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Business plan

The first step in starting up your photography business.


A business plan is almost always essential to obtain financing for your new business.
A business plan is almost always essential to obtain financing for your new business.

WHY DO WE BEGIN BY EMPHASIZING THE NEED FOR A BUSINESS PLAN?

You may think a business plan has nothing to do with photography per se, and everything to do with money. You would be right, except that the money is either paid by or earned by a photographer. You. And you must be concerned about the economics of your profession if you are to prosper from it.

Many photographers are known to be poor business people. Some are foolish enough to take pride in their lack of business acumen, as if it is unnatural that an artist should be a good businessman. The professional photographer who doesn't give the right amount of attention to the economics of his or her business won't be a professional for long. He or she will soon be out of business. And you don't want that to happen to you.


WHAT DOES A BUSINESS PLAN DO?

Although a prime purpose of a business plan is typically to obtain financing for the new venture, that is not its only importance. A business plan provides:

  • an overview of your proposed photography business,
  • explains your business objectives,
  • explains how you will make your business work,
  • tells why you are capable of making it work, and
  • supplies financial backup that show the business's viability and profit potential.

A thoughtful, well-prepared business plan “forces” you to explore all the factors that may affect your business. It also provides you with an indication of the prospect for the success of your business and serves as a guide you can refer to over time to ensure you remain on the right track.

Sports photography is in demand. Events promoters are almost always interested in professional quality pictures of their event, since they are so useful in promoting the next one. Further, participants, their families & friends are potential customers.
Sports photography is in demand. Events promoters are almost always interested in professional quality pictures of their event, since they are so useful in promoting the next one. Further, participants, their families & friends are potential customers.

You may have what it takes to capture that
You may have what it takes to capture that "knock-out" sports picture, and to do it time and again so that your photographs are marketable.

WHY DO YOU NEED A BUSINESS PLAN?

The first and most important reason is that a business plan will tell you whether the business has a good chance to succeed or is not worth pursuing. If your plan reveals that the business is too risky or has little chance for success, the plan will save you from any further expenditure of time and money by allowing you to abandon the venture before you had sunk thousands of dollars into it. If, however, the business looks viable according to the plan, there are four additional reasons why you should create a business plan.

Five reasons for a business plan:

1. As stated above, a business plan gives you confidence by confirming that your ideas, assumptions and calculations have the potential to make the business a success.

2. A well-prepared, convincing plan provides potential backers with information they need to assess whether your new business will be a good investment – that is, that a market clearly exists and that it can be served by the proposed business.

3. It serves as a guide for running your business once it is started, helping to keep you on track in achieving your objectives.


4. The plan acts as a strong incentive for you to appreciate the task ahead of you by “forcing” you to realistically take into account all of the considerations of running a photography business, including a hard look at the dollars and cents.

5. After start up, your plan provides you with a means of measuring whether your business is proceeding as well as you intended, by comparing actual income and expenses with your plan’s projections. If the business should run into trouble, the plan will help you to understand why, showing where it has fallen off the rails, and hopefully what needs to be done to correct the problems and get the business out of trouble.

In addition, if there is more than one owner/operator, the plan helps everyone to understand each others’ roles and responsibilities, and spells out what each can reasonably expect to achieve from the business.

Sports photography may not be your calling. You may be more suited to capturing unique, memorable wedding photographs. If you are really good at wedding photography, you should have no trouble finding clients. In fact, they will probably find you.
Sports photography may not be your calling. You may be more suited to capturing unique, memorable wedding photographs. If you are really good at wedding photography, you should have no trouble finding clients. In fact, they will probably find you.

LET'S GET STARTED

Click here or below, on the "Developing a business plan" link, to get started with the creation of your own business plan.


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Developing a business plan

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