If you are interested to succeed as a professional photographer, a photography business plan can help you to define your business, acquire capital funds, and increase your odds for success. Unfortunately, most photographers are not experienced business people and therefore have no experience in developing a business plan. Fortunately, it is not as hard as it sounds if you have a tried and true outline to follow. Below is a business plan outline that you can use for your photography business. This outline was instrumental in acquiring a $650K loan from a bank for a large commercial building.
- Executive Summary-Provide an overview of the important facts listed later in the document. This should include expected expenses, income and marketing figures.
- Objectives-List the objectives of your business. This includes what your market share goals are. The types of services that you will offer. The revenue that you expect, etc.
- Mission-Define a mission statement for your business if you do not have one and list it here. This should be oriented toward how you want to treat your clients, the quality of service you want to provide, and the type of business you want to run.
- Company Summary-This is where you will outline the structure for your business. Who owns the business? Is it a sole proprietorship, a LLC or a regular corporation? What are your start-up costs and where will the funding come from? Where is your business located?
- Products and Services-List the types of services that you will offer. Include the price for your services and the cost to you. Include the time required to provide the services.
- Technology-List the technology required for your business. This would include cameras, lighting, computers, software, etc.
- Market Analysis-This is a very important section. You will want to list the following key items: – Overview of your market area to include population size, age, income, etc. -Your target age, income, demographic. – Your competition. What is their size, age, demographic? How will you differ from them? – Value Proposition-How will you provide value to your customers beyond what other’s provide? – Marketing Strategy-What is your plan for reaching your target audience? – Competitive Edge-What will set you apart from others offering similar services.
- Personnel- Who are the management personnel? What are their roles and resumes? What staff will you require? Are they already hired?
- Finances What is your income and expense, past and predicted? – Break-Even Analysis-How many clients to you need to break even based on your expected costs? – Trends-What trends have you seen in the past? Are certain times of the year better than others? – Projections-List financial projections for the next 3 years. – Capital Expenditure requirements-What funding is required if any and for what.
- Risk Assessment – What are the highest risks and what is your mitigation plan?
- Conclusion-Wrap up with a summary of the highlights. Keep it positive!
There you go. There is a complete outline for a business plan for your photography business. Just fill it out with your details and you are ready to execute it! With a well laid out plan and hard work, you can succeed!