I found a 930 sq ft store front on a main road in a semi-affluent community for reasonable rent with no lease. I have know this building for 25 years... it's had a TV repair service in it, antiques, dance studio, maybe some other businesses that I'm forgetting. I'm no business wiz, yet I feel that for $500 per month it might be worth the gamble. The entire storefront is glass with plenty of display opportunity. I don't think that I can shoot there, but I would set it up for meetings. The money is fairly cheap -- I wish I had some way to gauge whether I could/would make enough to pay the rent and make more profit.
I would do it. Having a perfectly branded storefront has made me so much money that $500 a month is nothing. If you set up your presentation and sales room properly it will make you money. Properly showcasing your work will encourage your clients to purchase it at appropriate sizes and prices. If you have a space that effectively communicates your brand message more people will have access to you and you will book more of the right people.
Then again, I might be an idiot. Proceed forewarned.
It would give you more credibility IMHO which would lead to higher rates. If your rates are good it should be awesome opportunity. I would totally jump on it, but there is no such rates in Seattle. I pay $3000 for rent for my other business.
I'm hoping that having the presence will bring additional work. It's a gamble... There's a possibility that I can shoot portraits there, too.
I would love to hear from folks about whether business picked up when they had a "studio", for lack of better term. I've been thinking for some time that meeting at a comfortable place with my work hanging on the walls might enable me to move up in the credibility department. I would probably man the store for a few hours in the evening, several days a week.
There is a wall dividing the store in half. I spoke to the owner about the possibility of removing the wall so that I could have more room to shoot. If we can, I'll be able to shoot... if we can't I still may be able to, I won't know until 6:00 when I meet him there.
A decent storefront in my town or in SF would be absolutely HUGE for my biz. Really, it would be game over. But it would cost *at least* $2k/mo. $500 is nothing.
There's one photo street frontage, storefront biz in my town and his stuff is, well I'll just gently say its...traditional. But he's managed for 25 years.
I say go for it. $500 and no lease? Not even a question.
Let us know what you decide! I've considered renting out an area in my dad's office building, but I don't know if it would be a "store front" per se. More like an office to meet in - it doesn't abut to any shopping areas or streets. I would be interested to see how well your business would do if you had a store front!
Some of those traditional folks could teach today's trendy photographers a whole heck of alot about the craft of good photography though.
As far as an anecdote about making more with a studio I knew full well I couldn't book high-end/high-dollar weddings out of my house. Wasn't going to happen. I bought a commercial building and immediately raised my wedding prices. Went up about 9x in the fist year and within 3 years we're charging at the top of our market and regularly working nationally. I couldn't have done any of this without the studio. The studio didn't do all of the work mind you, but it was a significant part.
Rent, utilities, etc: $7200 (I assumed heat was included and you pay $100/month in electricity/internet, etc).
Throw another $2500 on that number to buy a couch, chair, area rug, and coffee table to have an inviting space for guests.
Will having a storefront book you extra weddings that you haven't before, such that you make an extra ~$10,000 in profit? Can you raise your prices on your other packages a bit an recoup some of that?
Essentially, calculate how many extra weddings you need book (as a result of the storefront) at your most common package to break even, and make your decision from there..
I'm interested to see responses here too. I am looking into "studio" space as well and am liking what I am seeing here as far as ROI people have had. I have told myself that when I book 2010 full (with my FT job still, I am stopping at 20 weddings and am at 13 presently), I am going to raise my rates again. I feel I may want to have this space to do so.
I did see the office of a wedding planner I have worked with that is in her finished-out basement, at home. It looks FANTASTIC. I have been considering that though I realize it is in my own home (and hubby, an ex-cop, is skeptical, though considering it...) I could finish it out to look really high-class. And if this wedding planner works every weekend, busy as she can possibly be, booking from her home...hmm.
Rent, utilities, etc: $7200 (I assumed heat was included and you pay $100/month in electricity/internet, etc).
Throw another $2500 on that number to buy a couch, chair, area rug, and coffee table to have an inviting space for guests.
Will having a storefront book you extra weddings that you haven't before, such that you make an extra ~$10,000 in profit? Can you raise your prices on your other packages a bit an recoup some of that?
Essentially, calculate how many extra weddings you need book (as a result of the storefront) at your most common package to break even, and make your decision from there.....Show more →
Consider tax deductions too, anything you do with that space is a deduction, if you were working out of your home it's a little bit trickier when it comes to taxes.
TRReichman wrote:
Some of those traditional folks could teach today's trendy photographers a whole heck of alot about the craft of good photography though.
I said it's a euphemism, I didn't say I agreed with it, I got mad love for traditional photographers.
Micky Bill wrote:
Consider tax deductions too, anything you do with that space is a deduction, if you were working out of your home it's a little bit trickier when it comes to taxes.
Good catch! Definitely tax deductible, and you don't have to divide it up into usable spaces like you would when you deduct part of your home... I know that can get messy.
