Photography Unchained: Business Plan
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September 10, 2020Business story portfolio
September 11, 2020Photography Unchained: Business Plan
Table of Contents
Income Year one (First quarter) 18
6.3 Profit and Loss Forecast 19
1.0Executive Summary
Business name: Photography Unchained
Business structure: Company
Business location: Queensville
Date established: 12/7/2014
Business owner: James Milner.
Relevant owner experience:
The owner is a photojournalist with several years of experience working for a leading broadcasting station. He specializes in the fashion industry. He brings on board hands on technical experience aimed at advancing the company towards its future endeavors.
Products/services:
Photography Unchained will specialize in the following; Landscape, Wildlife, Aerial, Sports, Portrait,Architectural, Wedding/Event, Fashion, Macro and Baby/Family Photography.
Goals/objectives:
The company’s short-term objective is to become the best in its cut niche of competitive photography. Its long-term goal is to be a force to be reckoned with in the international scene. Photography Unchained intends to delve into offering online training and personalized solutions to her clientele within and without the borders.
Target market:
We target persons in various fields of the photographic industry.
Marketing strategy:
The company intends to market itself through intensive advertisement and promotions of her products. All this shall be done while ensuring that prices are relatively low to attract and retain new and existing clients respectively.
The first quarter of our business operation will be intended to break even. The annual intended target is three million dollars, and this will be expected to keep increasing while the business keeps adapting to rapidly changing economic demands.
2.0 Registration Details
Business name:Photography Unchained
Trading name(s):Photography Unchained
Date registered: 12/7/2014
Location(s) registered: Quensville
Business structure:Company
Domain names:Photography Unchained
Licenses& permits:Statutory local and council permits on business operations and security.
Business location:
We will be located within Queensville town that is a densely populated high-end suburb.
Lease/ownership:
We will be running the company from home space owned by the business owner.
3.0 The Business
3.1 Vision Statement
During the next three years, Photography Unchained will not only be the best in its cut niche of competitive photography, but it will also, change the same as perceived in the international scene. Photography Unchained aims at being the best service provider to her various clientele within and without the borders.
3.2 Mission Statement
3.3 Organization Chart
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3.4 Management & Ownership
Names of owner: Mr. James Milner.
Details of management & ownership:
James Milner is a photojournalist with several years of experience working for a leading broadcasting station. He specializesin fashion photography industry. He brings on board hands on technical experience aimed at advancing the company towards its future endeavors.
3.5 Key Personnel
Current staff
| Job Title | Name | Roles | Background |
| Lead Photographer | Terry McLean | The lead consultant. Oversees the general running of the company. | A sports journalist who has held several management positions with several agencies. |
| Operations and admin | Diana Ross | Handles real estate. | Long time experience in dealing with real estate and matters photography. |
| Stunts | Jamie fox | In charge of aerial photography. | Photographer with a film background. |
| Photography and Editing | Ann Robinson | Capture and edit photographs for weddings and events. | A well-established wedding and events photographer and blogger. |
| Photo Editor | John Lesly | Prepare all images for print and web, then archive and send to the client | An expert at all camera formats and softwares. |
Recruitment options
Selection and recruitment of additional members of staff will be done based on professionalism and quality of work. The members of staff shall undergo a series of oral, and practical interviews before absorption with the company.
Training programs
Personalized training on means of quality service delivery to clients shall be provided to the members of staff. This has been supported by Carl (2010).
Skill retention strategies
Regular training and evaluations will be provided in order to keep the staff updated with the latest trends.
3.6 Products/Services
| Product/Service | Description | Price |
| Landscape Photography | A photographic genre that focuses on beautiful landscape scenery and nature. | $55,000-100,000 |
| Wildlife Photography | $55,000-100,000 | |
| Aerial Photography | The genre where pictures are caught from a higher height, for example, planes, air inflatables, parachutes and high rises to give a bigger perspective of the subject and its experience. | $55,000-100,000 |
| Sports Photography | This type spends significant time in catching a conclusive minute in sports. | $5,000-20,000 |
| Portrait Photography | Also referred to as portraiture. Where family, friends, pets and so on are shot on a portrait. | $5,000-20,000 |
| Architectural Photography | This genre targets real estate buyers. | $5,000-20,000 |
| Wedding/Event Photography | Genre targets weddings and other events. | $55,000-100,000 |
| Fashion Photography | Targets fashion industry | $55,000-100,000 |
| Macro Photography | Genre where pictures are taken at a closer range to showcase details of the subject matter. | $55,000-100,000 |
| Baby/Family Photography | This type shows diverse representations of an infant and additionally alongside their relatives as caught in camera. | $55,000-100,000 |
Market position:
Our products will cater for varied ends of the society while having competitive pricing. This places us a notch higher than our competitors since we shall have diverse sources of revenue.
