Should I drop the money to start a photo business?

Fingtam

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Hi everyone, this is my first post on these forums.
I fell in love with photography when I was in high school. I bought a modest Nikon D40, which was the only DSLR I could afford at the time, and accumulated a few lenses and other equipment before I graduated. I would have loved to have pursued photography more seriously, but good photography equipment is EXPENSIVE. Especially when you're sixteen making minimum wage at your uncle's Bait shop.
Fast forward a few years, and I am now 22. I am currently serving in the Marine Corps and I'm about to be deployed to the Horn of Africa for about eight months. While I'm overseas I'll be making extra pay for living in hazardous conditions, and obviously I won't have much to blow my money on while I'm over there. Most guys come back from deployments like this with about $20,000 and then buy a new car or blow it all on booze and women.
Several of my closest friends are full time photographers with no other source of income, and for the last few days I've been formulating this idea in my head that I could get into the business as a side job. So I went online, looked at some camera and lens reviews, pulled up Microsoft Excel, and calculated that I could set myself up with a pretty sweet set up of new equipment for about $13,000 that includes everything I need (ok, want). The specific camera I'm thinking about is the Nikon D3.

I have about six years of experience as a moderately active photographer hobbyist. I've done two weddings for friends who were getting married on a budget, one friend asked me to take his senior pictures, and I'll have an occasional photo shoot with friends who were just interested in having cool looking facebook pics. However, I don't know if I have enough confidence in my photography to charge people who are trusting me to capture their special moments to their satisfaction. (Obviously, that is a skill that would come with time.)
Anyways, I have a very secure full time job in the military with most weekends off (between deployments), so I'm not concerned about making enough money from photography to support myself. While I'm in the states I will have the ability to invest sufficient time and money into a photography side job without risking too much of my financial future.
My current contract expires in June 2015 and I don't plan on re-enlisting. It would be great if by that time I could develop the photography skills, and business savvy to make a full time job of photography. I have no family, debt, or bills, so spending 12-15 thousand dollars cash after my deployment will be no problem for me. And I feel like this could be an investment that would actually end up making me more money in the end, as well as a great opportunity to kick start a great career that I know I would love. Or at least it could be a job that supports me through the rest of my college.


So, with all that said, my question is this. Obviously, I'm talking about a large sum of money here. Is it foolhardy for me to consider putting so much money into equipment before I even know what I'm getting myself into? I fully understand that all the expensive cameras in the world won't make me a good photographer by themselves. Would it be much wiser for me to buy the equipment little by little? Honestly, I probably would not be motivated to pursue photography as an occupation unless I started out fresh with the right equipment.

Thoughts? Comments? Suggestions?
 
I think you have thought it through rather thoroughly but... You also have some time during this deployment to seriously consider it some more. In that time I'd do some serious learning about the business side of this. That is the part that kills most photographers. Those of us whit a great skill with the camera usually aren't prepared for the business side of things. The military also doesn't give you any sense of the business side of things-they run business ass backwards or WORSE.
I HIGHLY recommend subscribing to Todd Reichman's blog http://www.amantofish.com/ when it comes to the business sense side of things.
You will have time to research everything business in the next few months. Talk with MANY photographers who have made it a business and those who have failed. Find out what it is from each of them that has fed into their success or failure.
Get to know your CODB, pricing strategies... Learn MARKETING. BIG TIME. If you can get your hands on any college level marketing materials to read and learn while you are deployed? DO IT! Marketing is a GIANT key to every success story you will ever see. If a mediocre photographer can market themselves successfully they WILL succeed regardless of their skills. A phenomenal photographer who can't market for squat? Not going to make squat...
Get to know the legal side of this business... Weddings can be a lawsuit waiting to happen if you don't CYA legally. Heck, even a portrait shoot can cost you thousands of dollars in a lawsuit if you don't CYA legally.

You have looked at the equipment needed. Have you looked at professional memberships like PPA? What you will need in terms of insurance-liability, equipment and indemnity... What you will need in requirements for location... business licensing and sales tax, accounting... There is a LOT to this and a lot of expense to this business beyond equipment investment.

Do I think you should do it? Once you have done every possible bit of homework on the business requirements and expenses and it doesn't scare you sh!tless? ABSOLUTELY. It's an incredibly rewarding profession!!!
 
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I don't see anything wrong with spending deployment money on some nice gear. I would recommend taking a few small business books with you, learn the in's and out's of the taxes, insurance, etc.

