HOW I LOST MY PHOTOGRAPHY STUDIO AND WHAT TO LOOK OUT FOR WHEN OWNING YOUR OWN

Summary

In this video, SK Visions shares his experience as a co-owner of a photography studio in Atlanta, reflecting on the challenges that led to its closure after three years. He discusses issues like noise complaints, parking struggles, and sudden eviction, as well as the difficulty of maintaining equipment and managing overhead costs. SK emphasizes the importance of building a supportive community, managing schedules effectively, and being financially prepared for unexpected changes. He offers advice for aspiring studio owners on partnering with like-minded individuals, understanding contracts, and planning for both success and setbacks.

Takeaways

• 😀 Starting a photography studio requires a team of like-minded people who can work well together.
• 😀 Finding a suitable studio space can be difficult, but working with brokers like TenantBase can help simplify the process.
• 😀 Equipment costs are a major investment in running a photography studio, and equipment breakage is a common challenge.
• 😀 Scheduling and managing time slots for clients is a key part of running a successful studio, and communication is crucial.
• 😀 Renting a studio comes with additional costs like light, water, internet, and cleaning bills that can quickly add up.
• 😀 A studio owner should always have a backup plan, as circumstances can change unexpectedly (like being asked to vacate the premises).
• 😀 Businesses in a shared space, like a photography studio, may face issues like noise complaints and parking problems with neighboring businesses.
• 😀 Many studio owners find it difficult to make a profit, especially in the first few years, and reaching profitability can be challenging.
• 😀 Being transparent with clients about the challenges of owning a studio is important, especially when faced with sudden business changes.
• 😀 It's important to thoroughly review contracts before signing or leaving a location, especially concerning clauses about early termination or renewal.
• 😀 If you're considering opening a studio, make sure you have enough funds to cover the overheads, or partner with people who can manage financial decisions.

Q & A

What led to the closure of the photography studio?

The studio's lease was unexpectedly terminated when a neighboring business bought them out. The studio was given only 30 days to vacate, despite having scheduled bookings for several months ahead.

How did the studio's location contribute to its challenges?

The studio was situated in a business park where the neighboring school created parking issues and required a quiet environment, while the studio needed loud music for its operations. This led to frequent noise complaints.

What was the biggest frustration the speaker faced in running the studio?

The speaker's biggest frustration was the frequent breakage of equipment. It was difficult to control, and the lack of accountability for who caused the damage added to the stress.

How did the studio handle bookings and scheduling?

The studio used an intimate booking model, where clients would book sessions individually. The speaker highlighted the importance of scheduling, managing setup/breakdown times, and communicating effectively to avoid scheduling conflicts.

What were the major financial challenges the studio faced?

The studio struggled with high overhead costs, including rent, utilities, cleaning, and other maintenance expenses. These costs were significant, especially considering that income was not always predictable or consistent.

What kind of business model did the studio shift to in its third year?

In the third year, the studio shifted from a membership-based model to a freelancer/hourly rate structure, in hopes of attracting more clients and generating higher revenue.

What advice does the speaker offer to others considering opening a photography studio?

The speaker advises prospective studio owners to be financially prepared, ensure they have reliable partners, and carefully review contracts. It's also crucial to account for overhead costs and potential unexpected changes in location or circumstances.

How did the speaker’s business partners contribute to the studio’s opening?

The speaker collaborated with two business partners, one of whom was instrumental in finding the studio location. The partners were considered the right choice for opening the business, and they played a vital role in the studio's operation.

What was the process of finding a location for the studio?

The studio owners worked with a brokerage service called TenantBase to help them find a location. The service was free to them, as brokers are paid by landlords when a deal is closed. They found a suitable space within weeks.

What should be considered when selecting a location for a photography studio?

The speaker recommends considering factors like existing infrastructure (e.g., air conditioning), flexibility in space design, and affordability. It's also important to ensure that the location fits the nature of the business and the type of clients you aim to serve.