Affordable Photography Business Guide | Are You Ready To Join The Photography Tribe? Here’s Everything You Need To Know!
Affordable Photography Business Guide | Life is too short to spend it doing something you don’t like, so if you’re passionate about photography, chances are, you’ve already given starting a photography business some thought. Even the thought of quitting your dull desk job and doing photography full-time makes you smile, doesn’t it? Deciding to chase your dreams can be a scary decision, but when done right, it can be worth your while! And we’ve got the right tools to help you get started right away!
There’s a huge difference between being a great photographer and running a successful business. After all, there are countless incredibly talented photographers out there with horror stories about launching a business, only to end up struggling to make ends meet before closing it down. On the other hand, there are other, arguably less talented photographers that sail right by and turn their hobby into a solid source of income. And the line between the two groups is surprisingly thin. Let’s check out what you can do to make sure you end up on the right side of the line!
Write Your Plan Down! | Affordable Photography Business Guide
We get it – you want to go into work today, hand in your letter of resignation, dramatically (And with your head held high!) strut out of the office, while your colleagues watch you and mouth “Slay!” Calm down, Beyonce! Before you quit your day job, you want to make sure you have a solid plan, otherwise starting a business might turn into a nightmare, instead of a dream come true.
A business plan will be your guide through the tumultuous startup waters and it will help you avoid all the major pitfalls most of new photographers have to face. First, you need to sort out your budget: determine how much money you need to earn a year to break even, but also decide how you’re going to cover your expenses before you break even. No matter how talented and passionate you are, chances of you breaking even after a month or two are pretty slim, so decide whether you’re going to dig into your savings, or get a loan.
Do Your Research | Affordable Photography Business Guide
Another crucial element of your business plan is deciding your area of specialization. Now, hold your horses for a second there! Most photographers tend to target as many different demographics as possible, believing that the wider the net they cast, the better their chances of success are. However, quite the opposite is true, actually. The more detailed your definition of ideal client is, the more focused (And more effective, as a result) your efforts will be. So, before you do anything, make sure you clearly define your ideal client in terms of age, gender, location, and even marital status.
Don’t base this decision only on your personal preferences, though. While you may be passionate about wedding photography, it won’t do you any good if you live in an area that is mostly made up of senior citizens. Being passionate about photography is great, don’t get us wrong here, but you’re starting a business, after all, so you need to be aware of the demand before actually jumping on the bandwagon and starting a business.
Come Up With A Pricing Plan | Affordable Photography Business Guide
Once you clearly define your business goals and you know who your ideal client is, you’ll be able to come up with a pricing plan that will not only help you break even a lot faster, but also make your services appealing to your target audience. While this is one of the topics pretty much all new photographers avoid, thinking they’ll increase their chances of getting hired if they leave it up to their potential clients to set the terms. You’re running a business here, and only you know how much money you need to make to stay in business!
Think about it – if you don’t know your own worth, how on earth is a potential client meeting you for the very first time supposed to know it? Even if you do have to lower your prices to ensure those first gigs, it’s better to have a starting point than to leave it to complete strangers to set the terms. Just remember, for each hour you spend shooting, you will spend 2-3 hours editing the photos, so count that into the pricing plan as well, otherwise you might end up losing more money than you’re making!
Upgrade Your Equipment | Affordable Photography Business Guide
Having a professional camera doesn’t necessarily make you a photographer, but it sure does help! There’s no denying that the equipment you use will affect the quality of the photos you take, so take a look at the equipment you’ve already got and see what might be useful, what needs replacing, and what mew equipment you need to get. Remember, each photography niche has slightly different equipment requirements, so you’ll definitely want to do your research before blowing your entire budget on equipment you’ll rarely use.
Another critical thing to keep in mind is the backup equipment. At the end of the day, even brand new equipment fails, and the last thing you want is to have your camera die on you in the middle of a shoot, so find a way to include the backup pieces into your budget as well!