doing other photography work with make-up. After that, I decided to try assisting a well established photographer. I sent out a few applications but only one was interested and got back to me.
When I finally got to do it, I was totally disillusioned assisting other photographers and made up my mind that I need to be my own boss one way or another. This is when I started planning my next move which was doing freelance in Photography. I designed my own calling cards, flyers and bought photography equipment to make it happen. I was never disappointed and in fact it made me have more of a desire with photography.
I was doing okey but the reality of photography is like a nail technicians job you have to keep up with what is popular and what is in-demand. We have to reinvent ourselves to keep up with it. That is when I enrolled myself in Ulster University in Belfast to once again reinvent and discover my utmost potential in the Photography field. I’m excited to find out what the coming years can offer me in discovering what other hidden creativity I have. So far, we have amazing instructors who are willing to share their years of experience just for us to be equipped and competitive in the real world of today’s photography.
My Professional Practice
I am a visual type of person. When I’m reading an article I prefer to see photos to give me the real feel or understanding of what it is about. Before I decided to focus on Portrait Photography, I have given myself the chance to explore other types of photography like landscape, fine art, product(Commercial Photography), Architecture, Fashion and other things. But I keep going back to the Portrait Photography. Sample of my work as follows;
Landscape (The Giant Causeway)
Fine Art
I got my inspiration from Annie Leibovich “Fairies” on this. Probably as a mother I was drawn to this kind of work. It encourages me to learn more about Photoshop, I started from the CS5 to the CS6 and never looked back. In fact, it introduced me to use Actions, I purchased Florabella Actions which I love to use every time I do portraits.
Fashion
Event (Christening)
Product
I have a lot to be thankful for in my HND years. I learned so much that I was able to face people as I had confidence completing a photoshoot. I was also taught on how to make business plan and explore funding and Grants to start my Freelance journey. But since I didn't really need much funding as I got most of the equipment I needed, I did not go a head with any of the funding and grants that were available.
Business Planning ( From my HND instructor Gordon Ashbridge)
A business needs money for starting up
Equipment, workplace, marketing costs
Cash to pay bills & keep business going
Well prepared
How you intend to operate your businessfinancial forecast is a must
financial forecast is a must
*Your Own Money
You will need to use your own money for set-up or running costs
Even if you have finance from investors or banks
No worries over repaying your own investment or investors withdrawing support
DISADVANTAGES
Potential to LOSE a LOT... your house and personal possessions
Spending more than you really have...
NEED not WANT...
Personal Savings
Windfall
Cashing In
Wages (Part Time work)
*Finance from Family and Friends
This is common... looking to friends & family for support at start-up or additional funding exampole new equipment
Works well BUT..
Everyone involved needs to understand precisely what involved... esp the risks
short or long term, why you need it, how long you need it for
short term - tide the business over until a customer pays their bill
longer term - buying or leasing capital asset
PROs
more likely to spend time considering their involvement
lower interest rates
more flexibility
profits shared with family or friends
CONs
risk if business fails, relationships
may want a say in your business
Protecting Relationship (Finance from Family and Friends)
Honesty
Dichotomy of Business & Relationship
the Business Plan
Formalise the arrangements
*Borrow from a Bank
the Business Plan
How much? When? Purpose?
Repayment?
short or longer term loans
short term - Overdraft or Trade credit
medium term- 3-5yrs eg car or equipment
longer term- buying property
Borrow from a Bank (what the Bank will look for)
track record & credit history for you & the business
management
the Business Plan
Commitment
SECURITY - they want their money back
They will investigate the market
short and longer term loansshort term - Overdraft or Trade credit
medium term - 3-5yrs
eg car or equipment
longer term - buying property
Consider COMMERCIAL LENDERS
eg Insurance companies and building societies
May get a better deal, lower interest rates
Generally less restrictive eg poor credit
*Attract Outside Investors
selling shares in the business to...
BUSINESS ANGELS?
VENTURE CAPITALISTS - £3million +
(Business Angels)
private individuals who invest in start-ups and young companies...
in exchange for a share in the company's equity
investment range £10,000 - £750,000
free to make investment decisions quickly
no need for collateral ie personal assets
access to investor’s knowledge & contacts
better discipline dueto outside scrutiny
mentoring and skills from your angel
no repayments or interest
thresholds of invested money
takes longer to find a suitable investor
giving up a share of your business
*Qualify for a Grant or Government Support
very cheap financing
often comes with business advice or subsidised consultancy
There is a lot of competition for grant schemes
Check out government support for business
*Community Development Finance Institutions
Sustainable, indepentent organisations established to develop and create wealth within disadvantaged communities or markets, providing capital & support to the individual, micro enterprises and small businesses
*Check on the Community Development Finance Associations website
new business - may be eligible for tax breaks
eg lower tax or National Insurance contributions
HMRC-Benefits and Responsibility
https://www.gov.uk/government/organisations/hm-revenue-customs
Working for yourself
If you start working for yourself, you’re classed as a sole trader. This means you’re self-employed - even if you haven’t yet told HM Revenue and Customs (HMRC).
Running a business
You’re probably self-employed if you:
run your business for yourself and take responsibility for its success or failure
have several customers at the same time
can decide how, where and when you do your work
can hire other people at your own expense to help you or to do the work for you
provide the main items of equipment to do your work
are responsible for finishing any unsatisfactory work in your own time
charge an agreed fixed price for your work
sell goods or services to make a profit (including through websites or apps)
Many of these also apply if you own a limited company but you’re not classed as self-employed by HMRC. Instead you’re both an owner and employee of your company.
You can be both employed and self-employed at the same time, for example if you work for an employer during the day and run your own business in the evenings.
You can check whether you’re self-employed:
online
by phone
Selling goods or services
You could be classed as a trader if you sell goods or services. If you’re trading, you’re self-employed.
You’re likely to be trading if you:
sell regularly to make a profit
make items to sell for profit
sell online, at car boot sales or through classified adverts on a regular basis
earn commission from selling goods for other people
are paid for a service you provide
You’re probably not trading if you sell some unwanted items occasionally or you don’t plan to make a profit. You can’t use any losses you make as part of a hobby to reduce your tax bill.
Contact HMRC for advice if you’re not sure whether you’re trading.
Register as self-employed
You’ll need to register for Self Assessment if any of the following apply:
you earned more than £1,000 from self-employment between 6 April 2017 and 5 April 2018
you need to prove you’re self-employed, for example to claim Tax-Free Childcare
you want to make voluntary Class 2 National Insurance payments to help you qualify for benefits
You must also follow certain rules on running and naming your business.
If you don’t need to register, you can still make voluntary Class 2 National Insurance payments - for example to make sure you get the full State Pension.
Other ways to work for yourself
There are other business structures apart from being a sole trader. For example, you can:
become a partner in a business partnership
set up your own limited company
