Looking to get my own Studio and rent it out

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#1
Do you think this will work looking to get a 400sq foot unit and turn it in to a studio and rent it out to max 4 people who would pay round £150 per month for 24 hour access and use a calender to book there slots the unit is in a old building with lots of places to shoot stair well large windows etc its new a new york 1800 stlye
 

Kodiak Qc

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French Canadian living in Europe since 1989!
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#2



Yes… but ONLY if they generate their own business and income.
No… in any other scenario — not generating…

Maybe… if you rent it per hour of use… highly speculative and
then you must be able to absorb all the costs if not rented.

In all these cases, you have to decide if you rent your gear along
or just the space.

HTH. :cool:
 
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#3
would have the basic lighting setup there ready to go and back screen etc
im ok paying for the unit to use my self but will only use it a few times a week so thought may be able to rent and cover cost of the rent for a little on top
 
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Phil
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#4
Most businesses have a chance of success, it’s rarely a direct result of the basic business idea.

Your business relies on finding at least 4 photographers who can make a use of your offer, on your terms.

So like all businesses, your success will depend on your research of the market, your marketing plan and your ability to follow the plan.

If it’s in New York, we’re not a great source of market insight.
 
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Garry Edwards
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#5
In my experience, the only hire studios that survive are the very large ones with every kind of lighting imaginable, plus added value services and a large professional customer database.
What you're proposing is at the opposite end of the spectrum, and if just one user drops out, you'll be finished.
 
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Richard
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#6
Listen to Phil and Garry. Research, research, research. I'd start by actually visiting as many rental studios in similar catchment areas as possible. If it's Birmingham area, as per your profile, then you'll not be short of competition.

ps Phil, it's "new york 1800 stlye"
 
OP
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#7
Hi im more then happy just to pay for the studio and use it when i want so thats not a problem was just thinking that i could rent it out as well to a few people on a monthy fee that way be get the studio for free or just make a small amount
 
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David
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#8
The timeshare idea in part appeals to me - whether it's enough for a viable business, perhaps not, but if someone were to offer me exclusive use of a studio (ie it's mine to do as I wish for 24 hours a week) for a fixed amount per month I might be interested - assuming 4 x 150 = 600 per month over 7 people, so say £80 per month.

The of course you'd have to rotate days so people get monday one week, tuesday next etc, and then manage swaps of days and then make sure they clean up etc. Probably too much of a pain.
And of course it would need to be near me!
 
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#9
Furtim no what it would be is pay £150 per month you would then have access to the studio 24 hours a day 7 days a week . There a caladar app you can get and you just then book the time and day you want use the studio
 
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David
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#10
Furtim no what it would be is pay £150 per month you would then have access to the studio 24 hours a day 7 days a week . There a caladar app you can get and you just then book the time and day you want use the studio
I know - I was telling you what would appeal to me :)
I think you'd need a quota system to stop one or two people hogging weekends etc.
 

sirch

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#11
Cleaning, tidying, time over-runs, supplying tea/coffee/milk. Either get the right gorup of people who can self organise and "play nicely" or make sure you get these little details nailed down.
 
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Steven
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#12
I looked into this; the insurance was an issue. The basic business insurance is fine for covering you/your business and others as clients/guests, but not for others operating out of your facilities. I suppose you could require they have their own insurances, but that will significantly increase their costs and reduce the likelihood of participation.
The cost estimates I got were exponentially greater, but I didn't look into it all that far. There might be differences with different companies, and maybe if they operate supervised.
 
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Steven
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#13
Furtim no what it would be is pay £150 per month you would then have access to the studio 24 hours a day 7 days a week
It's not 24/7, it's anytime someone else isn't using it... not nearly the same thing. £150/mo seems high to me for that.
Maybe if the space was big enough to be divided into separate areas for separate types of images/work with some overlap... I think you would need that in order to attract more/serious customers/participants anyway.
 
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Les
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#14
Furtim no what it would be is pay £150 per month you would then have access to the studio 24 hours a day 7 days a week . There a caladar app you can get and you just then book the time and day you want use the studio
I like your idea- but it seems to be on a first come first served basis, therefore: not as said a 24/7 access, most photographer including myself, would not need a studio after 9pm or before 8am, I would imagine

Having a rented studio myself- I kitted it out with the BG's, props and studio lights I need - not for anyone else's shooting genre.

