Portrait studio start-up

[banderson]

I'm working on a spreadsheet- so I have costs down, but I was really trying to nail down the incoming part.

I know that I won't be profiting much for a year or two. Coming up with realistic projections can be kind of hard lol

 

[banderson]

Fortunately for me I've gotten used to living on the cheap and am only 20 right now. So my coating of living is still very low, and so Is the other photographer I'll be working with.

 

[MLeeK]

the competition is making a killing (600-800 on average or more a person) including prints of course.

We are telling you that this is NOT what they are making. If they are bringing in 600-800 on a client they are LUCKY to be making $210 to $280. Which means the COST to photograph those clients ranges from $390 to $520. How many clients do you think they are photographing in a day/week/month?

What are you expecting your total $ in overhead to be in a month for EVERYTHING?

 

[banderson]

Mleek- I know I won't be profiting that much. I was really referring to total revenue, not profit. I have monthly costs calculated. Which I found it far easier to calculate that part. I should have been more specific. I also plan on doing general portrait type work as well. But I am planning on focusing on seniors and weddings.

 

[banderson]

Also- I have it all calculated in a spreadsheet but I am on my phone away from home ATM lol

 

[MLeeK]

We're really not trying to shoot you out of the water. You need to see the HUGE picture so you CAN succeed.
It's reasonable to expect studio costs in your area to be $3500 (probably more, but...) You will need to make a minimal living so we'll say you have to have $750 AFTER TAXES to survive per week or GROSS $4945 per month. So your overhead is now $8445 per month. And you have 6 months of down time for seniors and weddings...
Your overhead is now $16,890 PER MONTH to cover those off months.
Is that feasable? Maybe. It's going to mean you do a wedding a week AND that you can put that wedding out for proofing in less than a week during those busy months.

One way to get around the time issue with weddings is to produce PROOF quality images in a week, a proof album to share. Then they at least have their images to share with everyone. Include a small sized digi so they can share that and promise their specialty work and albums at 6 months out. That gives you the ability to keep the client happy and then put the heavy duty time consuming work of high end edits and album designs off until your heavy season is gone.

 

[banderson]

Mleek -- Oh I understand! Lol I just was filling you in on other pertinent details. Also- I forgot to meantion that my dad and his friend own commercial properties and his friend would be the investor. So the lease of the space can be arranged more easily.

 

[KmH]

and so Is the other photographer I'll be working with.

There will be another photographer?

Will the other photographer be a partner or an employee?

 

[banderson]

He will be partner. He will mostly be doing creative direction and lighting. So we will both be shooting, but I will probably be doing most of the planning and stuff. The other thing is that he doesn't really have any expenses, so he said he's even willing to work without pay at first (don't worry, I still plan to pay him lol)

 

[banderson]

Mleek- also, cost of living wise, I am currently surviving on 1400/mo after taxes, and I am fine with the way I live, so I would be fine with that. Lol so that cuts my overhead some too.

 

[banderson]

Aha! Mleek- you live in new York lol I live in Ohio. Cost of living is much less here. Lol I can find studio apts for like 400-500 dollars and even nice apts run like 650/750 a month (my current situation)

 

[photoentrepreneur]

Sounds to me a bit like how I started up. I had very low cost of living, which made me able to grow slowly.

Will your studio have footfall? Or are you relying on advertising and word of mouth?

 

[banderson]

Well, it's a bit of both really. I would say mostly advertising though.

 

[banderson]

I take it you mean just people walking by? I had to look up footfall online because it is more of a British term in business. Lol

 

[photoentrepreneur]

Cool. I would also look to do baby and toddler photos too. Gives you customers during the school hours and they will eventually go to school/ high school and want to come back to you if your build loyalty.