Studies show that over 90 per cent of new ventures fail in the first year of set up, due to lack of funding. Photography is not spared either and funding is very crucial to any venture , as money is the engine of a business. To turn a photography business idea into an income generating venture, you need capital. The amount of capital largely depends on the nature of your photography business and the niche you are pursuing.
Getting a source of funding can be a hard nut to crack for many when starting a business, so sometimes people rely on cybo to figure out more about this. Although sources of funding are increasing with time, chances of getting an investor who can believe in you and what you do are very thin. Here are a few sources of funding that can aid in kick-starting your photography business.
Nobody believes in your photography business idea than yourself. In this regard, you should be the first one to add into your business kitty before anyone does. Tap into your home equity and savings, and invest them into your business. Smart investors always look out for founders who trust their venture with their own money.
Also known as self-funding, it is a very effective means of financing a business venture. This involves managing every coin as if it is a pound to stretch your business through this time of financial scarcity. Money is very scarce when starting out as photography involves buying expensive equipment. In order to minimise your cost,
- Where possible, lease instead of purchasing.
- Share your premises and office equipment with others to reduce cost.
- Negotiate terms and fees with suppliers.
This form of funding has recently gained a lot of popularity. It’s synonymous with getting a contribution from many people at the same time. Most of them are done online on social media and other platforms that offer crowdfunding services.