Do you love taking photos and videos? Are you always bringing your camera to take photos of your family and friends? Are you the designated photographer during family events? Maybe it’s time to think about turning this passion into a profitable home-based photography and videography business. Here’s how you can go about it:
Decide what type of services you want to offer
What photography and videography services are you going to offer? Are you going to offer editing services? Are you going to print the materials out and turn them into an album? You have to prioritize the items that you can do on your own. Deciding what kind of services you are going to offer will make it easier to identify who your market is, too.
Develop a business plan
The photography and videography business plan should outline the details of your business—the prices, the services, the competition, and even the marketing strategies. You have to set your goal and develop the plan on how you can achieve them.
Decide what your business structure is going to be
The easiest business structure is a sole proprietorship, though you may want to consider turning your business into a limited liability company for the greater protection of your personal assets if your business runs into legal problems.
Create a business name
Your photography and videography business name will be your brand. You have to think of a name that would resound to your audience. They would have to remember the name and it has to stick with them. You have to decide whether your name will be fun and creative or formal and professional.
Apply for licenses and pay the fees
Once you have decided what your business structure is going to be and what the name of the business will be, you have to officially establish your company. That includes paying the necessary licenses and fees and applying for a separate tax. Once you have your business established, you can open a business bank account.
Gather the needed supplies
You have to invest in cameras, lighting equipment, and audio equipment as your basic supplies. Later on, when you have the money, you can invest in an editing machine or more high-tech cameras and computers.
Create marketing materials
Aside from business cards and brochures, you also need to build a website. Remember to get permission from your subjects before you post your “portfolio” online. You need to get all your contact details to your prospective clients.
Market and promote your business
You cannot profit from the photography and videography business if no one is going to hire you. This means you have to be visible and you need to use your personal and professional networks to market your business.