Should I Rent an Hourly Photography Studio in Toronto?
Should I Rent an Hourly Photography Studio in Toronto?
Lots of Toronto commercial and fashion photographers shoot part-time, so it doesn't make sense for them to take on full-time fixed costs. Let's face it, a photography studio in Toronto represents a massive monthly fixed cost, which could be unbearable to take on if you're not doing enough shoots to make a profit or even cover the monthly rent. Most studio loft spaces in Toronto rent for about $5,000 per 1,000 square feet per month, and you're looking at even more as you get closer to downtown Toronto.
So, what's the solution? Perhaps you should consider higher variable costs, and no fixed costs by renting a short-term photography studio for pennies on the dollar compared to what you'd pay with a long term lease on a photography studio.
Should I Rent a Short-Term Photography Studio in Toronto? That Depends.
Let’s Explore Cost Structure to answer that question!
Consider a short-term, hourly Toronto photography studio rental if you can't afford to rent long-term photography studio space because you don't have enough monthly income to afford $5,000+ per month on a property lease. Here's a breakdown of why that's important:
What are Variable Costs?
Variable costs are costs that are incurred every time that you perform a service or deliver a good. They're called variable because they vary with the amount of output your business delivers. If you outsource your retouching services for example, then this would be considered a variable cost--every time you deliver a photo, you pay for retouching.
What are Fixed Costs?
Fixed costs are just that; fixed. They remain consistent regardless of how much output you create. Let's pretend you have your own photography studio. You can perform 30 photoshoots per month in your photography studio and your cost to rent that property will remain the same.
Should I Take on Fixed or Variable Costs for My Photography Studio?
The short answer: that depends. The long answer: on what? It depends on how many photo shoots you have per month, and if you have enough to cover your expenses. Let's look at a quick scenario here.
If You’re a Weekend Photographer, You Should Not Take on Fixed Costs.
Say you shoot on weekends only, and let's say you are successful enough that you have a full-time job but also manage to shoot on every Saturday per month. On average there are 4 Saturdays per month. Say each of your shoots takes 4 hours. Say you're shooting at That Toronto Studio, which currently offers 4 hours for $330. In this hypothetical scenario, you are spending $330 per 4 hour shoot x 4 shoots per month = $1320 per month.
Does that seem like a lot? Well, it depends on your perspective. If you’re the professional daily shooter, let’s add up how much that photography might spend if they rented studio space on an hourly basis.
The Professional Daily Photographer, May Benefit from Fixed Costs.
Alright, so in this scenario you’re a professional photographer who shoots daily. WOW, you should be proud of yourself, since we don’t know anyone who actually shoots every single day, but hey, you asked for it so now you’re so successful that you have to shoot clients photos everyday! Hehe.
Let’s run the math on how much you’d be spending on short-term hourly studio rentals if you were shooting every single day. So, using the same math as before, $330 per 4 hour session x 30 days per month = $9,900 per month.
Does this seem like a lot? Let’s bring everything together and put it into some context.
When are Fixed Costs in Photography Better than Variable Costs?
The best time to take on fixed costs are when the variable costs consistently exceed the cost you’d expend on fixed costs. So back to our examples: the weekend shooter should not take on fixed costs. Why?
The Weekend Photographer Likely Won’t Benefit From Fixed Costs.
Well, if you were the weekend photographer, you’d consistently lose money by leasing out a long-term studio for your photography. Here’s what the math looks like on that:
$5,000 per month on a fixed cost lease - $1320 otherwise spent on a variable basis by renting short-term studio space = $3,680 lost each month by signing a long-term lease on a studio space.
The Daily Photographer, is Likely to Benefit from Fixed Costs.
Now, let’s calculate how much money you would save on studio costs if you were to commit to a yearly long-term lease on a unit you could dedicate to your photography studio.
If you recall, we calculated the cost to rent a short-term hourly photography studio for 4 hours at a time, for 30 days a month at $9900. So $9900 minus $5000 per month on a lease is $4900 saved by switching to a fixed cost studio rental as opposed to a variable cost studio rental model. As you can see, there’s more money to be made by switching to a fixed cost model once you have enough clients to book consistent gigs.
So we have found a wonderful profit formula here. Having low fixed costs, and a lot of clients to generate revenue over those fixed costs.
How do I Find More Photography Clients in Toronto?
Network, market yourself, and constantly push the limits of your style and creativity; eventually people will notice. Toronto is a big city with a lot of potential clients, so don’t be afraid to put yourself out there. Here are some tips to get started:
Find More Clients By Getting Involved in the Toronto Photography Community
There are a ton of different groups on social media and in person that you can join to meet other photographers and clients.
Get Clients By Using Social Media to Your Advantage
Toronto is a tech-savvy city, so make sure you’re using all the latest platforms to showcase your work. Try hashtags like #Toronto or even specific ones related to photography, like #fashionphotography.
Get Clients by Staying Up to Date with Current Trends
Toronto is always changing, so you need to be constantly evolving your style to stay ahead of the curve.
Find Clients by Getting Creative with Your Marketing
Toronto is a city of entrepreneurs, so think outside the box when it comes to how you promote your work. Try hosting a photo exhibition or giving free photography workshops.
