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Thread: Six figures annual income by 1st or 2nd year possible?

  1. #41

    Default Re: Six figures annual income by 1st or 2nd year possible?

    TS, if it is possible then you would not have started this thread. Oh well, unless you are a celebrity photographer then maybe.
    Fenders American Vintage '62 Stratocaster® Reissue

  2. #42

    Default Re: Six figures annual income by 1st or 2nd year possible?

    look like many here restrict photography to AD WEDDING PHOTOGRAPHY.

  3. #43

    Default Re: Six figures annual income by 1st or 2nd year possible?

    Quote Originally Posted by frostiee View Post
    I agree with you man. Lol. Thats how SG garment make things look real nice on the surface while neglecting those down beneath.

    Anyway... Wedding photography business is getting tougher and tougher. Plus a lot of newcomers willing to slash price until the figures hit below 1k.
    So.. If you have no experience and are hired to be a wedding photographer, don't be surprise if you are paid only $500.
    Wedding photography business used to be a pretty lucrative trade but not now. Its not easy and the pay is low... Go ask those wedding photographer whether they earn more with event shoots or wedding, you'll be surprised by the difference.
    the problem is that these cheap weekend AD photographers will take up weekday event for $35 - $50 an hour.

  4. #44

    Default Re: Six figures annual income by 1st or 2nd year possible?

    Quote Originally Posted by guitarist View Post
    TS, if it is possible then you would not have started this thread. Oh well, unless you are a celebrity photographer then maybe.
    I know it is possible, that is why I am posting this thread and you don't have to be a celebrity photographer to do that.

    This thread is created so it gives some perspective of the possibility on this trade. By all mean, most people think it is possible... I hope that encourage people to think outside the square.

    All in all, the message I want to convey is, stop thinking like a photographer... think like a business person who see their photography is nothing more than a "product".

    By all mean, I am not saying one should forgo their skill in photography, if one were to concentrate on business, the "product" quality might be somehow lessen.

    Many times, I have heard how proud some people are when they capture a nice shot. It is time to move one and finding the next best shot is more important. In all honesty, many have fail to see photography or images as mere "product" that they have to sell. Many spend 99% of their time creating product but spending 1% selling it...

    Regards,

    Hart

  5. #45
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    Default Re: Six figures annual income by 1st or 2nd year possible?

    hokkien karaoke song....

    oo yiah boh ?......

    oo yiah boh ?......

    if so good, all other workers drop what they are doing and become photogs...

    truth is...this "skill" is washed down by technology and tom dick and harry can do it.

    it has lost its value

    there are zero barriers to entry into the occupation

    it has become a very low value occupation not appreciated by the population

  6. #46

    Default Re: Six figures annual income by 1st or 2nd year possible?

    Quote Originally Posted by ricohflex View Post
    hokkien karaoke song....

    oo yiah boh ?......

    oo yiah boh ?......

    if so good, all other workers drop what they are doing and become photogs...

    truth is...this "skill" is washed down by technology and tom dick and harry can do it.

    it has lost its value

    there are zero barriers to entry into the occupation

    it has become a very low value occupation not appreciated by the population
    I am sure skeptics are really great in let you think further outside the square... some will tell you it won't work and "oo yiah boh"... which is a very natural response.

    However, for those who successfully challenge the popular belief do make things work.

    It is amazing how your mind works... If you think it is impossible, your every actions will try to support what your mind thinks and your heart desire...

    Everything in life isn't easy... but it is definitely possible.

    There are 2 things are certain in life if you live and work in Singapore... Tax and Death...

    Hart

  7. #47
    Member hotwork77's Avatar
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    Default Re: Six figures annual income by 1st or 2nd year possible?

    Quote Originally Posted by Agetan View Post
    I am sure skeptics are really great in let you think further outside the square... some will tell you it won't work and "oo yiah boh"... which is a very natural response.

    However, for those who successfully challenge the popular belief do make things work.

    It is amazing how your mind works... If you think it is impossible, your every actions will try to support what your mind thinks and your heart desire...

    Everything in life isn't easy... but it is definitely possible.

    There are 2 things are certain in life if you live and work in Singapore... Tax and Death...

    Hart

    I'm sure the target is achievable if we put our heart and passion to it. If you believe you can, everything that you do is possible. If you think you can't, there's nothing you can do but dream on.
    Dreamz is the Alternate Realty | Stand Up and Be Counted

  8. #48

    Default Re: Six figures annual income by 1st or 2nd year possible?

    Of course possible if you hire the right people and establish a good brand name for your photography company(ies) and identify a niche market segment (commercial space will be obviously better).

  9. #49

    Default Re: Six figures annual income by 1st or 2nd year possible?

    Rather than just thinking of the possibilities, why not create a poll like "How much did you earn in your 1st year from photography". If 2 in 10 put >$100k, then you know you have 20% chance of doing so. This is the empricial method.

