How I Opened a Peerspace Photo Studio | Rental Revenue, Initial Investment & Biz Overview
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- เผยแพร่เมื่อ 25 ส.ค. 2024
- Want to learn how to open a film + photo rental studio?
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Excited to finally begin a series about my film / photo rental studios, an amazing source of passive income if you play your cards right. In this video, I'm breaking down how much I invested into my own studios in downtown LA, and how much I recommend you invest if you were to open up your own. Drop a comment and let me know what you want me to talk about next!
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If you’re interested in opening a studio - don’t rush into it! Do your research and ask the right questions! I’ll be making so many more videos covering EVERYTHING, but in the meantime, drop a comment and let me know what you need help with. Top tip that I didn’t mention in this video - beware of greedy landlords! They’ll give you a good rate for the first year and then raise it exponentially after that. Opt for multi-year leases and keep your overhead low.
Great video and exactly the subject I’m curious about, THE LEASE! What I’m curious about is what do you need to have on the lease terms to be able to rent out? Also what does liability insurance cost look like?
Hey, thanks so much for that information! I’m wondering how you go about finding the space to convert into a studio? Is it craigeslist? Redfin? Zillow? If there are any permits required when building? Thanks for your time!
Bro. How on earth does this guy cram so much more useful information than anyone else. I’ve researched so much, and this guy has waaaay more questions answered. The other people are just 15 minute videos with no substance.
I love this Brandon! Earned a subscription. Great info. Definitely gonna use it for my own space. This helped me a lot. Thank you!!!!
Thank you so much! Sorry for my delayed response. To your other comment - I would check with your local laws but definitely opting for a commerical / industrial zoned property would be the safest bet as they are typically the most flexible on which kind of businesses can operate out of them. Retail might be a little fuzzy for this specific business model, and I could see residential causing some problems as well - especially if the building is rented. Let me know if you have any other questions!
I'm glad I could help you! Thank you for your kind words. It has been really challenging trying to research and find this information. If you have time, please continue to do more series like this because creative entrepreneurs all over the world need it! Much respect, Aleah
this is so inspiring, Brandon. thanks for sharing your experience!
Thank you for watching! Plenty more coming sooooon!
This was so helpful! Thank you:)
Let’s go content!! Such an informative video.
Inspired by you!
INSPIRING! The world aint ready and thats okay because YOU ARE READY!
My gggg! I appreciate you!
ANNOUNCEMENT! Join my free Discord community for aspiring/current Peerspace rental studio owners looking to network and grow: discord.gg/Jq7KqEag
I haven’t hit the subscribe button so fast. Very few TH-cam videos talk about Peerspace and Photoshoot rental space. It’s Airbnb everywhere .
I currently have my space in Houston, there’s a marker here, I’ve built it out perfectly to suit me, I’ll love the extra change on the side but what’s holding me back is fear. Fear that people won’t treat my furniture or my canvass backdrops the way I’ll treat them.
Also my space is in an art gallery with my neighbours being artist, everyone is respectful of volumes. Imagine getting a music video booking, they will probably kill me
Thank you Tayo!! Means a lot. Excited to talk about this more.
If you do decide to rent to outside clients, make it clear in your rules that if they damage any furniture or canvases, there is a HEFTY fee. Make sure they sign and agree on this so they’re hyper aware of it during their booking. Be there on site or hire a studio rep to monitor them and make sure everything is good. Install security cameras (but make sure you have signage that says so). Could even go as far as requiring a refundable security deposit with each booking.
As far as music videos, you could potentially only allow them after business hours or when your neighbors are closed. Or, even not allow music videos at all and only keep it to photoshoots
Just getting started on creating my space. You definitely got a new subscriber here on the East coast 🙌🏽
🐐 the Iman Gadzhi of productions
Due time
Great insight! Need more Brandon Esparza content !! 🔥
Coming soooon
needs more views!
Thanks 👌🏽
I’ve been to both of your studios, they are great
Just opened my first one! 20k later we are opening on this Friday
released on my birthday. this is a sign!!
Let’s goooooo
I appreciate the video!!! it's quite motivating
Such a great video thank you !
Thanks for the money breakdown at the end. I'm a photographer in Austin and I'm thinking about doing this!
Very quality video good job
Thank you Benjamin!
This idea popped in my head after watching some videos and your content just made me more interested in it. Thank you for sharing so much substance ☺️
Ahhh love to hear that! Thank you for watching and reach out if you ever have any questions!
Cool cool!!
Thank you bro!
Such good info, very inspirational!!
Thank you Abigail! Means a lot
This is SOOOO helpful ! Thank you !
Thank you for watching Irene!
