Building wealth with photography

[Tom]

the photography business and the american dream | Laurence Kim Photographer

I thought this was a great article. A lot of the things a lot of new businesses don't think out in advance.

[BenE]

Unless I overlooked it, he left out one thing.

When business gets bad enough, a photographer can always start teaching others how to get rich in photography.

[kayumangi]

He has some valid points although I disagree with some.

What is happening to photography now, happened to the IT industry 10 yrs ago. Anyone can be a programmer, all he had to do was read the Dummy's series and a couple of other books. Build and showcase a functioning app or website and voila he's a programmer. People thought that during the dotcom bust the world will end but nope, there is still a thriving sub-culture that commands top dollar. Although unlike the dotcom era, today, one must be super highly skilled in order to command the same dotcom rates. But the money is still there.

I believe that is going to happen to photography, sooner or later there will be a Photobust or photography armagedon, and anyone who is not prepared to transition, will vanish and move to the next fad.

The question is are we there yet?

[reader0428]

This was a great read. So many good points. And wow, someone who says that doing photography part-time can be a good thing!!!

[Tom]

Originally Posted by reader0428

This was a great read. So many good points. And wow, someone who says that doing photography part-time can be a good thing!!!

I think nearly all photographers should be part time. I've seen it ruin too many people.

The thing is, you shouldn't charge less just because you are part time. And you shouldn't be charging if you suck or just started shooting.

[David Whatley]

And thats why I do photography as a hobby. I have a business to build wealth and pasive income. I dont need to "work" at photography. Of course I also SUCK at photography so that helps some too

[Flores]

not sure that I agree with 'photography doesn't build equity'. Certainly an image library could be worth something, if it's managed properly?

[pmirphy]

I have friends who were really serious with photography even coming up with their own small time company that caters to any photography needs. And I would notice that it is not something to bank on if you really want to get rich, unless you land a jackpot that would catapult you to the mainstream right away. You could only cope with this if you really have the passion for what you do. You must love it for you to be able to stick with it.

[StevenGWebb]

Parts of this article assume facts that aren't in evidence. I was a peace officer in the state of Texas for 8 years and the retirement fund is administered by an arm of the state and subject to some wankey laws and clauses. No one is going to put in 20 and retire a millionaire. The health-care benefits do not include (in most cities and counties) dependents during active employment or retirement. Perhaps the author is confusing retirement from the armed forces.

Certainly not every doctor will be a highly demanded specialist. My GP is also a friend and he nets about $20K a year after paying college loans and insurance. What assets does he have that are salable as part of an exit strategy? Not as much as you'd think. Doctors may make a lot of money; they don't keep much of it. Not every lawyer is a civil litigation or criminal defense attorney. Even if a lawyer is a partner in a firm, it's probably not a huge one. He could be a simple real estate lawyer or a minion in the prosecutor's office. There may be no barrier to entry for the photographer like the doctor or lawyer and for that reason his fees are less, not because his time is less valuable but because his cost of doing business is less. Beisdes the comparison of Doctors and Lawyers to Photographers is moot. Two are professions the other is a trade or craft. To confuse the two is a mistake.

The example of a big box cashier or stock man ascending to a multi-unit territorial management position is flush with Pollyanna. Its a happy story but consider the numbers and odds. Certainly, no one is saying go to work for Best Buy and become a millionaire.

And while the look at obscure opportunities in some jobs was overly optimistic the same benefit of argument was not given to photography. I'm sure the writer wished to portray photography as the worst possible business with it's limited rewards and promote other occupations in their best (albeit embellished) light.

Truth is friends every bucket sits on it's own bottom. There is a name for people who make fabulous wealth from the labor of others: slave owners. We're all rewarded for our own efforts. If your efforts involve responsibility of others, it is after all YOUR responsibility and your pay. If you are a corporate employee you are at the mercy of the company. What if the company is Circuit City and closes it's doors, how about if you are a GM franchise holder and the company shutters your stores?

Photographers are not limited to being single unit operators either. A man and his wife traveled across the south going door-to-door making home portraits of children and families. That humble beginning turned into the nation's largest family portrait studio company with over 800 studios, 600 traveling and church directory units, three finishing plants which processed miles of film every day.

What ever you decide to do, your success is governed by what's between your ears, not what someone else says.

[scottbuckel]

I thought the post was interesting but I think he was very creative with his numbers - they did make a point.

Depending on the subjects that you shoot, you can build some equity. In the past this was definitely true for stock photographers. Unfortunately the stock photo market has been changing greatly over the past several years.

A number of years ago a fairly well known nature photographer, sold nature stock photos, sold his entire collection of images to as I vaguely remember to Discovery Channel for a very large sum - low seven figures. He liked it since he go to start over and build a new collection. He was thinking that the collection he sold was becoming dated. This was similar to the examples of selling buildings and such from the blog post.

Many years ago I took a business of nature photography seminar from John Shaw and he was telling folks do not quit your day job, do not undersell your work just because your part time and be professional. I think that general advice for all photographers and I agree with Steve it is what is between your ears is the most important aspect for success.

Scott

[StevenGWebb]

Hey Scott, fancy meeting you here. I agree with the previous poster who pretty much said when the going gets tough the tough sell seminars.

Steve

[scottbuckel]

There is a wedding guy that was a neighbor in California, and he told me brides were creating to much stress and inhibiting creativity, so he teaches.

I did not know you were on this forum as well as a different one - albeit with a username change!

Scott

[StevenGWebb]

Yep, joined TPF for a little local flavor years after being a member of another one. Didn't know all those years ago that a real name was better than a screen name.

Cant blame your wedding guy. I'd rather teach than practice too.