Budgeting for Success: Essential Expenses Every Photography Business Owner Should Know

• Equipment: According to a survey by Professional Photographer magazine, the average cost of a basic camera and lens setup for a professional photographer is $5,000 to $7,000, while more advanced equipment can cost $10,000 or more. (Source: www.ppa.com)

• Studio space: The cost of studio space can vary widely depending on the location and size of the space. According to a survey by Thumbtack, the average cost of renting a photography studio is $100 to $150 per hour, or $500 to $700 per day. (Source: www.thumbtack.com)

• Marketing and advertising: The cost of marketing and advertising can also vary widely depending on the tactics used and the target audience. According to the Small Business Administration, most small businesses spend around 7% to 8% of their revenue on marketing and advertising. (Source: www.sba.gov)

• Insurance: The cost of insurance for a photography business will depend on the type and level of coverage needed. According to Insureon, the average cost of photography business insurance is $500 to $1,000 per year. (Source: www.insureon.com)

• Taxes and fees: The cost of taxes and fees will depend on the location of the business and the amount of revenue generated. According to the Small Business Administration, the average small business spends around $1,100 per year on accounting and legal fees related to taxes. (Source: www.sba.gov)

It's important to note that these statistics are based on averages and may vary depending on the specific circumstances of a photography business.