Setting Up and Managing a Photographic Business with Nick Dunmur

If my photos are ever stolen, or perhaps I am not getting paid enough for my work then Nick is there to help with that. That's if it doesn't need to be taken higher up. 

Today he discussed the business of being a creative. When managing a business it is not as simple as completing jobs for clients and getting paid cash in hands - not when we are talking big money anyway... there are lots of things to consider.

Business Structure - What type of business are you managing? Where does the copyright of your work sit?

• Sole Trader
• Partnership (ordinary or LLP) Legal Agreement - Who has what stake?
• Limited Company (Ltd) - you don't own the right to your work
• Community Interest Company (CIC) - providing workshops to benefit others learning

Accounting Requirements

• Business bank account - separate bank account with security and extra benefits when managing a business
• Records of sales & purchases (Invoices & Receipts)
• Bank statements (Electronic & paper)
• VAT records - input and output VAT
• An accountant

Setting a Day-Rate

First of all you need to add up the costs of doing business per annum plus your desired salary/drawings. This will equal your annual requirement in pounds. Next you need to work out the number of shooting days per annum. Lastly you divide your annual requirement by number of shooting days per annum which will equal your starting day-rate. From that you then need to add into that your skills, market and experience to receive your final day rate. 

Nick and many other photographers who have spoken to us at the university recently have mentioned how saturated the market is today. With a niche you are more likely to become successful. He also said that moving image is starting to become a requirement with job specifications. 

Getting started

• Buying/Hiring or lease equipment
• Insurance - employers liability/public liability (if they were to trip on equipment used in a public area)/professional indemnity/equipment/cyber & data/office/studio/portfolio/goods in trust/hired in kit/health & accident
• Check each year for updates!!!

Overall Nick's visit was really helpful and has gave me plenty to consider if I end up managing my own business...