How to Start an Independent Photography Business
Starting an independent photography business requires investigating and organizing information about various elements of the market and your business operations. Launching a photography business entails applying information from your research to a business strategy and developing a plan that guides your business into the future. Starting this business requires gathering and organizing information about your specialty, your competition, the market for your business, equipment needs, budgeting and your business finance plan.
Other People Are Reading
Things You'll Need
- Competition research materials
- Market research materials
- Equipment research materials
- Start-up equipment
- Calculator
- Spreadsheets
- Start-up funding
Instructions
-
-
1
Choose the kind of photography you want to produce. Establishing a specialized photography business is superior to general photography because it is easier to evaluate the market for a specific group of photography buyers than all photography buyers. Specialized photography businesses can establish effective marketing and promotional plans. Some specialties include events, marine, aerial, corporate, travel, fashion, school portrait, wedding and product photography. Choose a specialty based on the strongest shots in your existing portfolio or on what you enjoy to shoot.
-
2
Evaluate your competition. Investigate the photographers and photography businesses in your area that produce photography similar to what you want to produce. Do not let superior credentials or impressive clientele intimidate you. Plan to improve on any deficiencies and compensate for them with other elements of the business such as niche service offerings or a more captivating presentation. Evaluate your competition by noting service offerings, prices, advertisements, promotions, clients and credentials.
-
-
3
Study your market and target buyers. Your market includes the people that buy the kind of photography that you produce. Buyers are the people that make the decision to buy. Event planners may hire event and wedding photographers, magazine editors may hire marine and aerial photographers, and communications executives may hire corporate photographers. Art directors may even hire fashion, commercial and product photographers. School administrators may hire portrait photographers. Create ongoing lists of names and contact information for as many buyers in your market as possible and continue to add to this list.
-
4
Choose your equipment. Equipment for photography businesses may include cameras, lenses, lighting, studio space, computers, printers and storage devices. Identify the cost of the minimum equipment required to start performing your services competitively. Note additional equipment that helps move your business in the future.
-
5
Create an annual budget. The budget includes start up and operational expenses. Start-up expenses consist of registering the business, business licenses and minimum equipment requirements. Operational expenses include utilities, studio rental, equipment upgrades, liability insurance, equipment insurance, marketing, advertising, employee salaries, and legal and accounting fees. Create a budget that includes all expenses for the first five years of business.
-
6
Create a finance plan and obtain funding. The finance plan comprises expense projections, sales projections, break-even analysis, projected profit and loss and projected cash flow. Expense timelines include a schedule of expenses for the next two to five years; sales timelines include a schedule of sales revenue for the next two to five years. The break-even analysis dissects the minimum sales required to equal expenses with various scenarios. The profit and loss statement indicates projected total profit or loss at the end of each year or quarter. The cash flow statement projects expenses and revenue from one to five years.
Expenses include operational, start-up, investment and financing repayment. Revenue includes sales of your photography, asset liquidation or funds received from investments. Sources of funding may come from your own assets, family, friends, private financing, bank loans and credit cards. Secure funding to cover at least the first year of total expenses.
-
1
Tips & Warnings
Spend time refining your marketing research and planning and continually update it.
Divide the market into small segments that you can target with precision.
Stay competitive by keeping abreast of new technologies and trends in the photography industry as well as your segment of the industry.
Create thorough budgeting and financial information by expecting the unexpected or unfortunate.
Make your business plans as detailed as possible.
References
Resources
- Photo Credit digital photography image by Pix by Marti from Fotolia.com
