Introduction to photography business plan, license and permit, cost involved: Social media and digital photography have ignited the interest of photography amongst the Indian youngsters.
A step by step guide to photography business plan in India
More and more young people want to try their hobby of photography into a business and many have established successful businesses. With low capital, high demand, prospects to travel and a lot of well-paying jobs, photography is a business worth considering. In this post, we go through the procedure for initiating a photography business in India.
Plan for Photography Business in India
The photography business in India is estimated to be more than Rs.1 lakh crores and developing at a 25-30% year annual basis. Digital Photography has entirely revolutionized this business and made the film based photography industry outmoded. The recent swing to digital photography has produced massive openings for newer enterprises.
Investment for Starting a Photography Business
To initiate a photography business capital of around Rs.1 lakh to Rs.10 lakh would be needed. The main sponsorship in a photography business would be the devices such a camera and lenses. A camera body can be bought at a cost of Rs. 50,000 – Rs. 3,00,000 and the photographer must invest in camera lenses for diverse types of shots based on the need. The cost of lenses can be from Rs.20,000 to lakhs. In addition to camera and lenses, other costs will be for lighting, laptop, miscellaneous equipment advertising and a studio (if needed). Since a virtuous photography business can be initiated for less than Rs.10 lakhs of capital, thus the MUDRA Loan scheme is a perfect option for new Entrepreneurs to get a loan from Banks.
You should not miss the Money Making Ideas without Investment.
Business Registration for Starting a Photography Business in India
The majority of the photography businesses are not having annual revenue of more than Rs. 40 lakhs. Therefore, a Limited Liability Partnership (LLP) would be a perfect business entity for developing a photography business. LLP does not need an audit of accounts when the yearly sales turnover is lower than Rs. 40 lakhs, the owner can easily uphold compliance for the business.
Two people are needed to incorporate an LLP. In case of photography businesses having a single owner, any relative or family member or friend of the Entrepreneur can be included to the LLP as a Partner with a very nominal share of the profits of the LLP.
Apart from an LLP registration, the Businessperson must have GST Registration for the Photography business.
Becoming Successful in Photography
Many fresh Indian Entrepreneurs have founded successful photography businesses in India through their ideas and the usage of social media. Since photographs are taken for sharing and displaying on social platforms, the photographer needs to have a robust social media presence and social media advertising tactics. Along with that, creating an online website and indexing on photography or matrimony websites will make this business reach its heights.
In case if you miss this: Starting a Sweet Shop Business in India.
Steps involved in starting a photography business in India
- Drafting of a business plan is the primary thing when you are planning of starting a business as it is very significant to make a business plan. You must plan for everything like an investment, generation of profit, business registration, promotion of business, a loan from bank and purchasing of devices. This planning is crucial so it will aid you to incorporate your business.
- Market survey is also important so that you will know about the competitor, market and prices which could aid you to finalize your prices. Market Research is also crucial so that you have an idea about profit generation.
- After Market analysis, you can have the different niches of photography like events photography, wildlife photography, etc., which will aid to choose the specific field of photography and you can start your photo studio.
- If you are in the plan of opening a photo studio then you must have a perfect location to your studio and it must be appropriate for people so they can readily reach to your studio and you can also develop your photography business without opening of the studio, but if you will open a studio then it will be comfortable for customers to come into your shop for having photos. You must take consent from the local authority for opening the studio, without permission you could face legal problems.
- Then you must buy the equipment for your photography business as it needs printers for photo print, cameras, lenses, and lights in studios, etc.
- Doing your business as a legal business is the most essential thing during the incorporation of the company as it will secure the business and will safeguard from the laws. You can incorporate the business like a sole proprietorship firm since it needs only one person during the incorporation of the company. Sole Proprietorship firm is the easy business type as there is no official registration required for the company but is done by listing through other important registrations like copyrights and trademark registration, PAN card, GST registration, shop act Udyog Aadhaar, and establishment license and other registration.
- If you are planning for a bank loan then you must register your business with Udyog Aadhaar, it is an ideal digit number that is allotted by the Ministry of Micro, Small and Medium Enterprises. Udyog Aadhaar is essential to document in present days because after getting this you could receive benefits from the government like tax benefits, a subsidy from government schemes, and also obtain a loan on a reduced rate of interest. A process of making Udyog Aadhar registration is very easy, it is an online process, and you can submit your Udyog Aadhaar memorandum through the online platform without any documents.
- After registration of your business, you must advertise your business as it is very crucial nowadays because there is strong completion in the market, so must promote your photography business on social media platforms like Instagram, Facebook, Twitter, etc. by posting the photos and in conventional ways like publishing in newspapers.
Frequently asked questions about starting a photography business in India
You may also consider the Jute Bag Making Business, License and Permission.
These are few frequently asked questions to start photography business in India.
How much it costs to start a photography business in India?
Investment for starting a photography business ranges from 1 lakh to Rs. 10 lakhs. This varies mainly because of the main investment in a photography business would be the camera andlenses.
How do I start a photography business with any investment?
You can start by minimizing the extra expenses and getting the required ones, you can also minimize the cost in advertising. This can be done by the talking to the persons politely and requesting them to suggest your contact.
What is the procedure to register the photography business in India?
There is no official registration required for the company but is done by listing through other important one’s like copyrights and trademark registration, PAN card, GST registration, shop act Udyog Aadhaar, and establishment license and other registration.
Is it better to start a photography business?
Memories are very important in everyone’s life. Hence people get them captured each and every important moment in their lives. So, it has a great demand in the market along with the competition. Starting a photography business adds a second income or a main income if you work hard.
What is the cost of the professional camera?
The professional cameras costs starts from Rs. 2 lakhs and it may go high based on the lens cost.
You may be interested in How to Start an Organic Farming Business in India.