As the county has emerged from the pandemic, so has its entrepreneurial spirit. Americans everywhere leave their nine to five jobs to pursue their passions and turn their side hustles into full-time jobs. Photography, a popular pastime for many, has become a popular part-time-turned-full-time job. In fact, the Bureau of Labor Statistics estimates that photographer employment will grow by 17% between 2020 and 2030. Therefore, we are discussing thoroughly about Photography Business in New Mexico for photographers.
Right now, there are nearly 34,500 professional photographers in the U.S. They specialize in many types of photography, including corporate photos, portraits of families and children, and wedding photography, to name a few.
Photographers live in every state, but more should consider moving to New Mexico. With a rich photography heritage dating back to the technology’s earliest days in the 1840s, this state boasts beautiful scenery and unparalleled weather for taking pictures.
But before starting a new photography business, you need to make a plan. Business plans lay out what your company will do, how it will do it, and what you’ll need to succeed. And one of the most critical components of success is protecting your photography business with the right insurance. Also Read, Graphic Design Tool Kit in 2022.
Insurance for Photography Businesses in New Mexico
Every business needs insurance, but the exact type and combination of policies vary based on the company’s specializations, size, and scope. Photographers have unique insurance needs; here are a few policies they may need.
General Liability, at the very least, is an excellent place to start if you’re not sure what kind of insurance to obtain. Therefore, general liability protects you whether you tumble off a ladder while attempting to acquire a bird’s-eye view or a client sues you for missing a deadline.
Additionally, all companies with three or more employees must have workers’ comp insurance in New Mexico. Do not skip this coverage if you plan on growing your business or hiring a few helping hands. This is not only essential but advantageous since the plans shield you and your workers from workplace accidents.
Finally, Photography is known for its expensive equipment; most professionals have at least a few thousand dollars worth of computers, cameras, and lenses. Tools and equipment insurance reimburses your costs when equipment is lost or stolen. It will also cover damage if you lend equipment to someone else.
Why Start a Photography Business in New Mexico?
There are many compelling reasons to start a photography business in New Mexico. Consider these factors before starting your company.
Great Weather:
New Mexico boasts only 44 days of precipitation a year. So the weather isn’t just good, it’s great!
In most other states, the weather is a major variable in photography. The lighting must be just right, the winds need to be low, and precipitation is best avoided. But few of these issues are factors in New Mexico.
The wonderful weather makes your job easier, and the climate gives you even more opportunities to work. Also, unlike other states where rain or snow may cancel shoots, you’ll rarely lose business to lousy weather.
Low Labor Costs:
If you plan to hire employees, New Mexico is particularly appealing. It has one of the lowest labor costs in the country, with the ninth most affordable labor in the U.S.
One of the reasons costs are so low is because workers’ compensation insurance is only required for companies with three or more employees. However, in most other states, you must get a workers’ compensation policy if you have one or more individuals on staff.
Paying employees is one of the biggest costs of doing business, so locating your photography company in New Mexico will help keep your expenses down and your profits high. The last thing you want to do is spend a ton of money on labor, only to break even every month.
Growing Population:
Unlike some other states, the population of New Mexico is growing. In the last decade, New Mexico’s population has increased by 3%, which amounts to 58,000 people.
The more people live in the state, the more opportunities you have to sell your photography services. Locating your photography business in a shrinking state just doesn’t make sense because it means you have a smaller market to which you can sell.
New Mexico has a lot to offer entrepreneurs, especially those hoping to start a photography business. Before deciding where you want to work, do your research, make a plan, and protect your company with the right insurance.