How I Opened a Peerspace Photo Studio | Rental Revenue, Initial Investment & Biz Overview

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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!

Опубликовано:

11 сен 2024

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Комментарии : 121

@BrandonEsparza 2 года назад

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.

@Queens718 Год назад

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?

@HandsOn3Studio 2 месяца назад

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!

@wolfattacker1 2 года назад

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!!!!

@BrandonEsparza 2 года назад

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!

@AleahAllen-r5y 2 месяца назад

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

@tayoakinmulero 2 года назад

I haven’t hit the subscribe button so fast. Very few RU-vid 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

@BrandonEsparza 2 года назад

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

@BrandonEsparza Год назад

ANNOUNCEMENT! Join my free Discord community for aspiring/current Peerspace rental studio owners looking to network and grow: discord.gg/Jq7KqEag

@alexamickey 2 года назад

this is so inspiring, Brandon. thanks for sharing your experience!

@BrandonEsparza 2 года назад

Thank you for watching! Plenty more coming sooooon!

@sawansheth3453 2 года назад

INSPIRING! The world aint ready and thats okay because YOU ARE READY!

@BrandonEsparza 2 года назад

My gggg! I appreciate you!

@nickkowalski_ 2 года назад

🐐 the Iman Gadzhi of productions

@BrandonEsparza 2 года назад

Due time

@giancarlojacobs9982 2 месяца назад

"No need to go crazy with money. About $10-15,000 should do it " 😂😂

@BrandonEsparza 2 месяца назад

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

@GaylynLareese 2 года назад

Let’s go content!! Such an informative video.

@BrandonEsparza 2 года назад

Inspired by you!

@lady_vix3n 2 года назад

Just getting started on creating my space. You definitely got a new subscriber here on the East coast 🙌🏽

@TheSalonGuy 3 месяца назад

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?

@BrandonEsparza 3 месяца назад

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.

@TheSalonGuy 3 месяца назад

@@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 RU-vid 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.

@BlackWithNoCream 2 года назад

needs more views!

@Goatarreola 2 года назад

Great insight! Need more Brandon Esparza content !! 🔥

@BrandonEsparza 2 года назад

Coming soooon

@gabrielletorreborre 2 месяца назад

This was so helpful! Thank you:)

@Blankslatefilms1 Год назад

I’ve been to both of your studios, they are great

@Blankslatefilms1 Год назад

Just opened my first one! 20k later we are opening on this Friday

@titatati4255 Год назад

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 ☺️

@BrandonEsparza Год назад

Ahhh love to hear that! Thank you for watching and reach out if you ever have any questions!

@Redcon1 Год назад

When filing you EIN for the rental service... how did you identify your company. Was it real state or something involving rental

@gabydeimeke 11 месяцев назад

Thanks for the money breakdown at the end. I'm a photographer in Austin and I'm thinking about doing this!

@ad5365 2 года назад

Such a great video thank you !

@thomclhn4591 9 месяцев назад

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?

@GilbertTV 2 года назад

I like what you are doing ... new sub 😎

@BrandonEsparza 2 года назад

I appreciate it Gilbert! Next video soon

@Naturnal Год назад

I appreciate the video!!! it's quite motivating

@ExotiqBeautii Год назад

released on my birthday. this is a sign!!

@BrandonEsparza Год назад

Let’s goooooo

@abigailtamayo1227 2 года назад

Such good info, very inspirational!!

@BrandonEsparza 2 года назад

Thank you Abigail! Means a lot

@ireneaviles2297 2 года назад

This is SOOOO helpful ! Thank you !

@BrandonEsparza 2 года назад

Thank you for watching Irene!

@Joswavy 2 года назад

Amazing bro 🙌 free game fr

@BrandonEsparza 2 года назад

Appreciate you bro bro

@PSPCRemy 2 года назад

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

@BrandonEsparza 2 года назад

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

@benjaminaydin2461 2 года назад

Very quality video good job

@BrandonEsparza 2 года назад

Thank you Benjamin!

@raybreezee 2 года назад

Thanks man for the info. I’m paying off some lighting equipment but I’m looking forward to renting a studio in San Diego

@BrandonEsparza 2 года назад

So glad this was helpful! That's awesome man, def reach out if you have any questions

@shinysyko982 2 года назад

Cool cool!!

@BrandonEsparza 2 года назад

Thank you bro!

@BriannaDorrisConvos Год назад

This was great! Thank you!

@TylerCaseyProd 2 года назад

This is awesome! Free game right right here 👏

@BrandonEsparza 2 года назад

I appreciate it Tyler!

@whoisdrozen 2 года назад

Great video!!

