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Photography business plan for starting your own business
The only way you can break free from the 9 to 5 routine is by starting a business of your own. One of the businesses that you can start with minimum investment is a photography business. In this business plan for photography, you will learn how to write a photography business plan. We will be covering everything from the executive summary to the financial plan of the startup so that by the end of this document you know in detail what to include in a photography business plan. The methodology used here is the same as the one used for creating a franchise business plan.
Executive Summary
2.1 The Business
Benson Photography will be a registered and insured photography business in Dallas, Texas. IT will be owned by James Benson who has been working as a photographer for a fashion magazine for a decade. This business plan on photography will have a detailed look into how the business will be started and run.
2.2 Management of Photography Business
The single most important part of this startup photography business plan is the management of the business. It is important to have a strong management structure to run the business successfully and profitably. That’s why we have made the management structure a part of this commercial photography business plan pdf.
The management of Benson Photography will be headed by the owner, James Benson. To run the day-to-day operations of the business, three managers will be hired to look after services, liaison, and operations.
2.3 Customers of Photography Business
If you need to know how to create a photography business plan, you need to be sure about the customers that the business will be dealing with. As this is not just a pet photography business plan and rather an all-rounder photography business, the following services:
- Fashion designers.
- People who want a product photographer.
- Wedding and other events companies.
2.4 Business Target
No photography business plans free templates can be complete without setting the targets and that’s what this section is about. Benson Photography will enter the market with the following targets:
- Providing impeccable photography services to all segments of the market.
- Getting permanent clients with whom we will work for a long time.
- Making a name in the photography industry of the area.
Company Summary
3.1 Company Owner
James Benson will be the owner of Benson Photography, the business we are using as an example for this business plan for a photography company. James has worked as a photographer in Hollywood for 10 years and is the perfect candidate for starting this business.
3.2 Why the Photography Business is being started?
Note
An important part of any photography startup business plan is also the reason behind starting the business. This business is being started by James because he was recently fired from his job. He has had enough of working for others and now wants to start something of his own. As photography is the thing he knows the best, he has decided to start a photography business. He also knows in detail how to make a business plan for photography.
3.3 How the Photography Business will be started?
Step1: Feasibility Planning
If you really want to know how to write a business plan for a small photography business, feasibility planning is one of the first things that need to be done for it. It’s this stage where you make sure that the business will actually be a commercial success. Once you conduct a feasibility study, you can formulate a workable plan to start the business.
Step2: Hiring Experts
Once you have conducted the feasibility study for the photography business plan sample doc and made an actionable plan for the business, the next thing you need to do is to hire the people to run the business. As this is a services business and not a products one, it is imperative to hire the right professionals to run the business. Only the top photographers can make the business a success.
Step3: Establishing the Studio
Once you have hired the photographers to work for your business, the next thing you want is to have a studio. This place will also act as a point of contact with the customers. It will have separate shooting and client handling areas. Just like an art gallery business plan, physical presence of the business is cardinally important.
Step4: Online Presence
Internet is the name of the game these days and that means, for the winery to be successful it needs to have a strong online presence. A website for the winery will be made and social media pages will also be created. This will be done not only to make the name known to the customers but also as a way for the customers to connect to and shop from the winery online.
Step5: Marketing
Once the studio and office are set up, extensive marketing effort will be undertaken to make sure the business is known to the people who matter for it.
