Are yous about starting a photography business concern ? If YES, here is a complete sample
business plan template & feasibility report yous can use for FREE. Okay, so nosotros have considered all the requirements for starting a photography concern.
We too took it further past analyzing and drafting a sample photography marketing plan backed up by actionable guerrilla marketing ideas for photography businesses. In this article, we will be providing an in-depth sample photography business plan template.
A Sample Photography Studio Business Plan Template
Table of Content
- 1. Industry Overview
- 2. Executive Summary
- 3. Our Products and Services
- 4. Our Mission and Vision Statement
- five. Chore Roles and Responsibilities
- 6. SWOT Assay
- 7. MARKET Assay
- 8. Our Target Market
- Our competitive advantage
- 9. SALES AND MARKETING STRATEGY
- 10. Publicity and Advertising Strategy
- 11. Our Pricing Strategy
- 12. Startup Expenditure (Budget)
- thirteen. Sustainability and Expansion Strategy
1. Industry Overview
Photography business is one of the businesses that tin unarguably survive in whatever function of the world every bit long every bit the business is well positioned. The photography industry can boast of creating jobs straight or indirectly for countless numbers of people all over the globe.
One expert thing well-nigh the photography manufacture is that it has various areas of specialization ranging from nuptials or portrait photography to wildlife photography or travel photography, among many others. Over and to a higher place, starting a photography business is what we have chosen to do because having done our due diligence and research, we have realized that it is a business that is highly profitable if well planned and managed.
Without a shadow of dubiety, there is a high rate of contest in the industry, but we have been able to create a unique Business model that will assistance us proceeds marketplace acceptance and also piece of work our mode to the top of the ladder in the metropolis where our photography business organisation is to be located.
Some of the things that will help usa stand out in the industry include that we will ensure we deliver quality photography jobs at stone bottom prices in our city at all times. Much more than delivering quality photography jobs to clients at rock bottom prices, nosotros have further gone to invest in a CRM software that will help u.s.a. effectively win new clients over and also assistance usa effectively manage our existing clients.
Nosotros intend exploring referrals from loyal clients equally a means of generating leads that nosotros will somewhen piece of work difficult to catechumen to loyal customers.
ii. Executive Summary
- Electric current Situation
Currently, we accept chosen a proper noun for our photographing business, nosotros accept concluded the proper name search exercise at the corporate affairs office and it is good a affair that the name we propose to call our business is very much available and so, we have started the process of incorporating the business concern with the government authorities.
Afterward nosotros strike that of, we will apply for Tax Payer’southward ID and also open a corporate/ current account with whatever depository financial institution of choice for business organisation. Opening a electric current bank accounts is especially important so that we can start on a professional person note, also as attract corporate clients who will exist able to pay a premium for the photographing services rendered.
Part of our strategies to effectively position the concern; is to hire an function infinite in a busy business district in New York Urban center. The space we intend renting volition be big enough to accommodate our studio, reception, equally well equally our administrative office.
And nosotros have too gone ahead to involve a competent realtor whom we think volition be able to requite usa exactly what we want. Needless to say that one of our dreams is to run the best photography studio in the whole of New York commune. This is especially why we are leaving no stone unturned in paying attending to details.
- Company’S Description
Nosotros are a topnotch – all round Photography Company and take a great vision to go the ane – stop shop when it comes to photography in New York City. Nosotros are currently a team of passionate photographers who have come up together for the sole purpose of creating a brand that volition compete with leading photography companies in New York City.
We as well intend to go across merely making memories, but also will build relationships such that volition offer all round photography services. This ways that nosotros will cover hymeneals photography, child photography- where we capture the milestone of every baby from infancy to late childhood, capturing of nature and landscapes, dazzler coverage- pageants, modelling shows, and what have you, as well as other areas too numerous to mention.
Our photography visitor would also be in the concern of training rookies as well as budding photographers who want to be closely watched in their photography endeavor past a mentor. There are also plans non to brand our photography business concern limited to but capturing pictures.
