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Accounts & Money

It's important to remember that nothing will happen overnight, so expect to take a part time job when you first move to London. Always remember however that you're a freelance photographer – even if you aren't quite actually working yet. So make sure your part time earner is evening work or has very flexible hours, like waiting tables or bartending. This keeps your days free for your career: building your folio and chasing work, and when jobs do start to come up, you'll be available at the drop of a hat.

It's no secret that photography's an expensive business. When you leave university, not only do you leave the comfort of the education system, you also leave behind free studio space, equipment, and darkrooms. Because of this, you need to open accounts with equipment providers like Calumet and Metro. For someone starting out they won't require comprehensive business references. They will provide processing, printing, equipment and consumables hire and, because you are an account customer, allowing you 30 days' grace to pay after you've been billed. This should give you time to collect payment on the job you hired the equipment for; otherwise you could be left out of pocket and into some serious overdrafts in the interim.

Often, if you take out one account, then other accounts will be recommended to you with other companies – Direct Lighting (www.directlighting.co.uk), for instance, is a part of Metro (www.metroimaging.co.uk).

When it comes to money, the best maxim is always to keep it as simple as possible. Try and do as much of the paperwork as you can, so that you understand how your finances function and the position you are in. Keep things well organised, and maintain spreadsheets of your monthly expenses.

Although it will seem easy to take the chance, don't risk being uninsured. If you're going to be doing any professional work at all, it is crucial your equipment is covered and you have public liability. As soon as you start working, check out what the major providers offer in the way of cover. If something does happen, you'll have an instant backup, and a potential disaster may be averted. Many insurers offer a semi-pro policy now, which will give you a package catered towards starting out that allows you to work professionally. Taking the risk is a false economy, as many find out to their cost, and above all, be completely honest in your forms.  

Once you start to get work, find yourself a friendly accountant (one who understands you are just starting out) and register with the Inland Revenue as a self-employed sole trader. When choosing an accountant, ask friends already working for names of those who handle photographers. Try to get as much advice and as many recommendations as you can, and then speak to them personally. You're likely to be with an accountant a long time and will rely on their advice, so it's an important decision in any business start-up. The government has a guide to starting up at www.businesslink.gov.uk, which includes step by step assessments, printable pdfs and guides to filling in forms.