What I will say is that there are a 'huge' amount of 'professional' photographers who just bought a DSLR and are hanging out their shingle. Most go out of business very quickly and most lose a ton of money. Being a professional photographer is about 80% business sense, 15% editing/marketing/scheduling/paperwork, and about 5% taking photos.

You have to know every facet of it, from taxes to accounting to contracts...being able to take a decent photo helps, too.
 
AND... Equipment holds value pretty well... You can sell it if this isn't your thing. Do you NEED to go with a D3? I'd consider going maybe with a D800 that is due out while you are gone. That way if you aren't over the moon and making it as a photographer you are able to sell it close to full value... I REALLY doubt you will!
 
^^link does not seem to work
 
I fixed it... I had screwed it up!
 
Thanks for the input. After rereading my original post, I realize it focuses on only equiptment and photography skills. To be more clear, I do understand that there is a business side of things. Like I said earlier, I have multiple very close friends who are proffesional photographers, and I've talked to them about things like advertising, business cards, and finding clients. That said, I'm sure there is much more to the business than I realize at the time (I hadn't even thought about insurance or lawsuits).

Obviously, I won't be able to actually begin starting a business until late this year at the earliest, so I have quite a while to read up on the subject and think through all the details. This won't be a problem because I read a LOT.
And like I said, I already have a steady job, so I have a margin for error. Even if I make ZERO income from photography for the first three years It wouldn't cause any financial problems for me.

I hope I don't sound like I'm being defensive. I actually have really thick skin, and I'd much rather have everyone tell me every reason they think I'm an idiot than pretend to agree with me. I always appreciate C&C.
 
Personally I wouldn't even consider it at this point, but rather work on developing your skills, do some work on the side, and start to seriously think about where you are in 2014. Alot can happen in two years, the world of photography will have changed, as will the gear, what you buy now will be obsolete in two years. Like I said, work on your skills with the gear you have now, learn the business side, which makes or breaks a photographer, and see where life is in two years.
 
Thanks for the input. After rereading my original post, I realize it focuses on only equiptment and photography skills. To be more clear, I do understand that there is a business side of things. Like I said earlier, I have multiple very close friends who are proffesional photographers, and I've talked to them about things like advertising, business cards, and finding clients. That said, I'm sure there is much more to the business than I realize at the time (I hadn't even thought about insurance or lawsuits).

Obviously, I won't be able to actually begin starting a business until late this year at the earliest, so I have quite a while to read up on the subject and think through all the details. This won't be a problem because I read a LOT.
And like I said, I already have a steady job, so I have a margin for error. Even if I make ZERO income from photography for the first three years It wouldn't cause any financial problems for me.

I hope I don't sound like I'm being defensive. I actually have really thick skin, and I'd much rather have everyone tell me every reason they think I'm an idiot than pretend to agree with me. I always appreciate C&C.

I think you're in a better position than most in your stage of the game. Like you said, you have a steady income and if you made nothing you'd be fine. Which is kind of what you have to plan for in any business for the first 3 to 5. I think with some education-which you have plenty of time to obtain-you won't be waiting that long to see an actual profit. Plus you have that income cushion to make a few mistakes and find out what works for you, personally.
You are going to go forward with a solid plan.
The NOOB guide to starting a business touches on some things I didn't mention but is really lacking in a lot of things that neither it nor I even began to touch on too... There is just so much. There are a million tangents that can go just from that little post, let alone any things that were left out. You are in the ideal position and planning well ahead of time. I think you'll make a damn good go at it.
My personal belief is that it all starts with these few questions:
What do you want to make in $ doing this-not the get by or the starting out salary, the ideal?
How much time do you want to work per week? Weeks per year?
Define your target market based on those two questions.
Build your plan and business based on those answers.
 
I highly suggest becoming a PPA member. There is SO much information available there-not to mention the equipment and indemnification trust insurance. As you aren't working in the field you could do the aspiring for now if that's all you want, but it's worth it's price at least twice over: Join PPA | Professional Photographers of America
 
$13,000.00 will certainly buy you a nice set-up, but it's barely half of what you'll need if you really want to be a professional (Note, since you don't specify a particular type of photography, I'll assume weddings/portraits/events).

D3s: $5000 - Main body
D700: $2000 - back-up body
Holy Trinity (14-24, 24 - 70, 70-200): $7000
A couple of fast primes and second-body lenses: $2000
Tripod: $500
Speedlights (2 minimum): $750
Studio lighting: $2500
Software: $2000 (Lightroom, CS5, plus business and accounting software)
Misc: $2000

Take your 13K and put it into a D3s and holy trinity (By the way, contact Nikon USA and enquire about federal government employee pricing). When I buy through Nikon Canada, I save between 15 and 30%), then spend a year or two working for someone, or get a "real" job and shoot on the side, build up clients, skills and equipment.
 
