Running a photography business can be a glamorous proposition, opening pathways to travel, excitement and meeting lots of new people.
However, it also takes hard work and the ability to carve out a profitable niche in what can be a precarious and highly competitive industry. Is this the right opportunity for you? Read on to find out all you need to know about starting a photography business and what it costs to get there.
Before you even begin to get your new photography business off the ground, you must decide the fundamentals:
Starting from brand-new gives you the chance to shape your photography business exactly as you want it and avoid the hassle of modifying an existing operation to your tastes. However, the downside to this route is time. Starting fresh means building your customer base and brand presence from zero and that could take longer than you think, especially if you’re competing with well-established rivals. In contrast, buying a going-concern allows you to hit the ground running, with an existing customer list and brand recognition – but the downside to this route is cost. It may be significantly more expensive to buy an existing photo studio than it is to start from scratch.
What kind of photography business do you want to operate? Here are some possibilities:
For this kind of photography business, you’ll need a retail outlet selling lab services, photo prints, frames, photo accessories and offering on-site services such as passport pictures, head shots, family portraits etc. Your customers would be the general public and other small businesses.
This is a B2B type of business that typically operates from a medium-sized to large commercial space that’s been specially fitted-out to handle photo-shoots for corporate clients. Your work will be varied. You could be photographing products or cars one day, celebrities or fashion models the next.
Event photographers cover everything from weddings and large birthday parties to corporate shows and gala openings. Although you may need a small studio space, most of the time you’ll be on the road. Your customers could be the general public, businesses, local government, art institutions, etc.
This is just you and your camera. You could be covering events as a news photographer, snapping celebrities as one of the paparazzi, taking pictures of nature, travel destinations, sports events and more. Although you don’t need a lot of equipment for this type of photo business, you’ll usually need a vehicle and a good network of corporate and media buyers for the pictures you’ll sell as a freelancer.
Ultimately, what kind of photographer you want to be and what kind of photography business you intend to run will shape your business plan and how you build your organization. It is important to get these basics covered before moving to the steps below.
If you’re seeking external investment or a commercial business loan to launch your photo business, you’ll need a detailed business plan to support your pitch or application. Investors and lenders will want to know why you need their funds and what the money will do for your new venture. Business plans should do more than paint a rosy picture – explain the risks involved, what the downsides could be – and how you intend to overcome them.
Even if you don’t need investment or a loan, a business plan can still be a very useful vital tool. Use it as your business manual, referring to the contents to guide your strategy and manage your financials.
Find out more about creating your business plan here.
Once you know what kind of photo business you want to operate, you’ll need to choose a business name that’s memorable and gives customers an idea of your services. (If you’re buying an existing studio, you may wish to keep the old name to preserve brand name recognition). When choosing a name, you’ll need to make sure it’s available in your state. You should also ensure it’s available as a domain name for your website – you can do this at any of the major hosting platforms such as GoDaddy.com.
With your business name selected, you can register your venture with your state’s business filing office. You’ll also want to get an Employer Identification Number (EIN) from the IRS. You can do this online in just a few minutes. Note that your EIN acts as a business tax ID and it is usually needed when applying for commercial finance.
Your target market and the type of service your photo business sells will help you to determine how much to charge. If you’re starting a main street photo store, you can check competitors for price indications, but other photo services may require more nuance and research to get your pricing right. Commercial photographers usually charge by the day, plus extras such as assistants and hired equipment. Event photographers typically have a set price per event and make additional cash by selling items like photo prints and customized photo albums. Freelancers traditionally get paid by the shot. If you’re just starting out, you’ll probably get a flat rate from publishers, but you may be able to negotiate your fees with corporate clients.
Getting your pricing right is critical to succeed. You don’t want to lose business because your pricing is too high. Nor do you want to provide your services at a loss. Do your homework. Set your pricing to be competitive without losing out.
They say a picture is worth a thousand words. Make your message stand out by curating your best shots into a compelling online gallery. Remember, in many cases, the internet is how customers will find you and how business will arrive. The photos you display are your calling card, ad campaign and sales promotion rolled into one.
