Shooting for Profits Photography Infograpic - Photography Insurance

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$170. PHOTO EDITING SOFTWARE: $119 / year. INCORPORATING: $100 - $200. ACCOUNTING SERVICES: $300 / year. ACCOUNTING SOFT
SHOOTING FOR PROFITS

$

There’s more to running a photography business than picking up a camera and snapping images. Take a look at the costs of going pro, and you’ll have an idea of what it takes to keep your business in the black.

Portrait Studio LIGHTS & BACKDROPS

TOOLS OF THE TRADE

PORTRAIT SESSION REVENUE

$200

$250

Costs for Everyone:

CAMERAS:

$2,000 - $4,000

LENSES:

$1,150 - $2,400 STUDIO

$300 / month BAGS & GEAR:

Photo

nue ve

ckage Re Pa

$500 - $1,500

$387

PRINTING MEMBERSHIP:

$49 / month

Totacl osts yearly

0 $13,13

LENSES

$1,150

$587

Average revenue / client

MAC COMPUTER:

$1,299

HOW MANY SESSIONS TO… Break Even: 23 (1 every 15 days) Make minimum wage: 51 (1 every 7 days) Earn median photog salary ($28,490): 72 (1 every 5 days)

Wedding Photographer

BACKUP HARD DRIVES:

$170

PHOTO EDITING SOFTWARE:

$119 / year

BUSINESS SETUP

INCORPORATING:

$100 - $200

ACCOUNTING SERVICES:

52.9%

of photographers specialize in weddings

Event attire

$200

$300 / year

ACCOUNTING SOFTWARE:

$129

INSURANCE:

$450 - $686 / year LEGAL FEES TO DRAFT CONTRACT:

$1,184

Sample portfolio

$1,000

E

LEAS

DOMAIN NAME:

$112

front

Store

th

on m / 0 ,00

$1

WEBSITE MAINTENANCE:

$96 / year

LENSES

2,400

Total sts a e y rly co

$2,814

BUSINESS TRAINING

$27,730

Average revenue / client

PRICE-SETTING GUIDE:

$149

BUSINESS SKILLS COURSE:

$500

HOW MANY WEDDINGS TO… Break Even: 10 (1 every 5 weekends) Make minimum wage: 16 (1 every 3 weekends) Earn median photog salary ($28,490): 21 (1 every 2 weekends)

The Big Picture 69

%

of US photographers are self-employed

85

%

MARKETING COURSE:

$799

TOTAL

$9,530 $14,780

go out of business within 3 years

BEAT THE ODDS: aim for profits of at least 35% of gross sales

© 2015 insureon®, a BIN Insurance Holding Agency. ALL RIGHTS RESERVED.

SOURCES http://www.bls.gov/ooh/media-and-communication/photographers.htm

http://petapixel.com/2013/04/08/an-infographic-on-creaing-sustainability-in-the-photography-industry/

http://electronics.howstuffworks.com/cameras-photogra-

http://snapknot.com/wedding-photography-prices

phy/tips/how-to-start-your-own-photography-business.htm

http://www.photoopnyc.com/prices.php

http://www.themoderntog.com/cost-start-a-photography-business

http://205photography.com/investment/

http://waveformaustin.com/photography-studio-rental/

http://www.thelawtog.com/using-photography-contract-templates-can-save-money/

http://asmp.org/content/editorial-example#.VZ_U6_lVhBc

http://www.bhphotovideo.com/explora/photography/buying-guide/professional-printers-photographers

http://www.kristendukephotography.com/start-photography-business-charge/

http://pixieset.com/upgrade/

https://photovideo.insureon.com/resources/statistics

http://www.abajournal.com/news/article/average_hourly_billing_rate_for_partners_last_year_was_727_in_largest_law_f/

http://www.rangefinderonline.com/features/weding/State-of-the-Industr-6951.shtml