@BrandonEsparza 2 года назад

Thank you man!

@user-wc8xm4gr1b Год назад

This was so good.

@bunnyjones8306 2 года назад

Where are you finding a 1000 sq ft space for $1500?! Everything I'm looking at at that size is $4K+

@BrandonEsparza 2 года назад

DTLA fashion district at the time of signing my lease, but looking now it looks like prices are going up a bit!

@abbyoyesam5346 2 года назад

How did you decide on a theme ? Or do you rotate the themes? Thank you for making such a informative video

@BrandonEsparza 2 года назад

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.

@paxon2011 2 года назад

Thank you

@eliastouil7686 7 месяцев назад

Thanks 👌🏽

@reggieewilliams 2 года назад

Thank you!!!!

@mariamfolder1934 Год назад

Thank you

@SelinaLinhLe Год назад

Love this video! Where can you find the place to rent? do you have any recommendations on where I can find any

@BrandonEsparza Год назад

Thank you Selina! I usually use a website called Loopnet

@thedigitalceo Год назад

How do you assess that you will get enough bookings in your space to make up the rent and make profit?

@veselinvasilev9362 Год назад

Thanks!

@BrandonEsparza Год назад

Of course!

@PetrosofSparta 5 месяцев назад

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?

@BrandonEsparza 5 месяцев назад

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!

@BrandonEsparza 5 месяцев назад

To clarify further - I lived with roommates / kept my expenses low and saved my way to $20K before I opened my first studio

@PetrosofSparta 5 месяцев назад

@@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.

@isabella_doherty 7 месяцев назад

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?

@BrandonEsparza 7 месяцев назад

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!

@BrandonEsparza 7 месяцев назад

I also did vinyl planks and not laminate which may make a difference in install price, not sure

@PhamProductions 2 года назад

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?

@BrandonEsparza 2 года назад

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!

@benjaminaydin2461 2 года назад

@@BrandonEsparza how much do you pay studio reps

@BrandonEsparza 2 года назад

@@benjaminaydin2461 $15-$20/hr!

@Misskikababy 2 года назад

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

@BrandonEsparza 2 года назад

@@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"

@sienasaba Год назад

ur the best!

@BrandonEsparza Год назад

Thank you fammmm

@Etherall_ 3 месяца назад

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

@BrandonEsparza 3 месяца назад

Make sure you’re looking in the “industrial” or “commercial” sections on Loopnet.com!

@Etherall_ 3 месяца назад

@@BrandonEsparza thank you for your generosity and taking the time out your day to help me out.🫶🏼

@luistobar7 2 года назад

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?

@BrandonEsparza 2 года назад

Hey there! Yes, I believe so. I would consider a couple of seamless backdrop options too. What city are you in?

@luistobar7 2 года назад

@@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

@luistobar7 2 года назад

@@BrandonEsparza yes, definitely add several color backdrops, soft boxes, a mini fridge and a make up set of a chair and well illuminated mirror.

@BrandonEsparza 2 года назад

@@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

@ohmesopretty8241 2 года назад

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?

@BrandonEsparza 2 года назад

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.

@zulygarcia4669 Год назад

@@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..

@BrandonEsparza Год назад

@@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!

@leticianewlifestyle8326 2 года назад

Great info thank you! what are the websites to rent a place websites please?

@BrandonEsparza 2 года назад

Loopnet is my go-to! There is also Property Shark

@shunitheflower 2 года назад

New subbie! So really it would be better for you to purchase the property. That would eliminate a high overhead cost right?

@BrandonEsparza Год назад

Def a bigger commitment to purchase but if I had the finances to do it, I definitely would go that route!

@alexisb7806 Год назад

Did you do a dba or LLC for your business?

@michaelma5861 2 года назад

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.

@BrandonEsparza 2 года назад

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!

@junaidfaruq761 Год назад

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?

@BrandonEsparza Год назад

Hey man! What city are you in? Just depends on what's already available and what's needed in your area!

@junaidfaruq761 Год назад

@@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.

@dancelady411 2 года назад

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? 😊

@BrandonEsparza 2 года назад

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!

@thedanwriter1 Год назад

How do you go about finding a studio to potentially rent out?

@BrandonEsparza Год назад

I use LoopNet.com to search for commercial properties!

@tsfitchronicles433 Год назад

What was your square footage for your first space?

@BrandonEsparza Год назад

About 750 sq ft!

@FotoVideoShow Год назад

You forgot the taxes. What about equipment like stands and lights? Running a studio isn't that simple....

@BrandonEsparza Год назад

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.

@FotoVideoShow Год назад

@@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.