Quick Note: I am a financial advisor, not a photographer…if I get some elements of the photography business wrong, please forgive me and let me know what they are so I can fix them. This factoid was written at the request of Jerry Walch, Moderator of the Photography channel and its’ part of the V.I.P. project - ask if you’d like to learn more.
Freelance photography can be a great startup business for someone who has both a passion for taking quality pictures and a desire to get paid for it. There are many basic financial concepts that apply to small business startups; here are a few directly applied to photography:
1. Know your market and focus – Merely holding up a sign that says “Will take pictures for food” will not create a long-lasting business or give your prospective clients an idea of a specific event or occasion to call you. Look at your strengths and passions to decide what specific type of photography you’d like to focus on. Portraits, Weddings, Journalism, Commercial, there are categories and sub-categories within those. Research the average rates for your chosen service(s) and your local market carefully. Pick something that you’ll enjoy, that people locally need and that provides a quick-paying niche you can build from.
2. Start small - If you don’t already have really expensive equipment/software, that’s ok. In most cases you won’t get really heavy-paying gigs to start, so you don’t need state-of-the-art equipment to make a good impression. Instead focus on the service end of your business, make sure you’re going the extra length for your clients and they will appreciate it. Don’t charge your customers at the top of the pay scale, but don’t give away your service either…focus on getting some money for your efforts, and at the same time go for exposure and the opportunity to get referrals. Keep track of everyone you’ve worked with…using an email list of your contacts is a great way to keep in touch and let people know what’s new with your business.
3. Use your assets – Your portfolio is an asset; each picture you take can be used more than once and be appreciated by as many people as you can put it in front of. Digitize as much as you can, mark all photos with your name and date for copyright protection, and don’t be shy about bringing them out to whoever wants to see. You never know if the next person who looks may provide your next job. Find websites that you can sell photos on such as Snapvillage.com or Istockphoto.com. Find local businesses or galleries that might be interested in having your work on their walls; you can get both exposure and sales this way.
4. Plan an exit strategy – This will guide your decisions and actions in regard to your business and your finances. Do you want to grow to the point where other photographers or related staff will work for you, or do you plan to do it all on your own? How much money do you need to make from this to make it your full time profession? What equipment or educational expenses do you see up ahead? Knowing the answers to these questions can determine a lot, from deciding on what types of insurance or business entity you may need, to setting an appropriate budget for up- front and ongoing costs, and developing measurable goals to determine when you’ve succeeded (or not) at this endeavor.
There are many aspects to starting your own business, and in photography, where artistic talent cannot be easily measured, even the best financial plans can fail to go by the numbers. The points above list where many people can stumble in the transition from amateur photographer to paid professional. No matter how talented someone may be as a photographer, in order to make a living at it independently you must treat it like a business and manage it accordingly. Good luck!
