When you decide to set up a photography business, you need to rely on more than your skills as a photographer. As the owner of a photography business, you become a business owner in charge of all aspects of running your business. From establishing your business goals to handling finances, from getting clients to running a team – you’re in charge of all your operations. Photography business owners who don’t realize this find themselves having to close shop because they can’t keep up with all the demands their business entails.
Becoming a professional photographer and starting a new photography business are very different ball games altogether. As a photographer, you can rely on your skills and training to secure clients and make your money. But as a photography business owner, you’ll face far more responsibilities and challenges. If you can successfully overcome the hurdles of setting up a successful photography business, you’ll find a rewarding career path ahead of you.
Here’s what you should know about starting a new photography business.
1. Establish Your Business Goals
Your business goals will dictate everything from the equipment you buy to the niche you choose. At this stage, you’ll be writing your business plan. Your business plan contains various official information about your business, as well as the projections and forecasts you make about your potential success.
You’ll need to do market research and analyze your competition to find the niche that will best help you secure a prosperous future for your business. Some kinds of photography businesses are more lucrative than others. Wedding photography can be especially profitable during certain seasons, but less profitable during others. Family portraits are more regularly sought after by clients, and if you do well, you can find a steady stream of work.
You can also choose to take stock photos, teach photography, or work exclusively in a studio. The choices are endless, and to narrow down your focus areas, ask yourself these questions:
- What kind of photographs do you enjoy shooting?
- How skilled are you in taking certain kinds of photographs? (Ex: In low light, or in nature).
- How much do you expect to make regularly?
- What kind of equipment do you have?
- What kind of equipment can you currently invest in?
- Do you want to rent a studio?
These questions will help you understand what kind of photography business you should set up, as well as your goals for your business.
2. Investments and Funding
Setting up a new business can be expensive. If you don’t have all the funds you need, an investor or a lender can help you.
For your new business, you’ll need to think of more than just your photography equipment. While your equipment is essential, there are other areas you should also invest in. These include:
- An office, co-working or rented studio space for your business.
- Utilities.
- Payrolls for your employees.
- Overhead costs.
- Marketing and advertising.
Consider all these different areas, as well as how much you can spend on these while also saving money.
3. The Legal Structure of Your Business
When you’re registering your photography business, you’ll find that there are various kinds of businesses you can register for. You can choose to run your photography business under a sole proprietorship, as an LLC, as a part of a corporation. These have different tax and compliance requirements, so choosing a structure that best fits your needs is essential.
Once you’ve selected the kind of photography business you want to run, you’ll also need to select an appropriate name and register a domain under your chosen name.
4. Website, SEO and Your Portfolio
A photography business without a website won’t take off, especially in the modern digital environment. Most of your customers will visit your website, view your portfolio, and check your testimonials before deciding to hire you for your services. That’s why it’s essential that you build a proper website for your photography business.
Consider outsourcing the work of building a website to a website developer. If the developer understands SEO, even better. SEO is worthwhile, as it helps bring in an organic flow of traffic to your website. Ensure that your portfolio is easily accessible through your website so all your potential clients can find it.
5. Referrals, Marketing and Social Media
When you’re just starting off with your photography business, you’ll need to rely on referrals. To get referrals, you can ask your family, friends, or clients you’ve worked with in the past. You can also ask them for testimonials for your website.
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Social media marketing is another way to reach your target audience and bring in more clients. Make use of platforms like Instagram and Facebook to display more of your work. You can also include a blog with backlinks to your website, as well as how-to videos on photography. This will help you establish your reputation as a photographer among prospective clients.
6. Accounts, Taxes and Insurance
One area of running a photography business that new business owners overlook is cash flow management. If you aren’t maintaining your accounts, you’ll find yourself missing information when you need to file your taxes later on. Hiring an accountant or using accounting-based software can be a real lifesaver for new businesses.
Insurance is another financial area you can consider. As a photography business owner, you need to work with expensive equipment. You can also come across clients who aren’t happy with your services or face accidents where other people or their property get damaged. For such situations, insurance for photographers cover can provide coverage and protect your business from spending thousands in legal costs.
This is only the foundation of setting up your new business. But this foundation is necessary to help your photography business shine and grow over the long term.
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