Hitting Financial
Fortune Through Photography
Written by Dada Joseph Friday, 16
September 2011
THE photography business in Nigeria is a terrific field for
entrepreneurs and private venture investors. Photography businesses are
lucrative ventures because the society needs professional photographers for
many reasons, including special occasions, photojournalism, landscape, wildlife
and nature photography, head shots and portfolios, portraits and more.
So, if you love clicking the shutter of a camera or
you like taking portraits of yourself, then you are very much likely to
succeed.
There are few things more fulfilling in this world
than doing exactly what you want to do and getting paid for it. Those who enjoy
photography as a hobby can start a photography business and get paid to do what
they enjoy.
Starting any business, however, requires more than a
skill, but also business sense, research and thorough planning on the
entrepreneur’s part, including research on location, local competition and
pricing.
Creating a portfolio of terrific pictures is one way
to attract prospective clients and investors. Press releases and public
relations are other ways to spread the word about your start-up photography
business. After a business plan is created, seeking capital to start up the
photography businesses is important. Private investors and venture capitalists
are always available options in assisting entrepreneurs with financing their
businesses. A venture investor will look for promise and skill in the goals and
abilities of the entrepreneur.
Investigations revealed that photography business is
not a business you can start with a meagre N30,000 as is the case with most
entrepreneurship. If you really want quality photos, you should be thinking
about getting a pro camera (canon 50d: N180,000 or 5d: N400,000).
Moreover, you have to buy lenses and professional
lenses start from about N70,000. There is a need to get a laptop with 3-4GB RAM
with Adobe Photoshop, Memory card loads light modifiers, different sizes of
soft boxes, umbrellas (if you want to go really creative, you may add
octa-boxes, ring lights, strip lights e.t.c.) light tripods, reflectors and
diffusers background and background support systems, terabytes of external
backup drives, studio props.
If you choose to work from home, you may want to buy
alternative sources of power supply like generating sets.
Recounting his experience as a fresh graduate and how
he ventured into photography, Stanley Imokhuo, now the Managing Director,
Gemini Digital Lab, Lagos, said he started snapping photographs since when he
was in secondary school.
“We were snapping with analogue cameras then. It was a
huge passion and I loved it,” he recalled.
According to him, “The passion continued until I got
to the university. In the university, I loved to take shots of myself. I loved
photography. Little did I know that I would be here today managing a
photography enterprise.”
Photography is an expansive art that includes more
than just portraiture, landscape or glamour. Beyond being an art, photography
provides the opportunity that a discerning mind can turn into a profitable
business enterprise.
Imokhuo lists various segments that a photographer can
engage in to include photojournalism, documentary, action photography,
macro-photography, microphotography, and glamour. Others are aerial,
underwater, art, travel, wedding, advertising photography, and portraiture.
Portraiture is the kind of photography that most
people are familiar with, though the other areas of photography (as listed)
provide rich avenues that could be explored by anyone, especially those that
have their mind on specialisation.
“Portraiture is one of the oldest types of photography.
Whether the subject is your family or your pet, the goal of portraiture is to
capture the personality of the subject or group of subjects on film,” he added.
Should one decide to take to portraiture, he said
there is yet another key decision to be taken as an enterprise.
According to him, “The person needs to decide whether
to practise in the studio or go for outdoor events coverage. While studio
photographers wait for their clients indoors, the outdoor photographer goes to
meet his outdoors, at events such as burial ceremonies, weddings and naming
ceremonies.”
He, however, acknowledged that while some
photographers are making huge profits, others are barely managing to survive.
The difference, he says, could be in the proficiency and positioning of the
individuals concerned.
According to him, handling an analogue camera may
require a training period of about three months, while handling a digital
camera may require less training.
However, apart from proficiency at handling the camera, there are other success factors. These include the sophistication of the studio, the location, the clientele size, service delivery and the individual’s customer relation posture (between the photographer and the customers).
However, apart from proficiency at handling the camera, there are other success factors. These include the sophistication of the studio, the location, the clientele size, service delivery and the individual’s customer relation posture (between the photographer and the customers).
“When our customers come to the studio, we give them
drinks. We want them to be relaxed. We want them to come again,” he said.
Another professional photographer, Mr. Kola Ikudaisi,
stated that with less than N1million, one can set up a high profile and
standard studio.
“Of course, some studios could cost far less than
that, depending on where the photographer decides to position or locate the
business,” he stated
These elements and the quality of work a photographer delivers, determine what he charges his clients. All these are very important but establishing strong loyalty among clients, Ikudaisi insists, remains a critical success factor.
These elements and the quality of work a photographer delivers, determine what he charges his clients. All these are very important but establishing strong loyalty among clients, Ikudaisi insists, remains a critical success factor.
One good thing about photography is that it offers
immense opportunity for forward or backward integration. He said he does not
only offer framing services, he also sells studio and camera equipment to
photographers. Besides, he sells laboratory equipment to lab operators.
To establish a photography laboratory, the type of
equipment used by an operator is very important. According to him, where to
begin is to do a feasibility study on the viability of the business as well as
seek out a suitable location.
“Depending on one’s knowledge of the industry, it may
be necessary to get consultancy services before buying studio equipment. With
the advent of Chinese technology, a modest studio can cost N3million,” he said.
He argued that one of the most profitable aspects of
photography is running a studio. But this depends on its proper management. In
this area, he lamented the fact that it is difficult to get good managers these
days, as most people are merely interested in stealing from the business.
He added that with a good management in place, one can
recoup his investment in a studio within a period of two years. Therefore, one
other critical success factor in the business is getting good operators and
graphic artists.
Another critical challenge is power. “Power is a big
problem here. If the government can solve this problem, there are opportunities
in photography,” he said.
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