Hard work. That's the key in most any successful business, assuming you have all the other ingredients and skills.
I am about to open a new studio for portrait work, and probably won't break even, and more likely will remain open on my own dime. Photography is a tough way to make a dollar, and I am just too lazy to do what it takes. I made my living, and a good one, as a plumber and did all the networking, hard work, and responsible management necessary to make a few dollars. Now I just want to spend them before I am too old to enjoy.
Never the less....I do have a business plan for my new studio. I plan to do portraits for less than anyone in town....less than Walmart, less than that guy down the street with a new Canon Rebel...less than anyone! Instantly view your portrait on a big screen, and if you don't like it, it's free! Bring your kids or grandkids, your boyfriend or girlfriend, and get some great shots that will cost you less than a nice meal out.
Not sure it will work, for various reasons, but I have nothing at all to lose, I'm already going to be footing the bills. No weddings (been there done that, but not again!) no events, no travel, you come to my studio, grab a slice of Pizza and a drink, relax and we will take some nice shots. If I wanted to work hard, I'd go back to plumbing...@ $115+ an hour, I can beat photography just working a couple of hours a day.
Discouraging? Shouldn't be...if you work as hard at photography as I did at plumbing, you can make it. Have a plan, then work hard at it. Self employed people don't get a day off or a vacation most often, it is tough, but it can pay big rewards. One more thing.....never allow a dissatisfied customer....no matter what it takes. In 25 years I never spent one dime on advertising......I had Happy
Customers, they did more advertising for me than I could keep up with!
Regards!