Opening a studio to rent out

[robb01]

I am considering opening a photography studio, where the primary income source would be to rent the studio out to other photographers. I am trying to figure out my overhead and monthly costs to evaluate the feasibility.

So far I have for monthly costs:

Lease
Utilities - Water, Elec/Gas, Wifi
Maintence
Insurance

Is there anything I am overlooking? Also what is a good rate structure to be at for an area of ~150k that does not currently have a service such as this? I'm thinking full day rates of 400, 1/2 day at 200, and possibly hourly at ~35 which would include basic lighting and backdrops. I would also have optional items for an additional cost, ie: lighting, assistants, etc.

 

[Big Mike]

Probably depends a lot on your location.

Down town LA or New York, you could probably charge a lot. Down town Kookamonga, probably much less.

 

[robb01]

I would certainly take the demographic into consideration, it is just hard to find a point in to start seeing as there is no local competition or outlet like this. It is a fairly isolated location, but there is major metropolitan areas 2 and 4 hours away.

 

[Big Mike]

If it's so isolated, do you think there is a big enough demographic of photographers wanting to rent space?

 

[robb01]

If it's so isolated, do you think there is a big enough demographic of photographers wanting to rent space?

I believe so, although isolated there is a 150k population within a 45 mile radius. There are 5 universities/colleges and 2 photography clubs that I know about. I certainly think it could fill a need.

I also thought about having class nights where people could learn lighting/camera techniques

 

[Big Mike]

I also thought about having class nights where people could learn lighting/camera techniques

I was going to mention that as well.

Some photographers that I know and work with, bought a house with a large garage so that they could turn it into a studio. I don't think they rent it out publicly, but they might rent it to certain friends of theirs. But they also tech photography and they started their own school, and some of the classes are taught out of the studio. I teach a few of the courses and it's great for the students to have the 'hands on' aspect of learning in a studio.

 

[j28]

When I first started doing studio work I rented on an as needed basis form a co-op studio like you are describing. I live in a moderate cost of living area. The rent was $20 per hour, or for $100 per month you could become a "VIP" and get 10 hours and priority scheduling. The studio was equipped with lights, backdrops, and props. There was also enough space to bring your own props. With the VIP membership you could store some props there and display a couple of canvases.