Regular readers of Beyond Here will know that selling images through iStockphoto and Getty Images is an important component of my photography income. I’ve written many posts about stock photography, from getting started, through to how to use props, and many topics in between. I regularly get asked about the business or financial side of being a stock photographer. Based on my experience, here are 7 business lessons from being a stock photographer.

What starts as a small trickle of coins, can transform into a rapid flow

Business Lesson 1 – Small Amounts Do Add Up. The first image I received a royalty for on iStockphoto back in 2008 was a cityscape from Melbourne, Australia. I shot the image while a friend and I went on an evening photo shoot. We walked around the city, chatting and shooting night city images. The royalty from that first download was US$1.26. While that amount seems tiny, I was excited as I could see the potential for that amount to grow, and for an individual image to be downloaded hundreds of times. That image has since been downloaded a further 49 times to reach 50 in total. So far. While each royalty amount might be small, over time they will add up, and can add up to a significant total. Don’t be discouraged by small amounts when you are starting – be excited for the potential of those amounts to grow.

Business Lesson 2 – Significant Income is Possible From Stock Photography. While I have a large portfolio of stock images I am a ‘small fish’ in the stock photography world. My annual income in US dollars is well into the 5 figures and has been since my third year as a stock photographer. That makes a significant contribution to my overall photography income and adds to my wedding and portrait work. More successful stock photographers are generating incomes in the hundreds of thousands of dollars per year. Many people start out in stock photography thinking that you can not earn worthwhile amounts. I’ve found that to be untrue. (If you’d like to read more about how to generate a worthwhile income please check out my e-book Build A Five Figure Income in Your Spare Time.)

Flying fox images have been a lucrative niche for me

Business Lesson 3 – Finding a Niche can be Very Profitable. When I started contributing images to iStockphoto my portfolio was a diverse collection of random images. It took me some time to find what I liked to shoot, and where there was a market. I found the intersection of supply and demand in my Australian wildlife images and specifically in flying fox images I shot near my home in Melbourne, Australia. I have continued to upload flying fox images as they sell year round and peak in sales just before Halloween. Finding that niche helped me realize that stock photography could work for me.

Business Lesson 4 – Buyers Care About a Useful Image. And nothing else. Buyers don’t care where the image was shot, what camera you were using, or who you are. Buyers only care about the image. So, if you think your equipment is not good enough, or that you will start when you get the latest version of Photoshop – realize that they are just excuses. Buyers don’t care. As long as you can meet the stock libraries quality standards there is no reason not to get started.

Many stock photographers no longer need a home base

Business Lesson 5 – Location Free Careers are Reality. What’s a location free career? It is a career which is not dependent on where you live – and many of the world’s most successful stock photographers are making that real. They can travel and shoot and upload and get paid all without needing a permanent home base. As long as they have a digital camera, a laptop, and an internet connection they can work anywhere. And increasingly they don’t even need to carry all their gear with them – they can rent it at their next location.

US dollar income is handy for my business

Business Lesson 6 – A US Dollar income is handy. My royalties from stock photography are paid in US dollars. When they are transferred to me each month they are converted into local currency. As the Australian dollar goes up and down versus the US dollar it is very handy to have a US dollar income. The price of photography equipment in Australia goes up and down in line with the exchange rate – so having a US dollar income protects me from exchange rate volatility.

Business Lesson 7 – Successful Images Keep Selling. I wrote this post analyzing my recent downloads on iStockphoto. It showed that nearly 50% of my current income was being generated by images shot and uploaded 4-5 years ago. This was an important lesson for me. It highlighted that successful images have a lifespan of several years. It is worth taking the time to shoot well thought out concepts as they will generate an income for many years. In many ways, building a stock photo portfolio is building an asset which will generate an income into the future. It is worth taking the time to do it well.

Successful images are likely to keep selling for several years

Thanks for reading 7 business lessons from being a stock photographer. I feel it only captures a tiny fraction of what I’ve learnt since first getting into stock photography in 2008. If you have questions, please feel free to contact me via email or by leaving a comment on this post.