It’s is not often that we find people going into businesses that have been widely regarded as sole entrepreneurship. Recently in the photography business, firms can take up to fifty employees in a single office with each photographer doing their thing.
However, the journey to be like the top photography companies who have fifty or more employees as an example, Getty image, Shutterstock and a lot like them in the same business didn’t start today.
They all grew their photography business through hard work in order to get the finance and marketing required for them to take off and be where they are now.
While countless freelance photographers are hoping to solve a problem and take their business to a higher level, the journey is not as smooth as imagined.
Finance and marketing are behind the backbone of any business. Marketing brings in the customers, while finance makes sure you balance the books. Failure to function in both of them would mean closing shop and declaring for bankruptcy.
As many have noticed, the ideas or creativity of a photographer is not enough if they can’t be put it into a productive means to form a business.
Courtesy of Pixabay
Anyone looking to venture into photography as a business and not a sidegig should bear in mind the tenets that would be expressed here, and they are:
Funding sources
Most businesses go through this stage or cycle of production. Of course, you will need to buy equipment for the job and stop using outdated tools to deliver your work. Using such tools could dampen the quality of your delivery and leave you hanging in the dry.
Therefore, you will need to price out the equipment you need like a DSLR Camera & Lenses, tripods, lens Filters, diffuser & Reflector Kit, Exposure Meter, lighting and many more.
Courtesy of Pixabay
Funding sources can include but not be limited to:
Sourcing from family and friends
Taking a loan from the bank
Personal savings
Joint venture partnership
Franchise set up
Sourcing from Family and Friends
People who believe in your dreams and what you are capable of can lend you money to start your photography business, but they are mostly your family and friends. It’s down to you to determine how you will pay them back.
Courtesy of Pixabay
Taking a loan from the bank
Before any bank can fund your project, you will need to show them your business plan as well as have a great credit score. The bank appraisal system is strict to startups in a saturated market. Your business plan will need to be compelling enough to capture their attention.
Personal savings
If you have enough funds saved up for this project, the best part is to use them and start your business that way. Whenever you need additional funding, you can then explore the other options mentioned here.
Joint venture partnership
Unlike family and friends supporting you, a joint venture partnership involves a person sharing in the profit and assets of the company.
Joint partners may not know anything about photography, but they have the money to invest in your business, which makes them a dormant or active partner depending on what your partnership is like in the company.
Courtesy of Pixabay
Franchise set up
You can also take up franchise offers from famous photography companies in your city and set up your business. You might need to go for further training, sign contract forms and spend some money, but you will use their name to attract customers.
Marketing
Another aspect of your business you will need to take seriously is marketing. Marketing comes in various forms both offline and online and you may need financial help for it. You will need to utilize both if you aim to build a vast customer base.
Some techniques are:
Social media marketing
Cold calling
Banners, flyers, business cards, logos online and offline
Promotion
Personal selling
Event covering and many more
I hope this helps you a bit in your journey. For more information on the business of photography, check out this post.
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