Do you want to know exactly how much it cost to start a drone aerial photography business? If YES, here is a detailed cost analysis for starting an aerial drone photography business and raising finance.
Having provided you with a:
- Industry Overview
- Market Research and Feasibility
- Drone Photography Business Plan
- Business Name ideas
- Licenses and Permits
- Marketing Plan
- Cost of Starting a Drone Photography Business
- Marketing ideas & Strategies
We will consider how much it cost to start an aerial drone photography business from scratch including the operating costs.
If you are considering starting a drone photography business in the United States of America, then you should look towards raising capital to undergo the required training and then purchase the required drone photography gadgets / kits. The truth is that it could cost several thousands of dollars to set – up a small scale drone photography business in the United States of America. Small scale drone photography business could be limited to a city or a region.
How Much Does It Cost to Start an Drone Photography Business?
When it comes to starting a small scale drone photography company, the following expenditure should guide you;
- The Total Fee for Registering the Business in the United States – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $1,300.
- Marketing promotion expenses for the grand opening of the business in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- Cost for hiring Business Consultant – $2,500.
- Insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- Cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
- Cost for the facility and remodeling (construction of racks and shelves) – $70,000.
- The cost for the purchase of aerial drones, cameras and accessories (a 3D Robotics’ Iris or DJI’s Phantom series, GoPro Hero3 Black Edition, built-in Wi-Fi for downloading your footage and maximum compatibility with OEM and third-party accessories, a video transmitter, such as the Immersion RC 5.8 GHz 600mw, which greatly increases the range of a 5.8GHz link, and then you can pair it with a Duo5800 or Uno5800 receiver on the ground to get noise-free video.) – $150,000
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for start-up inventory (stocking with printing and photography supplies) – $100,000
- Cost for store equipment (cash register, security, ventilation, signage) – $13,750
- Cost of purchase and installation of CCTVs: $10,000
- The cost for the purchase of furniture and gadgets for the office (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $80,000.
- The cost of Launching a Website: $600
- The cost for opening party: $7,000
- Miscellaneous: $10,000
Going by the report from the market research and feasibility studies, you will need about $350,000 to set up a small scale drone photography business in the United States of America You will need well over $500,000 U.S. dollars to successfully set – up a medium scale drone photography company in the United States.
If you are considering starting a large scale international drone photography company with standard color lab and a wide range of business network, then you should look towards budgeting from two million United States dollars and above.
Financing Your Aerial Drone Photography Business
No doubt when it comes to financing a business, one of the first thing and perhaps the major factors that you should consider is to write a good business plan. If you have a good and workable business plan in place, you may not have to labor yourself too hard before convincing your bank, investors or your friends to invest in your business.
Here are some of the options you can explore when sourcing for start – up capital for your drone photography business;
- Raising money from personal savings and sale of personal stocks and properties
- Raising money from investors and business partners
- Sell shares to interested investors
- Applying for loan from your bank / banks
- Pitching your business idea and applying for business grants and seed funding from donor organizations and angel investors
- Source for soft loans from your family members and your friends.