| Start-up Expenses | |
| Legal | $234,000 |
| Consultants | $0 |
| Insurance | $30,000 |
| Rent | $28,000 |
| Research and Development | $25,000 |
| Expensed Equipment | $54,000 |
| Signs | $3,500 |
| TOTAL START-UP EXPENSES | $374,500 |
| Start-up Assets | $346,000 |
| Cash Required | $359,000 |
| Start-up Inventory | $40,000 |
| Other Current Assets | $231,000 |
| Long-term Assets | $28,100 |
| TOTAL ASSETS | $1,004,100 |
| Total Requirements | $1,378,600 |
| START-UP FUNDING | |
| Start-up Expenses to Fund | $374,500 |
| Start-up Assets to Fund | $1,004,100 |
| TOTAL FUNDING REQUIRED | $1,378,600 |
| Assets | |
| Non-cash Assets from Start-up | $1,390,100 |
| Cash Requirements from Start-up | $372,000 |
| Additional Cash Raised | $48,000 |
| Cash Balance on Starting Date | $32,000 |
| TOTAL ASSETS | $1,842,100 |
| Liabilities and Capital | |
| Liabilities | $29,000 |
| Current Borrowing | $0 |
| Long-term Liabilities | $0 |
| Accounts Payable (Outstanding Bills) | $46,000 |
| Other Current Liabilities (interest-free) | $0 |
| TOTAL LIABILITIES | $75,000 |
| Capital | |
| Planned Investment | $1,378,600 |
| Investor 1 | $0 |
| Investor 2 | $0 |
| Other | $0 |
| Additional Investment Requirement | $0 |
| TOTAL PLANNED INVESTMENT | $1,378,600 |
| Loss at Start-up (Start-up Expenses) | $388,500 |
| TOTAL CAPITAL | $1,767,100 |
| TOTAL CAPITAL AND LIABILITIES | $1,842,100 |
| Total Funding | $1,378,600 |
Services
The next important thing in writing a photography business plan is deciding which services we will be offering from the platform of Benson Photography. No professional photography business plan can be complete without that.
It is also important to have a clear demarcation of services in the photography studio business plan example so that we can hire the proper professionals and acquire the correct equipment for the business.
Here are the services that this sample photography business plan will include:
Event Coverage
We will have a separate wing for covering events. Everything from backyard birthday parties to corporate events will be covered.
Attire Photography
Clothing photography will also be one of the services provided under this business plan for photography service pdf.
Product Photography
All kinds of product photography services ranging from miniature products to cars and bikes will be provided.
Pet Photography
Services will be provided to people who want Grade-A pictures of their pets.
Marketing Analysis of Photography Business
Great service
Great service. Good turnaround time and quality work. Thanks!
Once you decide the services you will be providing, the next thing your studio photography business plan needs to have is a solid photography business marketing plan. To make that, you need to conduct proper marketing analysis of the field to see how you can step into the business and start turning a profit. Unlike T-shirt printing business plan, the photography business plan startup capital requirement is high and if you enter the business without proper research, you’ll end up losing the investment.
5.1 Market Trends
To make a complete business plan for opening a photography studio, you need to study the market trends to see how you can make profit. If we have a look at the trends, the use of photography services has only increased in the recent past. This is because people need better pictures for personal as well as commercial use and those can only be achieved through the services of the professionals.
5.2 Marketing Segmentation
After your photography business plans have considered the market trends, the next thing that you need to see is the market segmentation. This is an important part of this sample business plan for photography to give you an idea of the field you are about to enter.
As this is an all-around photography business and not just a wedding photography business the customers of this business will be from the following segments:
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5.2.1 Private Customers
People who want the services for their family or personal functions etc. will belong to this segment of the market.
5.2.2 Brands
Brands can hire the services for product photography and can range from small to large products.
5.2.3 Models
Models who want to build their portfolio will also be a segment of the market we are about to enter.
5.2.4 Fashion Industry
The producers and designers in the fashion industry will hire our services for picturizing their clothes.
| Market Analysis | |||||||
| Potential Customers | Growth | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | CAGR |
| Private Customers | 39% | 40,000 | 41,000 | 42,000 | 43,000 | 45,000 | 10.00% |
| Brands | 25% | 32,000 | 33,000 | 35,000 | 37,000 | 39,000 | 10.00% |
| Models | 21% | 26,000 | 27,000 | 28,000 | 29,000 | 31,000 | 10.00% |
| Fashion Industry | 15% | 12,000 | 13,000 | 14,000 | 16,000 | 18,000 | 11.00% |
| Total | 100% | 110,000 | 114,000 | 119,000 | 125,000 | 133,000 | 10% |
5.3 Business Target
- To establish a credible name in private and commercial photography in the area.
