Photography Business Plan Advice | Running The Photography Business Of Your Dreams Made Simple
Photography Business Plan Advice | Taking stunning pictures will get you only so far – it will get your foot in the door, but in order to turn your business idea into an epic success story, you’ll need much more than raw talent. You’ll need a game plan if you’re hoping to stand out from the crowd of other shooters, grab the attention of your potential clients and book yourself solid. Photography can be a challenging industry to become a part of, but if you follow a few steps, have the talent, and work hard, you can get your feet wet and start making the essential contacts that will drive your business to success.
There is one other thing you’ll need to take care of before you start out – every successful business owner will tell you that in order to achieve your business goals, you’ll need to write them down first. Clearly defining your business goals will give you a much better idea what needs to be done to get to the finish line a lot quicker, and help you avoid some of the common pitfalls associated with the photography industry. To help you get started on the right track, we’ll go through some of the most important elements each photography business plan should cover! Let’s dive right in, shall we?
Clearly Define Your Target Audience | Photography Business Plan Advice
Many photographers will accept pretty much any gig that comes their way, especially when they’re just starting out in the industry and they’re trying to make the ends meet. However, clearly defining your area of specialization will help you stand out and establish yourself as a reliable expert. This will also help you determine who your ideal client is and what you’ll need in order to get their attention. This should never be taken lightly, as it can make or break your business – so define your ideal client in terms of age, gender, location, and even finances.
Not only will you have a better idea on how to market your photography business, but it will help you set up a website that will appeal to your potential clients, choose the examples for your portfolio, choose the best platform, and even set up your pricing.
Think About Your Marketing Strategy | Photography Business Plan Advice
Marketing is definitely not a sprint – it’s a marathon. And you’ll stand a much better chance of succeeding if you go in prepared. This is why you should dedicate a considerable chunk of your business plan to your marketing strategy, so you never get caught struggling to put something together in the middle of a season. Things you’ll want to define in your business plan are the social media networks you’ll be using to engage your potential clients, the budget for outsourcing, the discounts for special occasions and holidays, and so on. If you already clearly defined your target audience, this step shouldn’t cause you any problems!
Come Up With A Pricing Plan | Photography Business Plan Advice
By clearly defining your target audience and your ideal client, you’ll have a much better idea of the prices that will work best for you. Is your client a high-end fashion designer, a budget-conscious high-school senior or a bride to be? Your pricing will be heavily influenced by the type of services you’re providing and your target audience, so make sure you do your research first. And whatever you do, don’t leave it up to your potential clients to set the terms. If you don’t know your worth, how on earth is anyone else supposed to know it?
It’s better to have a starting point when a potential client approaches you than to leave it to them to set the terms, even if you have to lower the price at the beginning to book the gig. Another neat trick is to come up with service packages that include different services and other elements – whether you’ll throw in some free prints, free delivery, a frame, or more time for the session. Whatever you decide, keep in mind that there needs to be a clear distinction between packages and reasons strong enough to make your potential clients choose the more premium packages over the starter ones.
Sort Out Your Finances | Photography Business Plan Advice
Do you already having some savings available, or will you need to take a loan to make ends meet until you start bringing in actual profits? How will you cover the equipment expenses? What about insurance? Thieves know that photography bags are packed with valuable equipment, so make sure you’re insured at all times. You’ll also want to get liability insurance. You never know when a client can trip over a cable and sustain an injury or damage the set. If you don’t feel like looking into the insurance, you should at least consider looking for insurance agencies that have specialized photography packages with all the most important insurance for photographers just like you!
Make A Savings Plan | Photography Business Plan Advice
It will definitely take some time for your photography business to start making profits, and it takes even longer to put a few bucks in the savings account. However, saving money should be a priority as you grow your business. No matter what kind of photography you do, you’ll hit a slow month, and there’s no getting around that fact, so you’ll want to save money when you’re busy so the lean months are easier to handle.