If you are passionate about photography and videography, you may also be thinking that this is a good business to start. After all, how could you go wrong if you are passionate about it? The truth is, you are probably not alone with this thinking.
Thanks to social media, everyone is a photographer and everyone can edit their photos and videos using only filters and auto brightness. But knowing how to tinker with the photos and videos in your phone is far, far different from actually creating images and clips that could promote a product or a service.
Do you hold an eight-hour job? What is your plan as you take care of the business? Do you want to leave your work and focus on the business? A business, especially when it’s just starting, will require a lot of time from you. As the owner, you always have to be ready about all kinds of queries—from the mundane to the truly difficult.
If you are going to continue having the 8-to-5 job, you may not be able to focus on your business. So, before finally deciding if this is the industry for you, ask yourself first if you can provide all the time that’s needed to run the business.
Capital and investment
The reason why people are pressured to do good in business is because of the money they invested into it. Most of the time, when the investment is mostly effort rather than money, people are more patient and they are more than willing to let the plans play out.
Things are different when there are people involved. There are simply too many people with opinions that it’s hard to zone in on just one voice. This becomes more complicated when these people happen to be your investors as well.
What is your competition doing? How many of you are trying to fit into one niche in one city? Is there a household name there when it comes to photography and videography? You need to study just how many companies are in the same area and are offering the same services.
If there are too many photography and videography companies, you may have to find a different niche for yourself. Maybe you could focus on weddings rather than on corporate launches? This way, you will keep the good side about organizing an event (the fact that it can bring people together)