If you want to know exactly how to turn $1,000 into a million, through something which is not saturated, and something which will essentially not get saturated any time soon, you will have to start your very own photography agency.
Starting your own photography agency can be done remotely, so you will not need to invest in a studio location, you won’t have to employ any photographers, you won’t have to hire marketing staff (although you will have to do some marketing), you won’t even need to be a photography expert, although you will probably develop into one along the way.
This way of possibly turning $1,000 into a million is something which a lot of people will never even think of. It isn’t something overly groundbreaking, just a simple way of making use of what you have around you, getting in on the action and getting some market share, creating an asset out of absolutely nothing.
You will probably need a website, although it is not highly essential, it adds a lot more credibility to your setup, creating trust around your operation. Plus, a website will be the best way to go about creating an automated portal through which to procure the services of your photography agency.
It is definitely much easier than you think and you won’t be going out to weddings, or other functions, to procure the services of a traditional photography agency. You will also not have to deal with staff and talent management (so unfortunately no up-close interactions with models).
Your photography agency can be run remotely, very easily too, and you will simply open up a structure that will solicit contributions from the public, particularly the photographers.
Even submissions of photos taken via camera phone will work fine, particularly since a lot of modern-day camera phones are of very high quality, with up to 10 mega pixels.
Since you have $1,000 to invest, you can turn that into a lifetime of residual income, very easily, by posting adverts requesting submissions of great photographs. Photographs of places, people and everyday objects will do, but some bizarre and unusual ones will do as well.
Be sure to request original, fresh content though, and as part of your damage limitation campaign, you can offer a disclaimer stating that anybody who tries to submit content that violates your “Terms and Conditions”, shall not be remunerated for their participation.
The aim is to ultimately have 2,000 photographs for which you will have exclusive rights to, which you obviously then bought for 50 cents each, and this is where you will make your money…
You must be aware of stock photography sites that exist all over the internet and they allow you to upload photographs that can pay you each time they are downloaded.
Membership is free and you can proceed to upload all 2,000 photographs, with the hope that a few of them will get downloaded more than once.
To protect yourself, don’t pay your contributors until their photograph (now your photograph) has been accepted by the stock photography site you are going with, in line with your right of acceptance terms and conditions.
With 2,000 photographs in circulation, after having paid a total of $1,000 for all of them, if each photograph you uploaded gets downloaded just once a week, at a rate of $1-$2 per photograph, you will be earning $2,000-$4,000 per week.
At that rate you’ll be close to a million in no time.