April 2010 was when I started my photography journey.  I remember so clearly the first photography workshop I took in San Francisco with my mentor, Scott Robert Lim, and how much energy he exuded when teaching all of us students!  It was such an exciting time and everything was brand new.  Fast forward seven years, Michelle Chiu Photography, Jennifer Fujikawa Photography and I threw a recent workshop The Essentials Workshop and had 14 amazing students!!   With our workshop and Small Business Week coming up from April 30-May 6th, I wanted to share with you 5 tips for starting a business!

1. Be passionate about the business that you are starting.  Be all in.  If you are in it for the money, that’s great – but find something that you love as well.  If you don’t love what you’re building, your soul might die along the way and the passion will begin to fade away.
2.  Find a mentor and invest in EDUCATION!  Having a mentor will help you whenever you have those hard questions along the way and be there for you when you need them!  My photography mentor is Scott Robert Lim and he’s been there for me for 7 years!  In addition to having a mentor, you can never stop learning.  Education is something that I preach!  Investing in yourself (education) will help you learn and grow to where you want to be, much, much faster!
3.   Write your business plan and figure out how you’d like to register your business!  Do you want to be a sole proprietor?  Register as an LLC?  (just as a few options!)  Both have different taxes benefits, so be sure to do your research when deciding!  Check in with your city’s rules and regulations for creating a business.
4.   Save up money for your “cushion” and expenses for 6 months to a year.  I know this is a lot of money saved up, but if you choose to pursue your business full time, it will take the time to get your business to build traction.  As a matter of fact, it can take anywhere from 2-3 years for your business to become afloat.  When starting, (or what I had trouble in) is adjusting for your spending habits.  That might mean saying “no” to that delicious omakase sushi dinner that your best girlfriend asked you to eat at, or saying “no” to buying that purse you’ve been eyeing on for the past 6 months.  Remember this is your cushion to fall back on and for those “rainy days”.  

4.  Keep track of your moolah!  In addition to making sure you saved every precious penny, be sure to log all of your expenses by using an accounting software.  This is probably one of the nitty gritty things that I don’t like to do, but when you get paid, it’s great to keep track of your money and where it’s going!  When it comes to doing your taxes, keeping track of this   QuickBooks is a great way to keep track of all your profit & expenses throughout the year!

5.  Remember this is your journey!  Buckle up, ‘cuz you’re in it for the ride!  There will be days that you’ll be ever-so-thankful to have that super duper amazing client, and then days where it won’t be rainbows and sparkling stars.  Be sure to set attainable goals every week, month, 1 year, 3 years, and 5 years, and celebrate those milestones as they begin to unfold.  (I use my Ink and Volt that I purchased off of Kickstarter to help me stay on track!)  Check in with yourself once in a while.  Take a breather once in a while during those hard, long days.  Meet friends who are business owners and like-minded, grab coffee with them because they will be there on those days when you need a little pick-me-up!  And don’t forget to enjoy the ride.  It will take all of you and more to get that business started, enjoy it!

photo above:  planner – ink and volt | name + mug:  happily ever etched (from our essentials workshop!) | calendar:  ilootpaperie | nikon d750

I was featured on SLR Lounge about transitioning to a full time photographer.  If you are transitioning from a corporate job to starting your business by pursuing your dream job, come take a look, watch three articles featured on SLR LOUNGE:

• 3 REASONS SHE LEFT HER CORPORATE JOB FOR PHOTOGRAPHY | INTERVIEW WITH MICHELLE NICOLE

• 3 TIPS FOR TRANSITIONING FROM DAY JOB TO FULL-TIME PHOTOGRAPHER | MICHELLE NICOLE INTERVIEW PART II

• 4 TIPS ON CONTINUING YOUR PHOTOGRAPHY EDUCATION | MICHELLE NICOLE INTERVIEW PART III