- Equipment - professional photo equipment (camera, lenses, flashes, batteries, filters, studio lighting).
- Cost of props, particularly for newborn photo shoots.
- Time spent editing (I usually spend 5+ hours editing a 1-2 hour photo shoot). Every photographer differs in how much time they spend editing, if at all.
- Time spent cleaning studio, before & after a shoot.
- Time spent washing wraps and blankets following a newborn shoot.
- Time and money spent marketing.
- Time spent answering emails and phone calls.
- Water and electricity used for studio lighting, washing etc.
- Time spent giving consideration to the styling of shoots.
This is not a conclusive list, but may give an appreciation of all the many factors that are involved.