Unique selling position:
We intend to offer high-quality services basing reference on simplicity and high-end technology.
Pricing strategy:
We shall offer relatively lower price rates in comparison with our immediate competitor. We intend to offer attractive discount for clients depending on demand, as advised by McKeever (2012).
4.0 Operations
| Equipment | Suppliers | Purchase price | Running cost |
| LensesTelephoto lenses, Mid-range, Specialty lenses for image stabilization and night vision. | Kodak | $200,000.00 | $1000 PA |
| LightingArtificial lighting, strobe flash of different colors. | Kodak | $50,000 | $1000 PA |
| Processing SystemDesktop computers with photo editing programs and photo quality printer | Epson | $50,000 | $1000 PA |
| Tripod Light-weight, backpack portable heavy-duty and weather resistant. | Kodak | $20,000 | $1000 PA |
| Sundry EquipmentRemote controller to trigger the shutter and lens filters to compensate for unforeseeable conditions. | Kodak | $100,000 | $1000 |
Communication channels:
The already existing and would be clients can get in contact with us through our website.
Quality control:
Feedback facilities shall be highly encouraged from the clients. This shall be to assess the level of satisfaction they are to derive from the services and products offered to them.
5.1 Market research
Our organization focuses on every lover in scene landscape and nature, creatures and their regular environments, those in the donning fields, design industry, families, business people in the land, weddings and occasions and fundamentally any place where a still picture is needed.
Photography unchained concentrates on all demographic sections. Davis (2012) advises that an organization has to diversify its market in order to maximize profits. It might not be constrained to age, sexual orientation, pay range, ethnic gathering and family sort, subsequently having a solid establishment because of the limitless business sector base. Bragging of accomplished staff in the distinctive fields of photography who grasps professionalism to expand center business reason, the organization stands tall amongst its companions, as advised by Carl (2010).
The uniqueness of our administrations as contrasted with our prompt rival is that we just captivate exceptionally specific faculty in the lines of photography at a given time. Specialization in this area has been supported by Mckeever (2012). Our rivals, because of their yearning for the business sector, will endeavor, anything without much attention on the mastery along these lines confronting the danger of unremarkableness. At our organization, we accept that disappointment to work in a certain field ruins you and makes you show up as a handyman and an expert of none.
We expect to be a name in the business by giving superb administrations to the customers while grasping the present and changing innovative patterns in our conveyance. This might be carried out while guaranteeing that costs should be moderately low to pull in and hold new and existing customers individually (Orenstein, 2012).
5.2 Goals
- To Run a profitable photography business
- To be the number one service provider in different photography needs.
- To offer personalized services to all the clientele, while embracing utmost professionalism.
