Taking The Best Shot
Term Loan Taking The Best Shot
Author: Stephanie Clarke
Date posted: 01.03.23

Ever since she could remember, Sarah’s passion had been photography. For several years, amateur photography had been her side hustle. She had experienced limited success, after all, she still had a ‘real job’ too. Sarah had decided she wanted to move more into her passion – photography. She had some savings set aside but not as much as she would need to actually launch her wedding photography business. Plus, Richmond, Virginia wasn’t exactly a metropolitan area like New York, but it had great potential being only a short drive from the Atlantic Ocean and the Blue Ridge Mountains and offering lots of beautiful and historic venues in between.

Sarah, equipped with a growing network and a solid social media following, recognized that taking the best shot at going full-time meant upgrading her gear and securing a suitable studio space, all essential for delivering the caliber that discerning brides and grooms anticipated.

 

Despite her small condo, Sarah crafted an ambitious business plan. She required a new top-tier camera (keeping her current one as backup), premium lenses, tripods, camera bags, and lighting gear. She also needed props, backdrops, and a studio space. Her list included desktop and laptop computers, editing software, and an external hard drive. Not to forget a high-quality photo printer. Alongside, she recognized the need for a payment system, business license, insurance, and accounting help. Sarah also recognized the imperative of allocating a marketing budget for crafting business cards, revamping her website and online portfolio, as well as launching impactful social media campaigns – all crucial facets of taking the best shot at propelling her venture forward.

Taking The Best Shot

She crafted a budget with price estimates for all she was going to need as part of her plan. As she began to look for studio space, she was a bit intimidated by lease payments, but felt she truly needed the space. After months of searching, she found a small space in an up and coming area. She could purchase it more cost effectively than lease. With her numbers in hand, she began her search for a lender. She wanted someone who would consider her for a term loan to get her started.

 

After considering several options, she opted to purchase the small space, knowing it could act as collateral for the term loan – 7 years, $175,000. With her savings, excellent credit history, and high score, she secured the loan. She had maintained detailed financials for her former side gig. This helped her start her business.

Within a few months, she had portraits and weddings booked for nearly the entire upcoming year. Business was doing so well, she hired an assistant almost immediately, and six months in, a receptionist.

 

After her first year, Sarah discovered her property had appreciated considerably and her calendar remains full. She’s even booked several weddings from outside of Virginia due to her growing social media presence and accolades from brides, grooms, and wedding parties.

Taking The Best Shot
About The Author | Stephanie Clarke

Stephanie has a bachelor's degree in psychology and has been a professional writer for over 15 years. Her client list includes New York Times bestselling authors, publishing houses, prominent public figures and successful business owners. She resides with her family in Florida.

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