Learning how to start a photography business in UK is as important to any serious minded persons as life itself. This is because photography business is not only a highly profitable enterprise but also a very sure way of becoming labelled as an entrepreneur. Apart from the fact that it exposes you to the opportunities and healthy competitions around the world, it helps you make enough money!
Photography is the art, application, and practice of creating durable images by recording light, either electronically by means of an image sensor, or chemically by means of a light-sensitive material such as photographic film. It is employed in many fields of science, manufacturing (e.g., photolithography), and business, as well as its more direct uses for art, film and video production, recreational purposes, hobby, and mass communication.
How to Start a Photography Business in UK
One of the world-recognized lucrative skills to possess by any individual who aims to make real money and survive sufficiently in an economically challenging society as UK is, without the shadow of the doubt, photography–which is the art of making photos as records of events and evidences of memories. So, if you are London and you have been wondering what to do that will help raise your head above waters, it is then high time you learnt how to start a photography business in UK.
Write your Business plan
As with any new business, if you’re thinking of starting up as a photographer your first step should be writing a photography business plan.
A good business plan will help you set out your strategy and objectives, then break them down into concrete tasks and clear goals for success. Your business plan also helps potential investors, loan advisors and clients to see your new photography business as a professional and serious venture.
Executive summary – A short, clear overview of your business.
This section provides an at-a-glance summary of your photography business, who you are, what you do and why you do it.
Opportunity – A full breakdown of how your service will need demand.
From a detailed description of the photography services your business provides, to an overview of the demand for your skills in your area, this section outlines the potential opportunity your photography business has to succeed.
Execution – How you’ll make the business a success.
Briefly introduce your business goals and how you’ll measure them, before diving into the detail. Explain your business’ sales, marketing and logistics strategies, and back these sections up with concrete data to prove you’re well informed and are making decisions based on real evidence
Financial plan – The bottom line.
No business plan is complete without a financial forecast. This should include your budget, incomings and outgoings and projections for the future success of your photography business. Also include a list of all the money you have in the bank at any given time, and a list of your company assets, liabilities and the owners’ equity, which can be used to calculate the value of your business.
Get the Required Qualifications
For an industry like photography, it’s usually less about any specific qualifications and more about your experience and portfolio which will win you clients.
While there isn’t necessarily a photographer qualification you have to have in place before setting up your business, many professional photographers will have taken a college or university course to develop their technical skills, or a vocational degree in art, design or photography.
In addition, you might find that ongoing learning and training in specific techniques, tools or software will help keep your business ahead of the curve, for example training courses in Photoshop or other design tools. You may also need certain business photography licenses or permissions to photograph in different places or locations.
Most importantly though, you’ll need an eye for detail, a creative streak and excellent time and project management skills in order to put together the extensive portfolio of work which will be key in attracting new clients.
Register your Photography Business
Once you’ve got your business plan in place, worked out your costs and got any photography qualifications required, you’re probably about ready to start looking at how to register a photography business.
Choosing whether to start up as a sole trader or a limited company can sound tricky, but there are handy sole trader vs limited company comparisons that can make the process easier. Chances are that, in your photography business, you’ll pretty much be working on your own. And in many cases, photographers are freelance, sole trader businesses.
A sole trader is the only owner of their business, and there’s no legal separation between you as the business owner and the business itself. This means you can keep the profits you’ve made after tax, and that you are personally responsible for any losses your photography business makes.
If you’re starting out as a sole trader, you can choose to trade under your own name or under a business name, and you don’t need to register to do so. You just need a National Insurance number, keep records of your finances and you need to complete a Self Assessment Tax Return each year.
If you choose to set up as a limited company, however, you’ll need to register your company name with Companies House. You should check that your new business name and logo aren’t infringing on any existing trademarks. In the UK, the Intellectual Property Office oversees trademarking, copyright and patents, so have a look at their website before naming your business or products. An internet search can help establish whether your business name is already taken, or you can head over to Companies House and take a look there too.
