Ok... to further explain - The purchase of photography equipment is categorized as the purchase of assets held by the business... These are not expenses, and are depreciable each year, as a "fixed asset" of the company. These don't go against profit and loss.
What does count towards profit and loss (as I understand it is)
The photo paper, framing, and other purchases which go to the actual printing and selling of the photos - is a purchase of "inventory" which is a "current asset"
So let's say you spend $20 (just for round numbers) to print, mat, and frame a photo. You sell the photos for $40.
Sale of items $40 - Cost of goods sold (20) = $20 profit
The photo sales are easy profit even if you only mark up 20-40% instead of a full 2X markup on the COG.
In other words. You don't need to cover the "expense" of the equipment over the short term to make a technical profit on paper.
You also don't need to make A LOT of money... just $1 over COG is profit when you factor out the cost of equipment vs. cost of goods being sold which is the photos themselves. The camera and printer is the equipment you need to make the goods, and is not really an expense.
Also - in my case. I own 2 seperate companies that DO make a profit. I could easily add the photography biz as a division of my other business, and that's that.