I would suggest you advertised the studio space as and when you are not actually using it, and maybe supply basic lighting equipment within the hourly rate- just a thought

But I wish you luck

Les
 
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Simon
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#15
I've been part of an arrangement much like this. It wasn't a business so much as a way for the studio owner to help cover some of his costs.

The owner really struggled to get enough people to share it - even round here where there is a large and active community of amateur & semi-pro studio photographers and a dearth of studios to hire.
It was also a *lot* of work to run it, keep it clean, maintain equipment & backdrops, manage bookings, organise heating, bills & repairs and so on.

We minimised some of the grief by having regular slots, e.g. I'd get every Monday & Thursday evening, one weekend a month and occasional other slots. I never managed to use all my allocated hours.

I also found that even though he had a lot of equipment, it wasn't all suited to my needs so I ended up buying a heap more. You need to be careful how you manage the expectations of your hirers.

He eventually had to let the place go. Two other semi-pro studios local to me have also closed.

If the hirers are in on their own you'll need to be confident that they are safe and have their own PL insurance, too. You may find that it's simpler to hire it out by the hour and for you to be present, much like many other studios, or to host model days.

I share my current space - which is sublet from someone else - with one other photographer but I made sure I could comfortably afford it without her support.

I strongly suggest you do similarly - take the place on for your own use if you can afford it but don't rely on the hire income.
 
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Eloise
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#16
It's not 24/7, it's anytime someone else isn't using it... not nearly the same thing. £150/mo seems high to me for that.
Maybe if the space was big enough to be divided into separate areas for separate types of images/work with some overlap... I think you would need that in order to attract more/serious customers/participants anyway.
I'd agree with Steven that £150 pm sounds a lot for what you are suggesting for individuals, while £600 pm doesn't sound a lot for you to be taking in to make the business work - of course partly that depends where you are located, etc. A quick look on Zoopla suggests in Leicster area a (light industrial) unit of a little over 450sq ft with shared kitchen, reception and other facilities will set you back £640 per calendar month. And thats before any other expenses, providing equipment, insurance, etc.
 
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#17
I'd agree with Steven that £150 pm sounds a lot for what you are suggesting for individuals, while £600 pm doesn't sound a lot for you to be taking in to make the business work - of course partly that depends where you are located, etc. A quick look on Zoopla suggests in Leicster area a (light industrial) unit of a little over 450sq ft with shared kitchen, reception and other facilities will set you back £640 per calendar month. And thats before any other expenses, providing equipment, insurance, etc.
As a punter.. £150 pcm is pretty cheap compared to typical studio hire fees of £25ph.
 
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Eloise
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#18
As a punter.. £150 pcm is pretty cheap compared to typical studio hire fees of £25ph.
Well it depends what arrangement. But you're right thinking further for the user its cheap if they make reasonable use of it. But yes its 24/7 - though in reality around 6/7 if shared equally amongst 4 people wanting access; and there will be more likely 10 popular 3-4 hour blocks a week (thinking essentially users would want either morning or evening Monday to Friday).

But yes if you used it twice a month like that you would be quids in (depending what facilities it offered compared with a typical hire).

The bigger hurdle was more the expecting £600 per month to earn money for the "owner" of the studio. (Not sure if he was thinking 4 plus his own use or just renting to 4 people).
 

Nod

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#20
Mrs Nod rents out her yoga studio to other teachers on an hourly basis. Works very well. Mrs Nod does a certain amount of advertising for the other teachers' classes and workshops but the teachers do the bulk of it. Teachers get invoiced monthly and all pay on the nose. Rather less than £25 per hour which includes use of the equipment, heating, lighting etc..
 
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#21
Mrs Nod rents out her yoga studio to other teachers on an hourly basis. Works very well. Mrs Nod does a certain amount of advertising for the other teachers' classes and workshops but the teachers do the bulk of it. Teachers get invoiced monthly and all pay on the nose. Rather less than £25 per hour which includes use of the equipment, heating, lighting etc..
As it happens... the space I now use is a yoga / dance studio.
 
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