We will also be involved in the sales of photographing digital cameras, lenses, camera stands, photography software, also as other consultancy services. Furthermore, in the nearest future (our v years goal to be precise), we shall commence to sell franchises and go one of the best photography business organisation in the world.
iii. Our Products and Services
Of course, similar every other photographer, we shall be into the business of covering events. Withal, we shall accept our services a notch higher, past paying attention to details- similar having pre- shoots and after- shoots.
Why after shoots?
Well, the afterward- shoots will basically involve capturing the later on outcome moods in pictures. There will too be the production photograph albums, photo books, framed pictures, as well as soft copies of edited pictures as requested by our clients.
Much more than rendering the services, nosotros will also similar to exist known as a one stop store where competitors can come buy equipment that volition help foster their expertise. As a result, we are to exist involved in the sale of digital cameras, and other photography hardware and software.
We intend to deal in make new equipment also as the adequately used type. This is and so that we are able to give those who couldn’t possibly afford the brand new stuff the opportunity to still exist in the trade by selling the fairly used types of products to them.
Nosotros believe that the photography trade wouldn’t be complete without having to offer consultancy services. This is why we will be offering photography training and consultancy services. As a upshot budding photographers, equally well as novices can e’er run to united states to garner more knowledge about the trade. Our consultancy services ranges from providing advisory services to setting upward photography studio for our clients.
four. Our Mission and Vision Statement
- We have a concise vision and mission in view and that is:
To become a world class photography brand and to be amongst the top v leaders in the photography trade in New York and The united states of america.
- To make top notch photography services available to a wide range of clients that cuts across different classes of people at affordable price.
Our Business Structure
Our plan is to outset the photography business concern with iv cardinal employees who are expected to handle more than one function per – fourth dimension. They include:
- Chief Operating Officer and Atomic number 82 Photographer
- Role Ambassador
- Sales and Marketing Officer
- Banana Photographer and Role Assistant
v. Task Roles and Responsibilities
Main Operating Officer and Atomic number 82 Photographer:
- Responsible for providing direction for the business
- Responsible for leading the team to cover events
- Responsible for the twenty-four hour period to twenty-four hour period running of the business
- Responsible for handling high contour clients
- Responsible for fixing prices and signing business concern deals
- Responsible for recruitment
- Responsible for payment of salaries
- Responsible for signing checks and documents on behalf of the company
- Responsible for the day to day administration of the role
- Responsible for handling correspondence
- Manages customers
- Manages vendors
- Handles all incoming calls and eastward – mails, et al
- Responsible for handling payment collections and lodgment of greenbacks and checks in the banks
- Whatever other duty as assigned by the Chief Operating Officeholder
Sales and Marketing Officeholder:
- Responsible for marketing the company’s products and services
- Responsible for promoting the company
- Responsible for creating marketing and sales strategies, etc.
- Source for exhibitions and opportunities for the company to leverage on to promote the business concern
- Represents the organization in some strategic business meetings
- Responsible for hiring and grooming of freelance sales reps
- Whatever other duty as assigned past the Main Operating Officer
Banana Photographer and Part Banana
- Assists the Lead photographer at all times
- Runs errands for the organization (i.e. chore commitment to clients, purchase of supplies and stationeries et al)
- Responsible for transporting cameras and other equipment to and fro issue locations
- Ensures that the office and environment is kept clean at all times
- Any other duty as assigned by the Main Operating officer
six. SWOT Analysis
We are quite aware that we need to leverage on our strengths if we intend edifice a successful photography business in the united States of America and that is the reason why we have taken time to analyze our Strength, our Weakness, the Opportunities available to us, as well as the threats that we are probable going to face in the photography industry.
Our forcefulness is not limited to the robust professional training, certification and experience we accept acquired prior to setting up a photography business, but also our rich network, passion and power to convert leads to loyal customers within a short time – frame.
Part of our weakness as a start – upwards Photography Company is that we have fewer employees and experts, and also we have limited greenbacks to execute all we intend executing before launching the concern. For example, we would have loved to build our ain customized CRM Software.
The United States of America and New York City in particular is one of the cities in the earth that attract tons or diverse classes of visitors, coupled with the fact that some of the finest photography schools are located in New York. It is easier for a start – up photography concern to leverage on these factors to build to their businesses and that is exactly what we intend doing.
