Is photography a profitable business?
That’s a question that has many answers that start with “it is if…”, or “it isn’t if…”. But for the purpose of the improvement of your photography business, I’ll explain a few things that should help those getting started, and those looking to boost their profits.
Of course, we all know photographers who make an absolute fortune. They’re always in high demand and they charge higher prices than most photographers. This doesn’t always correlate with the most amazing photographers either!
So from this we can see that photography certainly is a profitable business… for some.
Like any type of business there are also photographers who have amazing talent, yet they struggle to book enough jobs to pay the bills. They’re constantly doing ‘special offers’ and dropping their prices because it’s the only way they know how to get clients coming in.
So what’s the difference, and how can you ensure you don’t fall into this group of struggling photographers…
It’s quite simply really…
The successful photographers are always using powerful marketing systems that help them bring in more clients, without having to do more work. They spend their time doing shoots, rather than taking calls, or promising to price match another photographer.
These photographers who combine their photography skills with some great marketing always dominate their market without other photographers in the area even knowing why!
What Kind of Profits Can Be Made?
This depends on the type of photography, but a wedding photographer doing an average of 1 weddings per week (averaged over a year where there are 2-3 wedding per week in busy season, and then a period of 0-1 weddings in the off season), who charges $5,000 for an average wedding package, can make $20,000 per month, and $240,000 per year…
A portrait photographer doing 25 shoots per week (5 shoots per day, 5 days per week), and charging $200 per shoot can expect to make around the same amount in profit.
These figures are often conservative compared with prices many of my students are charging.
You can do your own math here, but the fact is, that if you have the strategies to bring in enough clients who are willing to pay a premium for your services, then you’ll be able to make the same sort of profits mentioned above.
The Question Changes…
So now you can see that the question has to change from “Is photography a profitable business?”, to “how can I market my photography to become a profitable business”.
If you master a few marketing strategies, you could readily turn a ping pong coaching business into a success. It’s not the type of business that makes the difference… it’s the marketing behind that business. Once you begin to understand this, your entire business will change! You’ll make more money, working fewer hours, and have loads more fun!
So instead of wondering IF photography can be a profitable business, instead, brainstorm marketing ideas to turn it into the business of your dreams, with an income to match!
Let me know below how you’ve used marketing strategies to build your business…