$13,000.00 will certainly buy you a nice set-up, but it's barely half of what you'll need if you really want to be a professional (Note, since you don't specify a particular type of photography, I'll assume weddings/portraits/events).

D3s: $5000 - Main body
D700: $2000 - back-up body
Holy Trinity (14-24, 24 - 70, 70-200): $7000
A couple of fast primes and second-body lenses: $2000
Tripod: $500
Speedlights (2 minimum): $750
Studio lighting: $2500
Software: $2000 (Lightroom, CS5, plus business and accounting software)
Misc: $2000

Take your 13K and put it into a D3s and holy trinity (By the way, contact Nikon USA and enquire about federal government employee pricing). When I buy through Nikon Canada, I save between 15 and 30%), then spend a year or two working for someone, or get a "real" job and shoot on the side, build up clients, skills and equipment.

I might point at that he hasn't specified what type of photography he is interested in doing... or at least I don't see it. No need for lights if you are selling landscape....
 
$13,000.00 will certainly buy you a nice set-up, but it's barely half of what you'll need if you really want to be a professional (Note, since you don't specify a particular type of photography, I'll assume weddings/portraits/events).

D3s: $5000 - Main body
D700: $2000 - back-up body
Holy Trinity (14-24, 24 - 70, 70-200): $7000
A couple of fast primes and second-body lenses: $2000
Tripod: $500
Speedlights (2 minimum): $750
Studio lighting: $2500
Software: $2000 (Lightroom, CS5, plus business and accounting software)
Misc: $2000

Take your 13K and put it into a D3s and holy trinity (By the way, contact Nikon USA and enquire about federal government employee pricing). When I buy through Nikon Canada, I save between 15 and 30%), then spend a year or two working for someone, or get a "real" job and shoot on the side, build up clients, skills and equipment.

I might point at that he hasn't specified what type of photography he is interested in doing... or at least I don't see it. No need for lights if you are selling landscape....
Which is why I included the "I'll assume" line... but yes, fair comment.
 
$13,000.00 will certainly buy you a nice set-up, but it's barely half of what you'll need if you really want to be a professional (Note, since you don't specify a particular type of photography, I'll assume weddings/portraits/events).

D3s: $5000 - Main body
D700: $2000 - back-up body
Holy Trinity (14-24, 24 - 70, 70-200): $7000
A couple of fast primes and second-body lenses: $2000
Tripod: $500
Speedlights (2 minimum): $750
Studio lighting: $2500
Software: $2000 (Lightroom, CS5, plus business and accounting software)
Misc: $2000

Take your 13K and put it into a D3s and holy trinity (By the way, contact Nikon USA and enquire about federal government employee pricing). When I buy through Nikon Canada, I save between 15 and 30%), then spend a year or two working for someone, or get a "real" job and shoot on the side, build up clients, skills and equipment.

Now wait... We all know that isn't the absolute necessity and that the OP CAN do it on 13K in equipment or less. That list is the ideals, It's not the absolute HAVE TO HAVE minimum-that is the absolute dream setup. Even if I had the money to start out with all of that I think I'd be a bit more frugal and careful with my purchases until I know I am successful. I can pretty easily whittle that down and still have an excellent setup. While assuming that he's got NO gear that is going to be transferred from his old kit.
How would I keep my costs under control with a Nikon gear list?
Nikon D800 (expected release price) $2495
Nikon D7000 Back up $1400
Sigma 70-200 OS $1400
Sigma 24-70 OS $1000
Nikon 85mm f/1.8 $500
Nikon 35mm f/1.8 $200
Tokina 11-16 $650
SB910 $550
(3) YN-560 speedlites $225
Stands etc (4) $200
Tripod $200
Studio Lighting $500
Photoshop CS5/CS6 $700
Computer System $1500
Backdrop stand & backdrops 1000
Soft Boxes/modifiers etc. $300
Accounting/management thru StudioCloud's free single user

I am at $12825. It's not top of the line or EVERYTHING you would want or ever need, but it is definitely not bottom of the barrel garbage. It's GOOD lenses, GOOD camera bodies, good basic lighting, etc.
I don't know many photographers who started out with even that much of GOOD gear in the beginning.
 

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