From home or not?
I have had my home studio for just over a year now. It is really tiny; my shooting area is about 10 x 20 foot, which excludes my office and dressing area, ect. I feel that I am ready to grow. The problem is that I cannot decide whether I should build on my home premises or rent in a shopping centre. I would like to know if others have found it better to work from home or rent a premise. I have enjoyed working from home this past year, but wonder if people may perceive me as being more professional if I had to work away from home. Any suggestions or comments will be appreciated.
Well, opening in a storefront puts you squarely in the sights of every inspector in your county including the permit/business license police. And with that, comes taxes, county/municipal business property taxes, sales taxes, accountants, quarterly filings, state and federal income tax reporting, ad infinitim.
And it also puts you in the realm of running a real business that's likely going to require you to have various types of insurance, at least liability coverage, to protect the guys who own the building you rent in and cover anyone who trips and falls on a moca latte or light stand. Take a look at a proposed lease for the space and then with all the licenses, registrations, permits, etc., start adding up those costs against the potential profits but don't forget, word of mouth usually isn't sufficient for what you want to do. You need to promote and advertise your business. That gets expensive depending on your target market.
Sounds to me Betsy, like you need to formulate a flexible business plan before you do anything and determine both the cost of doing business, including promoting yourself in your new space, and then what your intended income is. Without that kind of a plan, business consultants from outfits like SCORE or SBA, will tell you that you're likely ummmmmmm....how shall I put this tactfully....doomed to failure.
Think about it. There are tons of books on starting your own business. A risky and costly proposition to be sure but being among the self-employed entrapreneurs has its advantages too.
Good luck ;>)
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