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If you’re a hobbyist thinking of turning your love for photography into a business, it comes with a set of advantages and challenges. While it may sound tempting, earning money from your photography is more difficult than it sounds. In his recent video, Evan Ranft focuses on the “dark side” of earning money with your photography, offering points to have in mind before you make this huge step.
1. Sacrificing creativity for profitability
In the early stages, be prepared for the financial survival to overshadow artistic expression. Taking on less creatively fulfilling jobs, such as straightforward portraiture or social media content for businesses, may be a necessary stepping stone. It takes time and persistence to build a skillset and reputation that allows you to monetize your unique creative vision.
2. Removing yourself
Unlike traditional businesses, where products are separate from the creator, photography businesses are inextricably tied to the artist. This makes it incredibly difficult to fully step away, as your product relies on your continuous creative output. Early in your career, this can lead to overwork as you strive to build the foundation of a sustainable business.
3. Volatility
Photography is often considered a luxury service, which makes it vulnerable to economic downturns. During recessions, when people tighten their budgets, photography might take a backseat. Or remember how the COVID-19 pandemic affected photography businesses. This highlights the importance of careful budgeting, saving for the rainy day, and understanding that your business’s success may fluctuate with the larger economic climate.
4. Growth problems
As your business grows, so do your responsibilities and potential for problems. From increased taxes and unexpected expenses to website management and new camera equipment needs, the financial complexities can become overwhelming. Add the pressures of managing employees or contractors, and the workload can sometimes feel staggering.
5. Skill isn’t everything
Exceptional photography is the cornerstone of your business, but it’s not the only skill you need for success. You must cultivate various business-related skills – marketing, social media savviness, effective writing, perhaps even video creation. The best photographers are often also adept marketers, understanding how to showcase their value in a crowded marketplace.
Social media algorithms and audience tastes change with dizzying speed. Staying relevant means being flexible, constantly learning new ways to capture attention, and dedicating time to creating impactful content that resonates with the audience. This is frustrating for those who simply want to focus on their art, but it’s, sadly, a necessary reality of the modern business landscape.
7. Fierce competition
Standing out is paramount in an era where everyone fancies themselves photographer. It’s no longer enough to only have good photos – you need to cultivate a compelling brand, exceptional value propositions, and consistently deliver content that’s far superior to the endless stream of visual creations that flood social media feeds daily.
8. Building systems takes time
A successful photography business doesn’t happen overnight; it results from building robust systems. This involves meticulous trial and error, discovering what actions reliably lead to your desired outcomes. This level of systematization takes time and dedication to perfect.
9. The sunk cost
Not every strategy or project will pan out as you envision. Evan emphasizes the crucial importance of being able to recognize when to abandon a particular path. Sometimes, you should acknowledge the time spent as a valuable experience and move on instead of falling victim to the sunk cost fallacy that can cripple a growing business.
10. New tech
Emerging technologies like AI-powered image generation and the increasing quality of smartphone cameras pose a potential threat to photographers. However, Evan offers a positive counterpoint I also deeply agree with. These advancements might ultimately fuel a greater desire for authentic human experiences. This could actually drive a demand for skilled photographers who can capture genuine moments and emotions in ways technology can never replicate.
Evan’s video offers valuable lessons to aspiring professional photographers. Pursuing this career path can be rewarding yet challenging. However, understanding potential obstacles from the beginning can provide the necessary knowledge to navigate them successfully, resulting in a satisfying and sustainable career that combines creative passion with business success.
[The Dark Side of Making Money with Photography | Evan Ranft]
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