    $100k is a lot seriously. Other professionals like teacher earn <$40k in their first year, lawyer ~50K.

  10. #50

    Default Re: Six figures annual income by 1st or 2nd year possible?

    the barrier to entry for wedding photography is getting lesser and lesser and in that respect, margins get squeezed out. Even that 100k that used to be earned, much easier previously, will require more effort going forth....
    Unobtrusive, detached, yet close...

  11. #51

    Default Re: Six figures annual income by 1st or 2nd year possible?

    To be more precise, the first 20k of an individual income is not taxable.

  12. #52
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    Default Re: Six figures annual income by 1st or 2nd year possible?

    To hit 100K turnover by second year = possible.

    To hit 100K income - all expenses = probable.


  13. #53
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    Default Re: Six figures annual income by 1st or 2nd year possible?

    For a photog company, income is

    revenues
    minus
    cost of sales, operating expenses, taxes
    over a given period of time.


    For a photog working as an employee, income is
    his salary over a period of time

    Income is not company turnover.

    Making 6 figure (100,000 or up to 999,999) within 1 or 2 years of set-up photog company is wishful thinking.

    Don't bluff yourselves.

  14. #54
    Member gymak90's Avatar
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    Default Re: Six figures annual income by 1st or 2nd year possible?

    So conclusion is, 6 figure sum is possible. But you must work your ass off (e.g. work for 52 weeks non-stop for a year), which is difficult. So it's unlikely to get that 6 figures?
    The best things in life are free.

  15. #55

    Default Re: Six figures annual income by 1st or 2nd year possible?

    Quote Originally Posted by ricohflex View Post
    For a photog company, income is

    revenues
    minus
    cost of sales, operating expenses, taxes
    over a given period of time.


    For a photog working as an employee, income is
    his salary over a period of time

    Income is not company turnover.

    Making 6 figure (100,000 or up to 999,999) within 1 or 2 years of set-up photog company is wishful thinking.

    Don't bluff yourselves.
    I agree with you.

    As an IT programmer, I have help companies do profit and losses report software.
    So I have some knowledge of accounting.

    There are so many competition in SG and the cost here is high.

    1) Advertisement to promote your services - $$$ ( at least few K per mth to be effective )
    2) Rental for your studio - $$$ ( at least few K per mth )
    3) Transport to get to your shooting location - $$$ ( at least few hundreds per mth )
    4) Equipment cost - $$$ ( depend on usage / wear and tear )
    5) Business License - $$$
    6) Taxes - $$$
    7) Staff - temp/assistants/accountant/admin clerk - $$$ ( depend on number of people )
    8) Utilities bills - $$$

    Make 100K ?

    If your customer pay U with Zimbawee $, it is possible.


  16. #56

    Default Re: Six figures annual income by 1st or 2nd year possible?

    Quote Originally Posted by maisatomai View Post
    Rather than just thinking of the possibilities, why not create a poll like "How much did you earn in your 1st year from photography". If 2 in 10 put >$100k, then you know you have 20% chance of doing so. This is the empricial method.

    $100k is a lot seriously. Other professionals like teacher earn <$40k in their first year, lawyer ~50K.
    I don't think anyone will seriously put their hands up even if they have made it that far.

    Hart

  17. #57

    Default Re: Six figures annual income by 1st or 2nd year possible?

    Quote Originally Posted by ricohflex View Post

    Income is not company turnover.

    Making 6 figure (100,000 or up to 999,999) within 1 or 2 years of set-up photog company is wishful thinking.

    Don't bluff yourselves.
    Yes, that is why I put Nett profit, not turn over....

    In order to make a 100k profit, if one were to balance the equation right with at least 45-50% profit margin, you will need a minimum $250k turn over to make $100k profit.

    To make $250k turn over, you will need a plan for $21k turn over each month, which equate to about 5-6k a week which is about $800-$1k a day or $100-$110 per hour assuming 8 hours working day... minimum.

    If you break it down like this, it is not so impossible isn't it? One question to ask is, are you charging enough to start with?

    In today's world, 100k a year is not a lot of money... which is about 8.33k per month...

    If you have a solid business plan... it is not probable... and you don't have to bluff yourself.


    Hart
    Last edited by Agetan; 26th July 2010 at 12:24 AM.

  18. #58

    Default Re: Six figures annual income by 1st or 2nd year possible?

    thats where u need leonardo to come into your dreams and incept in your subconcious that making 100k profit is a piece of cheesecake.

  19. #59

    Default Re: Six figures annual income by 1st or 2nd year possible?

    i dont think it will be piece of cake, lancey...

    Good earning do require a lot of sacrifices and a lot of hardwork... it is not a magic show.

    Hart

  20. #60

    Default Re: Six figures annual income by 1st or 2nd year possible?

    for magic show, watch nolan's the Prestige

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