Starting a photography business from home is one of the most lucrative businesses for a new budding photographer. Numerous individuals have good cameras and are always found snapping pictures to add to their Instagram feed. If you have a deep-rooted passion for photography, this article will provide you with the best ideas of how to turn your hobby into a home-based photography business.
Before delving into photography business irrespective of how good you are at photography, it is important to plan and research a unique business strategy for improved success.
STEPS TO STARTING YOUR HOME-BASED PHOTOGRAPHY BUSINESS
Turning your hobby into a money-making venture is the best way to earn without working a day in your life. Someone wisely said –
“Choose a job you love, and you will never have to work a day in your life.”
Here are some of the steps to get started with your home-based photography business.
- Decide the type of photography service you want to offer or venture into:
Individuals and business owners today need photographers for different reasons. It is important to understand this concept before starting your photography business. Businesses require amazing pictures of their products for marketing in brochures, magazines, ads, websites, videos etc. Realtors need pictures to showcase the houses they are offering for sale and rent. You can also stick with personal/family photography and venture into photographs for weddings or portraits. Understanding the type of photography, you want to offer will help you model your photography business better.
- Develop a business plan:
A business plan outlines the details of your business as well as the type of services you offer, what makes you different from other competitors in the industry as well as your overall marketing strategy and financial projections. A good business plan will help you to determine your pricing structure. For example, if your target is to make $20,000 a year from your photography business, a good business plan will help you understand better the number of events you have to do in a year taking into consideration the cost of equipment, travel cost, and your time.
- Choose a Business Structure:
A unique business structure for your photography business will help you stay ahead of the competition. The easiest and lowest option available to you as a new photographer is the Sole Proprietorship. However, a LLC or INC. will offer you greater protection of your personal assets and reduce the risk involved in case you run into any legal problems.
- Create a Unique Business Name:
A unique business name will become your brand image. It is important to choose a unique name that represents the type of photography you want to do. For example, if the type of photography you want to offer is business photography, you will need a name is professional and sophisticated. We have a short blog on how to choose a name for your photography business here.
Before you decide on a name, you want, it is important to check with the U.S. Trademark office to ensure that the selected name isn’t subjected to any trademark.
- Legally Register your Business:
The next step to take after choosing a name and setting up a unique business structure for your photography business is to legally register your photography business. Once you get your business registered, open a business bank account to keep track of your expenses and deposit business earnings into that account.
- Get the needed equipment and supplies:
It is important to check if the quality of your services will improve with better gear. If so, it may be worth the investment, and most of it can be shown as a business expense. Check with your accountant when in doubt.
Success in photography business depends on the type of marketing strategy you adopt. It is important to have things like business cards, magazines or brochures to display old pictures, a good website or blog that can help customers see your previous work and contact you. In addition to this, your professional and personal network will also help you get the right clients. Events like trade shows and fashion shows will also go a long way to help you market your brand.
Also read how to market your photography business.