Drafting Your Business Plan

 

As a continuation of a short series on business plans for your photographic business…

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.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s