Putting together your ‘Studio’ Business Plan – Part 2

2. Detail your customers, competitors and research

You must decide exactly which markets you want to target. This will help give your business activities focus and clarity of purpose. It is essential that in your plan you should include customer profiles, i.e. who are they, where do they live, what types of products do they buy and what type of lifestyle do they lead? Once you have done so, go back to your business description and make sure that the product or service you are offering matches your target market. In a photographic business on particular, the language you use in communicating with your market is critical to your success. Photo jargon is often your worst enemy.

In this section you should collate information about your competitors. This research is vital even if you feel you have a unique product, you will always have competitors so think this through carefully. Re-iterate what separates your business from your competition.

If you have conducted any research into the viability of your business, which supports your projections, include it at this stage.

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