4 Ways to Use a Loan for Your Photography Business
Running a photography business can be extremely rewarding, but there are numerous investments that you’ll need to make, even if your business is relatively small. In fact, even if your business is generating enough sales to remain operational, you still might require additional financing. That’s why a business loan can be a lifesaver. With a loan, you can invest in various aspects of your business, which will in-turn help you to better serve your existing client base, and acquire new ones.
In this post, we’ll elaborate on a few ways that you can utilize a loan to expand your photography business.
How to Use a Loan for Your Photography Business
1. Hire an Assistant
If you have important photo shoots coming up, you might benefit from hiring an assistant to ensure that everything goes smoothly. This assistant can help manage your schedule, assist with staging photos and adjusting the lighting, or complete other tasks that distract you from doing your job.
With a business loan, you can afford to hire someone with previous photography experience, so that they can be more of an asset to your company.
2. Invest in New Cameras and Other Equipment
Even if you’re a skilled photographer, you won’t take the best photographs if you’re using outdated equipment. Using the funds from your business loan, you can upgrade your cameras, external lighting, back drops, and anything else that will help you better serve your customers. It can be tempting to keep using the equipment that you already have, but you shouldn’t wait for it to break to make necessary upgrades. Most likely, with newer models, the photos that you take will be noticeably better, which will help you attract more customers.
3. Pay for Marketing Campaigns
Although you’ve probably earned numerous clients due to word-of-mouth, it’s pivotal that you market your business through other channels. For instance, after receiving a business loan, you can publish sponsored social media posts, purchase advertisement space in local publications, or start a direct mail campaign. You might be apprehensive to spend money on marketing, but by increasing your budget for this area, you can see a major return on your investment. Hopefully, you’ll be able to produce captivating marketing materials that will entice people to use your photography services.
4. Open a Studio
Many photography businesses travel to different jobs, but don’t have a brick and mortar studio to take photos, meet with clients, and display their work. If this is the case for your company, you should consider how this could grow your company and increase sales. Using your loan, you can rent or purchase space, pay for utilities, and invest in interior designs, just to name a few examples. It could pay off to have a physical location for your photography business, and may even give you more legitimacy when being considered by potential patrons.
Invest in Your Photography Business
After reading this post, we hope that you’re inspired to enhance your photography business! Having access to a business loan can enable you to improve different areas of your operations, or expand your business to serve more customers!
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.