To manage your gallery and sell your business you’ll need a website that makes potential customers want to contact you. Point out any special processes that you offer. Build a story that sets your business apart from all the rest. If you’ve got products that can be sold online, build an ecommerce element into the site.
If you’re not buying an existing photo business, you’ll probably need to secure premises to work from. If you’re starting a main street photo store, you’ll be looking for vacant retail outlets that are in a prominent position, with the potential for good foot traffic and maybe access to a parking lot. Commercial studios can range in size, and you’ll usually need an industrial space where you can build in special features such as scoops and dressing rooms for models. Many event businesses make their money by photographing weddings, bar mitzvahs, baptisms, and other similar events. For this kind of business, you may also need a small studio where you can take family pictures. However, if you’re getting customers mainly from your website and referrals, you could operate from an office or commercial unit and may not need to rent an expensive main street retail space.
Depending on the type of photography business you launch, you’ll need different types of equipment. Typical photo studio apparatus includes:
You may also need:
Just as a camera needs lenses to capture more detail, your website needs social media to attract more traffic and clients. Active pages on major social media platforms are essential for launching a business. They help you build a community of potential clients or referrals. Moreover, crafting engaging social media posts can be more effective and easier than placing ads in local magazines, while also being free.
After publishing your photography website, immediately create accounts on the key social media channels. These include:
By leveraging social media channels, you can effectively promote your photography business, engage with a broader audience, and drive more traffic to your website.
No, you don’t. However, you may need permission from building and location owners if you’re on their property and shooting professionally. You’ll also need to get a ‘release form’ from models or members of the public who appear in your shots. This will allow you to use their likeness in the images you sell. If you don’t do this, you run the risk of them pursuing you for money because you used their likeness without permission. You should also take out business insurance to protect yourself from public liability or accidental property damage or personal injury.
No, but doing so can help to shape your business and make it easier for customers to understand what you do and if they want to hire you. Most professional photographers stick to one or two lines of operation, choosing to concentrate their efforts on a certain type of photography. While this has obvious advantages in terms of customer understanding, it can also help you to grow your skills and proficiency. The harder you focus on a type of photography, the better you are likely to become.
Starting a photography business can be costly, with expenses including business registration, equipment, software, cameras, lenses, and backdrops. While the exact budget depends on your specific needs and the type of photo business you launch, you should plan to spend at least $10,000 to get started.
If you don’t have enough cash on hand to launch your new photo business on your own, you’ll need funds from investors or lenders. Many new businesses get started using financial support from friends and family, but if that’s not an option, there are networks of venture capitalists and angel investors readily available online. Bringing in external investment can give you the cash you need to get your photography business off the ground but be aware that investors will usually want a piece of the action in exchange for their money. This means you will need to give up a share of your ownership and you may lose overall control of the business.
With a business loan you don’t have to surrender a share of your venture to get the funds. Although it’s never easy for new businesses to borrow money, some lenders have special products and programs for startups and entrepreneurs. These types of financing include:
To get these types of loan you can approach banks, credit unions and online lenders one by one, or you can use the services of a loan marketplace that will immediately introduce you to a choice of startup loans from different lenders. Some marketplace platforms can also give you advice and help you with the application process. This can be especially useful for borrowers who have never taken out a startup loan before.
Running your own photography business can be lucrative and a lot of fun, but you may need a lot of cash to get you there. Funding is where Swoop can really help. No matter if you’re launching a brand-new photography venture, or you’re buying an established studio, chances are you’ll need finance to make the operation grow. Many types of business loan are suitable for photographers, but working with finance experts can make all the difference when applying for funding. Contact us to discuss your borrowing needs, get help with loan applications and to compare high-quality business loans from a choice of lenders. Make your photography business really click. Register with Swoop today.
Swoop was amazing! I was looking for refinancing and they were straight onto finding me the best possible option. I would highly recommend them.
Owner, F45 Cambridge
Written by
Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Wells Fargo Bank, Visa, Experian, Ebay, Flywire, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of US consumer and business finance.
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