How Much Does It Cost to Start a Real Estate Photography Business?
- >How Much Does It Cost to Start a Photography Business - Needed Equipment
- How Much Does It Cost to Start a Photography Business - Advertising Budget
- How Much Does It Cost to Start a Photography Business - Insurance and Licensing
- How Much Does It Cost to Start a Photography Business - Professional Associations
- How Much Does It Cost to Start a Photography Business - General Business Expenses
- Bottom Line - How Much Does It Cost to Start a Photography Business?
- Recommended Photography Gear
- Use These Photo Card Templates for Your Next Big Event
- Passive Income Photography Ideas
- How To Start a Photography Business On the Side
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It’s Time! You’ve been making a few bucks here and there off of your photography, and you want to make it a more regular thing. So the next step is to start a photography business. We’re going to focus on real estate photography, but many of these ideas will transfer across several genres of professional photography.
How much does it cost to start a photography business? What areas of concern are there for starting a photography business? What is needed to take those next steps, and what are the steps?
We will list several aspects of concern answering the question of how much does it cost to start a photography business. This will include photography gear and other needed equipment, advertising budgets, insurance and licensing fees, professional associations, and general business expenses.
Table of Contents:
How Much Does It Cost to Start a Photography Business - Needed Equipment
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You’ve already got a camera and lenses. You’re a photographer, after all. But when looking at the question of how much does it cost to start a photography business, some gear choices simply make more sense.
Using a real estate photography business as a baseline, certain types of cameras and lenses are better for the job than other equipment. Let’s start with the camera choices.
You’ve often heard that the photographer makes the image and not the camera, but some camera features are more desirable when using them to make money. A significant concern is the build level of the camera. While entry-level and intermediate cameras have superb sensors, the prosumer and full-fledged pro-level cameras are built heavier duty. If the camera is broken, you can’t make any money on a photography job!
Other worthwhile features are a dedicated exposure bracketing function, expanded ISO settings, and advanced image stabilization tools. More AF points and faster autofocus are also desirable, as are longer battery life or accessory battery packs.
You want the camera to be as capable as you are and for it to not slow you down trying to figure out workarounds for missing or lesser features.
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As for what digital format to use, the three that we recommend are Full Frame format, APS-C format, and Micro 4/3rds (M43) format. Medium format is quite expensive for new photography businesses, and anything smaller than the three listed above won’t have the capabilities required for many professional jobs.
The same ideas work for lens choices. While kit lenses are incredibly sharp optically, they have similar issues as entry-level camera bodies. You will want faster, wider, and stronger for a real estate photography business. Faster maximum lens apertures, wider angle optics beyond the kit lens, and stronger, more robust construction are necessary.
The real-world costs for all these upgrades will be significant, but it’s worth it in the long run. Expect to spend at least two to three times what an entry-level camera and kit lens costs. A nice prosumer APS-C DSLR camera can run from around $750 to over $1500, and a fast wide-angle prime or zoom lens will likely be in the same ballpark.
Adjust all your prices by a factor of about double again for comparable quality Full Frame format gear. One way to save money when buying new gear is to consider online platforms specializing in pre-owned (used) cameras and lenses.
Beyond the cameras and lenses, you’ll also want a sturdy tripod, versatile lighting equipment, and some specialty items such as a nodal point panorama rig for commercial real estate photography virtual tours, a drone for aerial imaging and videos, and a laser measuring tool. Plus, a good bag or two for all of this stuff.
If you’re starting from scratch, the answer to how much does it cost to start a photography business when purchasing the equipment could easily run up to the $10-15K range. Piecing it out bit by bit is common, but the initial outlay is significant any way you look at it.
How Much Does It Cost to Start a Photography Business - Advertising Budget
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We spent a lot of time, money, and article space discussing gear costs. But that will be a considerable percentage of the start-up budget for similar business endeavors. Truth be told, that outlay of capital is actually lower than many other technical businesses. Plus, we can spread it out over time without hampering our burgeoning business too much.