- To get permanent customers and serve them on a long-term basis.
- To expand the business to other cities in Texas.
- To start making $39,000 per month by the end of year 3.
5.4 Product Pricing
Our services and products will be priced at the average price that the other service providers in the area are offering. This is because there is not a lot of competition and we don’t need to keep prices low to get customers.
Marketing Strategy
The thing that you now need to have to complete this photography business plan template is the marketing plan for a photography business. This is important to have if you want to compete in this industry and start a business that can make you a good deal of money. For making this, we have made the competitive analysis and sales strategy a part of this photography business plan sample. Let’s have a look at them:
6.1 Competitive Analysis
The competitive analysis undertaken to make this photography business plan proposal has revealed the following:
- There is no significant competitor providing all the services under one roof in the area like us.
- Clients are mostly unsatisfied with the quality of service provided by the companies already working.
- The rates of the competitors high and we can enter the market by starting with a lower rate and then increasing it.
6.2 Sales Strategy
- Benson Photography will be advertised using all the available media and social media channels of the area.
- We will start giving the services at a discounted rate to attract customers in the start.
- We will provide highest quality of service in the area to get more clients.
6.3 Sales Monthly
6.4 Sales Yearly
6.5 Sales Forecast
| Sales Forecast | |||
| Unit Sales | Year 1 | Year 2 | Year 3 |
| Event Coverage | 54,000 | 57,240 | 60,674 |
| Attire Photography | 53,000 | 56,180 | 59,551 |
| Product Photography | 43,000 | 45,580 | 48,315 |
| Pet Photography | 50,000 | 53,000 | 56,180 |
| TOTAL UNIT SALES | 200,000 | 212,000 | 224,720 |
| Unit Prices | Year 1 | Year 2 | Year 3 |
| Event Coverage | $50.00 | $58.00 | $67.28 |
| Attire Photography | $40.00 | $46.40 | $53.82 |
| Product Photography | $42.00 | $48.72 | $56.52 |
| Pet Photography | $43.00 | $49.88 | $57.86 |
| Sales | |||
| Event Coverage | $2,700,000.00 | $3,319,920.00 | $4,082,173.63 |
| Attire Photography | $2,120,000.00 | $2,606,752.00 | $3,205,262.26 |
| Product Photography | $1,806,000.00 | $2,220,657.60 | $2,730,520.58 |
| Pet Photography | $2,150,000.00 | $2,643,640.00 | $3,250,619.74 |
| TOTAL SALES | $8,776,000.00 | $10,790,969.60 | $13,268,576.22 |
| Direct Unit Costs | Year 1 | Year 2 | Year 3 |
| Event Coverage | $48.00 | $55.00 | $63.00 |
| Attire Photography | $38.00 | $43.00 | $49.00 |
| Product Photography | $40.00 | $45.00 | $52.00 |
| Pet Photography | $41.00 | $46.00 | $54.00 |
| Direct Cost of Sales | |||
| Event Coverage | $2,592,000.00 | $3,148,200.00 | $3,822,487.20 |
| Attire Photography | $2,014,000.00 | $2,415,740.00 | $2,917,989.20 |
| Product Photography | $1,720,000.00 | $2,051,100.00 | $2,512,369.60 |
| Pet Photography | $2,050,000.00 | $2,438,000.00 | $3,033,720.00 |
| Subtotal Direct Cost of Sales | $8,376,000.00 | $10,053,040.00 | $12,286,566.00 |
Personnel plan
Before we wrap the photography business plans examples up, we need to discuss the man force that will be needed to run this business. Just like a film business plan, photographers will be the main workers we will need to run this business. In short, if you want to know how to create a photography business plan, you need to have a clear idea of how many photographers will be needed to run the business.
