There is only one reason to open a business - PROFIT.
Still reading? Good. The opening line of this article may be shocking and offensive to some. Those would be the people more commonly referred to as "starving artists"; the individuals to whom the desire to create "art" is the reason to open a photography business. (Insert loud buzzer sound here and then the word NOT!)
Maybe I should clarify; we're talking about a portrait studio photography business. I'm not referring to landscape photography or wildlife or photojournalism. In truth however, no matter what type of photography we're talking about - if you say, "I'm opening a (i.e.) landscape photography 'business'," your primary concern should be PROFIT.
Just because you can doesn't mean you should
The world of "professional portraiture" has changed forever. Digital technology has brought heretofore unknown "professional photographers" out of the woodwork. Many of those new "professionals" have spouses with actual paying jobs that include benefits and vacation and retirement funding. In other words, they don't really "have" to make a profit from their photography; their family isn't depending on them to make money so they can eat.
How it used to be
Before you go getting all up in arms and calling me names, or worse yet sending me nasty emails, let me say this; that's how I started - with cheap prices.
Totally new to the business, I didn't know any better. Like many new photographers today I didn't know how else to compete and make a name for myself; other than working harder and charging less. Wrong.
I had another very distinct disadvantage - a relative with money who was willing to co-sign loans at the bank. BIG MISTAKE! It allowed me to borrow however much I wanted - and I did. I say disadvantage because it took me years to get "out from under" the debt I created for myself.
Ask yourself "why"
Do yourself and all other photographers a favor, ask yourself what you want from your photography business. Do you love "taking pictures" of children or high school kids or families - just because? Then do so and give them a disk with the images on it. Don't charge them anything, don't "hold yourself out" as a professional photographer.
If your desire is start a photography business and own a studio, whether it's a commercial location or a home studio, do not, I repeat DO NOT think the path to that success is being cheaper than everyone else. You have to begin thinking like a business person. What do you have to offer your clients that they can't get anywhere else? Do you want to specialize in one type of photography? How can you best present your images to your clients to entice them to buy more? What type of marketing works best?
Believe me when I say, you will sleep better knowing you are making business minded decisions that are carrying you towards eventual success. Yes, pursue your art, perfect your craft, learn lighting and posing, color harmony and composition. And then market the hell out of it at a price that will generate a reasonable....... PROFIT!
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