Show me the money

Today I posted this piece on my blog. After my post, a commercial photographer in New York commented. He is prompting students to ask him questions if they would like to do so. Check out the post on www.gregceoblog.com

BY GREG ON FEBRUARY 3, 2010 IN FROM GREG'S DESK
You may be a great young photographer, but how do you finance your first production when you land that big advertising job? Sure, the purchase order is signed and it’s been faxed to you, and even if the advance check is on its way, it will still take several days to clear. You might need access to 20K to buy plane tickets and reserve hotel rooms for crew and get the whole thing rolling. If you are an established photographer and you are reading this, I’m curious to know how you financed your first big job? I’ll give you my answer tomorrow. –greg

MISTER LYNCH SAYS:
February 3, 2010 at 6:17 pm (Edit)
Ok cant remember what the FIRST job was that i faced the finance issue…In reality i think it still happens! I am always coming up against clients who DO NOT offer advances! And these are LARGE AGENCIES Just something i have to deal with, and prepare for. The bonus has been that they will pay in full 30-max 6o days after completion of job.
I think it all breaks down to SAVINGS. From my first job till now, its always important to have a good bit of money ready to go. Now the range of how much you need, is directly related to what level you are in your career. I think back to my first location gig…it was “BIG Time” ok just kidding, it was me, an assistant, and talent. Assistant held a SMALL battery powered strobe, Models brought their own clothes and did their own make up….My total cost to fund was about $45. Now My cost to fund can be as much as 5-10K. So kinda stinks to keep that much tied up…but for me its part of the DANCE
Now if you get a considerable project while you are still young in the biz, bring in a producer, A MUST. Possibly, just Possibly that producer has more time in the biz, and maybe is use to funding projects, so you might luck out. But be prepared one day if you cannot fund the project, you might have to give it up, your project will suffer if you cut corners right off the bat.
Feel free to comment, here to help and learn