Print this page | Go back to previous topic
Forum nameFinancial Feast
Topic subjectFinancing a new Photography franchise
Topic URLhttps://www.businessownersideacafe.com/forums/dcboard.php?az=show_topic&forum=105&topic_id=191&mesg_id=191
191, Financing a new Photography franchise
Posted by Mchedwards, Tue Feb-27-07 08:32 AM
I am looking for advice on financing a new franchise opportunity. I have been working part time out of my house as a photographer for the past 2 years. My wife and I work in the telecommunications industry as managers for the past 12 years but both have about had enough. Everything is being off shored and we need to make this transition before we become a statistic. I have loved photography since high school and felt it was the best path for a career change. We have invested $50,000 in equipment in the past 2 years and have outgrown our Garage Studio. Not to mention that I can not legally conduct my studio out of my house due to city ordinances as well as summer and winter are out of the question as the space is not climate controlled.

In my training/testing stage I followed the training of a nationally know Senior photographer, Ron Kramer (http://www.portranet.com/pnet-home.shtml). From him I have learned and continue to learn the art and business of fine portraiture. My next step was to follow the guidance of one of the best Children Photographers in the nation, Cindy Baxter (www.studiocportrait.com). Her story is very inspiring and her work is absolutely amazing. I stumbled across this franchise opportunity while conversing with Cindy where she told me about her plans to franchise her studio model and artwork concepts. This is just about ready to launch but I just happened to be involved with some of the planning stages as they were interested to hear my feedback. So as is, I very well may be the first studio to open up. No existing franchise information is available but Cindy?s team collectively has 55 years experience in the industry.

I will need to come up with approximately $150,000 for start-up and working capital. Our personal cash investment consists of the money already spent. The good news there is the money spent falls right in line with her studio concept. The same equipment, Lighting, props , backgrounds, etc... Of personal concern is not my credit but my debt to income ratio. We have approximately $40,000 of equity in our house but little else. The franchise will help with the SBA approval but I would like to hear the pros and cons of searching out investors for a portion or all of the financing. Or better yet, what path would be the most efficient? Would it be wise to spend my energy tracking down one form over another?

Thank You

Mike Edwards
www.studio-e-photo.com
michael@studio-e-photo.com