1. Write a brief description of yourself and your business
This should be the easy part and it will get you warmed up. You first need to write a summary of your own experience, your qualifications, and how you came upon your business idea to open a Photography Studio. Then answer questions about your products and business: What does it do? What are the benefits for customers? Why you think it will be successful. Who is it aimed at? What makes it different?
Include the start date for trading and if the business has already launched, describe your progress to date. Write down the type of business and the sector, and if you are buying the business from someone else include details about the history and past performance. You also need to state the legal structure of the business and list any ‘goodwill’. client base or rights you have bought. But do remember the term ‘Buyer Beware’ when considering buying an existing business as you may find yourself buying very little for your money.
Finally, describe where you see the business going over the next few years. Setting achievable objectives is essential as much as investing in your own photography. Another term of vital importance is producing images of ‘Merchantable Quality’. In practical terms this is the baseline of professional practice and when measured by a recognised qualifying body, is defensible in a court of law.