There are advantages to renting a photography studio for photographers who want a exclusive space to take pictures without incurring the cost of purchasing or constructing their own studio. However, as with everything in life, renting a studio space has its benefits and concerns that are worth considering. This is because the advantages and disadvantages will enable you to make a decision as to whether renting is suitable for your photography business.
Pros
Flexibility
The first and obvious benefit of renting a studio is versatility. Unlike being bound by a long-term lease or having to pay for a big mortgage, you can get space on the basis of need. This will allow you to grow during better times and reduce operations during leaner times. It also provides you with the flexibility to relocate if you relocate or if you find a new place suitable for your clients.
Professional Environment
A business that is already running has an established photography studio that would give a professional look to the clients and great photos. Many rental studios already have sophisticated lighting, backgrounds, props and other equipment you might not yet possess. It allows the studios to take care of maintenance, utility, and other facility expenses that will not affect you when practicing your photography. Clients may feel that you are more professional when operating in a studio rather than a make-shift or home-based studio.
Collaboration Opportunities
When operating that you are surrounded by other photographers, make-up artists, models, stylists as well as other creatives; you might be able to find artistic influence as well as business partnership. Some of the rental studios are co-op studios, where some of the units are rented in the short term while others are occupied by long-term dwellers. Building networks with other studio users might help you improve your skills and possibly gain more customers.
Lower Upfront Costs
Setting up your own studio or purchasing one involves a lot of investment which many photographers cannot afford when they are starting. Expenses for soundproofing, heating, cooling and even the greenery outside and the furniture are not cheap even for a small studio. It is less expensive to rent since it eliminates large overhead costs especially during the early stages of your business. Other costs that you are likely to incur include the monthly rental fees and the utilities used in the rented space.
Cons
Availability Limitations
The problem with using a rental studio that is on high demand is that the specific times get fully booked. This may prove hard especially to arrange for your preferred rental periods for your client shoots, especially at the last minute. It is quite competitive to book for studio time during the weekends, holidays, and other popular occasions like bridal sessions. It also means you may have to turn away clients and lose their patronage when they are unable to get a place.
Carrying Costs
While rented spaces do not incur significant initial costs, monthly costs accumulate over time. In the initial years, the rentals alone are likely to be higher than the cost of owning and financing your own studio. You also lose the equity and tax advantages of owning your place of business. Consider the long term expenses that may be incurred in order to find out whether it could be cheaper to own one after a couple of years of the business.
Transportation Inconveniences
Using venues entails the constant movement of your photography and lighting equipment to other facilities. Pre- and post-production time spent setting up and dismantling equipment before and after each shoot reduces the number of paid working hours. Moving equipment also raises the chances of damaging or losing the equipment if it is sensitive. It is most often not allowed to store gear long term in the rental spaces due to safety and liability concerns.
Customization Limitations
Although the layout is predetermined, there is no originality and creativity in forming the professional atmosphere immediately. These rental spaces do not permit alterations in a way that requires paint a wall or put up fixtures among others. There are challenges which include being restricted to the layout and style of the building as per the floor plan which might not be ideal for your choice. Promotional banners and branding are usually allowed to an extent according to the tenancy agreement.
Instability Factors
Market changes or change in ownership of the building housing your business could compel you to shut your business when you least expect. In cases where landlords feel that the return on investment from the current tenant is insufficient, they may decide to sell the building or change the use of the rented premises. Renting, however, does not put you in control of your business location for the long term when compared to owning your studio. In case you are asked to move out, should know where you will be going.
The Verdict on Renting Studios
As you establish your initial business, renting a photography studio is a cost-effective means of having access to such facilities. The absence of large-scale initial capital outlay and the possibilities of short-term leasing are significant advantages. But, the availability limitations and carrying costs are the culprits which gradually build up over the years of operations. Consider the costs of the equipment, the requirements for usage and the frequency with which you are willing to carry the gear. Some photographers choose to start renting studios and then buy or design their studio when they have more clients. This means that being able to think through the advantages and disadvantages helps in setting some sort of expectation. That is why when developed well, renting photography studios can help you concentrate on perfecting your skills as you impress your clients.
