Speaking from my experience
I basically only do children, sometimes the mother and child. I don't know that I necessarily set out to do this, but this is what evolved and this is what I do.
That said,
1) Why do people buy portraits? My clients want to "immortalize" the baby innocence of their growing child.
2) When do they buy portraits? They most often approach me between the ages of 3-5, when their children still have a bit of the baby in them, but are starting to look like the people they will be. I also get the biggest amount of interest in early fall when they are thinking about Christmas gifts, then another spurt around Feb/March after the dust from Christmas has settled.
3) Who buys the portraits? Upper middle class, stay-at-home soccer mom types seem to be the majority of my clients, which is a wonderful thing for me. Their lives revolve around play groups etc. therefore most of my business comes from one mom seeing the other mother's portrait while their kids play.
This is my experience. Hope it helps a little.
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