If you are interested in owning your own photography business then it is well advised to develop a photography business plan. This is particularly true if you need to raise funds for capital expenses such as building rent/lease or purchase. It is also a good idea to create a business plan even if you are not looking for capital because it can help solidify the vision for your business and help you to set realistic goals.

So what are the key criteria for a business plan?  There is no standard format for all business plans but I have provided a sample outline below that worked well for me.  You can adjust it to suit your own situation. The key is to provide a solid well-defined plan that addresses the key issues of profitability and risk.

  1. Executive Summary- An overview of the pertinent facts found later in the document.
  2. Objectives – List of your business objectives.  Market share goals, type of services offered, client list size, revenue, etc.
  3. Mission – Mission statement for your business.
  4. Keys to Success – Critical tasks to accomplish in order to achieve your objectives. Examples include establishing online presence, outsourcing retouching, reaching new client base, etc.
  5. Company Summary – Brief overview of history and current state of business.
    1. Company Ownership – Who owns the business and under what type of ownership?  Sole proprietorship, LLC, etc.
    2. Start-Up Summary – Description of initial start-up costs and how capital was raised (if needed.)
    3. Locations – Description of studio location (if any). In the absence of a dedicated building, describe how shoots are completed on-location.
  6. Products and Services – Description of products and services offered.  Include general costs such as session fees, package ranges,etc.
  7. Technology – Description of technology required such as cameras, lighting, photo processing software.
  8. Market Analysis Summary – Overview of market. This information can often be found at your city’s website.  Include information such as median household income, family size, age, etc.
    1. Market Segmentation – What age(s) are you targeting?   How will you reach that market?
    2. Competition – Who is your competition?  What is their size?  What do they offer?
    3. Value Proposition – How will you provide value to your customers?  What will set you apart?
    4. Marketing Strategy – How will you reach your target audience?
    5. Competitive Edge – What sets you apart from your competition? Why will you succeed?
  9. Management Team – Describe the owner(s) and their management and technical experience. This is a mini-resume in a paragraph form.
  10. Staff – If you have staff workers, you can insert their responsibilities here.
  11. Financial Plan – Include the following financial information:
    1. Income and Expense – Provide data  for current year and past year
    2. Break Even Analysis – How many clients do you need to break even. This is critical for capital investments such as building purchase.
    3. Trends – What trends have you seen in the past and what do you predict for the future based on your marketing plan?
    4. Projections – Provide projected income, expense, and profit numbers for upcoming years. (3 years ideally).
    5. Capital Investment requirements – Outline what amount is required and for what.
  12. Exit Strategy and Risk Assessment – What will you do if profitability cannot be maintained?   This is your exit strategy.  How high is the risk that this will occur?
  13. Conclusion- Wrap it all up

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