Author Topic: Starting a microstock business (Read 16714 times)

Dreamframer · « **Reply #25 on:** December 31, 2008, 02:46 »

I agree.
I didn't realize at first that you want to start business for real...I mean registering business etc. Leave it for time when you already have some decent monthly income

Pixart · « **Reply #26 on:** December 31, 2008, 18:04 »

Well, that's not exactly true. I don't know what country he is in, but he likely has at least 3 years to turn a profit and why not start it right?

If you register a "photography" business it can have many benefits. For example, in my first year I spent more than I earned due to my start-up costs but I was registered to collect PST and GST. That means, I got most of my GST back on gear, computer, software, gasoline, trade publications etc.

You can declare your office and any working space, electricity, cable, trade publications, gas, mileage and write the appropriate % off against your taxes. Is this possible in your country without a registered business?

On the other hand, I've met a lot of newbies on this board who start off full of fire and give up after a month or two. Your business license may cost more than you ultimately earn.

PaulieWalnuts · « **Reply #27 on:** January 01, 2009, 09:21 »

The D40 is fine to start off with and learn. The D90 is very good.

The 50mm and 18-55mm are sharp and should be fine.

The 18-200mm might be a crapshoot. I've read some are fairly sharp and some aren't so you may struggle with softness rejections. I'd suggest the 18-135mm or 16-85mm which are both super sharp.

Sounds like you're on the right track but as some of the others said the best way to learn is to dive in. A little planning helps but this business changes all the time. Just shoot, submit, learn, and adjust.

Sean Locke Photography · « **Reply #28 on:** January 01, 2009, 10:24 »

Note to Pixart - in the US, you don't have to register anything, except fill out the right form on your taxes, and if you're below $600, you don't even have to do that. You don't actually register as a "sole proprietor" except to say you are one on your taxes. You can then deduct all your expenses against your profits. So, it's very easy to just dive right in.

Don McGillis · « **Reply #29 on:** January 01, 2009, 11:00 »

Pixart is correct for Canada; you do need to register (it costs very little) and have a "reasonable expectation of profit" in the the first three years of your SP to get the tax benefits.

sjlocke (as noted) offers the best advice in following the sequence of (1) have fun, (2) learn and then maybe, just maybe, (3) earn. I'm having a lot of fun, learning tons and don't have a reasonable expectation of profit for quite some time . . .

I still work with my old Konica Minolta D7, it's more about the images and less about the tool. Microstock is a very inspiring place to be; take a look at the portfolios of some of the contributors to this thread alone and it's clear that some of the best teachers in the business are here and willing to share their insights freely.

packerguy · « **Reply #30 on:** January 01, 2009, 17:58 »

As sjlocke stated, since I am in the US, all I will need to do is fill out Schedule C come tax time, no special registering as a business when you are a sole proprietor and you are using your name as part of the business name (for example, Joe Smith Photography).

Again I would like to thank everyone for their comments.

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Author Topic: Starting a microstock business (Read 16714 times)

Dreamframer

Pixart

PaulieWalnuts

Sean Locke Photography

Don McGillis

packerguy

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