Startup costs
Quality photography equipment is notoriously expensive, so you’ll want to start off with the minimum: Buying a $5,000 lens doesn’t make sense if your business isn’t making money yet. Many professional photographers say to plan on budgeting about $10,000 to start your photography business.
According to professional photographer Austen Diamond, “building slow and smart” will help you stay nimble. Allow the organic growth of your business to fund gear improvements, and avoid debt if possible, he said.
Based on interviews with professional photographers, here is a basic budget for starting your business, not including studio or office space. All prices are yearly estimates or one-time purchases.
- Two cameras: $1,500 to $2,000 each
- Multiple lenses: $1,000+ each
- Two flashes: $700
- Multiple memory cards: $50+ each
- Two external drives: $120 each (keep one backup off-site)
- Computer or laptop with sufficient memory: $2,000
- Website (Wix, PhotoShelter, SmugMug and/or Squarespace): $60+
- Lightroom and Photoshop subscription: $120 per year
- Business licenses: $150 (varies)
- Insurance: $600 per year (varies)
- Accounting: $300+ per year (varies)
- Contracts: Free to $1,000+ (varies)
- Online proof gallery, such as ShootProof: $120 per year
- Business cards: $20+