Things to Know Before Establishing Photography Business

By Adedapo Adesanya 

Starting a photography business is a risky but it is a very profitable venture. However, it is very important to understand some of the key things before deciding what you want or how you want the business to be structured.

Like any business, the practitioner must have a deep interest for the profession. An inherent interest in the creative process of taking photographs will help in the overall success of the business.

In this part of the world, photography is mostly learned through apprenticeship by gaining experience from an established professional to know the rudiments of the game. After completion of the informal training, the next step is always to set up a studio, which involves capital.

Capital is the money used to start the business. In this case, the funds to get the necessary equipment would be put into consideration when planning to establish a photo studio.

Other fixed costs to consider would include rent (if the photographer chooses to get a studio) and other miscellaneous items. According to some practitioners who spoke with Business Post during a research into this topic, a new photographer who wants a standard studio can start with a budget of N3.5 million. However, you can start with a lower budget of about N500,000 to N1 million, depending on the tools and cost of rent.

Now the breakdown of this budget

Equipment and Estimated Costs

Photography is an expensive business because it involves a lot of technological hardware and software which are costly. Equipment comes in two varieties; hardware (physical) and software. Some of the major hardware components need in photography are:

Two cameras: From N150,000 to N1.5 million or more.

Multiple lenses: Prices range from N40,000 to N350,000.

Two flashes: N15,000 to N100,000 each.

Multiple memory cards: From N2,000 to N15,000 each

Two external hard drives: From N10,000 to N45,000 or more, depending on the size (it is advisable to keep one backup off-site)

Computer or laptop with sufficient memory: From N75,000 to N720,000, depending on the type, size, quality and make.

A studio: The cost of renting a place for studio solely depends on location and the size. The studio has to be painted to make it attractive to customers. Also, the necessary lightening tools have to be put in place like the LED lights & Strobes, tripod stand, wireless triggers, props, prime lenses, zoom lenses, Photoflex reflector.

For the Software: This includes Adobe Lightroom, Adobe Photoshop, Corel Paintshop, PortraitPro, GIMP amongst others.

Note: These are not all software for photography and are subject to the preference and versatility of the photographer. They can be purchased from computer stores.

Some Business Opportunities in Photography

Photographers can find employment in a number of places. Either as a self-employed individual or an organisation attachment. The creative outlet is needed mostly in every human endeavour, including at

Ceremonies: weddings, anniversaries, and celebrations.

Stock photography.

Contract photography.

Commercial photography.

Media photography.

Celebrity photography/Paparazzi.

Possible Challenges to face in the Photography Business:

Like a host of other businesses, here are likely challenges that a would-be photographer could face:

Funds – This is regarded as the biggest challenge to the business of photography, new models of equipment are released regularly and with this comes a high cost. With a constant supply of income, a photography business will thrive.

Clients – Photography is a competitive business. Finding clients to patronise the establishment may be a challenge. Even when the photographer finds one, some are likely not to pay for services offered.

Competition – There are a lot of photographers. It is then crucial to build a network of people which services are rendered effectively and efficiently.

Infrastructure Deficiency – Electricity, among other basic infrastructural necessities, is sometimes lacking and this poses a great challenged to a digitally driven business such as photography.

Finally, it is advisable for the photographer to register the business. This is done by the Corporate Affairs Commission (CAC) in Nigeria. Whether it is a remote or established business, it is very important. This allows the business open a bank account and file tax returns plus other benefits.

There are some persons in Nigeria who have become icon in the photography business, including TY Bello (former President Goodluck Jonathan photographer), Kelechi Amadi-Obi, Bayo Omoboriowo (President Muhammadu Buhari photographer), amongst others.