The Basics of Stock Photography
Let’s chat about stock photography for a second. You’ve probably heard success stories from other photographers making five figures of passive income selling stock photography, and you’d be lying if you said you hadn’t wondered if you could do it too.
Then, as quickly as those thoughts entered your mind, you forced them out again because teaching yourself how to do something new on top of the zillion other things you do is just too daunting to consider. Well, I’m here to tell you the basics of stock photography and share a 3 step process that will start you on the path to passive income success today!
What is stock photography?
A stock photo is an existing photo made available for licensing by paying a fee. The fee varies depending on the usage. The photographer still retains the copyright for their work.
Licensing an image is like renting it out for someone to use for a specific purpose or at a certain resolution. A Royalty-Free license allows for a wide range of uses but a Rights Managed image basically limits the usage to one specific use per license.
Typically stock photos sell through a stock photo agency that manages the images and licensing. Every agency has different offerings or may appeal to a specific niche. The agency pays the artist or contributor a commission from the sale. Check out My Little Black Book of Stock Photo Agencies for more specific information on commission percentages.
The world of stock doesn’t just include photos, You can also sell illustrations, video, and more.
Why Now?
The world of stock photography has grown and it keeps growing. Consumers want options. They’re no longer satisfied with the old school stock photography aesthetic like this:
They want something that represents their customers that looks more like this:
So, new stock agencies and premium collections came in and filled that need. By attracting up-and-coming as well as seasoned photographers they were able to charge more for those photos. That means photographers like you can make more money too.
These agencies can be difficult to navigate. So that’s I’ve created an entire guide devoted to sharing with you how they compare against each other.
Do you still feel totally overwhelmed by the world of stock photography? Have you put off creating a passive income stream, simply because you don't know where to start? By following the steps I’ve outlined here, you can quickly get a portfolio of images set up and ready to generate passive income.
My 3-step process for success
Step One | Decide on a primary (and possibly secondary) Agency
For some, one agency will be enough. For others, you may want to choose more than one agency. As you read through this guide, you will see that some agencies are labeled exclusive, and others are non-exclusive. When you work with an exclusive agency, the terms of your contract usually state that you can not submit similar images from the same shoot to another stock photo agency.
The clients that I work with tend to submit their work to more than one agency because the work they submit is different based on the niche their agency caters to. For example, one photographer may submit their branding and editorial work to Stocksy but send their family photography work to Cavan.
Step Two | Apply
Once you decide on an agency (or agencies), it’s time to apply and get accepted. Some agencies require that you submit a portfolio of work, while others allow you to sign up and begin uploading work right away. You can always switch to a different agency. The purpose is to start submitting so you can learn what types of images sell best.
Always read through all the agency requirements before you get started, as some require you to have a portfolio ready before you can be accepted as a contributor and begin submitting work. I’ve listed some of the requirements for each agency in part two of this guide. This will help you know when and if you need to begin gathering a portfolio of your best work.
Step Three | Begin Submitting Work
Once you get accepted by an agency, you still need to submit your work to be accepted. When you begin, start by uploading whatever photos you already have.
If an agency requires that you submit a portfolio, choose 50-100 of your very best images. Show off images that tell a story, with the best lighting, emotion, and that show your unique point-of-view as a photographer. Agencies also like to see diversity in the models in your collection.
Choose a gallery/portfolio layout that is simple and minimal so your images can really stand out. A few options for your portfolio are:
A GALLERY ON YOUR OWN WEBSITE
At the end of the day, selling stock photography is a numbers game. The more times an image sells, the more it's worth over the course of its lifetime. Every time an image sells, that amount is added to its overall value. The more images you add to your portfolio and the more often you submit images, the more often you are likely to sell images.
So what do you think? Do you feel like you might be able to jump into stock photography? If the answer is ”yes,” that’s fantastic!
For more details on the various stock photo agencies, download my Little Black Book of Stock Photo Agencies.
It’s a done-for-you guide for finding the agency that’s a perfect fit for your goals!
Wanting more tangible advice and guidance for selling stock photography? Sign up for my signature course, Stock Photography Academy or download PHOTO TO PROFIT, The Ultimate Stock Photo Starter guide!
