KICK-START YOUR PHOTOGRAPHY BUSINESS

Learn to minimise your start-up costs and make your business profitable from the beginning

Get advice for running a successful start-up business, with tips on minimising your initial costs

Running a successful photography enterprise in today’s competitive market is a challenge, even for those already established. Entering the industry, as a startup, is a profoundly daunting endeavour and should only be considered if you have a water-tight business plan and a clear niche to fill. One you have identified your market space, it is essential to map out your required outlay and devise the best ways to minimise your costs. This step should be done with your particular genre in mind, as only then can you selectively cut costs, whilst still fulfilling your client’s requirements. It is a false economy to reduce outlay by omitting

essential items from your equipment list, which will complicate your daily operations and potentially compromise the quality of the service you offer. There are several key areas that a new working photographer can assess for unnecessary financial drain, without this occurring.

Firstly, consider buying second-hand gear, at least for use during your first year of trading. Professional-level cameras are expensive to purchase new and, until you are confident of your market demand, are unsettlingly large contributors to your fixed costs. Used cameras, of the professional grade, will likely have many shutter actuations left in their lifespan, while lenses should have the same optical quality as the day they were constructed, all at a discounted price. Furthermore, since largeformat printers are another big investment, a popular choice amongst photographers with low print yields is to outsource this to dedicated online printing companies. While this becomes less economical as your output increases, it is initially more efficient than printing in-house.

Probably the largest sink of capital in any photography business is a studio. Besides rent costs, energy usage, customer comforts and maintenance are all outgoings which are difficult to scale. While a high-street presence can bring new custom, a physical ‘shop’ can be more of a hindrance to growth than an asset, early in your business’s development. Consider working exclusively online, until you have built a more extensive client list. Working from home and generating revenue through a website has far smaller operating costs and also offers you greater mobility. You won’t be limited to a single location and will have the flexibility to travel to your customers, instead of trying to draw them to you. Moreover, in the worst of circumstances, should your business model fail, you have the option to shift your approach, with minimum commitments. Alternatively, you might contemplate hiring some studio space, on a temporary basis, either for single shoots or on a rolling agreement. This gives you shooting versatility and high-street visibility in the community, but with lower risk and expenditure. Similarly, when you approach a time at which you feel confident enough to take on your own studio space, experiment with sharing facilities with another photographer. Assuming there will be little crossover between your work, this will benefit you both, through splitting of fixed expenses. The wider advantage is that this cost dilution will enable you to purchase a wider range of specialist gear, better outfitting your business for a greater variety of assignments, but with less individual risk. By keeping your overall expenditure concise, the early days of your photography business can be both financially viable and enjoyable, setting the foundations for a well-performing, long-term venture.

DP

ALL IMAGES © GHENE SNOWDON BUILD FOR YOUR GENRE Knowing your intended field will help when outfitting your studio or kitbag, as it will cut down on unnecessary purchases that will see little use

Below GROW YOURBUSINESSLearning to effectively cap theinitial start-up costs will help to give you the best foundations for a scalable enterprise Right JOB VALUE use larger jobs, suchas weddings, as a means of advertising your availability, securing future bookings and adding longer-term value toeach assignment Below rightCRAFT A CUSTOMER BASE Losses can be higher in the early days of your start-up business – building a strong client demand early on is one of the greatest challenges

Far right KEEP IT SIMPLE professional-quality images don’t alwaysrequire complex lighting setups. Only add new lights and accessories when necessary to achievea certain style