You might check the archives here, Reggie. I seem to remember at least one similar discussion that might prove helpful.

Your profile doesn't indicate your location, but I'm assuming that you're in the U.S. from the SBA and IRS comments. If so, you may want to consider how the IRS views photography "businesses" - the subtle aspects of how the related tax provisions reflect that view. I think you'll find that the tax regs are aimed at an assumption that the average photography business is a tax fraud - that is, a hobbyist trying to write off hobby expenses. As such, you'll likely be under more IRS scrutiny than the average small business. (With the possible exception of massage parlors. ) You'll also want to think about the long depreciation periods assigned to photographic equipment, and what happens to you, tax-wise, if you decide to discontinue the business before the end of those depreciation periods. The key word here is "recapture". Then there are the issues of mixed-use of equipment. (What is used for the business versus what is used for personal/hobby purposes.) Lots of little "gotchas" like that to consider.