The fact is that everyone who gets a camera all a sudden just loves taking photos, they think every darn one of them is a masterpiece when they're usually crap, all their friends and family agree how good they are - usually just being nice, they have no idea what it's like to run a business, they have no idea you go from shooting say 85% of the time to shooting 15% of the time, unlike a hobby. So, they of course do the only logical thing...go into business!?!?! This leads them to fail, and fail miserably.
There's right ways and wrong ways in my opinion, not always set in stone - you'll find people who did everything wrong and somehow still managed to make it through all the mistakes. You'll find people who did everything right and still failed. It happens.
However, if you want to get into this as a business there's some basics...
- RUN IT LIKE A BUSINESS, not a hobby, not a doing it for the hell of it. A BUSINESS, you're looking at bottom line, you're legit, you're not undercutting, you know your cost of running the business and know how to price, you're insured, you have proficiency to offer what you say you can offer, etc. etc. etc.
- Don't go into business until you're ready to be a business. Not saying full time, you can run a part time business as thousands upon thousands of photographers do, but you still need to run it efficiently.
- Know your market, what you want to shoot. I hate these people that put on their websites how they'll shoot everything and anything but are not proficient in one area let alone the six they have listed. I do sports, that's about it, and guess what - it's full time! People think they need to be willing to shoot anything that moves to make any money to start out and it's bull. Should be the other way around, you start off in one area and expand as you grow your business so you can actually learn one before the other. It's rare to find people good at it all, most have strong and weak points.
- Gear does matter, whoever says it doesn't is LYING! These are usually the people who don't have the gear that say this, of course they do because they don't know the difference. Sure if you give a great photographer minimal gear, crappy even, they will come back with quality results...but not what they could do with the best gear. Sorry to burst anyones bubble but gear matters - I need fps in sports for a big play, photojournalists in the field need them as well for a big event happening in front of them. I need the long glass, low light performance, strobe gear, etc. Portraits, OK you can get away with lesser gear but still need the proper lighting equipment. I find it funny when I read "I like to use natural light" on peoples sites because the only thing I hear in the back of my head is that little voice saying "because you don't have lighting equipment or the knowledge to use it". Equipment can hold you back, it's that simple. Doesn't mean you become a gear hog, buying everything and anything just to have it - but you buy what will help you further your career and get the best results.