7.1 Company Staff
The following people will be needed to run Benson Photography:
- James Benson will be the owner and CEO of the business.
- 3 managers for, operations, liaison, and marketing.
- 4 event photographers.
- 2 product photographers.
- 3 model photographers.
- 2 office workers.
- 1 guard.
- 1 reception clerk.
- 1 accountant.
7.2 Average Salary of Employees
| Personnel Plan | |||
| Year 1 | Year 2 | Year 3 | |
| Operations Manager | $14,000 | $15,400 | $16,940 |
| Liaison Manager | $13,000 | $14,300 | $15,730 |
| Marketing Manager | $13,000 | $14,300 | $15,730 |
| Event photographers | $40,000 | $44,000 | $48,400 |
| Product photographers | $20,000 | $22,000 | $24,200 |
| Model photographers | $32,000 | $35,200 | $38,720 |
| Guard | $8,000 | $8,800 | $9,680 |
| Office workers | $16,000 | $17,600 | $19,360 |
| Reception clerk | $7,000 | $7,700 | $8,470 |
| Accountant | $10,000 | $11,000 | $12,100 |
| Total Salaries | $173,000 | $190,300 | $209,330 |
Financial Plan
The last thing that we need to complete this business plan photography pdf is the plan of finances involved in starting this business. If you want to start the business and run it the right way, you need to have a solid financial plan for photography business. As photography equipment is quite expensive, this business will need a lot of starting capital just like a video production business plan. Here are the expenses that you need to arrange funds for before the business goes live:
- Money needed to make the studio.
- The cost of equipment for the studio.
- The cost of equipment for remote photography.
- The salary of employees.
- The cost of buying vehicles for photography teams.
- Bonds, securities, insurance, and registration costs.
8.1 Important Assumptions
| General Assumptions | |||
| Year 1 | Year 2 | Year 3 | |
| Plan Month | 1 | 2 | 3 |
| Current Interest Rate | 8.11% | 8.14% | 8.22% |
| Long-term Interest Rate | 8.35% | 8.42% | 8.47% |
| Tax Rate | 23.98% | 24.30% | 25.20% |
| Other | 0 | 0 | 0 |
8.2 Break-even Analysis
| Break-Even Analysis | |
| Monthly Units Break-even | 5337 |
| Monthly Revenue Break-even | $131,290 |
| Assumptions: | |
| Average Per-Unit Revenue | $231.00 |
| Average Per-Unit Variable Cost | $0.64 |
| Estimated Monthly Fixed Cost | $163,100 |
8.3 Projected Profit and Loss
| Pro Forma Profit And Loss | |||
| Year 1 | Year 2 | Year 3 | |
| Sales | $8,776,000 | $10,790,970 | $13,268,576 |
| Direct Cost of Sales | $8,376,000 | $10,053,040 | $12,286,566 |
| Other | $0 | $0 | $0 |
| TOTAL COST OF SALES | $8,376,000 | $10,053,040 | $12,286,566 |
| Gross Margin | $400,000 | $737,930 | $982,010 |
| Gross Margin % | 4.56% | 6.84% | 7.40% |
| Expenses | |||
| Payroll | $173,000 | $190,300 | $209,330 |
| Sales and Marketing and Other Expenses | $130,000 | $135,000 | $139,000 |
| Depreciation | $2,100 | $2,200 | $2,300 |
| Leased Equipment | $0 | $0 | $0 |
