Starting any business requires a great deal of thought and preparation, and the photography business is no exception. Venturing into any business without thorough preparation is a recipe for failure. Here are a few things that you need to determine and secure before you start your photography business.
Niche of Choice
Photographers who specialize in a particular niche tend to be far more successful. It’s important to identify a niche, as it will also help you determine the specific equipment and techniques that you’re going to use. Different niches require different techniques. For example, wildlife photography and sports photography involve moving subjects that require different camera settings, while portrait photography puts a focus on detail and the quality of light.
Capital / Initial Investment
All businesses require capital to start. While there are many ways to raise capital, you first need to determine how much money you actually need. Your niche of choice will also play a role here in determining your initial expenses regarding your equipment. You’re going to have to take into account your expenses for camera equipment, printers, editing software, computers, and more. On average, it costs about $8,524 to $12,319 to start a portrait photography business and $13,182 to $16,997 to start a wedding photography business.
Marketing Methods
Photographers also need to consider how they’re going to reach their clients. As with any business in the modern age, you’re going to be better off leveraging digital marketing, since it’s both cost-effective and far-reaching. There are also a wealth of professionals and agencies that can help you with any marketing need. Whether it’s in helping you create photo logos or in helping you build a website, the internet is replete with a diverse pool of freelancers.
Business Liability Insurance
No matter the safety measures we put in place, there will always be a chance that an accident may occur. It’s during these times when a business liability insurance will function as a financial (and legal) buffer between your business and claims for bodily injury, property damage, and more. This is especially important considering that injury claims cost the market several billions of dollars yearly.
Payment System
Photographers also need to have an efficient way of collecting payment, whether it’s through their phones, online, or in person. While cash is usually the simplest way to receive payment, not every client wants to pay this way. Giving your client multiple payment options can make your transaction much more convenient. On top of this, when you use resources such as Shopify’s point of sale system, it can help streamline the process of accounting because whenever money is collected, it is automatically recorded.
Starting any business requires a lot of thought on top of ambition and passion. It’s always a matter of proper planning and risk management. Not all businesses will flourish into a success story, but those that do flourish are built on these foundations.