5.3 Objectives
| Goal | Objective | KPI |
| Run a profitable business | Generate $10M in revenue Per Annum | $5M Profit in the third financial year |
| To be the number one service provider in different photography needs. | Five clients a week within the first quarter of operation | Above 250 clients at the end of the financial year. |
| To be the number one service provider in different photography needs. | Client retention rates above 90% | 90% of clients recurring scheduled session |
| Strengths | Weaknesses |
| 1. Highly specialized employees in the different genres of photography.2. Unrivaledcustomer service approach
3. Competitive pricing structure 4. Room for growth |
1. Currently financed by loans2. Small business
3. New brand |
| Opportunities | Threats |
| 1. Operating in an affluent suburb2. Programs available for other niche groups
3. Offer product extensions such as online trainings on photography |
1. Existing competitors who have cut niche in the industry.2. Council licensing fees
3. Economic down turn 4. Substitute products |
5.5 Competitors
Competitor details
| Competitor | Established date | Size | Market share (%) | Value to customers | Strengths | Weaknesses |
| Lights&Click | 1994 | 100 employees Nationally, turnover of $150 Million PA | 40% | ConvenientFacilities
Variety |
SizeFinancial Backing
Reputation Longevity Sales |
Lack of personal service due to the partnershipHigh client turn-over
Expensive locations |
| Film Smile | 2007 | Ten employees, $50 Million Turnover PA | 15% | Personal serviceGreat results | LocationExposure
The owner’s reputation |
SmallPoorly managed
Little variety (target business only) |
5.6 Action Plan
| Milestone | Start Date | Date of Expected Completion | Person Responsible | Special Considerations | Follow-Up Actions |
| Source business loan | July | 20th August | Owner/myself | Loan approval may require resubmission of documentation so must allow for time to resubmit required documents | Set up company bank account |
| Source equipment from suppliers | 8th August | 30th August 2014 | Owner | ||
| Interview potential employees | 15th August | September | |||
| Organise website/social media | 30th August | 15th September | |||
| Organise budget | 20th August | 20th September |
Timeline
| Milestone | July | Aug | Sept | Oct | Nov | Dec |
| Source business loan | ||||||
| Source equipment from suppliers | ||||||
| Interview potential employees | ||||||
| Organise website/social media | ||||||
| Organise budget |
6.0Financial Projections
6.1 Expenses
| Expenses | Costs (annually) | Person responsible | |
| Registration | |||
| Local Authority fee | $10,000 | Owner | |
| Professional Indemnity Insurance | $10,000 | Owner | |
| Public Liability Insurance | $10,000 | Owner | |
| Council Permit (outdoor advertising) | $10,000 | Owner | |
| Workers Compensation Insurance | $ 10,000 | Owner | |
| Wages | |||
| Staff Wages | $200,000 | Owner | |
| Staff Training | $10,000 | Owner | |
| Outgoings | |||
| Electricity, Gas, Water | $15,000 | Owner | |
| Phone/Internet | $15,000 | Owner | |
| Office supplies | |||
| Marketing | |||
| $50,000 | Owner | ||
| Online | $15,000 | Owner | |
| Other | |||
| Rent | $55,000 | Owner | |
| Production equipment | $100,000 | Owner | |
| Professional Assistance (accountant, lawyer) | $100,000 | Owner | |
| Total | $ 900,000 | ||
6.2 Expected Cash Flow
Income Year one (First quarter)
| Income Sources | Clients Per Week | Cost per client | Income |
| Company’s clients | 1 | $ 18,000 | $18,000 |
| TOTAL PER WEEK | $18,000 | ||
| TOTAL PER YEAR (multiply by 52) | $900,000 | ||
| Income Sources | Clients Per Week | Cost per client | Income |
| Company’s clients | 5 | $15,000 | $75,000 |
| TOTAL PER WEEK | $75,000 | ||
| TOTAL PER YEAR (multiply by 52) | $3,900,000 | ||
Income Year 3
| Income Sources | Clients Per Week | Cost per client | Income |
| Company’s clients | 15 | $15,000 | $225,000 |
| TOTAL PER WEEK | $255,000 | ||
| TOTAL PER YEAR (multiply by 52) | $11,700,000 | ||
6.3 Profit and Loss Forecast
| Category | Amount |
| Income (First quarter) | $1,000,000 |
| Expenses (Year 1) | $900,000 |
| PROFIT/LOSS | $ 100,000(Pre-tax profit) |
| Category | Amount |
| Income (Year 2) | $3,900,000 |
| Expenses (Year 1) | $900,000 |
| PROFIT/LOSS | $ 3,000,000(Pre-tax profit) |
| Category | Amount |
| Income (Year 3) | $11,700,000 |
| Expenses (Year ) | $1,700,000 |
| PROFIT/LOSS | $ 10,000,000(Pre-tax profit) |
References
Carl, W. A. (2010). George Eastman: Founder of Kodak and the Photography Business.New York, NY: Beard Books.
Davis, C. (2012). Start Your Own Photography Business 2/E.Irvine, CA: Entrepreneur Press.
McKeever, M. (2012). How to Write a Business Plan.Berkely, CA: Nolo.
Orenstein, V. (2012). The Photographer’s Market Guide to Building Your Photography Business.New York, NY: Writers Digest Books.
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