| Utilities | $2,980 | $3,000 | $3,100 |
| Insurance | $2,100 | $2,100 | $2,100 |
| Rent | $2,700 | $2,800 | $2,900 |
| Payroll Taxes | $27,000 | $28,000 | $29,000 |
| Other | $0 | $0 | $0 |
| Total Operating Expenses | $339,880 | $363,400 | $387,730 |
| Profit Before Interest and Taxes | $60,120 | $374,530 | $594,280 |
| EBITDA | $60,120 | $374,530 | $594,280 |
| Interest Expense | $0 | $0 | $0 |
| Taxes Incurred | $12,024 | $74,906 | $118,856 |
| Net Profit | $48,096 | $299,624 | $475,424 |
| Net Profit/Sales | 0.55% | 2.78% | 3.58% |
8.3.1 Profit Monthly
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
| Pro Forma Cash Flow | |||
| Cash Received | Year 1 | Year 2 | Year 3 |
| Cash from Operations | |||
| Cash Sales | $49,000 | $52,920 | $57,154 |
| Cash from Receivables | $21,000 | $22,680 | $24,494 |
| SUBTOTAL CASH FROM OPERATIONS | $70,000 | $76,300 | $82,404 |
| Additional Cash Received | |||
| Sales Tax, VAT, HST/GST Received | $0 | $0 | $0 |
| New Current Borrowing | $0 | $0 | $0 |
| New Other Liabilities (interest-free) | $0 | $0 | $0 |
| New Long-term Liabilities | $0 | $0 | $0 |
| Sales of Other Current Assets | $0 | $0 | $0 |
| Sales of Long-term Assets | $0 | $0 | $0 |
| New Investment Received | $0 | $0 | $0 |
| SUBTOTAL CASH RECEIVED | $70,000 | $77,000 | $83,000 |
| Expenditures | Year 1 | Year 2 | Year 3 |
| Expenditures from Operations | |||
| Cash Spending | $39,000 | $40,000 | $41,000 |
| Bill Payments | $25,000 | $26,000 | $28,000 |
| SUBTOTAL SPENT ON OPERATIONS | $64,000 | $66,000 | $69,000 |
| Additional Cash Spent | |||
| Sales Tax, VAT, HST/GST Paid Out | $0 | $0 | $0 |
| Principal Repayment of Current Borrowing | $0 | $0 | $0 |
| Other Liabilities Principal Repayment | $0 | $0 | $0 |
| Long-term Liabilities Principal Repayment | $0 | $0 | $0 |
| Purchase Other Current Assets | $0 | $0 | $0 |
| Purchase Long-term Assets | $0 | $0 | $0 |
| Dividends | $0 | $0 | $0 |
| SUBTOTAL CASH SPENT | $64,000 | $69,120 | $74,650 |
| Net Cash Flow | $21,000 | $22,000 | $23,000 |
| Cash Balance | $30,000 | $31,000 | $33,000 |
8.5 Projected Balance Sheet
| Pro Forma Balance Sheet | |||
| Assets | Year 1 | Year 2 | Year 3 |
| Current Assets | |||
| Cash | $272,000 | $304,640 | $335,104 |
| Accounts Receivable | $24,000 | $26,880 | $30,213 |
| Inventory | $3,900 | $4,368 | $4,900 |
| Other Current Assets | $1,000 | $1,000 | $1,000 |
| TOTAL CURRENT ASSETS | $279,000 | $312,480 | $351,228 |
| Long-term Assets | |||
| Long-term Assets | $10,000 | $10,000 | $10,000 |
| Accumulated Depreciation | $20,500 | $22,960 | $25,830 |
| TOTAL LONG-TERM ASSETS | $25,000 | $28,000 | $31,500 |
| TOTAL ASSETS | $294,000 | $329,280 | $370,440 |
| Liabilities and Capital | Year 4 | Year 5 | Year 6 |
| Current Liabilities | |||
| Accounts Payable | $20,000 | $22,400 | $25,178 |
| Current Borrowing | $0 | $0 | $0 |
| Other Current Liabilities | $0 | $0 | $0 |