Thanks man for the info. I’m paying off some lighting equipment but I’m looking forward to renting a studio in San Diego
So glad this was helpful! That's awesome man, def reach out if you have any questions
I like what you are doing ... new sub 😎
I appreciate it Gilbert! Next video soon
this was a very well informed explanation of opening a studio! thank you! Do you have insurance for the space renting to clients? Also, do you have to be present during rentals for liability?
Amazing bro 🙌 free game fr
Appreciate you bro bro
"No need to go crazy with money. About $10-15,000 should do it " 😂😂
Haha I hear ya fam but this is within the context of starting a physical location business, it’s expected to put a decent amount of money into it. Some people I know (myself included) have put $30-50K into their studios and I’m saying that that’s not necessary for your first one
Great video!!
Thank you man!
You’re a smooth criminal ! A natural on camera thanks for this vid.
Do you think if I converted my garage at my home into a dope space that it would be appealing to rent ? Given I follow your theme tips ofc
Appreciate the support!
& definitely possible! Just depends on size, location and ease of use. Happy to talk and learn more about your specific situation before giving solid advice! Hit me up on IG @brandonesparza
When filing you EIN for the rental service... how did you identify your company. Was it real state or something involving rental
This was great! Thank you!
This was so good.
This is awesome! Free game right right here 👏
I appreciate it Tyler!
How did you decide on a theme ? Or do you rotate the themes? Thank you for making such a informative video
So glad this was helpful! I decided on my themes by analyzing the market in my city and trying to fill in the gaps. Taking bits and pieces of what was already working and what was needed. Also, as a director myself, just thinking of what I would like to shoot in! I'm about to rotate the themes at The Time Machine. It's been about a year and the sets are starting to see some wear and tear.
Thank you
Thank you
Thank you!!!!
Thanks!
Of course!
Great info. I look at all this work just for $90k? Is it even worth it? Can someone with a rental studio earn into 150-250k range?
It was worth it for me because I also utilized the space heavily for my own projects / clients! So rentals really just let it pay for itself. Now that I don’t utilize it much anymore since I stopped doing music videos, no not worth it at this stage of my career, financially. I still love having a studio though, it’s just nice and I have someone that runs the rentals for me so I don’t have to think about it much. But if you’re purely in it to make money then it will be tough. & I believe the 150-250K range is possible when you have multiple studios or one really solid one that just hits. The quality / creative idea for it is very important.
@@BrandonEsparzathanks for the response. I use my space for lots of my own content but I need it to pay for itself which it’s not. Having a space helps me as a creator but my TH-cam earnings cover rent and expenses leaving me with no profit. I need to find a way to utilize it more even for my own content which can lead to more direct revenue.
Love this video! Where can you find the place to rent? do you have any recommendations on where I can find any
Thank you Selina! I usually use a website called Loopnet
ur the best!
Thank you fammmm
I've a question, you set up your first studio at age 21, what finance route did you take to get the $10K start up costs and how long have you been running this business for?
Hey man! I moved to LA at 18 and work as a full time videographer. Studio biz is just on the side and this is my third year of running it. I’m 24 now!
To clarify further - I lived with roommates / kept my expenses low and saved my way to $20K before I opened my first studio
@@BrandonEsparza I’m impressed honestly man, I’ve been a freelancer for ten years and never managed to scrape that much together to get a studio up and running full time.
When I lived in LA 2011-2016, I was 24 when I did my first series, raised $32k on Kickstarter for it. I had the idea to setup a studio like this back then, but never did, and I regret it every day.
Where are you finding a 1000 sq ft space for $1500?! Everything I'm looking at at that size is $4K+
DTLA fashion district at the time of signing my lease, but looking now it looks like prices are going up a bit!
Dude this is exactly what I’ve been looking for!!! Thank you so much. What is the parking situation like for clients? That can be such a pain in DTLA. Do you personally meet everyone during their booking or do you have a contactless setup?
Thank you for watching!
Parking lots right next to the buildings are key. If your clients have to rely on street parking, it’s going to be frustrating for them :/
& I have studio reps that meet and greet each client! However, if we get a last minute booking, we’ll have them do a self-check in and just send them instructions on how to open and close the space. Not ideal but it’s a good option so we don’t ever have to say “no” to someone who wants to rent!
@@BrandonEsparza how much do you pay studio reps
@@benjaminaydin2461 $15-$20/hr!
Hi. I'm just starting. My studio is about 550 sq do you know Where can I buy industrial rods to hang my painting backdrops
@@Misskikababy I get my rods from Lowes! Search
"SteelTek 3/4in x 72in Steel Structural Pipe" "SteelTek 3/4in Pipe Fitting Elbow"
"SteelTek 3/4in Pipe Fitting Floor Flange"
How do you assess that you will get enough bookings in your space to make up the rent and make profit?
Great info thank you! what are the websites to rent a place websites please?
