The road to financial success in photography is often obscured by misconceptions and outdated beliefs. This expanded guide aims to dismantle these myths, providing photographers with actionable steps and insights to achieve a financially rewarding and fulfilling career.

Myth 1: Time is Money

In photography, the adage "time is money" can be misleading. It's not the hours you put in but the value you create in those hours that matters. For instance, a well-composed, unique photograph can be more lucrative than numerous average shots. Focus on developing skills that allow you to create exceptional work efficiently.

Action Steps:

• Trade value for money. How long it takes for you to create valuable work is situational.

• Charge by the project not by the hour.

• Invest in workshops or online courses to refine your skills.

• Practice different photography styles to diversify your portfolio.

• Streamline your workflow with efficient editing tools and techniques.

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Myth 2: Formal Education is Key to Success

While a formal degree in photography has its merits, it's not a prerequisite for success. Many renowned photographers are self-taught, gaining knowledge through practice, mentorship, and online resources.

Action Steps:

• In a sea of bad information about how to be a working photographer, do your own research to make sure you’re getting your information from reputable sources.

• Engage in online photography communities for peer learning and feedback.

• Follow tutorials and webinars by established photographers.

• Consider mentorship or apprenticeship opportunities.

• Make notes on everything that you need to remember. If you’re not making notes, it’s nearly impossible to retain the information you’re seeking.

Myth 3: Saving Trumps Investing

For photographers, smart investments often yield better returns than mere savings. Investing in high-quality equipment, marketing tools, and continuous learning can elevate your work and attract better-paying opportunities. I buy gear that either makes me money or saves me money. I shoot Canon R5. This body shoots 8K raw video, 4K 120 and has insane eye tracking. As a still camera, it’s made me a better photographer. It was an investment yes, but this camera levelled up my systems and made me able to bring a better quality final product to my clients.

Action Steps:

• Allocate a portion of your income to upgrade to the right equipment.

• Invest in marketing, such as a professional website or social media ads.

• Attend industry conferences to stay abreast of trends and network.

Myth 4: Financial Success Equals Greed or Luck

The misconception that successful photographers are either lucky or greedy is just that. This blanket statement overshadows the hard work and strategic planning involved. Building a successful photography business requires dedication, smart marketing, and relationship building. When you see a successful shooter, don’t hate. Breakdown what they are doing that is working for them, that you are not. This includes quality of work, packaging, industry understanding and outward reach.

Action Steps:

• Develop a business plan with clear goals and strategies.

• a business plan means “this is how my photography will make money monthly”

• Actively market your services through social media and local networks.

• Seek feedback from clients to continually improve your service.

Myth 5: Over-Saturation Leads to Failure

The photography market is indeed competitive, but it’s far from being oversaturated. Each photographer has a unique voice and style. Identifying and mastering your niche can set you apart. Specialists get specialty rates. Be the best in your category and you’ll never stop working. If you create low quality general work, you’ll never make a nickel. I’d be worried if this was my scenario. Fix this by shifting your mindset from taking pictures to making pictures. Executing ideas for yourself or others brings value and leads to commerce.

Action Steps:

• Explore various genres of photography to find your passion and strength.

• Create a portfolio that highlights your unique style and niche.

• Target your marketing efforts towards your niche audience.

• remember it’s “art & commerce”. The art part without the commerce makes this an expensive hobby.

Expand Your Financial Horizons:

1. Build Passive Income Streams: Consider selling prints, stock photography, or writing photography related e-books. Having more ways to make money than just photography is big brain in 2024. You’re still trading time for money and only making it when you’re shooting.

2. Start a Substack: Create valuable work and content that an audience wants to see. Send that value to inboxes weekly via the Substack newsletter / email system. Grow an audience, turn on monetization when you reach a certain amount of free subscribers.

3. Offer Workshops and Tutorials: Share your expertise through paid workshops or online courses. When you specialize in something, your skills have value. Share what you know.

4. Collaborate with Brands: Partner with brands for sponsored shoots or social media content. Get good at making products look good. Whether you’re a portraits shooter or fashion shooter, understanding how to work products into your work will pay off. My advertising rates are the highest budget shoots I do.

Final Thoughts.

Breaking free from these financial myths empowers you to approach your career with a fresh perspective. By recognizing the value of your unique talents, investing in your growth, and strategically navigating the market, you can establish a profitable and enduring photography business. Embrace these truths and strategies, and watch your photography career flourish not just in style and a focused niche but in financial success as well.

Please ignore everything I say if you use photography exclusively in a therapeutic way. Or if you use this craft for an outlet, and not at all something you’re trying to make a living at. Thanks for your continued support.

Thanks for reading me this week. I hope this brought you value.

Of course, I’ll see you next Saturday.

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👉🏾 I am a Pro Photographer, Director, and Educator based in Toronto, CA.

My goal here is to educate and connect a global network of visual creators.

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