Photography Business Startup Tips | Becoming A Photographer: 5 Big Reasons Startups Fail (And How To Avoid Them)
Photography Business Startup Tips | While starting a photography business, people don’t always know how to turn their hobby into a full-time job properly. It’s one thing to be a good photographer, but quite another to be the owner of a successful photography business. In fact, we’ve seen many incredibly talented photographers suffer through tough times in their business, while at the same time, others who seem less skilled sailed right on by. Most amateur photographers trying to turn pro make the same mistakes when starting out that they wish to go back and change. Knowing about these mistakes before you make them can save you a lot of time and resources.
If you can’t cut it technically or artistically as a photographer, then clearly your photography business will have a very limited lifespan. However, there are other ways in which you can take your eyes off the ball when starting your business. These mistakes are easy to avoid if you are aware of them, yet it appears that almost all new photographers make them. Here are some classic examples of photography business mistakes that are easy to avoid when you know how…
Not Knowing How Much You Need To Charge To Be Profitable | Photography Business Startup Tips
Not having clearly defined prices, or shooting for free is a serious mistake that many new photographers make. When you’re shooting for free, people don’t value your work as much as if they pay money for it. As a business owner, one of your first responsibilities is to fully understand the cost of running a business, and what it costs just to pick up the camera for a session. With these factors in mind, together with a realistic evaluation of your time, added to the actual cost of sales of products sold, you can determine the right prices that correctly value your work and time.
Lacking A Plan | Photography Business Startup Tips
Before you give up on your corporate job to do photography full-time, you have to sit down and write a 5-year business plan. It’ll probably be one of the most difficult things you do. When you finally turn your hobby into a photography business that brings you profit and everything is going just as you hope it would, don’t relax! Photography is a business, just like other kind of business, and you have to always be one step ahead. Do YOU have a business plan? A real, written plan with a defined frame of reference for your studio and defined goals that acts as a road-map to success?
Ignoring Social Media | Photography Business Startup Tips
There is a common misconception that photographers spend a majority of their time taking photos. In reality, the time spent on taking photos is a small percentage of the entire time spent on their business. We can all appreciate the importance of starting a social media presence for a photography business, but photographers can fail if they don’t update their Facebook, Twitter, LinkedIn and other feeds consistently. Get in the habit of using it to engage with other photographers and potential clients, hold sweepstakes and competitions, and improve your brand’s social presence.
Going Into Debt To Finance Your Venture | Photography Business Startup Tips
Going into debt for a photography businesses is rarely a successful strategy. Many times it’s necessary to take a loan out when you’re starting a business, but it’s wise to either avoid borrowing or cut it down to a bare minimum. Not only can you very quickly place yourself behind the 8-ball this way, but you can suffer the effects of having to raise your prices to try and pay your debts, expenses, equipment, other costs, and salary.
Neglect of Accounting | Photography Business Startup Tips
Accountants cost money. And because new businesses have to cut down on as many expenses as possible, some make the mistake of giving up on a professional accountant’s services. This mistake is inherent to people who take each day as it comes, not thinking about the future. An accountant makes sure that you’re budgeting for annual taxes, that all your expenses are recorded and that your profit goals are on track. They are the person that can give you an idea of how efficiently your business is operating and how you can adjust the numbers to better meet your goals. So don’t skimp on getting an accountant; it can make the difference between financial success and bust.