If you’ve found yourself with a keen eye for detail and a surprising adeptness at capturing good images, you may be wondering whether that presents a viable career path.
It’s not a straightforward decision to make, but hopefully this inspires you and makes that choice just a little bit easier.
Why photography?
The good news is that such thoughts could bode well, with the UK photography market
recently valued at £1.9 billion, and with some 8,000 photography businesses currently operating. Therefore, you can argue that there’s never been a better time to turn your passion into a full-time and profitable venture, or even a side hustle that generates valuable extra income.
Starting a photography business offers creative freedom and earning potential. So let’s explore everything you’d need to get off the ground.
Find your photography niche
Trying to offer every type of photography as a service is a sure-fire way to burn out quickly and confuse your potential clients. Instead, the most successful photographers specialise and lock themselves into a niche.
Start with the kind of photography that you enjoy, whether that’s big crowds for weddings or live music, or quiet, controlled environments which may work for businesses requiring corporate headshots, e-commerce or product photos. Alternatively, if you find enrichment working with families and don’t mind a bit of chaos, family portraits may be a good niche. Research your area, identify any gaps in the market and position yourself as the go-to expert in your chosen field.
Create a solid business plan
If you’re earning money from photography, even as a side gig, it’s important to register with HMRC. It’s legally required and not optional. You can choose the following company structures:
- Sole trader - ideal for freelancers, where income is reported via Self Assessment
- Partnership - only relevant if you’re starting your venture with someone else, and you’re both earning and investing together
- Limited Company - ideal if you want to protect your personal assets, charge VAT, and work with more corporate, commercial clients
Don’t forget to set up a comprehensive business plan encompassing your services, target customers, local competitors, and clear financial goals. This becomes your proverbial roadmap and helps you stay the course as you enter the evolving world of photography.
Your business plan should also cover your unique selling points (USPs), pricing strategy, marketing approach, and projected expenses. Establish realistic costs and outgoings, from equipment and insurance to editing software subscriptions and marketing activities, all of which require investment.
Invest wisely in equipment
Quality equipment matters, but you needn't bankrupt yourself before taking your first booking. Many successful photographers start with the bare minimum and essentials and then upgrade gradually as they earn more revenue. For those working with tight budgets, purchasing
quality used mirrorless cameras offers a great starting point where you can access professional-grade gear at reduced prices while still offering a premium output.
Alongside a camera or two, consider investing in versatile lenses (24-70mm and 50mm are excellent starting points), solid lighting equipment, and professional editing software like Adobe Lightroom to give yourself the solid foundations you need to begin photographing and editing with confidence.
Build your portfolio
Your photography portfolio represents your biggest marketing asset. You aren’t going to attract paying clients without one, so depending on your niche(s), focus on fleshing out your portfolio that showcases your best work. Remember a ‘quality over quantity’ ethos carries immense weight here; it’s not about flooding your site with every photo you’ve ever taken, but rather focusing on the ones which are aesthetically pristine and which demonstrate your abilities at capturing precious moments in time. Clients will be more impressed with a portfolio of strong images rather than one that offers page after page of mediocre shots.
Set profitable pricing
Underpricing remains a common hurdle that many freelancers face, including photographers. Calculate your expenses (equipment, travel, time, overheads) thoroughly and determine how much you’d need to charge to make a, for instance,
30-50% profit margin after costs. Remember the time spent editing after the shoot as well, factoring this into your rates, whether it’s a daily or hourly rate or price per project. Be sure to assess competitors’ pricing too, but it’s not wise to offer the cheapest rates to secure each job (even though it’s tempting), as you won’t turn a sufficient profit.
Marketing and insurance
You may have the most wonderfully curated portfolio, but it means nothing if people aren’t finding you. This is where
marketing fundamentals come in handy as you begin your new venture.
- Set up a professional, fast-loading and mobile-friendly website showcasing portfolio, services and testimonials, with an easy customer enquiry function.
- Optimise it for search engines by including relevant keywords and creating valuable, engaging content such as blogs, articles, case studies, and insights.
- Combine this with regular, well-thought-out social media activity. Post consistently but not excessively, engage with your community and share content that builds engagement and contributes to your goals.
- Network creatively and actively by joining local business groups, collaborating with other services (e.g. wedding planners if your expertise is wedding photography) and building referral partners. These could be some of the best clients you could work with.
Finally, take out public liability (PL) insurance and professional indemnity (PI) insurance, as contrary to popular belief, they cover you
in different aspects. PL insurance protects you if there’s an accident at a client location, and PI insurance safeguards you if any claims arise. Also take out equipment insurance to safeguard your essential gear in case it’s lost, stolen or damaged accidentally.
Ensure that you maintain watertight financial records, separate your business and personal finances (if working as a partnership or limited company) and invest in good quality accounting software to simplify tax return preparation, cash flow, and profitability.
Don’t stop learning and adapting
Stay in the loop with technological developments, emerging photography or equipment trends, and client expectations, all of which change, which is what makes the photography industry so evolutionary.
Don’t be afraid to invest in your own skills development with courses, workshops and industry events. Reach out to and learn from other experts in your field; community support is invaluable when business is challenging.
Starting a photography business is enticing, but it’s not easy. However, master these fundamentals and have honest conversations with yourself about your dedication and creative passion, and you can build a sustainable, profitable business doing what you love.
Guest writer
