What It Takes To Succeed In A Photography Business by olliegoblue23


									What It Takes To Succeed In A Photography Business

Most professional photographers agree that the photography business is a way of life as well as a means of earning a living. Deciding to own or manage a photography business is a life-altering choice. So before you strike out on your own, here are some things to consider: Competitive Opportunity Before pursuing any business, you must determine if there is economic justification for establishing the business. The most important factors to consider are the size of your chosen target population base and the competitive advantage of your business concept relative to other photographic businesses. Personal Characteristics For many, the pride of ownership and the desire for independence are powerful motivating factors for starting a full-time or part-time business. Business owners enjoy a certain prestige in the community. A business such as photography offers exceptional opportunities for creativity and self-expression. When successful, a photography business provides financial rewards that one might not achieve as an employee working in another field. Because business ownership does involve risk of start-up capital and is subject to market and business-cycle fluctuations, you should ask yourself some important questions before making this commitment. Affirmative answers will increase your chances of achieving success in the portrait/wedding photography industry. • Do you possess the fundamental technical knowledge required to light and pose subjects in formal, candid, and location photographs? • Do you understand the business of photography? • Do you possess self-confidence? • Are you a self-starter? • Are you a leader? • Are you dependable? • Do you have a strong sense of commitment? • Do you welcome challenges? • Are you willing to work long hours, particularly in the early stages of your business? • Do you live by a code of honor and integrity? • Do you like people? • Do you have a pleasant personality and a good physical appearance? • Are you good at organization? • Can you see the “big picture” as well as attend to minute detail? • Do you have an open mind? • Do you have a good imagination? • Do you possess common sense? • Are you in good health? • Are you emotionally mature?

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Can you accept constructive criticism? Do you approach decision making in a business-like manner? Can you handle confrontations in a non-threatening manner? Does your family approve of your plans? Do you have financial and business advisors? Do you have adequate financing? Do you have a suitable place of business where you can meet with prospects and clients?

Professional Association Membership Networking with other professionals is invaluable throughout your professional career, especially when you are launching a new business. The dominant professional association for professional portrait/wedding photographers is Professional Photographers of America (PPA), whose membership comprises both working professionals and aspiring professionals in most imaging specialties. Through membership in PPA, you have access to professional education; up-to-date information on changing technologies and other issues that have direct impact on photographic markets; specialized insurance plans; national consumer-awareness programs; and person-to-person networking with other professionals. PPA also supports over 200 national, regional, state, and local affiliates throughout the U.S. and abroad. For membership information, contact: Professional Photographers of America, Inc. 229 Peachtree Street Suite 2200, International Tower Atlanta, GA 30303 (800) 786-6277 Technical Skills and Client Service Producing a quality product is a given for any successful photographic studio. Creating admirable photographs as an amateur doesn’t correlate to success in the field of professional photography. The professional must make saleable pictures of subject matter over which he or she does not always have total control, and do so on a day-in and day-out basis. At the same time, he or she must provide clients with a high degree of customer service, which is critical for attracting and keeping clients in today’s competitive market. Education in all aspects of traditional photography and digital imaging is available at locations throughout the country from the PPA Continuing Education System of Professional Photographers of America. Taught by working professionals, classes are offered at various skill levels. For PPA membership information and a listing of educational offerings contact PPA at (800) 786-6277. Technical advice and information also is available through networking with major industry suppliers of equipment and materials. You can meet with representatives of these companies at professional association trade shows.

Managerial Skills No studio becomes or remains successful without good management. Important management skills include the following: • People skills—handling both customers and employees. • Financial management expertise that includes: familiarity with managerial accounting practices, which, as you will learn in Chapter 9, differ considerably from those used to compute tax liability; an ability to evaluate equipment purchases to avoid the trap of purchasing equipment and gadgets that may be personally appealing but have little commercial value to the business; and the ability to institute effective financial controls. • Familiarity with computers and their major applications, including desk-top publishing and studio business-management software. • The ability to develop operating procedures and time-management strategies that facilitate workflow. • An understanding of the laws, regulations, and insurance needs that pertain to retail businesses in your local area and to the photographic industry itself, such as copyright legislation. • The willingness to participate in community activities, which helps you to become better known in the broader community and provides valuable opportunities for networking with other professionals. Causes of Business Failure Any business is subject to failure, which can have devastating consequences to the owner, not only in terms of lost investment, but also as a blow to one’s self-esteem and future business prospects. The failure rate of small businesses, especially during the first several years of operation, is alarming. The experience of countless small-business owners points to five primary reasons for business failure. Keeping your eye on these pitfalls will help you to succeed. Lack of Capital — For many small businesses, investment capital is difficult to obtain. Often the would-be business owner is forced to come up with start-up funds from personal resources or through credit-card financing. Whatever the source, investment capital should be looked upon as a precious commodity and always spent wisely. Cash-starved businesses have a high rate of failure: Overinvestment in equipment, for example, can leave the new business without any funds for advertising and destined for disaster. The same is true of premature expansion. Even a successful business can fail if the owner misjudges the need to expand. This always should be dictated by the probability of gaining enough new business to justify the expansion on a purely financial basis. The studio photography business, which tends to rely to a large extent on word-of-mouth advertising as well as on an active marketing program, usually takes several years to develop a loyal client base. That is why many photographers operate on a part-time basis, while working at a full-time job, until they are well recognized in the community and there is less risk associated with operating a full-time business.

Poor Location — Fortunately for photographers, there are countless success stories of portrait/wedding businesses in widely diverse locations. Successful studios are found sharing space in the family home, in high-rise office building suites, in malls, in commercial locations, and in professional office complexes. What each has in common with the others is that the location “made sense” for the type of clientele that is served. Poor Products and Service — Assuming that success as an amateur photographer automatically equates to success as a professional can be a fatal flaw. Some photographers simply cannot tolerate the additional burden of creating photography on demand within the constraints of management controls and customer service. Misjudging Customer Needs — Businesses are most likely to succeed when they find needs in the marketplace and target their products and services to fill those needs. Remember that photography falls into the “passion business” category—one in which the primary motivation is to allow the owner to pursue a product or service in which he or she takes deep personal satisfaction. Don’t let your passion for a specific type or style of photography blind you to the hard realities of marketplace demand. Bad Management — You may have noted that each of the issues listed above involves management. While business management may not be the first concern on the mind of a photographer who is eager to express his or her art, it is the most important factor for achieving a profitable outcome. Good management is largely a matter of choice. You can choose to be ruled by the passion of the endeavor and face an uncertain business future, or you can choose to build a business that rests on the firm foundation of sound business-management principles, particularly those that involve money management. Begin by studying the information in this book, then take advantage of other opportunities to improve your management skills. Soon you will start to think of yourself not as a photographer, but as a business person who offers photographic services. That slight shift in self-perception will help you to remain focused on the road to success.

This article is an edited excerpt from PPA Board Member Ann Monteith’s book, The Professional Photographer’s Management Handbook. The book is available directly from the author (800) 842-2349) or from the publisher, Marathon Press (800) 228-0629.

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