At that place are well established photography businesses / photographers in New York Urban center who may not need much stress to convince new clients to patronize them. At that place is also the threat of the huge cost of running businesses in New York City, every bit it is on the high side. Hence, we need to be on the top of our game if we must abound our photography business to profitability.
7. Market place Analysis
- Market Trends
At that place is always a readily available market for the photography industry, and whoever is hardworking and can produce decent photography jobs volition always make headway in the industry. Simply in recent times, considering of the advancement of technology, it is at present a lot easier for non – professional photographers to take cool shots or ‘selfies’
that can be processed to classic portraits from their smart phones or other estimator devices similar iPADs and even digital cameras.
In view of this, information technology has been observed that people only appoint the services of professional photographers on rare occasions. We are quite aware of this; which is why we took our fourth dimension to study the market and we take been able to place marketing and sales strategies that will help u.s.a. generate profits from the business. Part of the marketing and sales strategies that nosotros will prefer are;
- Mouthwatering promos for the first 12 months and and then later when the need arises
- Participate in photography exhibitions and expos
- Neighborhood, door to door and mouth to ear adverts to introduce our business
- Engage in roadshows to introduce our business
- Leverage on social media platforms cum online marketing to source for clients
- Create a loyalty program that will help us convert leads to loyal customers
8. Our Target Market
No incertitude the target market for the photography industry is pretty wide, but in lodge to hands stay focused and pursue our target, we have conspicuously defined our target market as;
- Young Executives
- Intended couples planning to become married
- Churches and other religious centers
- Hymeneals planners
- Corporate Executives
- Consequence Planners
Our competitive advantage
We are fully aware that there are several top notch photographers in New York City who already have their own loyal clientele base, simply we are accept washed our due diligence and we are ready to give them a run for their coin.
Despite the fact that we are new in town, we accept been able to critically study the existing photography businesses effectually our location and we were able to identify some lapses on their role and nosotros plan to work towards making their lapses our strong selling points.
1 of the advantages we are bringing to the fore is fantabulous customer’s service. It is no uncertainty every concern owner will work hard to keep their customers, but if they are not operating on the same page with their customers, they will observe it hard to meet the need of the customer. In improver, if they tin can’t see the need of the client for a menstruation of time, the customer will definitely source for another company that tin meet their demand.
In view of that, we have designed a CRM Software that will help united states of america effectively engage our customers from fourth dimension to time. We will be able to know what our clients want and nosotros volition work hard to see their needs per time .Also the fact that we are new and are willing to deliver photography services at a price that is about the lowest in our location is also an advantage to us.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Much more generating income from roofing events similar Weddings, Parties, Thanksgiving services, Naming Ceremonies, and all forms of events that will require taking pictures; nosotros will also engage in the sale of digital photography cameras and accessories as earlier mentioned. Later on a period of 5 years, we would have succeeded in selling our make to the entire populace in New York Urban center and beyond.
That should give us a platform to generate more income via providing photography related consultancy services and trainings to equally many aspiring photographers that will need them. After a menses of 10 to fifteen years, we will commencement selling franchises of our company in the U.s.a.. These are basically the areas where nosotros will concentrate on to generate income for our photography business.
- Marketing Strategy and Sales Strategy
We volition adopt the ambitious marketing approach considering we believe that for united states of america to win over clients in the already saturated marketplace, we must exist ambitious. Part of our marketing process is to get the contacts (phone numbers or email addresses) of leads, and so send them introductory mails or call them to introduce our businesses to them.After a calendar week or thereabout, nosotros should follow – up with another call or electronic mail and try as much as possible to volume an appointment to see them.
