BUSINESS PLAN Claire Elizabeth P H O T O G R A P H E R
Business Plan Claire Hancox 00074515T
Where I am now:
Business Plan Claire Hancox 00074515T
Where I will be:
Business Plan Claire Hancox 00074515T
MISSION STATEMENT I will provide a photography service to families, couples and individuals that creates beautiful and timeless photographs and I will do so with friendly service and with a smile on my face. USP With each wedding that I photograph, I will provide a complementary 1-hour engagement shoot. With other photographic services (families, individuals and children) I will print ONE image free of charge. SHORT TERM PLANS AND GOALS •Make a place in the industry •Produce a substantial folio of work •Build up a network of clients and other useful businesses (eg. printer cartridge companies, paper companies, fellow photographers etc) •Purchase a second camera (Canon EOS 5D MarkIII) LONG TERM PLANS AND GOALS •To create a reputable business that is sought after by many •Work as a full-time photographer •Have returning clients •Have a reliable network of other photographers and relevant businesses • Build up enough money to be able to support my retirement
Business Plan Claire Hancox 00074515T
MARKET ANALYSIS Describe the type of business I want to own (ignoring what my clients want): •I will work from home and travel out to do location photo shoots. My home will have land attached, of which I may use certain areas for photos. •Business will be reasonably regular (it is expected that business will slow during the off-peak season – winter). Who are the customers for this type of business? •Couples will be the main focus for the business with weddings being the main source of income. Otherwise the focus will be on families, particularly families with young children. At any given time through the year, there are families looking to have portraits taken. I will also offer maternity photographic services. What sort of service and back-up is important to them? •Clients are looking for friendly service with a fast turnaround time. Most people want to see portraits taken of them as soon as they can so the shorter the turnaround time, the better it is for the clients. Friendly service is essential as it is the photographer’s job to create a relaxing environment for the client so that their photos look a lot more natural and life-like rather than appearing uncomfortable and posed.
•As the business owner, I will be diligent in following up any contact with clients as soon as possible. This makes for a rapid and clean-cut business.
Business Plan Claire Hancox 00074515T
MAIN COMPETITORS IN CARDINIA AND CASEY AREAS Emerald Eye Photography •This business is based in Beaconsfield. They offer many photographic services that rival my own, including weddings, families and children, couples, individual and maternity.
•They have very reasonable pricing, and a very large returning client base, making them an attractive prospect for those looking for portraits to be taken.
Immerse Photography
•Based in Berwick, Immerse Photography is of a very high caliber. They have won numerous awards for their photography, including APPA Fashion Photographer of the Year, 2012 Victorian Photography Awards, International Loupe Awards, as well as many cover photos for “Wedding and Bride”.
•Like Emerald Eye Photography, Immerse Photography offers many portraiture services and they are willing to travel.
•Immerse is made up of a group of 4 skilled photographers and retouchers therefore multiplying their business capabilities.
Business Plan Claire Hancox 00074515T
SWOT ANALYSIS Strengths •Quality photos •Friendly service •Have worked with children before •Large client base •Have worked as a photographer’s assistant at weddings numerous times •Many people are getting married and having children Weaknesses •Business will slow during winter •Shyness •Financial strain Opportunities •Returning clients •Abundance of life events (births, marriages etc) •Advances in technology (better camera quality etc) Threats •Overcrowding in the industry •Amateurs •Technology constantly being updated and surpassed MARKETING APPROACH Whilst starting up my business, I am relying heavily on word-of-mouth to gain clients. However, once the business is more settled financially, it may be possible to place advertisements in the local paper and newsletters. A Facebook business page has been set up to give potential clients a short overview of my work. Eventually, once finances allow, a professional website will be put in place. Clients to be targeted will be: Young families Couples (in particular, newly engaged couples) Pregnant women
Business Plan Claire Hancox 00074515T
TIMETABLE Over the course of the year 2012, I have been steadily building up a small client base. I have worked with two different wedding photographers numerous times over the year. I will graduate from CATC Design School at the beginning of 2013 with a Diploma of Photo Imaging. By the end of 2013, I expect to have a larger client base, a professional website, better equipment (Canon EOS 5D MkIII) and some cash flow. It is to be expected that expenditure will be higher than income. During this time, I will work a supplementary job to make up for losses. By 2015 I will break even and will possibly make a profit from the business. FINANCE Establishing costs •Insurance Car Equipment Business •Website •Business cards/advertising •Equipment Camera Lenses Flash Direct costs •CDs and USBs •Travel/Petrol •Assistant •Printing Ink Paper
Business Plan Claire Hancox 00074515T
RETIREMENT PLAN I aim to retire at the age of 60 with sufficient savings to sustain a simple lifestyle. I will continue with photography however, it will no longer be my sole income. Rather, it will become a hobby. Depending on my family situation, I intend to travel at some stage during my lifetime.