There are tons of people earning a decent side or a full-time income by running a photography business. But as the market is competitive, to be successful you need to work hard and plan properly. Here in this article, we list down the steps to follow to create a photography business plan with equipment requirements, market potential, studio setup, pricing, and much more.
Photography is all about catching beautiful moments or events for your clients. And people love to get beautiful photos of the memorable incidents of their life. Therefore, photography is a multi-million dollar industry worldwide. There are several business opportunities in the photography industry you can consider launching according to your skill and investment capacity.
What is a Photography Business?
A photography business is a venture that offers photography services to clients for various purposes, including personal or family portraits, weddings, events, commercial projects, product photography, and more. Photographers in this business capture images using professional equipment and techniques, aiming to meet their client’s specific needs and preferences.
Photography businesses may operate independently or as part of a larger studio or agency, and they often provide a range of services such as photo shoots, editing, printing, and digital delivery of images.
10 Steps to Start a Photography Business
1. Learn the Basics of Photography
Before diving into the business side, it’s crucial to have a solid understanding of photography techniques, composition, lighting, and equipment. You can learn through online tutorials, books, workshops, or even by practicing with your camera.
2. Decide on What Photography Services to be Offered
The first thing is to decide what specific services you want to offer your clients. It is always better to concentrate on a niche audience. It can be portrait photography, wedding photography, product photography, landscape photography, or event photography.
Find out your unique selling point. Identify the most important and compelling elements of the expertise you’re going to provide to your clients.
3. Fix the Target Audience
Define your target market. First of all, identify the target demographic. Who are your ideal customers? Generally, the photography industry is pretty wide. However, to stay focused and pursue the target, you must clearly define the target market.
Your list may include young executives, intended couples planning to get married, churches and other religious centers, schools, wedding planners, corporate executives, event planners, and families.
4. Create a Photography Business Plan
If you are serious about making a profitable enterprise, having a business plan is much required.
Calculate the financial requirements and ROI. First of all, you will need to calculate the upcoming expenses. Broadly, it includes space, procuring tools, equipment, hiring resources, conveyance, etc. Additionally, calculate the expected ROI and Break-Even. At least, create financial forecasting for the coming 1 to 2 years.
Read: How to Write a Photography Business Plan
Configure your business policies. Broadly, it includes office hours, website privacy policy, terms of service, and refund policy. As you will handle a lot of soft copies, then you must be very careful about the copyright policy too.
5. Register Your Photography Business
Decide whether you want to start the business as a proprietorship or an LLC. Define the management board formation and operational procedures. However, you can consult with a local business registration consultant. Additionally, talk to a tax consultant too to identify the upcoming tax liabilities. Also, consider getting liability insurance to protect yourself and your equipment.
6. Set Pricing
To prepare the financial calculations, you will need to fix the pricing. Understand your cost of sales. And mark those up 3–4x to arrive at a final price. Price your services and products for profit. And never forget to include your time.
For example, the pricing that can be fixed as per experience is as follows:
- Entry-level photographers: $50 – $150/hour
- Professional photographers with experience: $100 – $250/hour
- Elite or specialty photographers: $250 – $500+/hour
7. Create A Portfolio
Before you offer the service to your clients, try to create a portfolio. A portfolio is a representation of your current and best work that reflects your style, your niche, and the work you want to do. As a startup, you can do some free sessions to create the exact scenes and style you want to showcase in a portfolio.
8. Photography Equipment
Generally, the list of required equipment depends on the specific services that you want to offer to your clients. However, some of the basic requirements are
- Different types of cameras and lenses
- Spring Clamp
- Backdrop stand
- Starter Stand
- LED portrait kit
- luminous LED Ring Light
- DSLR camera slider
- DSLR shoulder mount support
- Umbrellas of different colors
Here is a basic budget for starting your photography business, not including studio or office space as you are starting your business from home. All prices are yearly estimates or one-time purchases.
- Two cameras: $1,500 to $2,000 each
- Multiple lenses: $1,000+ each
- Two flashes: $700
- Multiple memory cards: $50+ each
- Two external drives: $120 each (keep one backup off-site)
- Computer or laptop with sufficient memory: $2,000
- Editing Software: $20.99 (Ex – Photoshop)
- Website Hosting: $60+
- Lighting & Backdrops $400
- Business licenses: $150 (varies)
- Insurance: $600 per year (varies)
- Accounting: $120+ per year (varies)
- Contracts: Free to $1,000+ (varies)
- Business cards: $20+
Apart from this list, you also need an updated computer, photo printer, and photo editing software. Photoshop is a good option if you can master the skills of editing photos. Nowadays, many reputed professional agencies can do the job online.
9. Marketing & Branding
According to your marketing plan, start to promote your photography studio business. However, never mix the word marketing with advertising. Advertising is the act of placing ads in various forms of media to attract new business. Also, it promotes awareness or encourages people to take a specific action. It is part of an overall marketing plan.
