When searching for a high street studio you will need to equip yourself with a list of the most essential requirements for your particular needs.
View other studios in other towns and get to know the advantages and disadvantages. If you can afford the time, monitor the passing trade at various key times during the week.
Ask yourself the following questions initially and then add to the list.
Is the location suitable?
Is it situated in the town centre?
Is it situated on the outskirts of town?
Is it situated out of town?
What is the condition of the property?
Is it ground floor?
Is it first floor? If so is the access shared or private?
What is the size of the window display area? If any.
What are the businesses on either side? Do they compliment?
Is the purchase price realistic?
Is the rent realistic?
How far will you travel to work each day?
What will be the cost of travel?
Will you have passing trade?
Is there easy access?
What are the parking arrangements? If any.
How many rooms and what size?
Do you require;
Reception display area
Washroom and toilet facilities for the public
Cost of heating?
Can you raise the deposit?
Can you afford the monthly payments?
How much will you need to spend before you can start running the business?
How much will you need to earn weekly TO COVER THE BUILDING COSTS
How much will be allowed for maintenance?
How much will be allowed for future alterations?
What is the cost of building insurance?
Can you sublet part of the building to raise money and share costs?
It is worth noticing that many high street photographers have / are changing to working from home, because the usually high costs of running a high street studio do not justify the increase in customers / sales.
Higher profits are now usually possible by working from home.
WORKING FROM HOME
Many would be businessman and woman find themselves in a situation where having taken voluntary redundancy or simply having had enough of working for someone else, decide to step out and go it alone.
In the first years of the business it is often not known exactly and thereby what overheads it can justify taking on from commencement.
For these reasons many people decide to start working from home, and if needs be to take on commercial premises at a later date.
Working from home has many advantages as there is no wasted time travelling and obviously overheads at the outset are kept to a minimum by not having to pay any rent. It is also beneficial for the business from the personal point of view as starting a new business is very demanding on an entrepreneur, and they cannot afford to give anything less than 100 per cent commitment to the business.
Working from home can make it a little easier to cope with the long hours that starting your own business will take as you can occasionally take a break from the business if your are working. However the danger is that you might become undisciplined, and this is where all entrepreneurs working from home must be particularly cautious. It is very easy to lay in the morning and to knock off early in the afternoon.
Remember when you are self employed if you are not working then you are not earning.
Another benefit of working from home is that some of the cost of heating and lighting the room/s which you use for business and the business proportions of telephone calls on your home phone all qualify for tax relief. Specific professional advice is highly recommended on thi subject as there are always different circumstances to take into account for each individual as no two cases are ever the same.
If therefore you are, or intend working from home it would certainly pay to appoint an accountant to go through matters with you at an early opportunity to prevent any potential problems .
Convention testimonials Jacqui Dunbar: Fantastic time at the 2012 Convention, lots of learning, networking and a couple of purchases. Looking forward to 2013!
Find out more about the Convention here