Photography is one of the worst types of businesses start if you’re simply looking to make some extra money.
It’s based on your time, which is limited, so your potential income is limited. Even if you start a studio and hire additional photographers, you’re not truly scaling your business very far.
There’s a low barrier to entry as the cost of equipment comes down and there’s no special schools or trainings required, causing market saturation (and high competition for clients) in almost all areas.
You also build very little equity, so if you decide to retire and sell the business, you won’t make much compared to other businesses and you may not even be able to sell the business at all.
On top of all that, it’s a creative service so its value is hard to quantify.
I’m not trying to depress you with these facts, and I’m certainly not saying you can’t have a profitable business.
If you want to have a successful photography business and really make money with photography, there’s one very important thing that you need to know and live by. [Click to read more]