Lights, camera, profits: videographers zoom in on new markets.

Rawn and Sheila Hairston enjoyed the experience of a lifetime during the 1984 Olympics in Los Angeles. Rawn was working exclusively with ABC Sports as a videotape photographer and editor for the summer games, while his wife, Sheila, served as a writer for KNBC Television.

It was shortly after the Olympics that Rawn decided to hitch a ride on the video production bandwagon. He started Broadcast Quality Productions. Initially, the Hairstons did more consumer projects--fashion shows, weddings and banquets. But it wasn't long before the couple concentrated on television gigs.

After 10 years in business, Broadcast Quality had sales of $150,000, and a client list that included all three major networks, German Television, British Broadcasting, R.J. Reynolds and Bill Clinton's campaign committee.

Even though Broadcast Quality survived riots, floods and earthquakes, it could no longer thrive in a diminishing business climate. So, last year, the Hairstons left the City of Angels and moved to Stone Mountain, Ga. Now the couple is looking forward to videotaping events at the 1996 Olympics in Atlanta.

The Hairston's success shows that the possibilities of video production are limited only by one's imagination. In addition to recording news and weddings, today's videographers are taping stockholders' meetings, legal depositions and corporate training seminars.

Launching a professional videography business is not capital intensive. The Hairstons spent $70,000 to buy equipment to get their business up and running. But all you really need is a VHS camera, a video recorder and a color monitor, which costs about $1,500. You can even rent equipment and farm out the editing work to freelancers for $25 to $75 an hour. Should you want a more sophisticated production studio, along with a few assistants, then expect to pay start-up costs close to $250,000.

Novices to the business should start out slowly, on a part-time basis (after taking courses at a community college or photography school). Perhaps the best projects to begin with are weddings.

Wedding planners even recommend teaming up with party planners to get clients. Bridal shops, florists, tuxedo rental shops are all places that are frequented by people planning weddings.

Taking it a step further, Michael Cooper attends bridal shows. He launched Special Memories Video in 1988 on a part-time basis. A former account systems engineer at IBM, Cooper invested $4,000 for two cameras, two video recorders and an editing machine. By the time he sold the business three years later, he had a staff of six part-timers and gross sales of $60,000.

Events such as weddings and bar mitzvahs can be lucrative. However, they're one-time deals. If you're looking to operate full time, you'll want to cultivate repeat customers. Try contacting PR firms that can recommend you to clients.

Potential clients can include cable networks and local television stations that may require extra footage. While most major corporations have video departments, many are understaffed, so they rely on freelancers to take up the slack. To crack this market, call the company's video department head and marketing person, and send them a demo tape.

Another avenue to pursue is multiple sales, which video yearbooks can provide. You can train "minute" crews of high school students to tape proms, games and other newsworthy events. You could then package these tapes with background music and sell them for $30 a pop.

Don't make the common mistake of taking on more assignments than you can handle. "I had so much business at one time, I fell behind in production," notes Cooper. "Working 9 to 5 and managing a part-time business requires careful juggling."