Starting my own business - Costs associated, what do I need?

[Jon_Are]

Stick to dealing with people that have more money then time rather than people with more time than money.

This is probably the best single piece of business advise I've ever heard.

Jon

 

[rubbertree]

I own my own business in a different field but I think this advice applies most anywhere.
Do not give out discounted prices in order to attract customers, rather, give out product instead. The product itself don't cost nearly as much as your time and energy. For example, say you are going to set your cost at (just for easy math) $1000 per wedding session. Do not discount that by 25%, that only cuts into your own costs, gas, time, etc. etc. Instead, if you want to try to move business with a sale, offer the product as the incentive, ie, buy package A and receive additional prints for free or discounted. This cuts your costs minimally and makes them feel they are getting a real deal.
I also agree with the statement about more money than time. They are willing to pay and don't haggle over price nor question your price. It's the same in my other business, the people that have the money to spend on this product knows the value of the product and doesn't question it. The people that don't have the money are only trying to get a deal out of you and will pay bottom dollar. You don't want to work with that kind of person. Set your price and stick with it. It does nobody any good to cheapen yourself and your art by offering bottom dollar prices.

 

[jayreilly]

keep it simple:

cost for the equipment that you need to shoot the type of jobs you want
a professional web site
a portfolio that shows what you can do
business cards
lots of networking time and spreading the word

everyone is mentioning advertising. the only advertising i have done is photoserve, not a penny more. i would rather have kick ass photos and a great sense of networking than just advertising

ask yourself, who is your market, who is going to pay you to produce images and go after it! good luck

 

[JerryPH]

Basically I've done some of this already. I AM somewhat established in my area, and I do get some clients via word of mouth. My main concern would be to get a loan for new equipment, and the proper permits/licenses and most importantly INSURANCE.

As for equipment, the D50 isnt the BEST camera in the world but I love the damn thing. I would probably get a second body, even something like a D70s that I can use a Sb-800 in Commander mode on would work great, because then I would only need a SB-600 and stand to have a nice little wireless setup.


What am I forgetting?

The MOST important... a business plan. Without it, your chances of getting a loan are slim to none.

Also, not sure how you are thinking about working, but a successful BUSINESS will have very little to do with photography in the end. Its more like a 80% marketing/accounting/managing vs 20% taking pictures thing.

I suggest that you talk to someone that understands how to run a business successfully, take a course or at the very least purchase a book.

Before opening the business, consider having:
- a business plan (obviously... the basic difference between a survivor and a "succeeder", IMHO)

- a web site

- a blog

- incorporation (better losing the business than your home in an emergency!)

- business insurance

- business cards (which opens up a whole can of worms... its called BRANDING yourself and your business... logo? company direction? refer to business plan!)

- yes, you will need better equipment than you have now if you want to a chance to compete against your competition. A D50 is not going to cut it.

- and on and on and on... all just the BASICS of getting the ball rolling. Other important factors are commitment and the balls to devote yourself to this 100%.

Taking pics is easy... running a business into the ground is easy... making money consistently and growing your business is a whole other ball of wax.

You have an 80% chance of closing the business within a year. You have a 90% chance of closing the business within 2-3 years. If you make it past 5 years, and are still in it... your chances fall to 50%. Knowing where you are going AND HOW TO GET THERE is the biggest difference between success... and failure.

Very few people here have a real good idea about the differences between photography as a hobby and photography as a JOB. Its so far apart, its not even funny. Factors to consider are your ability to take CALCULATED risks, how to leverage yourself and your skills and what would it take to make you stand out in your chosen field. The more unique and individual you are, the better the chances you will make it. Anyone with $750 can get a dSLR and press away... YOU need to concentrate on doing it better, faster, more unique and making sure that EVERYONE knows who you are and how good you are... thats part of the secret to success. Unfortunately, I would need to write a book for the rest, but ny fingers hurt and I am late for work.

 

[SWGPhotographer]

I agree that advertising can be one of the most expensive things in starting your own photography business.


I’ve be researching advertising options for my wedding photography business and although, I’m probably not going to do TV advertisements at this point, I came across this interesting site that shows the costs for putting up commercials.

The site is www.saysme.tv and it shows the costs for almost every channel in a given area for a given time. For example, if you wanted to know how much it would cost to have a commercial at 9 PM on HGTV verses Lifetime in Cincinnati, OH it will tell you. Surprisingly, late night tv ads are not that expensive, but it would probably take a lot of spots to make much of an impact…

- Stacey

 

[Mike_E]

SWG welcome to the forum. Have you tried the Bridal shows?

I don't know the stage of your business but 3 or 4 nicely framed shots; some well done brochures With some prearranged discounts to a dress shop, caterers, flower shop and tux rental store with presentation of the brochure have helped a number of photographers. A working relationship with stores in the industry will help too.