We are quite aware that we don’t have the financial capacity to hire enough employees that can comprehend the unabridged city and beyond; which is why we will engage freelance marketers to help u.s. marketplace our services. They will be paid commissions based on the number of clients and the corporeality of the tasks done. In nut a shell, we volition explore the following marketing and sales strategies to promote our business organization;
- Direct Marketing (Staff)
- Sales Reps
- Online Marketing
- Referral / Network Marketing
- Acquirement Sharing Business Partners (Effect Planners and Contractors)
10. Publicity and Advertising Strategy
From the report gathered from our feasibility studies, nosotros accept been able to place some platforms that volition help us effectively create awareness and promote our photography business. Hither are the platforms we intend making employ of to promote and advertise our concern;
- Place adverts on national newspapers
- Leverage on the internet and social media platforms like Instagram, Facebook et al
- Attend photography exhibitions and conferences
- Engage in roadshow from time to time
- Distribute our fliers and handbills to targeted areas from time to time
- Door to door and give-and-take of mouth promotions
11. Our Pricing Strategy
In as much as we will not compromise quality in any of our jobs, we accept decided to enter the market place with rock bottom prices in our business location. Our prices volition be the prices to beat in the industry. We volition offer discounts to loyal and repeat customers.
Function of what will enable customers go discounts, is when they successfully refer clients to u.s. and if the toll of the services they want exceeds a certain amount of money. The amount will be determined from fourth dimension to time by the management as the business organization grows; then at that place should be no fixed corporeality for now.
Our philosophy when it comes to pricing is that;
‘We appreciate making smaller profits from many clients, than making huge profits from fewer clients.’
12. Startup Expenditure (Budget)
- The Fee for Registering a Business and Obtaining the Necessary Insurance:
- 725 USD.
- The Amount Needed to Rent a Facility and To Setup a Studio: 5,000 USD.
- The Cost of 2 or more than Standard Cameras (Nikon D7100 and Nikon D610): 3,200 USD.
- The Cost of Proficient Camera Lenses(Nikon 35mm f/2.0, Nikon 50mm f/1.8, and Nikon 85mm f/i.8 lens): ane,500 USD.
- The Toll of Computer, Software and Computer Accessories: 1,504 USD.
- The Cost of Launching a Website: 600 USD
- Additional Expenditure (Adverts and Promotions et al): i,000 USD
Going by the report from our research and feasibility studies, we will need an boilerplate $10,000 to fix up a standard photography business in New York City. Ceteris Paribus, nosotros are likely going to break fifty-fifty within the showtime two years of starting the concern.
Funding / Start – Up Capital letter Generation
As regard raising the starting time – upwards capital for the business concern, we have decided to explore the following means;
- Source for seed upper-case letter from angel investors (leverage on whatever available opportunities to pitch my business idea)
- Generate part of the start – up majuscule from my savings
- Utilize for loan from the banking concern
- Invite Interested business partners
I take been able to save about $3,000 and I intend to raise the residual by applying and obtaining a loan from the bank and likewise from seed capitals from affections investors. Although, I intend raising part of the offset – upwards capital by inviting interested business partners, but that will definitely be the last option to explore because I intend owning %100 of the business at least for v years.
13. Sustainability and Expansion Strategy
The bigger picture of this photography concern is to grow beyond New York City to other major cities in the United States of America. Every bit such, nosotros intend spending the offset v years of the business in building and communicating our brand. We know that once our make has been accepted past the general public, it will be easier for us to successfully sell our franchise to interested entrepreneurs who intend leveraging on our brand to start their own business concern.
In add-on, we will ensure that nosotros invest in regular training and development of our piece of work forcefulness.We will work hard to stay beside with the latest technology in the photography industry and the irresolute trends too.
- Photography Training and Certification (for COO and Lead Photographer):
- Business Name Availability Check:
- Business organization Registration:
- Opening of Corporate Account:
- Awarding and Obtaining Revenue enhancement Payer’due south ID:
- Purchase of Insurance for the Business:
- Renting of Office Facility (Studio) and Setting Up:
- Conducting Feasibility Studies:
- Sourcing for Angel Investors:
- Applications for Loan:
- Writing of Business Plan:
- Drafting of Employee’s Handbook:
- Drafting of Contract Documents and other relevant Legal Documents:
- Design of The Company’south Logo:
- Graphic Designs and Printing of Marketing / Promotional Materials:
- Recruitment of 3 employees:
- Purchase of the Needed Cameras, lenses and other Accessories:
Yet to Commence
- Purchase of Reckoner and Software:
- Negotiation with Freelance Sales Reps:
- Creating Official Website for the Company:
- Creating Awareness for the business but online and in the neighborhood:
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