If you have decided to take the next step in your evolution as a photographer and graduate from an amateur or freelance photographer to being an entrepreneur, beware; the journey will be exciting but also very very challenging. Before you hope to be known as the best photographer in town, you should know there is financial risk involved and there is a lot to manage single-handedly. If you think you are still keen on it, then read on.

Most budding photographers begin with a passion that drives them. If you have spent time being involved with photography as a hobby, you will be aware that it is a very individual occupation. You cannot rely on someone else to do the work for you. You are the conceptualizer, creator, and clicker.

It will be your sole responsibility to deliver what your client expects. You're going to handle accounting, legal compliance, marketing, management, admin, funding, spend endless hours editing images, all by yourself and above all, remain afloat with lots of motivation to sustain your creativity. You are the boss and there is no mentor around. There is a risk of failure or of sinking all, within a few initial months. You have to be ready with a flexible strategy if you find things are not moving in the direction you expected.

As a budding photographer who wants to set up a business of photography, you should consider the following tips:

1. Keep your portfolio ready

You should have a portfolio showcasing your best works, ready. It is going to help you get assignments and you should share it with as many people as possible. Start small if you have to, in the beginning. The harsh truth about a creative profession is that everyone loves to appreciate your art, but no one wants to pay for it.

So you may have to do some free gigs when you are starting off, to be able to build a body of work. That will also give you a realistic idea about your talent. You should be able to set a monetary value to your work, based on that. If you feel you are worth more than what people are offering to pay, then hang in there as long as you can. There is no harm in being confident about your skills. Just make sure you manage your finances accordingly.

Understanding your market is a vital part of starting your business as well. You must conduct your research considering the target market. Find out if people are potentially interested in your kind of photography? Suppose you like to shoot marine life and underwater photos, but you live in the desert, well you may not find much work, right? So make sure you have access to a market where your photography will have takers.

2. Choose your equipment wisely

The latest camera with the most expensive lenses and state of the art equipment will not make you a good photographer. Especially if you don’t know what to do with it. Don’t get tempted when you see photos you like, by what equipment those photographers use. If you have access to a camera and lens, become a master of that first. Then upgrade your equipment if you think you are limited by it.

It's more important what you do with your camera. You can snap great photos with simple, basic cameras or even good cell phone cameras. Of course, you should know what equipment is available in the market and whether you need them or not. You should know for sure what kind of photos you want to shoot. You must have equipment that aids you in your photography and at the same time, you should be thinking out of the box right on the location. And what you can’t afford to buy immediately you can always rent, so don’t get discouraged by lack of equipment.

3. Assess your financial cost beforehand: prepare a budget

Every business will require a minimum initial investment to get rolling off the ground. Depending on your budget you can decide to start small or start with a full-fledged studio set up that caters to all photography related requirements for customers.

When you are creating your business plan make sure to include detailed expenditure and income projections for the future. The budget will control your expenses on buying equipment and other accessories. You should keep the following in perspective:

• Investment in gadgets, software, etc.
• Cost of registration
• Remuneration to team members or staff (in case you have to engage them)
• Cost of transport, etc.

4. Get the registration, approval, and license before you begin

Every business will require certain legal formalities to be carried out. Based on your business model, make sure to speak to a professional Chartered Accountant or Company Secretary. You will need to understand what documentation is required to be submitted to relevant authorities for you as an individual or for registration of a business. Some common documents that will be required are as follows:

• Business registration
• PAN Card
• GST registration
• Tax registration

5. Marketing

Once you have gone through the entire process of preparing, planning, and executing your business plan, you will then have to begin marketing yourself. This is going to take up most of your time henceforth if you want to be successful and be able to sustain your business.

Make sure you know this before you start, that photography will take up the least amount of your time as a business owner. Unless you can afford to hire marketing professionals to do it for you, you will be doing it all by yourself. Of course, there are now a lot of avenues to be able to market yourself on the internet.

You are no longer geographically restricted in terms of where you acquire clients from. Make sure you have all your social media marketing bases covered. Any medium that lends itself to showcase images should be on your list. These can range from Instagram to Facebook, to Shutterstock, Getty, Pinterest, Behance, etc. There are a ton of options out there. It may become overwhelming if you try to be active on ALL the locations, so choose wisely. And make sure you have your own personal website which you can direct customers to.

6. Never lose sight of the purpose

It is going to be a daunting task to maintain your enthusiasm for photography while balancing your time to successfully run the business. If you are well organized you should be able to achieve this and sustain a comfortable livelihood. There will always be ups and downs in any profession you choose. If photography is your passion then you have the advantage of enjoying what you do. That should be motivation enough.