General
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.
By Aduragbemi Omiyale
The Economic and Financial Crimes Commission (EFCC) has expressed concerns over the rising rate of Ponzi schemes in Nigeria amid genuine desire by citizens to seeks streams of income to survive the current harsh economic environment.
In a statement on Tuesday, the Head of Media and Publicity of the EFCC, Mr Dele Oyewale, said it has identified about 58 Ponzi scheme operators defrauding Nigerians under the guise of investment opportunities, warning members of the public to be wary of them.
He said these firms have not been registered or authorised by the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria9CBN) to operate in the country’s financial markets, making their operations illegal.
According to him, the commission has taken legal action against many of the entities, leading to the conviction of five, while another five have pleaded guilty and are awaiting further judicial processes, with other cases still pending arraignment.
Mr Oyewale urged victims of fraudulent schemes to come forward with complaints and assured them that efforts were ongoing to recover funds where possible.
“We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” he stated.
“In line with its commitment to sanitising the financial space of the nation and providing the investing public with adequate and reliable information, the EFCC hereby alerts Nigerians to the operations of 58 companies posturing as investing entities but defrauding innocent citizens of their hard-earned money,” he stated.
He said some of the flagged companies include Wales Kingdom Capital, Bethseida Group of Companies, AQM Capital Limited, Titan Multibusiness Investment Limited, Brickwall Global Investment Limited, Farmforte Limited & Agro Partnership Tech and Green Eagles Agricbusiness Solution Limited among others.
The firms are Richfield Multiconcepts Limited, Forte Asset Management Limited, (Biss Networks Nigeria Limited, S Mobile Netzone Limited, Pristine Mobile Network), Letsfarm Integrated Services, Bara Finance & Investment Limited, Vicampro Farms Limited, Brooks Network Limited, Gas Station Supply Services Limited, Brass & Books Limited, (Annexation Biz Concept & Maitanbuwal Global Venturescrowdyvest Limited,) and Crowdyvest Limited,
Others are Jadek Agro Connect Limited, Adeeva Capital Limited, Oxford International Group and Oxford Gold Integrated, Skapomah Global Limited, MBA Trading & Capital Investment Limited, TRJ Company Limited, Farm4Me Agriculture Limited, Quintessential Investment Company, Adeprinz Global Enterprises, Rockstar Establishment Limited, SU.Global Investment, Citi Trust Funding PLC, Farm Buddy, Eatrich 369 Farms & Food, Globertrot Farmsponsors Nigeria Limited, Farm Sponsors Limited, Cititrust Credit Limited, Farmfunded Agroservices Limited, Adamakin Investment & Works Limited.
The rest include Cititrust Holding PLC, Green Eagles Agribusiness Solutions Limited, Chinmark Homes & Shelters Limited, Emerald Farms & Consultant Limited, Ovaioza Farm Produce Storage Limited, Farm 360 & Agriculture Company, Requid Technologies Limited, West Agro Agriculture & Food Processing Limited, NISL Ventures Limited & Estate of Laolu Martins, XY Connect Investment Limited, River Branch Unique Investment Limited, Hallmark Capital Limited, CJC Markets Limited, Crowd One Investment, Farmkart Foods Limited, KD Likemind Stakeholders Limited, Holibiz Finance Limited, Ifeanyi Okpe Oil & Gas Services, Servapps Nigeria Limited, Barrick Gold Mining Company and 360 Agric Partners Limited.”
By Modupe Gbadeyanka
The Governor of Anambra State, Mr Charles Soludo, has explained that the recent law, which banned noise pollution in the state, was not put in place to frustrate evangelism.
In a statement issued on Tuesday by the Commissioner for Information, Mr Law Mefor, the Governor emphasised that preachers have nothing to fear if they do not cause noise pollution, especially at markets and other public places in the state.
It was speculated that Mr Soludo came up with the controversial law after his encounter with an itinerant preacher at the popular Onitsha Market recently.
The statement drew the attention of members of the public to the Public Health Law 2006, which prohibits noise pollution and preaching in inappropriate places like markets using loudspeakers.
The Governor advised preachers to conduct their activities in churches or designated areas where people can gather and listen to the word without disrupting others’ activities.
He stressed that noise pollution is punishable under Sections 8(1,4b) and 9(1,2) of the Public Health Laws of Anambra State, 2006.
It was noted that as a matter of precedence, a magistrate court in Nnewi made this law actionable against a church in 2019.
The public was advised to disregard any claims suggesting Governor Soludo has banned evangelism or public preaching in Anambra State, urging them to adhere to the Public Health Law and respect other people’s rights to a conducive environment.
By Dipo Olowookere
A heavy-duty vehicle believed to be conveying gas has exploded around the popular Otedola Bridge, Lagos.
The unfortunate incident occurred on Tuesday night, at about 8:05 pm.
Reports reaching Business Post indicate that the incident caused heavy traffic in the area, with security officials and fire-fighters at the scene to curtail the fire.
It was gathered that several properties, including vehicles, were destroyed by the gas explosion.
This newspaper could not confirm at the time of filing this report if there was any human casualty.
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