Photography Business Plan
A photographer needs a professional business plan just like anyone who wants to take the step to self-employment. The business plan must be developed with well-thought out and specific goals, taking into consideration the real situation and circumstances. Our tip: Take a look at our financial plan templates and business plan samples after reading this article.
A photography business plan is not only required by banks where financing and starting capital are concerned, but could also prove really useful for the purposes of self-assessment and organization in terms of becoming self-employed.
Photography Business Plan: Specifics and Ideas
It is important to clarify many factors from the outset, to distinguish them from one another and include them in the investment business plan, especially in the field of photography. There is the education and training of a photographer and more than one study program in the industry, which is why it is of paramount importance to acquire some basic knowledge, on which you can build and secure a good and stable reputation right from the start.
You should try to find help writing a business plan if you want to create a photography business plan without having the commercial know-how. One great way would be to contract a professional business plan writer or a startup business plan expert or look for other business plan services. You could attend seminars and take training courses on the subject. Training can be helpful on the road to self-employment well beyond just creating the business plan.
Photography Business Plan Tip 1: A Glance at the Market
The average income of a photographer per year is 155.000 €. However, some photographers earn much more, and others – much less. The busiest time for a photographer is around Christmas. The prices can fluctuate very rapidly. You must be very competitive to operate on this market.
Photography Business Plan Tip 2: The Target Group and Offer
The offer is almost limitless in the field of photography. The main thing to consider is what or who you photograph and what you want to achieve with your product.
Are you specialized in nature and landscape photos? Don’t forget that the client base is quite small, since few people hire a photographer for landscape photos or market landscape photos commercially.
Photo shoots with pets or people? These photos are the most frequent reason to see a photographer next to professional application photos. They are a perfect gift for family members and friends, as well as a nice decoration for your own four walls. It must be noted that the client base is significantly larger, but the work is much more demanding. Just taking pictures of animals takes a lot of patience and a good tactic if you want to take the perfect picture.
Are you an event photographer? In addition to photo shoots in the studio, you could choose to work as a photographer for events such as weddings, christenings or birthdays. This is a productive part of the work as a photographer. Here the time factor is key. It’s often difficult to arrive on time, be present at the event and bring the necessary equipment along.
You could also choose to make other special offers and promotions to attract potential clients and expand your client base.
Photography Business Plan Tip 3: Competition
Any feasible photography business plan entails objective analysis of the market in order to make realistic forecasts. Any photography service will have to deal with competition. This should include a detailed site analysis: Where will the shop be? What is the best location? How much competition could I expect there? What potential clients will I find?
The competitors must be analyzed carefully: What products or services do they offer? In which price range do they operate? What is the quality of their goods and services? What is their reputation?
The photo industry is a very tough and competitive one. Today’s photographers are often superseded by the increasingly sophisticated Smartphone cameras that offer photo editing, which is why it is obvious that one must remain competitive and stand out from the crowd.
Photography Business Plan Tip 4: Legal Framework
One need not deal with exclusivity issues in the photographic industry in contrast to the catering industry, but it is still important to respect the legal framework.
It is especially important to heed data protection and the right to an image. Before taking the step to self-employment in this industry you would do well to learn about the relevant legal framework and regulations. Otherwise you risk committing an offense and being taken to court. This is also an important aspect with view to making video / photo drones to create aerial photographs.
Photography Business Plan Tip 5: Price Formation And Marketing In The Photo Industry
A photographer should also plan out his marketing and pricing strategies so as to make the best business plan possible. The questions that arise here: Am I doing any advertising? If so, where and how do I promote? What do I advertise? How do I keep my prices stable? How do I change and adapt them to changing market conditions?
There is a variety of methods and tactics to achieve the highest possible sales both in terms of pricing and marketing.
The key issue here is offering high-quality products at a good price, whereby you aim to develop a fairly well-off client base, or whether you are offering slightly inferior quality, but at significantly lower prices, thus aiming at a diverse and large client base.
We hope that this brief insight into the development of a photography business plan has helped you. In addition to the ideas in this article, please have a look at our related article discussing business plan components and our tips for business loan interviews. Should you need help writing a business plan, do not hesitate to contact us.