The Tell-Tale Signs Your Photographic Hobby Should Become a Business Venture
Are you the person always snapping photos at every family event? Perhaps you enjoy long walks in nature, utilizing your macro lens to capture the intricate details of a butterfly?
Whatever images you prefer to capture, if you love your photographic hobby, you might want to make it a business venture. Here is how to know if it is time to make a living off your passion.
1. The Latest Equipment Has Your Name On It
You have a nice camera or know how to use your smartphone. However, after some research, you have your eye on a few pieces of equipment that could make your pictures even better.
Starting a photography business requires having the items you need to take photos people want to buy. If you plan to do portraits, this might include backdrops and lights. You might need a lightbox and props if you are taking photos for a stock site.
Consider what you need to enter the field successfully. You do not want to take on a new client and find you must spend more on equipment than they are paying you. If you have been doing photos for fun for a while, you likely already have many of the items you need to start.
2. You Are the Go-To Authority
If you are the first person people in your area turn to when they have a question about photography or need help with a project, it might be time to make a little money from your expertise. If you are not yet an authority, you can build your reputation by becoming more involved in your local community. Take photos of a local youth sports league, blog about your work, and publish articles and books on relevant topics.
3. Hobby Income Is High
The Internal Revenue Service classifies a business as something you make a profit from. A hobby is something that does not bring in much or any money. If you get enough side gigs to make almost as much at your photographic hobby as you do from the day job, it might be time to focus solely on your dream.
If you are concerned about whether your income will be stable working as a photographer, you can always pick up a part-time job at a local photography studio. You will gain additional skills and bring in a guaranteed income while growing your company.
4. Aperture Is Just One of Your Skills
Do you have the technical skills necessary to work as a professional photographer? Lighting can be one of the most difficult concepts to master in photography. Once you understand the correct settings and how to utilize aperture and shutter speed, you will be well on your way to creating amazing images most amateurs cannot master.
Take online classes or a local community college course to tackle the finer points of photography. As with any creative endeavor, the more you practice, the better you will get. Experiment with different settings, angles and compositions.
5. You Have a Niche
Whether you enjoy taking wedding photos, or like to get out the macro lens and capture tiny details, you know what images you want to take for your photographic hobby. You have mastered them and feel they rival any other professional photographer out there. While you might expand into other areas once you start your business venture, having a specific area of interest allows you to dig in and perfect your work before adding more to what you do.
You should study other photographers specializing in the same niche. How can you offer something surprising or different? You should stick to strong, basic concepts. However, it is OK to venture out into new areas. Nature photographers might want to work with reflections on water, for example.
6. The Day Job Is Miserable
Do you hate your nine to five? If your day job is sucking the life out of you, it may be time to make a change. You can take a hobby you adore and turn it into something profitable. For many people, leaping a regular paycheck to the life of an entrepreneur is scary.
Start by creating an exit strategy. When will you leave your current position? How much money do you need to live every month? One option is to reduce your living expenses considerably while building your new studio.
You should also consider overhead costs. If you plan to take portraits, you will need a space to do so. Even if you plan to take photos outside, have a backup plan for rainy or cold days. For example, if you plan to take senior pictures, most people will want indoor and outdoor shots.
7. Business Sense Is Your Second Nature
According to the Small Business Administration, around 33.2 million small businesses exist in the United States. While only a handful are photography businesses, you will still compete with many other people all excited about turning their photographic hobby into a profit-making venture.
If you are not familiar with how to run a small business, take some online courses, read books, visit your local chamber of commerce and find a mentor. You will need to keep track of expenses and revenue, pay taxes quarterly, and ensure your new company is profitable.
8. You Have a Business Plan
To succeed as a freelancer, you need a business plan. Think through the pitfalls you might encounter along the way and plan for the unexpected. Study the local competition and come up with how you will meet a different need or better serve your target audience.
Include marketing ideas, a first-year budget and growth plans for the next five to ten years. You will need a business plan should you take out a loan for equipment anyway, so creating one helps you see if your new venture is viable or how long you might have to freelance while staying at your current job.
If You Cannot Imagine Doing Anything Else
If you cannot imagine doing anything other than your photographic hobby, then starting a new business as a freelancer is probably the right choice for you. Life is too short to spend it doing something you do not enjoy. It is crucial to embrace your passions and make them profitable enough to keep a roof over your head. You will usually be much more successful in the long run when you love what you do.
Understand your initial clients will likely be family and friends. As you take more images and share them online, you will attract word-of-mouth customers. Your photographic hobby has likely already led to your first customers, so ask them to tell others about what you do.