Loopnet is my go-to! There is also Property Shark
Hey Brandon! How was your buildout so inexpensive? For 1,500 sq ft I was quoted $10,000 for laminate flooring and about $7,000 for painting and light fixtures, and $5,000 for a mini kitchen and none of this includes furniture. Did you do the build out yourself?
Hey Isabella! I did the flooring myself which cost me about $1000. $10K for 1500 sq ft sounds crazy high! Somebody did my painting which maybe cost around $1000 total. I didn’t have to install any lighting fixtures or mini kitchen. All of my furniture I got from OfferUp / Facebook Marketplace.
I’d def try to get some other quotes from other people!
I also did vinyl planks and not laminate which may make a difference in install price, not sure
Where do I search for (online search) empty studio spaces? Because all the ones I see look like regular desk offices and not like a photo studio
Make sure you’re looking in the “industrial” or “commercial” sections on Loopnet.com!
@@BrandonEsparza thank you for your generosity and taking the time out your day to help me out.🫶🏼
Did you do a dba or LLC for your business?
New subbie! So really it would be better for you to purchase the property. That would eliminate a high overhead cost right?
Def a bigger commitment to purchase but if I had the finances to do it, I definitely would go that route!
Your breakdown didn’t include cleaning fees or what you would pay a potential employee to man the space and let customers in/out. So I’m left to assume this would be self run and the investment of your time would not be well compensated. Is there any potential for a more passively run event space? 😊
Hey Debbie! At first, I let customers in and out myself. I didn’t mind, as I work from my laptop and could just edit in the lobby as the booking goes on. Other times, I had them do a self check-in and gave them instructions on how to tidy up / lock up. I eventually did hire employees because I wanted it to be more passive - so I paid them $15/hr (which obviously cut into the profit, but my studio was grossing between $6-$7K per month so I felt like I could afford it and it was worth it).
For events, I’d highly recommend hiring an employee to be there (and charging a much higher hourly rate than $55!)
For photo shoots / video shoots, they don’t always have to be there. Just make sure you give your guests clear instructions and have cameras set up!
How do you go about finding a studio to potentially rent out?
I use LoopNet.com to search for commercial properties!
Hi, Brandon! I’ve been looking into doing this and I’m in the Pasadena, Ca area but I’m wondering if there’s demand in this area or should I find a place in LA?
Hey! I believe the closer you are to LA the better, but you don't necessarily have to be in LA. Maybe the west side of Pasadena so it's not too far out for everyone.
@@BrandonEsparzawhat about for west Adams area? I don’t want to be in DTLA I like the idea of being able to offer better parking and low level entrances to my clients but worried about the area..
@@zulygarcia4669 I'm not too familiar with the area as far as ease and safety but it doesn't seem too far from downtown, so in that regard I don't think it's a problem. Just make sure safety is indeed a priority!
Do u think a 800 sq feet space with one wall of full windows would be a rentable space? The space only, no equipment, no fancy chairs, just for still photographers doing portraits?
Hey there! Yes, I believe so. I would consider a couple of seamless backdrop options too. What city are you in?
@@BrandonEsparza im actually in Los Angeles. I have a space in my new warehouse where I want to set up a small photo studio and lease it by the day / hours etc
@@BrandonEsparza yes, definitely add several color backdrops, soft boxes, a mini fridge and a make up set of a chair and well illuminated mirror.
@@luistobar7 sounds like a super solid plan man. Reach out to me on IG if you have any questions during the process, would love to see the finished product @brandonesparza
What was your square footage for your first space?
About 750 sq ft!
Hey man, great vid. We’re about to open one ourselves but it’s much bigger (4500sqft) and we are considering a CYC wall. Do you think it’s worth it or no?
Hey man! What city are you in? Just depends on what's already available and what's needed in your area!
@@BrandonEsparza We’re in Salt Lake City. Looking at Peerspace there a couple of nice studios with CYCs already but not that many themed places. We technically have enough space to do both but wanted to get your thoughts.
Hey, thanks for making this video I gained lots of information and answers to lots of questions I had in mind. I'm planning to have my own space here in Miami and I'm wondering if peerspace in Miami doing as good as in LA ? I appreciate if I can get a response thanks.
I think Miami is a great option! That's one of the cities I would open a studio if I were to expand. Remember, just start small. Thank you for watching!
You forgot the taxes. What about equipment like stands and lights? Running a studio isn't that simple....
Hey! Taxes are obviously going to be a factor with any business that you run and how much you pay will depend on where you are / how much you make. & lights and stands aren't necessary to run a studio. I provided one stand and one light in my studio (spent $400) and nobody ever complained about that. They always brought their own gear.
@@BrandonEsparza I must say that in Croatia is quite different. I have a ton of studio equipment. In 90% of renting, photographers rent my equipment.
Didn’t like you don’t show an actual place of video
? I show the studios at 0:30 and the whole video was filmed in the studio