Mike, this sounds like quite an exciting business venture! It looks like you're on the right path.

The $150,000 sounds reasonable for your start up costs. Have you completed your formal business plan? You must have that ready in order to start looking for funding sources (see below if you need help with the business plan).

If you go the SBA backed commercial loan route, you will need to contribute about 20% of your own cash. You will likely need to take out a home equity loan to cover your portion. Your experience in the industry and your existing photography business will go a long way to getting approved for the SBA loan.

Is it possible for one of you to hang on to your job for the first year or two? That way one of you is working the business full time and the other part-time, while still bringing in a steady paycheck. That strategy will help with securing the SBA loan too.

Franchises stand a better chance at success, though it doesn't necessarily guarantee success. This being a brand new franchise makes it that much more risky. I once walked away from a new business opportunity because it was so new and there were no tried and proven franchisees yet. That was just 3 yrs ago and the company now has grown tremendously.

I wish you great success!