Launching a photography business can be a mixture of excitement and worry. Will others appreciate your craft and skill? Will you find clients?

While you know your skill and talent, it is also critically important to establish a business properly, ensuring it is set up to enable you to thrive. There are many things to consider. Start with these seven.

1. Create a Business Plan

Before moving further into your business, set up a business plan. It outlines everything about the business, including who will run it, key employees, if any, as well as the type of services offered. Extensively outline the services you plan to offer, such as corporate photos, artistic styling, wedding photos, graduation photos, and so on. You want to be clear in outlining these services so you can then determine who your target market is.

Also, include your rates within your business plan. Research rates for the services you offer within your target area. It’s always a good idea to gather all costs associated with operating your business, too. That may include rental space, marketing, website development, and more. Learning to write a business plan is, at the start of your organization, a tool that will help you form the company going forward.

2. Choose the name for your company

Your photography business needs a name. Try to choose what that’s clear and concise so that when people see it, they know it is a photography business. Your business name needs to be original to you, which means you’ll need to search your state’s business name database to ensure no other company is using that name or one that’s close to it.

3. Register Your Business

Before you begin booking clients, register your business properly with the state. Business registration means you are legally establishing the company. To do this, you will need to choose the right business entity for your business. Often, that may be a limited liability company (LLC), which works well to create a boundary between your personal assets and those of your business. This structure acts as a strong protective measure, especially when aided by a reputable registered agent who ensures compliance with regulations and smooth communication with state authorities. It’s important to go about this process according to the rules set by your state.

4. Create an Eye-Catching Logo

Now that you have your company’s name and services planned out don’t stop there. You need to design a logo that people will easily recognize and attribute to a photography business. You also want your logo to stand out and be unique to your company. Your logo will go on your website, any printed documents such as business cards, and much more. For that reason, it needs to be professionally designed. 

Think about the image, colors, and your company name. Be sure to make it easy to understand, but since photography is an art form, you may wish to incorporate a bit of artistic flare in it as well. Be creative!

If you are unsure what works and what doesn’t, you can create a logo online using one of the various logo maker services that can help you design one that works well for your needs.

5. Set Up the Finances for Your Business

There are several steps to this process, and each one of them is important. As you begin to book clients, you’ll need to have a way to easily manage your money coming in and money going out. Here’s how to do that.

6. Set up an EIN

An EIN is like a Social Security number, but it is for a company. Every business needs its own EIN. You can get one by going to the Internal Revenue Service website, inputting some basic information, and then having one created for you. There is no cost to set this up, and it only takes minutes to establish. You can then use this number for tax reporting as well as for other identification needs.

7. Set up bank accounts

Where is the money from your photography business going to go? You need to create new accounts that keep your business checking and savings separate from that of your personal use. That means when you are paid for services for your business,s those funds should be deposited into the business checking account. You will need to pay for any of your business expenses through this account, too, such as paying your accountant or paying for marketing services.

8. Consider any business loans or credit you need

If you are opening your new photography studio, you may want to think about purchasing real estate for that purpose. If that is the case, you can obtain a loan, depending on your creditworthiness, to do this. Many times this is a cost that comes later in the business once you are more established and have built up the credit you need for your company.

However, many business owners find it beneficial to set up a business credit card soon. A business credit card allows you to easily account for all of your business expenses. That may include purchases you make for your company, paying for materials, and anything else. The key here is that you’ll want to keep costs as low as possible. Plan to pay off your expenses on the credit card each month to help keep costs better under control.

If you need startup funds to help get your business off the ground, you can talk to your bank or other local lenders. Consider Small Business Administration (SBA) loans when possible. These are designed to be affordable and easier to access for business owners who may just be getting started.

Starting a new photography business often requires financial planning and possibly seeking startup funds. Consider Small Business Administration (SBA) loans, which offer favorable interest rates for business funding compared to other financing options. Understanding these rates can help you manage your expenses effectively.

9. Find Your Space

You may already have done this step, but if not, now is a good time to consider where you will operate your photography business going forward. Here’s the good news. Most photography studios do not have to be very large and can be quite small, especially if you are just getting started.

When choosing a location, consider your budget as a starting point. Be sure you have the money available to pay the lease even if you do not have any or many clients. Then, consider location in terms of where it will be. You may be tempted to choose a location close to home, but instead, consider things like where your customers may be or where there is the least amount of competition.

10. Purchasing Equipment

One of the highest costs for any type of photography business is the cost of starting up. That’s due to the sheer amount of equipment needed. As noted, there are startup loans that may be helpful to you here. Look into the options carefully and always factor in the cost of the loan. You may also wish to turn to private investors who would be willing to help you get your business up and running.

When it comes to buying photography equipment, start slow and build up over time. Generally, you’ll need a high-quality camera, though perhaps not the best on the market just yet. You also need lenses, memory cards, hard drives, and a laptop for editing your work. You may also want to consider printing materials if you plan to print your photos yourself. Also, think of the extras like a tripod, camera bag, and any backdrops and lighting you need.

Also, select equipment based on not just the cost but also the warranties on them. Sometimes this is very valuable equipment that you’ll use heavily. You want to be sure it’s going to last.

11. Marketing Your Business

You’re ready to go, and now you just need customers to start calling you. Opening your doors isn’t enough. You also need to tell people you are there, what you do, and why they should turn to you for help. Marketing your business can be done in multiple ways. Here are some of those things to consider.

12. A website

Nearly all photography businesses need to have a website. This is where many of your customers will go to find the services you have to offer before they call you. Your photography website also needs to be a solid representation of your business and the work you do. Be sure it is visual, with stunning photos throughout. You’ll want it to be easy to navigate and designed to help you to bring in customers. Turn to a digital marketing firm to help you create a solid website.

13. Social media

Many of today’s locally based photography companies focus heavily on social media marketing because it works well. Set up a page on Instagram, Facebook, and other sites you like to use. Then use it frequently: connect with people, provide great quality information to them, and ask them to share their experiences with their friends. When you put in some effort here, you’ll be able to use this as a marketing tool. Then, work to connect with people in local Facebook groups providing helpful advice and guidance.

Creating a photography business could be your dream. To make it a reality, be sure to put the time into the process it takes to set it up and manage it properly. Hire the team you need to help support you.