| SUBTOTAL CURRENT LIABILITIES | $20,000 | $22,400 | $25,178 |
| Long-term Liabilities | $0 | $0 | $0 |
| TOTAL LIABILITIES | $18,000 | $20,160 | $22,660 |
| Paid-in Capital | $30,000 | $30,000 | $31,000 |
| Retained Earnings | $54,200 | $59,078 | $64,986 |
| Earnings | $199,200 | $217,128 | $238,841 |
| TOTAL CAPITAL | $289,000 | $315,010 | $346,511 |
| TOTAL LIABILITIES AND CAPITAL | $307,000 | $329,280 | $370,440 |
| Net Worth | $320,900 | $349,781 | $384,759 |
8.6 Business Ratios
| Ratio Analysis | ||||
| Year 1 | Year 2 | Year 3 | INDUSTRY PROFILE | |
| Sales Growth | 7.27% | 8.06% | 8.93% | 3.00% |
| Percent of Total Assets | ||||
| Accounts Receivable | 9.24% | 10.24% | 11.34% | 9.80% |
| Inventory | 5.43% | 6.02% | 6.67% | 9.90% |
| Other Current Assets | 2.19% | 2.43% | 2.69% | 2.40% |
| Total Current Assets | 150.00% | 151.00% | 152.00% | 158.00% |
| Long-term Assets | 11.54% | 11.59% | 11.64% | 12.00% |
| TOTAL ASSETS | 100.00% | 100.00% | 100.00% | 100.00% |
| Current Liabilities | 4.88% | 4.92% | 4.96% | 4.34% |
| Long-term Liabilities | 0.00% | 0.00% | 0.00% | 0.00% |
| Total Liabilities | 7.55% | 7.61% | 7.68% | 7.38% |
| NET WORTH | 100.35% | 101.15% | 102.08% | 110.00% |
| Percent of Sales | ||||
| Sales | 100.00% | 100.00% | 100.00% | 100.00% |
| Gross Margin | 93.49% | 96.01% | 98.70% | 99.00% |
| Selling, General & Administrative Expenses | 93.78% | 96.31% | 99.01% | 97.80% |
| Advertising Expenses | 1.49% | 1.53% | 1.57% | 1.40% |
| Profit Before Interest and Taxes | 42.00% | 43.13% | 44.34% | 33.90% |
| Main Ratios | ||||
| Current | 34 | 35 | 36 | 32 |
| Quick | 32.2 | 33.4 | 34.235 | 33 |
| Total Debt to Total Assets | 0.18% | 0.18% | 0.17% | 0.40% |
| Pre-tax Return on Net Worth | 73.49% | 74.50% | 75.00% | 75.00% |
| Pre-tax Return on Assets | 94.59% | 99.32% | 104.29% | 111.30% |
| Additional Ratios | Year 1 | Year 2 | Year 3 | |
| Net Profit Margin | 33.20% | 34.23% | 35.29% | N.A. |
| Return on Equity | 57.00% | 58.77% | 60.59% | N.A. |
| Activity Ratios | ||||
| Accounts Receivable Turnover | 7.7 | 7.8 | 7.8 | N.A. |
| Collection Days | 100 | 100 | 100 | N.A. |
| Inventory Turnover | 32.6 | 34.23 | 33 | N.A. |
| Accounts Payable Turnover | 15 | 16 | 16.3 | N.A. |
| Payment Days | 27 | 27 | 27 | N.A. |
| Total Asset Turnover | 2.4 | 2.5 | 2.6 | N.A. |
| Debt Ratios | ||||
| Debt to Net Worth | -0.04 | -0.03 | -0.04 | N.A. |
| Current Liab. to Liab. | 1 | 1 | 1 | N.A. |
| Liquidity Ratios | ||||
| Net Working Capital | $242,000 | $255,552 | $269,863 | N.A. |
| Interest Coverage | 0 | 0 | 0 | N.A. |
| Additional Ratios | ||||
| Assets to Sales | 0.86 | 0.87 | 0.87 | N.A. |
| Current Debt/Total Assets | 1% | 0% | 0% | N.A. |
| Acid Test | 29.3 | 29.32 | 29.36 | N.A. |
| Sales/Net Worth | 2.1 | 2.2 | 2.3 | N.A. |
| Dividend Payout | 0 | 0 | 0 | N.A. |
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