You must identify, how will you reach your target market. Which channels will you use the most, and how will you measure the success of your marketing? Additionally, prepare a marketing budget. Also, find out the resources where you will put your efforts. The list may include social media, email marketing, SEO, and other channels.
Besides your offline activities concentrate online too. Having a website is a must. You can hire professionals on platforms like Fiverr, to get your website done at the cheapest price.10.
10. Where to Sell Photos?
The first target market for a new photographer is local community events like weddings, sports, marriage, real estate, fashion, and many more.
In addition, you can also try the online market. You will find a huge amount of buyers for photos online. There are several marketplaces where you can sell your photos online.
Some of the popular places where you can sell your photos online are the following:
- 123RF
- BigStockPhoto
- CanStockPhoto
- Corbis
- DepositPhotos
- Dreamstime
- Fotolia
Also, Check: Best Places to Sell Photos Online
Frequently Asked Questions
Is Photography Business Right for Me?
Photography essentially is a creative work. One must have adequate skills and knowledge about photography to be successful. Apart from the technical knowledge, you must have a clear conception of the different equipment and tools related to photography. The basic list includes different types of cameras, lenses, stands, lights, and editing solutions.
The very first thing before jumping into the business of photography is to ask yourself, is it the right business that fits you? Some of the questions you must ask yourself are the following:
- Do you take your camera every time you step out of the home?
- Have the eyes to find a candid subject in the daily life scenario?
- Do you receive likes and positive comments when you upload your captures on Instagram or Facebook?
If the answers are positive, you are most eligible to start your photography business. Of course, you need investment, but the biggest asset of your photography business is your passion for photography and your skill as a photographer.
What is the Future of the Photography Studio Business?
The Photography industry encompasses companies and individuals that offer a range of photographic services, including still photography and videography for private events. Also, the industry includes commercial and portrait photography studios. This industry excludes all photography related to movie, TV, and video production
In a snapshot, growing per capita disposable income and rising advertising expenditure have driven growth for the Photography industry.
Hence, both commercial and portrait photographers will benefit from it. Additionally, improving economic conditions are expected to further drive industry revenue growth. Higher disposable incomes will likely boost consumer spending on professional photography services.
According to industry experts, the demand for photographers with artistic talent and creativity will increase. Additionally, providing value-added services, like editing will enhance the overall revenue. Finally, effective quality control, good project management skills, and the ability to provide goods/services in diverse locations are the most crucial aspects of achieving success in the photography studio business.
What are the Advantages and Disadvantages of the Photography Business?
Starting and running a photography business comes with its pros and cons. Find below some of the advantages and disadvantages of owning a photography venture:
Advantages:
- You can earn cash following your passion.
- Working from home makes your schedule flexible.
- You can visit new places as a part of your business.
- One can get pleasure from meeting new folks and attending completely different events.
Disadvantages:
- Photography instrumentation is massively big-ticket.
- Income is inconsistent and it takes time to settle the business.
- Covering events like marriage physically and mentally may be tiring.
- Assignments on weekends steal your family time.
- Turning your hobby into a business might lead to monotony and tedium.
Do I need formal training or education in photography to start a business?
While formal training can be beneficial, it’s not always necessary. Many successful photographers are self-taught or have learned through online resources, workshops, and practice.
What equipment do I need to start a photography business?
Basic equipment typically includes a camera (DSLR or mirrorless), lenses, memory cards, a tripod, and editing software. As your business grows, you may invest in additional lighting equipment, backdrops, and accessories.
How can I gain experience if I’m just starting?
Start by practicing photography in your spare time, whether it’s capturing landscapes, portraits of friends and family, or still-life images. Offer to photograph events or volunteer for local organizations to build your portfolio.
Should I specialize in a specific type of photography?
Specializing can help you focus your skills and marketing efforts. Consider the demand in your area and your interests when choosing a niche, whether it’s weddings, portraits, real estate, product photography, or something else.
How do I price my services without prior experience?
Research pricing in your local market and consider factors such as your skill level, equipment costs, time spent on shoots and editing, and overhead expenses. You may initially offer discounted rates to attract clients while building your portfolio.
Do I need a business license or insurance to operate?
Depending on your location, you may need to register your business and obtain any required licenses or permits. It’s also wise to invest in liability insurance to protect yourself and your equipment in case of accidents or damages.
Should I invest in professional editing software?
While professional editing software can enhance your photos, there are also free or more affordable alternatives available. Experiment with different editing tools to find what works best for your style and budget.
How do I handle client interactions and contracts?
Communicate your services, pricing, and expectations with clients. It’s important to have a written contract outlining the terms of the agreement, including payment details, usage rights, and any additional services or products.
What resources are available for beginners in photography?
Take advantage of online tutorials, photography forums, workshops, and mentorship programs to continue learning and improving your skills. Joining local photography groups or associations can also provide valuable support and networking opportunities.
Editorial Team at 99BusinessIdeas is a team of experts led by Rupak Chakrabarty with over 25 years of experience in starting and running small businesses. Started in 2010, 99BusinessIdeas is now one of the largest free small business resources in the industry.
