One of the only other suggestions I can make is, if the building is eating your profits, get rid of the building. I never used a studio for my kid and senior shots. My clients knew and accepted the shots were going to be in a park, a playground, a school, the clients home, or a place of the client's choosing. Yes, I had calls for studio work that I had to turn down. If you feel you need a studio for the clientele in your area, you may need to be creative in developing a garage or basement "studio". Or possibly an unused nearby barn. Creativity will be your best weapon for success.

I wish the very best to the OP. I really hope that he becomes very successful. I would love to make a living as a photographer.

On another note, I do find it interesting that every time I come across a similar thread with a picture in the OP, it is never high quality. Either it is technically off, or it is just a snapshot. Each time the OP receives a less than positive feedback, the story is always the same. That it is just a shot the OP likes and it isn't his or her best. Not once have I seen the "best" shots posted afterwards. I am not suggesting that this is the case this time, but I do not see the logic behind not posting your very best pictures. After all, the person wants to make money at it, so he or she should post his or her very best shots period. M2C

Jay,

The most important parts of a successful business is to have clear goals, a mission statement and a solid, well-articulated plan to guide you to achieving your goals.

What most struggling photographers fail to understand is that given the competitive nature of the business, you have to do at least 2 things better than anyone else. And one of them is definitely not having amazing photographs. You are not selling pictures. You are selling yourself and the customer experience that only you can provide. You should also find a niche you are happy with and work it like your life depends on it.

Back to the business plan for a moment. Elements of a good business plan include:
Objectives
Mission statement
A description of why you are different - why would people use you as opposed to someone else?
How your company is owned and organized
Leases
Startup cost summary
what you offer - pricing and profitability
your market analysis - who is your target customer
your strategy - who your competitors are, and how you will be perceived as offering a better customer experience
a summary of your marketing program and sales strategy, along with a considered sales strategy and forecast
a financial plan that identifies in detail your assumptions, break even analysis, projected profit&loss and cash flow, and an exit strategy.

Notice, I have not talked about pictures. The reason is that you are not in business to tell others how great your pictures are. You are in business to find and assess prospects, finding out what they need and educating them about how you will provide that, (within reason, of course), seal the deal and take the pictures. You will likely spend the majority of your time doing everything else, and the least time taking the shots.

If you fail to have a clear and concise concept of your business, you will not be successful. You could be the best photographer ever to walk the earth, but you will be poor.

As far as the image you posted is concerned - before passing any judgement on the technical merit, my first question would have been what was your intent - which you stated in a later response. And I think though the image could be improved upon technically, you hit the nail on the head as far as capturing a moment and telling a meaningful story. I cannot tell you how many images I have taken and put into a proof set that I would not have selected based on technical flaws, but the client absolutely loved, and asked to be printed. This one falls into that category - it has meaning - in this case, to you. People tend to overlook flaws in pictures of people. Though something like this would not be tolerated in commercial work.

I have been a photographer for 50 yrs - and have done commercial work, portraiture, events, sports, architectural, etc - and i have made a decent living at it. Paid the bills, put 3 kids through college - you know the drill. It can be done, but you have to persevere and never let a good opportunity pass.

I am not sure if this answers your question, but I hope that it will help organize your business concept.