Six figures annual income by 1st or 2nd year possible?
- Thread starter Agetan
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the problem is that these cheap weekend AD photographers will take up weekday event for $35 - $50 an hour. :bsmilie:
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
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
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... :sweat:
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.
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).
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.
$100k is a lot seriously. Other professionals like teacher earn <$40k in their first year, lawyer ~50K.
To hit 100K turnover by second year = possible.
To hit 100K income - all expenses = probable.
:think:
To hit 100K income - all expenses = probable.
:think:
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.
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.
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?
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. :bsmilie:
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. :bsmilie:
I don't think anyone will seriously put their hands up even if they have made it that far.
Hart
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
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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
Good earning do require a lot of sacrifices and a lot of hardwork... it is not a magic show.
Hart
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