Photography business valuation is the method of determining a market value for your business. Assessing the value of your company should be your first step when you are considering selling or expanding your current business. Many factors go into valuating your photography business, such as your proximity to a large metropolitan area and the median age of the population in your area. There are plenty of valuation resources out there. For example, you can use an outside valuator to assess the fair price of a business or do it yourself.

Getting a business assessment is an invaluable resource to help you make sound business decisions. Follow these steps to find your photography business’ value:

1. Employ software to gauge your photography business’ worth yourself on your own time.

2. Find a local business appraiser and take advantage of the personalized attention.

3. Utilize resources to value your photography business’ unique sector like market forecasting report.

Action Steps
The best contacts and resources to help you get it done

Think about using specialized software to appraise a photography business yourself

Being able to value your business can help you obtain financing if you ever want to sell your photography business, expand your services or open up a new studio. Learn how to value a business by using helpful photography business valuation software. The factors and formulas created especially for valuating a photography business are included, meaning you will get a report that is tailored specifically to your industry and particular business.

I recommend: ValuSource sells business valuation software called ValuSource Pro that contains important integrated valuation databases so you have all of the pertinent photography industry information at your fingertips. Haleo Corporation sells a product called ValuAdder that gives you an accurate photography business valuation in five quick steps, saving you time and money.

Use a local professional and purchase a photography appraisal customized to your business' specs

A local appraiser will be able to meet with you and explain the different reports and formulas that are necessary for a proper and comprehensive photography business valuation. When looking to value a photography business, a local professional will have a better idea of regional economics, allowing you to time the sale of your business better or expansion, for example.

I recommend: National Business Valuation Group has offices all over the country that perform business valuations for all industries, including photography professionals. Gifford, Hillegass & Ingwersen is located in Atlanta, GA and they have many years of experiences doing business valuations for entertainment and media clients as well as professional industries.

Make use of business reports and analyses to appraise a photography business' unique sector

One way to gauge your photography business' worth is by consulting industry-specific financial and market reports and analyses. These give you all of the information you will need when valuating your photography business. A general economic report will show how the economy is doing as a whole. A photography industry-specific report will go into much greater detail regarding the performance of the sub-division you are in, such as wedding or corporate photography.

I recommend: Photo Marketing Association International has market research reports that offer comprehensive industry performance and trend analyses. MicroBilt Corporation has reports that provide the strategic assessment of the photography industry to help you perform your business valuation.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  It is a good idea to get a photography business valuation at least once a year to ensure the state of your business and financials are what you think they are.