The same principles apply to our advertising budget for our new business. In fact, it can be really easy on a budget. Some basics are an online presence, a professional portfolio, and business cards.
Starting with the online presence, we can start big or small without too much money spent. Social media accounts are free or low-cost for a dedicated business account. A web page can cost as little as $50 or so total to create a domain and get a simple hosting service. This works great for a simple online portfolio.
The more capable hosting services are worth the extra money, by the way, because they offer more features and easy access to updates. Expect to pay anywhere from $12 to a little over $100 a month, depending on how sophisticated you go.
The higher-priced services generally include e-commerce solutions, so you may want something else for a real estate photography business. If you sell any images, though, or do more than real estate photography, like weddings or portraits, e-commerce solutions are virtually essential.
While an online portfolio is essential for most photographers, a physical portfolio is still a great idea to use. When meeting with any potential client, the boost of being able to put something in their hands is important.
A high-quality printing service like Photo Book Press will have what you need for a physical portfolio. Include your best work and choose images representing what you do. The larger the photo book, the better for use as a portfolio.
A 12” x 12” hardcover lay-flat photo book starts at under $40, and a premium hand-sewn leather portfolio album will start at just under $100, with extra add-ons like more pages or a photo on the cover will increase the price a bit.
You can design and print your own business cards or opt for any of several great online printers. You already have the programs needed to make your own with post-processing and word processing. An online service will charge anywhere from $15 to $150 for 250 cards. The difference will be how fancy you want them to be.
How Much Does It Cost to Start a Photography Business - Insurance and Licensing
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The legal aspects of how much does it cost to start a photography business can get our eyes glossed over with confusion and dread, but there are a lot of fine companies that specialize in this online. Check out some of our other business articles for specific company names.
Remember, homeowners, renters, and basic automobile insurance will not - I repeat - WILL NOT cover any accidents or liability for your photography business. Protect yourself and your clients with general liability, accident, and theft protection.
Under $500 a year is all that’s needed for liability insurance in many areas of the USA. Larger markets may be a little higher. Other insurance to consider are errors and omissions and specialty riders for certain types of photography.
If you offer drone photography or videography, get the proper insurance there, too. Plus, in the USA, you need to have a Part 107 license ($165 every two years), pass the FAA test ($160 fee), and register each drone you have for $5 each every three years.
How Much Does It Cost to Start a Photography Business - Professional Associations
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These last two categories will be a little vague, primarily because so many variables are involved. For a professional association, what it will do for you versus how much it costs will be what you need to consider.
Long a favorite of wedding and portrait photographers, Professional Photographers of America PPA.com has a lot to offer for other photographers, too, such as real estate photographers. In addition to helpful instruction (which is still mostly focused on wedding and portrait photography businesses), they also have discount programs for professional photography insurance programs that any photographer can use.
How Much Does It Cost to Start a Photography Business - General Business Expenses
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Many real estate photographers work freelance and use their homes as their base of operations. Turning a spare bedroom into a business office or a photo studio has some real tax advantages. You may need to refurnish with a desk, computer equipment, and so on, which will incur some expenses, but it’s a necessary expense.
You may be thinking of renting a studio or office space separate from your home. If so, use those real estate contacts you’ve developed. You might get a special deal or a unique opportunity. Pricing? It’s real estate; you can find out through online listings.
Bottom Line - How Much Does It Cost to Start a Photography Business?
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The bottom line is there is a lot to talk about when trying to answer the question of how much does it cost to start a photography business. For some photographers, it may be a matter of just setting up the proper insurance. Others will be pretty much starting from scratch.
After starting the business, you will need to stay on top of things, and run it like a business, not simply taking pictures. Here is a nice video explaining some of that from professional photographer Kayleigh June:
Any way you go, stick with it, keep on improving, and keep on growing. Let us know how it works for you!
