Risks of Owning a Photography Business

The freedom of being self-employed and owning a photography business has many rewards. Flexibility in scheduling, creativity and the ability to control expenses and realize profit firsthand are just a few. However, there are several risks associated with photography, which is often considered a luxury expense in the portrait industry. Editorial, magazine and stock photography are more stable, but are still susceptible to a decline in sales when the economy takes a downturn.

Sales

Buying groceries and paying utility bills are more important than a family portrait when the budget is tight. One risk of owning a photography business is the chance for a sharp decline in sales, and loss of revenue. Diversify the types of photography offered by the business to lessen the blow, or consider having a part-time job to make ends meet during the slow seasons.

Time Off

If the photography business is a one-person operation, it is difficult to take much time off. Vacation pay, sick days and personal leave can all be paid for by implementing a special savings plan, but who will run the day-to-day operations? Consider hiring a part-time office assistant who can continue accepting and processing orders during periods of time off.

Illness

Waking up with the flu is horrible, but when you have a list of photography appointments scheduled for the day, it makes running a photography business difficult. Hire support staff that also includes another full-time photographer. Planning for a photo business should include more employees than just the business owner, or keeping appointments when illness strikes will be difficult.

Home Businesses

Planning for a photography business in the home is convenient, until life intervenes. Friends and family will casually stop by since you work at home. This may disrupt a photo session or consultation, and look unprofessional. If affordable, consider renting or buying a studio space away from the home, and keep business hours posted, so you can stay focused on work.

Equipment

Buy at least two of everything, period. If a camera breaks, there is no quick substitute. Before opening the door to the business have insurance for the equipment and location, and spares of everything. Explaining you can't shoot a bride's wedding because the camera broke won't garner any trust, or a paycheck.

References

• About Starting a Photography Business