A photo editing business specializes in editing or retouching existing photos for clients. These services may range from simply cleaning up blemishes or lighting issues all the way to complex Photoshop work. Such a business is a major part of any community because of the constant need to have good-looking photos for publications, seasonal cards, social media profiles, and more.
Plan your Business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
What are the startup and ongoing costs?
Who is your target market?
How long it will take you to break even?
What are the costs involved in opening a Photo Editing Business?
The cost of opening your photo editing business is directly commensurate with its scale and location. The most efficient way to start the business is as a photo editing business that you run from your own home. This drastically reduces overhead and ensures you can open your business for $5,000 or less. Of that money, $2,500 should go towards buying a computer to help edit photos, and $500 should go towards buying any additional photo editing software that you don’t already have. The remaining $2,000 should go towards advertising, with $500 going towards a professional-looking website and the rest going towards a mixture of traditional advertising (radio, newspaper, etc.) and social media advertising.
What are the ongoing expenses for a Photo Editing Business?
If you are running your business from home, then your ongoing expenses are truly minimal. You will pay less than $100 a year to maintain your website, and you may pay postage to email CDs or DVDs of photos to customers that prefer using some form of physical media. Likewise, you may periodically pay more to run more advertisements. However, you should not have to pay any additional upkeep for hardware, software, or anything else related to your business.
Who is the target market?
While younger demographers may desire your services for things like social media profiles and yearbook photo edits, your primary demographic remains young families: they are likeliest to have the most professional photos taken and to therefore require editing services most often.
How does a Photo Editing Business make money?
At the most basic level, a photo editing business makes money by selling edited photos. Your business may choose to charge by the photo, by the album, or to offer a mixture of the two.
How much profit can a Photo Editing Business make?
Gauging how much profit your business will make can be difficult. There are photo editing startups that are worth millions, and there are major corporations offering online editing that dominate much of the industry. However, almost all of the money you make is profit due to the low upkeep, so developing a steady stream of diverse clients can eventually turn this into a high five-figure or low six-figure job.
How can you make your business more profitable?
Make sure you are intimately familiar with any editing software you’ll use before you start. Also, try to use software like Skype to personally communicate with clients. This gives the appearance of a personal touch and makes sure that you are both on the same page regarding any edits. Be sure to network with local photography groups in order to pick up business and further build your brand and reputation. Finally, as your business grows, don’t be afraid to raise prices and/or expand your service area to attain greater profits!