How to Write a Photography Business Plan
Surprisingly, the photography industry has been growing moderately over the last several years, which has led to a growing demand for photography business plans, photography business plan templates, and also photography pro forma financial projections.
There are numerous reasons why the demand for photographers as well as photography business plans is climbing. To illustrate, our photography business plan writer has found that photographers have a multitude of niches they might exploit, such as studio photography, special event photography, and photoshoots. Further, industry competitors are continually finding new complementary services to provide, like digital photo albums and such. As more and more photographers enjoy success in this industry, the need for funding for expansion often arises, which again drives the demand for a photography business plan.
Regardless of why the photography industry is continually seeking out and needing photography business plans, photography business plan templates, and photography pro forma financial projections, having the document prepared as soon as possible is always an excellent strategic move. From this, our business plan writer has come up with some tips and tricks for photography business owners to use when writing up their business plans.
Executive Summary for a Photography Business Plan or Template.
The executive summary section for a photography business plan should start like a traditional business plan which means the business plan writer should include the company name, legal business structure, address, and niche services provided. Further, our photography business plan writer has found that business owners should also specifically state the geographic area served. In some instances, photographers may only work within certain cities or parts of a state. In other circumstances, photographers may travel across the country or even around the world. By stating and explaining the geographic area serviced in the executive summary, photographers are able to set the foundation for aligning other areas of the business plan like the location section and target market segments.
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In the company information section of a photography business plan, the main revenue generator should almost always be the niche service provided. For example, if a photographer has a studio, then self-portraits and photoshoots may be their bread-and-butter for revenue. If this is the case, then fully explaining the niche in their company information section not only helps the reader understand the specialty of the company but it also helps with aligning the company’s target market as well as setting the foundation for creating pro forma financial projections based on niche services offered.
Popular Services Offered by a Photography Company.
In the products and services segment for a photography business plan, again, make sure to reiterate the niche service or main revenue driver for the organization. The niche service may be shooting special events, self-portraits, or photoshoots. Further, the segment should also be used to discuss other secondary revenue generators such as constructing digital photo albums, creating slideshows, and other popular services that complement your niche offering. By providing the reader with a full spectrum of services, the business owner is able to not only ensure their specialty aligns with the customer’s needs but also improve the likelihood of complementary sales through the structured process.
Marketing Section for a Photography Company Business Plan or Business Plan Template
The marketing section of a photography business plan usually includes traditional marketing activities such as word-of-mouth advertising, networking, and signage on the business owner's vehicle and or in front of their shop. Further, more and more photography companies are embracing social media as their main motive for advertising. Social media platforms popular for photographers would include Instagram, TikTok, and Facebook. Further, her business plan writers also found that photographers extensively use their web pages to display previous works. Not only does this practice help future clients envision the services provided, but it also adds credibility to the business (8/22).
The pro forma financial projection model for a photography company can be quite difficult to construct. The difficulty comes in because, in some cases, a photographer may be on the job for several days or even weeks. In these cases, then the financial model should be built based on weekly or monthly revenues. In other cases, a photographer may provide services several times a day through self-portraits or by attending multiple photos daily. The inconsistent revenues generated leave business plan writers needing to either break down multiple week photos into daily revenue-generating activities or expand daily revenues earned to a weekly or even monthly basis. From this, there is no easy choice for a sound model. Instead, the best bet for a photography business plan writer to ensure credibility for their proforma projections is to utilize the assumption segment of the business plan and clearly state the thoughts and ideas behind how the model was constructed. It is not an optimal situation, but for this industry, it’s usually the best anyone business plan writer or financial projection professional can do.
Hopefully, these insightful tips and tricks for writing a business plan were helpful. As always, if you need help with a business plan or financial projections, just send us an email or give us a call.
Author: Paul Borosky, Doctoral Candidate, MBA., Author