Do you have a camera that you carry wherever you go and love taking photos? Then this is the right business idea for you. You can turn your photography obsession from a hobby into a home-based business that generates a high passive income.
However, before starting any business no matter how big or small it is, you need to weigh in the pros and cons. Only that way you’ll be able to make a plan that can transform your story into a successful business.
There are many pros that come with a home-based photography business such as:
- You can make money using your skills
- Have a flexible schedule and work as much as you want
- It is a global business
- Help people film their special moment
Unfortunately, there are some cons such as:
- Expensive equipment
- Stressful events such as weddings
- Work engagement is often on weekends which means you won’t have enough family time
- Inconsistent income depending on how many customers you have
So, if you are ready to start making money by opening a photography business, make sure you follow the steps we cover in this article.
1. Choose What Type of Photography Services You Want to Offer
There are many photography niches and you need to focus only on one if you want to succeed. Bear in mind that you are entering a competitive industry since many people are already years in this business.
When it comes to photography, businesses and individuals need different services for many reasons. For example, businesses need pictures of their products for leaflets or brochures. Retailers need images from the homes they are advertising and magazines need photos related to their articles.
Each sector needs a different approach when it comes to opening a photography business. That’s why you should focus only on one category of photography, possibly to the niche you love shooting.
2. Make Business Plan
Every business needs a business plan no matter if it is home or office-based. Your business plan needs to highlight all procedures from starting the business, financing your idea, and marketing strategies to promote your services.
You have to approach this segment by looking for a way to be unique and separate yourself from your competitors. Think about how you can add value to your work or try to do things differently.
Now is a good time to determine your pricing structure. Every business plan needs to cover all the starting costs and the return of investment.
Most beginners don’t know where to start or how to price their services. That’s why it is important to make thorough research about the niche you want to cover. Make sure you understand their pricing, costs, and profit margins. Only that way you’ll be able to make a successful financial plan that can make your business successful.
For example, if you want to become a wedding photographer and want to make $50,000 per year by covering 30 weddings, you’d need to charge around $1,700 per wedding. Just make sure to calculate the price of your equipment, supplies, travel costs, and your time.
3. Decide What Type of Business Structure You Want for Your Company
Most home-based businesses decide to go with the sole proprietor company structure just because it is the easiest and lowest cost option. On the other hand, a limited liability company (LLC) can offer you greater protection of your personal assets if you run into legal problems.
As advised by LLCGuys, an LLC is the most common entity type and probably will be the most suitable one for 90% of new businesses.
4. Create Your Business Name
Now it is time to get creative. You should aim to come up with a business name that has the potential to become a brand. It is best if you choose a name that fits your style of photography.
Most photographers choose to use their given name as their business name, but some countries might restrict such action. You need to check if the name isn’t protected by trademark before you start using it.
5. Gather the Needed Equipment
This is the most exciting part of your photography business, yet the most painful one since it is going to take a considerable amount of your budget. If photography was your hobby then you probably already have some kind of photography equipment. Photography equipment can be pricey sometimes. So you should buy all the things you need as a start-up. You can rent your camera equipment from a reputed website or store.
When it comes to the equipment, it can vary depending on your photography style. Along with the professional camera, you’ll also need flashes, lenses, and photo editing software, a high-performance PC or laptop, and extra batteries.
You might also need additional lights and screens that can help you control the lighting.
6. Create your Marketing Materials
It is time to introduce your business to your target customers. You should make business cards and brochures if you want to promote your business locally. The most important part of this business is looking professional. That’s why you need to make a good-looking website where you’ll showcase your previous work and add all the contact information.
It is important to cover social media platforms. Depending on the type of your audience, you might need to cover different social media platforms. For example, if you want wedding photos you should create a Pinterest page, and if you want to create travel photos, you should start an Instagram profile. Either way, covering more social media accounts will be beneficial for your business if you have enough time.
7. Promote Your Business
The photography business is all about clever advertising and word of mouth. Since there is a lot of competition, you need to allocate a portion of your budget to advertising. Depending on the type of photography company you want to open, you should choose online advertising or local advertising.
The best way is to go for social media advertising since it provides the best return of investment and lets you target your audience using specific interests. Remember, every beginning is hard, so make sure you stay long enough until you see the benefits from your advertising. It usually takes time so be persistent and patient.
Starting a photography business can make you a lot of money, especially if you cover all the steps we mentioned in this article.
In the beginning, it might feel more difficult than learning how to win at slots, but as you progress you’ll gain more confidence and your success won’t be a gamble anymore.