Use your creativity and flair for taking great photographs to take advantage of one of the most satisfying and profitable businesses to start. Starting your own photography business means that you will not only get to meet a broad cross-section of people but you will actually get paid well to do so plus photography has a variety of different areas you can specialise in.
Two of the more lucrative and stable of these markets are weddings and family portraits. Most brides and grooms would like a photographic record of their "big day" and as there are roughly more than 300 weddings taking place per day in Australia, there's more than enough room for a photographer who offers a quality product at a competitive price.
Family portraits and glamour photographs also make great gifts and few parents can resist having the "apple of their eyes" immortalised in cute, professional photographs.
You also have the option of choosing where you will market your services - the general public or business, depending on the area you intend to focus on. Corporate events can be profitable providing you market your business appropriately.
As there are a variety of different markets you can choose to enter with photography, you will have to ensure you conduct thorough market research so that you know that whatever area you decide to specialise in can be profitable. This is outlined in greater detail in our guide.
Apart for conducting thorough market research, you will also need to consider your business premises and location. The type you choose will depend on your budget and your individual business requirements.
However, in the majority of situations, photographers tend to start from home and then move into commercial premises, unless they need a darkroom or professional studio immediately because of the type of market they are aiming for.
A home-based business works if the majority of your work is likely to be in the “field”, such as going to weddings or having a kiosk in a shopping centre for family portraits for certain times of the year, such as Christmas. Turning your home into a home-based business allows for minimal start-up costs when it comes to location and premises.
Equipment can be another major investment, again depending on the type of photographer you intend to be, especially when it comes to the cameras, technology and computer equipment you need to carry out your business.
As you can see, there are a number of factors to consider when starting a business in this industry, especially when you are in the start-up phase. All of which are outlined in this guide and include issues such as:
- How to conduct your market research
- What to consider when it comes to servicing market segments
- What to consider when choosing business premises and location
- How to oversee the financial outlay when it comes to your equipment needs
- The type of equipment you will require, including the pros and cons of leasing equipment
- What to consider when it comes to your pricing methods
- Stock control, maintenance and ordering systems
- How to develop a business image and promote your services
- Obtaining consent and copyright issues which can affect photographers
- How to set-up your business, especially when it comes to tax and legal issues to consider.
All this and much more is outlined in this guide. Remember, not only is starting a business a major life-changing decision, it is also a major financial investment. As a result, you will need to make sure you are fully aware of the commitment you are about to make and what is involved.
This guide will help you to arm yourself with the appropriate information. Information that is accurate, up-to-date and applicable to your individual circumstances.
|High net profit before tax||$119,500.00|
|Average net profit before tax||$80,400.00|
|Average startup investment||$50,000.00|
|Minimum startup investment||$21,000.00|