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If you have a talent and a passion for photography, it’s possible to turn this into a business. It’s not as complicated as you may think it is, but there are specific steps to take to do it properly.
This guide illustrates the steps you need to take to get your photography business off the ground.
You don’t need to have any educational qualifications, permits or licences to start a photography business. The proof of your expertise is in the pudding.
If you have a talent for taking great photos and an inkling about how to market them, you’re ready to go. Of course, you may choose to take a photography course in order to learn your trade.
To be successful as a professional photographer, you will need to invest in top-of-the-range camera equipment and lighting.
You’ll need to register your business with HM Revenue & Customs (HMRC) for tax purposes and also with Companies House in some scenarios. This depends on what type of business you want to register.
Here are your main options:
It is more expensive and complicated to register a business as a limited company. You’ll have to file reports with Companies House as well as HMRC. But, there are advantages. For example, you cannot be held personally liable for business debts.
It’s not compulsory to write a business plan unless you’re seeking third-party investment, such as money from a bank. However, it’s still a good idea to do this no matter what industry you’re launching a business in.
A business plan can help you create a solid idea of how to succeed with your business. Plus it can help you work through any issues that might hinder you or that might be so big you decide to drop the idea.
At the bare minimum, a photography business plan should include the following:
Things change quickly in the world of business, so it’s recommended to review and amend your business plan at least once every quarter.
This is likely to involve purchasing a lot of top-of-the-range photography equipment. Depending on what type of photography you’re specialising in, you may need to build or rent a studio too. You’ll need to add up these costs and figure out the best way to finance this.
In 2020, it’s essential for photographers to have a strong online presence too. That means investing in a professional website and social media accounts – especially those that focus on the visual such as Instagram.
All of your offline and online spaces should be kitted out with your company’s personal branding. A professional image is particularly important in this field since your product is so visual, so don’t cheap out when hiring a graphic designer for your branding.
A business bank account basically works like a personal one – the main difference is that it’s dedicated to your business’s finances. You should therefore expect the same features, such as a debit card, the ability to make and receive payments, an overdraft option, a banking app and so on.Use Tide to open a business bank account
Here is a selection of small business insurance products you may need when setting up a photography business.
There are some insurance companies out there offering photographers insurance, which will cover you in all of these potential scenarios.Protect your business with a pay as you go monthly subscription
This will ultimately depend on the quality of your work and demand for your services.
If you’re regarded as one of the best photographers in your niche, you can charge through the nose and probably still attract customers. If you haven’t built that sort of reputation yet, it may be necessary to lower your prices in order to stand out from your competitors.
It’s a great idea to research what your competitors charge and then price your services appropriately.
The best way to market your photography business is to get your photos in front of as many potential customers as possible (while making it clear who was responsible for them).
Here are some ideas for doing that.
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