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Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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How to Get Funding for Your New Photography Business

 

Do you have a passion for photography? Would you love to turn it into a full-time business? If you are good with a camera, there is potential to make a healthy salary and enjoy your job working freelance. You can take shots at anything from a wedding to a business conference when you market your business right.

 

But one thing that stops a lot of fantastic photographers from turning their passion into a business is money. Indeed, it can take a substantial amount of cash to convert this hobby into a career. But the good news is that there are ways you can get funding for your new business.

 

Start by Bootstrapping

When we talk about bootstrapping, we are referring to using your own finances for your photography business. This can include exhausting your credit cards and digging into your savings. This strategy can have a lot of advantages, particularly over choosing loans. You do not have long financial commitments and huge monthly payments. Alternatively, some people ask for money from friends and family too. But this is something to consider carefully so that it does not affect your relationship.

 

Consider Venture Capitalists

Perhaps you need a lot of funding for your new business and to get it off the ground. You can try to find a venture capitalist. This is someone that is a private equity investor and they can provide the money you need when they believe in your business or brand. They receive an equity stake in your company. For example, a venture capitalist like Tej Kohli uses technology to rebuild lives and help businesses at the same time. You can read more at Tej Kohli: The Indian tech billionaire who plans to turbocharge Britain’s start-up scene.

 

It will be necessary to make your photography business stand out from the crowd. There are going to be a lot of new businesses and start-ups wanting investment. You need to demonstrate what is different about yours. In particular, they want to know that they are going to make a profit.

 

Apply for a Grant

If you are someone that is looking for alternative funding for your new photography business, you can search for a small business grant. There are lots of them available and it may be possible that you qualify for one. Be prepared that the application process can be long and detailed. But it can be worth it since this can provide you with the funds you need to get your business going.

 

Try Crowdfunding

Another way you can raise significant funds for your new photography business is through crowdfunding. This is when you create an appeal to a number of people asking for a small amount of investment. Together, this comes together and creates the funds that you need to start your business. Thankfully, the internet makes crowdfunding a lot easier and you can receive investments from around the world. You can make sure everybody sees your appeal by sharing it on social media and spreading the word too. Some people will donate out of good will while others may need more motivation and personal gain.

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