Opening a Special Occasion Photography Business
Starting a special occasion photography business is your ticket to owning a good, stable business but it's important to plan out the business in detail before you start. Here are tips and advice on the essential elements for business success.
Thinking about opening a special occasion photography business? We tell you what you need to know to get started.
Elements of a Special Occasion Photography Company Business Plan
Looking for a one-size-fits-all business plan? Good luck. . . because it doesn't exist. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – Your description of your special occasion photography business's reason for existing.
- Goals & Objectives – Goals are broad targets; objectives are the tactics you'll use to reach your goals.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Consider the Competition
Before you open a special occasion photography business within your community, it's a good idea to see how many competitors you have. Try our link below to get a list of local competitors nearby. After following the link, enter your city, state and zip code to get a list of special occasion photography businesses in your area.
Is the local market large enough to support another special occasion photography business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
Once you've finished assessing the competion, the next step is to talk to somebody who is already in the business. It's very unlikely that the local competition will talk to you. The last thing they want to do is help you to be a better competitor.
Thankfully, an owner of a a special occasion photography business in a different city can be a great learning resource for you, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Where do you find an entrepreneur who is running a special occasion photography business in a different locale who can assist you?
Simple. Let your fingers do the walking by using the link below.
Top Three Reasons to Buy an Established Special Occasion Photography Business
At Gaebler, we think it makes a lot of sense to explore a special occasion photography business purchase before committing to a startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Established Operations & Processes. Existing businesses are established operations, with the necessary processes, people and other resources already in place.
- Capital Acquisition. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Franchising May Be a Better Way to Go
Franchises reduce the amount of time it takes to launch a business because they leverage the expertise of successful special occasion photography businesses and enhance the visibility of your startup in the local market. When it comes to supply chains, marketing, hiring processes, operational procedures and other areas, it's hard to beat a small business franchise.
While it's true that franchising has both benefits and drawbacks, our video photography franchise directory will give you the tools you need to evaluate whether a franchised startup is a good fit for you and your goals.
These interviews should be of interest to you.
- Interview with Janice Celeste, Founder of Celeste Studios Film & Video Productions
- Interview with Angela Morris, Owner of Angela Photography
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