Is it worth starting a photography business?

There are plenty of opportunities for professional photographers today. Many people hire photographers to capture their events or get portraits. Others buy photographs to decorate their homes. But is it worth starting a photography business today? 

This guide will cover some pros and cons of starting a photography business to see if it’s the right choice for you:

Pros

• You could earn well with your photography skills
• You can choose your photography business’s focus and hours
• There’s a market for photography

Cons

• Everyone can be a photographer today 
• Equipment can be expensive
• You’ll have to find your customers

So, is it worth starting a photography business today? There is definitely a market for photography as the industry creates 1.1 billion pound in the UK. Here are the pros of starting a photography business.   

1. You could earn well with your photography skills 

Starting a photography business is an opportunity for you to use your photography skills. It will be helpful if you have a photography education or have worked for a photography company in the past. Use this experience to show potential clients what you can offer.

Depending on your skill level and experience, you can charge well for your time and your work. The average hourly rate of photographers is typically around £22 per hour. If you develop a portfolio of successful work, you can start charging closer to £100 per hour. 

This means, with the right number of clients and the right skills, you could earn good money with a photography business.

2. You can choose your photography business’s focus and hours

With your photography business, you would be in control. If you worked as a photographer within another company, you would have less freedom to choose your jobs and hours. 

With your photography business, you can choose to focus on wedding photography or nature photography. You can do portraits or you can open a gallery to sell your work. 

You can also choose your hours. Working as your own boss means you can book clients when you wish. This can mean a more flexible work schedule for you. 

3. There’s always a market for photography 

Whether it be a wedding, a corporate event, or a club night, events are always looking to hire photographers. People love to have their cherished moments captured, and you can help them do that. 

There’s also a market in portrait, commercial, or art photography. Regardless of your photography interest, there are customers out there for you.

Though the photography industry is full of opportunities, there are some things to consider when starting a photography business. For example, the photography industry is expected to decline by about 33% in 2021. 

Is it worth starting a photography business with the market in decline? Here are some of the cons of starting this business.

1. Anyone can be a photographer today 

With technology advancing quickly, many smartphones now have great cameras built into them. Now, anyone can be a photographer. Is it worth starting a photography business when so many people can take pictures for themselves?

With a mix of their advanced equipment and skill, photographers can offer a better finished product. But as camera quality increases, some people are not hiring professional photographers at all. Instead, they’re documenting events through shared photo platforms or hashtags. 

Today for example, wedding photographers are aware of the growing competition with smartphones. They often ask guests to refrain from photographing ceremonies on their own devices. This can make their work more unique. 

2. Equipment can be expensive  

The thing that will set you apart from amateur photographers is your equipment and skill. But photography equipment can be very expensive. These expenses are another thing to consider for a potential photography business. 

If you need to purchase all your photography equipment to start this business, it’s important to know how much you may have to spend and what you may need. 

You’ll likely need: 

• A good camera 
• A tripod 
• Lighting equipment 
• Lenses
• A camera bag 
• Editing software
• A laptop 

A professional camera from top brands like Nikon, Canon, or Sony can cost anywhere from £700 to £6,000. Other necessary camera equipment can be pricey as well. One way to cut costs is by looking into refurbished photography equipment at sites like Jessops. 

Either way, you’ll need to think about the start-up costs of this business and how you’ll cover them. 

3. You’ll need to find your customers 

Starting your own business means you’re responsible for its success. If you start a photography business, you’ll need to market yourself well to find the right customers.

The photography industry is very competitive, so you’ll need to put yourself out there. This means considering how to market your small business. You’ll likely want to make a website to share your photography skill and list your services and prices. You’ll also want to make social media channels for your business, such as Facebook, Instagram, Twitter, and LinkedIn. 

To make your skills more marketable in this digital age, you could consider what you offer that an amateur does not. You can also expand your business by offering videographer services. 

Considering these pros and cons, is it worth starting a photography business? Even though the industry is competitive, there are still many opportunities for photographers today. 

If you do decide to start a photography business, you’ll also want to look into the steps that go into starting a small business. You’ll need to register your business, consider your taxes, and keep track of your marketing and client base. 

Once you decide if starting a photography business is right for you and develop a client base, you’ll have to organise your finances. Financial management can be stressful and time-consuming when you’re self-employed. That’s why thousands of business owners use the Countingup app to make their financial admin easier. 

Countingup is the business current account with built-in accounting software that allows you to manage all your financial data in one place. With features like automatic expense categorisation, invoicing on the go, receipt capture tools, tax estimates, and cash flow insights, you can confidently keep on top of your business finances wherever you are. 

You can also share your bookkeeping with your accountant instantly without worrying about duplication errors, data lags or inaccuracies. Seamless, simple, and straightforward! 

Find out more here.