Find your Photography Niche
In a competitive sector like photography, it might make sense to find a photography niche you can operate in. By picking one type of photography to focus on, you can hone your skills and be the best in your field, helping you stand out in a crowded marketplace.
Some niche photography business ideas you might look to specialize in might include wedding photography, portraits, commercial photography, sports, the list goes on.
According to Business Gateway, wedding photography is the largest proportion of the photography industry, accounting for 38.1% of industry revenue, followed by advertising and fashion photography with 18.1%, commercial and industrial with 12.2% and school and graduation photography accounting for 8.9%, while portrait photography generates 6.2% of revenue. When deciding on which niche to specialise in, there are a few factors to consider:
Wedding photography
The largest sub-sector of photography is generally always in high demand, however it could also be one of the most stressful of all. You’re there to capture the most important day in two people’s lives, so you only get one chance. Any mistakes or mishaps could damage your reputation quickly. Do a good job however, and the word of mouth could spread fast, too.
Commercial photography
Commercial photographers take photos of products, services, storefronts and so on in order to help promote a business or sell a product. It could be fashion photography, advertising, packaging, or for online shops or catalogues. While it may be lucrative, commercial photography is ultimately about selling for someone else, so it may not be the most creative sector in the field.
Sports photography
Many sports organizations like to have a professional photographer at matches, events and competitions to capture the action. From football to dancing, sports photographers need to be on the ball to get that all important action shot, meaning it could literally be a case of ‘blink and you’ll miss it’.
Local news photography
Typically employed by local newspapers, television or local area websites, news photographers could be able to get contract work to cover any events and news stories all over your local area. However, it may mean a less regular schedule and more fluctuations in your diary and income.
Personal and pet photography
While everyone might have a camera in their pocket these days, there’s still no substitute for a professionally taken shot of your loved ones. Many families still look for photographers tophotograph their family or their pets, particularly after the birth of a child or a graduation, for example. It could be steady work, but there’s not much variety in the shots requested.
Decide Your Price
When asking yourself “How much should I charge as a photographer?” there’s a few things to consider.
The first step is to look at the competition. What do similar photographers in your area charge for their services? This will let you know that your prices are competitive, but be sure not to undercut your rivals by too much – you still want to earn a living and you don’t want customers to associate your low prices with low quality.
Instead, it’s best to work backwards. Think of how much money you’d like to earn per year, and how many days you’d like to work. This will give you your daily rate. You can then adjust it to make sure you’re competitive against your local photographer competition.
When considering your daily rate, remember to factor in any expenses like travel, accommodation for multiple-day shoots, and a food budget. You might also want to offer packages for your services, like photography only, or photography plus editing. Editing can sometimes take longer than getting the shots themselves, to remember to factor this into your hours when calculating your rate.
Finally, if you’re going to be working a high-priced event or photographing a big occasion, you can ask the client to pay a deposit up front. This secures your time and lets you get started on preparation before the big day arrives.
Marketing your Photography Business
Every business needs customers – you don’t need us to tell you that. The tricky part is finding a steady stream of customers to keep your diary busy and the profits rolling in. And that’s where a marketing strategy comes in handy
For a photography business in particular, differentiating yourself from the competition with a strong brand, solid reputation and intelligent marketing strategy is crucial to success. So here’s our top tips for marketing a photography business.
Insure your Business
So your business is up and running, you’ve found your photography niche and the clients are happy. You’re doing what you love, and that’s worth protecting. Which is why you need photographer insurance.
Photography work can be varied – you cover multiple different locations, use expensive equipment, you’ve got a reputation to protect or you may even have staff to consider too.But having the right cover in place from the start means you’re in the best position if something were to go wrong.
AXA photographer business insurance puts you in control. You can select the product, cover levels and excesses that are right for you – and you could save money at the same time.
No Responses