Find Clients by Thinking Globally
Toronto is great, but there are clients all over the world who could use your skills. Start branching out and promoting your work in other cities and countries.
Toronto is a great city for photographers, and with a little effort you can find plenty of clients to keep you busy. Use the tips above to get started, and remember to always push yourself to be creative and stay up to date with current trends. Ideally, you're constantly improving your work and creating outside the boundaries of your comfort zone!
How Can I Improve the Quality of My Photography?
There is always room for growth, no matter how good you currently are. Here are some tips to help you improve the quality of your work:
Improve Your Photos by Studying the Work of the Masters
There is no better way to learn than to study the work of the masters. Try dissecting the photos that you admire and see what makes them so great.
Get Better Photographs Through Practice, Practice, Practice
The more you shoot, the better you will become. Make sure you take lots of photos and experiment with different techniques.
Get Better Photos by Constantly Learning
There is always something new to learn in photography. Make sure you stay up to date with the latest trends and technologies. No matter how good you currently are, there is always room for growth!
A Great Way to Improve Your Photos is by Investing in Quality Equipment
This may seem like an obvious one, but it's essential to have high-quality equipment if you want to produce high-quality photos.
So now you've got really high quality work, how do you get that work seen by an audience who is likely to hire you?
How Do I Market My Photography to Clients in Toronto?
Find unique ways to put your work in the attention of prospective clients.
Market Your Photography through a Cold Approach
Approach would-be clients that you want to work with by emailing them with a special one-time promo, and then following up via phone call.
Market Your Photography Through Networking Events
Attend Toronto networking events that are relevant to your target market. Bring plenty of business cards and be prepared to schmooze!
Market Your Services Through Online Advertising
There are a number of online advertising platforms that you can use to reach your target market, like Google AdWords or Facebook Ads.
Use Public Relations to Capture More Photography Clients
If you have some great shots that you want to get out there, consider doing some PR with local publications.
Extend Your Photography Reach By Collaborating With Top Talent & Influencers
Offer your favourite influencer a test photo shoot in exchange for some promotion.
What's the Toronto Photography Market Like?
The Toronto photography market is highly competitive, but it's also full of potential clients. There are a ton of different groups on social media and in person that you can join to meet other photographers and clients. Use social media to your advantage and post your work using hashtags like #TorontoPhotographer or even #CommercialPhotographer. Stay up to date with current trends and experiment with new styles to set yourself apart from the competition. When it comes to marketing your work, think outside the box and try hosting a photo exhibition or giving free photography workshops. Finally, remember that the Toronto photography market is global, so start promoting your work in other cities and countries. With a little effort, you can find plenty of clients to keep you busy!
What Do I Need to Succeed as a Photographer in Toronto?
Here are some tips for success to win as a Toronto photographer.
Succeed in Photography By Having a Positive Attitude
For every win, there will be 50-100 rejections, and unanswered emails or calls. As a Toronto photographer, you need to thick skin and maintain a positive attitude.
Become Successful as a Photographer By Being Creative
The Toronto photography market is highly competitive, so you need to be constantly creating new and innovative work to stand out from the rest.
Improve Your Photography By Studying Technical Skills
In order to produce high-quality photos, you need to have excellent technical skills. Make sure you are thoroughly familiar with your equipment and software.
Improve Your Profit By Developing Business Acumen
Running a successful photography business requires more than just excellent photography skills. You also need to be knowledgeable in areas like accounting, marketing, and sales.
You Also Need a Passion for Photography
Above all else, having a passion for photography is the most important trait for any Toronto photographer. If you're not passionate about your work, it will be very difficult to maintain your motivation in a highly competitive market.
You’ll Need to Improve Your Networking Skills
It's essential to build relationships with other photographers, clients, and industry professionals if you want to be successful as a Toronto photographer. These relationships can help you land jobs, get referrals, and learn new techniques.
How Do I Network as a Photographer?
One of the best ways to network as a Toronto photographer is to attend local networking events. These events are a great way to meet other photographers, clients, and industry professionals. You can also use social media to your advantage by joining groups on platforms like Facebook and LinkedIn. Finally, don't be afraid to reach out to other photographers and ask for advice or referrals. Toronto is a tight-knit community, and everyone is willing to help out a fellow photographer.
So now you know how to market your high-quality photography in Toronto. Get creative, stay up to date with current trends, and experiment with new styles. Be persistent and patient, and remember that success doesn't happen overnight. With a little effort, you'll be able to find plenty of clients to keep you busy!
In Conclusion
Toronto is a hotbed for Toronto photography studios, so it's no surprise that the Toronto Photography Market has exploded in recent years. New photographers should have an easy time finding clients and jobs. However, marketing your work can be tricky as there are many other talented Toronto photographers competing with you. If you want to succeed in this highly competitive market, make sure you're creative enough to stand out from the rest of the crowd by experimenting with different styles or creating new innovative works. You'll also need excellent technical skills if you want high-quality photos; remember that running a successful business requires more than just great photography skills! Finally, networking will help any Toronto photographer find new leads and opportunities - don't forget to reach out to fellow Toronto photographers when looking for help!
Toronto is a great city for Toronto photography studios. If you're looking to start or expand your Toronto photography business, follow these tips and you'll be on your way to success!
