[schlettyb]

I have been seriously thinking about my own studio as well, but I have been very hesitant; I second-guess myself, pondering "Does my level of talent justify the expense and risk of trying to do this as a business?" After reading the other replies, I see this is not a good bar of measurement.

However, something else I have considered -- risk assessment and risk management. (These may be the incorrect terms in the civilian sector, but I think the concept is equal.) Is the amount of risk involved worth the potential gain? And is the actual gain enough to justify the amount of risk taken?

Since 2002, I have been actively pursuing landscape and macro photography, and some wildlife. Now, in order to become a fully-competent photographer, I want to turn my attention to fasion & glamour. But I am finding out very quickly: it is faced-paced, and often vicious industry.

So I must asses: do I have enough background, experience, expertise, and technical know-how to change my focus?

At least for me, there was another area of business that is often shrouded in mystery: pricing and fees. There is no guide. The guy with the lowest price usually wins, never mind his level of quality. But, on the other side of the equal sign is this; you get what you pay for.

A quick illustration: I currently work in an area somewhat lacking in photographic opportunity (an island of 2 sq miles, and the female:male ratio is 1:20), being that there isn't a lot of variety. All the girls pretty much look the same. So when I spotted a young woman who could be your doppleganger, I jumped at the chance. She readily agreed, but the price tag was rather hefty -- $5,000 for the shoot. I asked to see her portfolio, thinking it must be rather impressive indeed. None whatsoever. Had she ever modeled before? Nope. So I inquired as to the means by which she arrived at her fee. Needless to say, no photos.

The moral: prices are purely subjective. I was willing to compensate this young lady, but the price tag made the opportunity unrealistic.

One other caveat -- location! I cannot count the number of friends who had an awesome business idea, a good plan, a well-thought out business model, and then chose a bad, if not poor location, and in the end, their business went under.

As a side note, the BBB also has some good resources, as well as your local Chamber of Commerce. Depending on your locale, is is better to have a diversified business, or focus on one thing, and do it well? i.e., having strictly an active studio, or a studio that also serves as an instructional facility? Can one aspect of your business sustain your goals if the other is lacking in drive for a short time?

Going back to the question of price, how do you, as a model, determine your value? I ask only because I do not want to pass up an opportunity thinking the fees are way too high, only to find out they were quite reasonable!

Hope this gives you some food for thought!

P.S. Thanks everybody for being a faithful taxpayer...my salary depends on it! Your tax dollars also helped me get my serious start in photography, so again thanks, and for my part I'll do my best to keep you safe from the forces of evil AND take worthy photos...