Business Plan- Financial Plan, Exit Strategy, Executive Summary, Reference List, & Complete Business Plan

Business Plan: Environmental and Industry Analysis

The photography industry is a fast-growing industry, and there is an existing market gap that has not yet been adequately addressed. The photography business entails many services providers such as corporate/industry photography, special events photography, and portraiture (Scott, 2014). For a photographer to provide quality services, then the best equipment must be used. Today, research by IBIS world shows that the market for professional photography equipment has reached revenues of more than $10 billion in 2019 in the United States. The annual growth rate of this industry is 0.3% from the year 2014 to 2019. By the end of 2019, it is anticipated that there will a 1.3% increase in the industry revenue, and therefore it is expected that revenues will reach $10.5billion. It is estimated that more than 50% of people working in this industry comprises of individuals between 25 and 44 years (IBIS world). The industry is growing and becoming wide because the photographs services being offered currently are diverse. For instance, pet photography has been embraced today, and this implies that opportunities are increasing. A combination of these aspects and data means that Top-notch Photography Studio will be in a good market position mainly because there is a market gap, and the demand for these services is increasing.

Today, photography is increasingly going digital, but however digital images may also be printed as used for business cards, brochures, be placed on walls, among other uses. Many photography studios have switched to digital format because it is not only easy to manipulate but also, the processing is easy (Scott, 2014). Engaging professional photographers ensure that there is quality because consumers who own their own cameras may lack the capability to capture quality photos. In this industry, the competition is mainly divided between same-day photo studios, luxury photographers, especially for magazines and fashion events, and moderate professional photographers who show their works on platforms such as social media (Peres, 2013). Top-notch Photo Studio may be classified as a moderate professional photography studio, but the quality of the work is high.

The first strength of this business is that this business is sensitive to fluctuations in disposable income, and this is advantageous for this business because the growth of disposable income will positively affect the industry. This is mainly because consumers will have more urge to buy professional photography services as a result of increased disposable income. It is expected that there will be an increase in per capita disposable income in the near future, which implies that the market is growing at a favorable rate. The second strength of this business is that the cost of offering these services is low as compared to the past, mainly because many customers prefer photos in digital format, which is easy to process and manipulate (Scott, 2014). The third strength is that the business allows creativity, and this may attract many customers and create customer loyalty. The fourth strength is that pricing varies, which indicates that maximizing profits is easy. The fifth strength is that scheduling is flexible. For this business, it will be easier to interact with customers, and this means that it will be easier to understand customer needs and create loyalty. Another strength of this business is that the flexible nature of the industry makes it easy to make more profits. For instance, photography services can be offered at the studio, outdoors, and also one can take photos such as wildlife photos and sell them to clients.

The first weakness of this business is that purchasing all the required equipment is expensive. It is essential to ensure that all equipment needed is obtained, and some of them can be expensive. The second weakness is that a lot of research is required to ensure customers are satisfied and also enhance creativity in the business. The third potential threat to this industry is that the number of smartphone users is increasing, and these mobile phones have high-quality cameras, which can enable the user to capture high-quality photos. Another weakness that may affect the business is that it is mainly a studio business, which means that it may not have the ability to cover a broad customer base. These weaknesses may be a threat to this business. However, doing research and being flexible will help in ensuring that the company is not being affected by the risks.

The photography industry is a fast-growing industry that cuts through many aspects of day-to-day life (Peres, 2013). This is mainly because photography is being relied on by many individuals and companies to capture moments. Today, many events, including private and public affairs, have professional photographers who take photos. It is a flexible industry that has few hindrances. The government has supported the growing sector by putting favorable policies and regulations. Currently, due to the political stability, the working conditions are suitable for the business.

Additionally, the government has put favorable regulations and policies for the industry. The critical legal factors to consider are copyright/intellectual property laws and information protection laws. The photography restriction may be in criminal or civil law, depending on the nature of the case. Copyright law restricts individuals from copying other people’s works. There is also a right to privacy, whereby it is illegal to take photos or someone or something without the owner’s consent. For instance, in the U.S., it is illegal to take photographs of public property without meeting reasonable community standards that have been set (Tuck, 2009). In some areas, a permit or proof of insurance is required for commercial photography. In most countries, it is also illegal to take photographs that can cause harm or taking pictures that may hinder operations such as accident scenes.

Currently, many companies are manufacturing up-to-date and modern photography equipment, which vary in cost. The processing and manufacturing of photographs have become easier because there many types of equipment and techniques which are being used for these aspects. Additionally, digital cameras have enabled storing, editing, printing, and sharing easy. The competition in the industry is moderate. Still, some of the top companies in the sector include Art Chick Photography, Andor, Elinchrom, Mamiya, etc. This may affect the business, especially for commercial photographs, but being flexible will help in creating a competitive advantage

References IBIS world website. Retrieved from: https://www.ibisworld.com/united-states/market-research-reports/photography-industry/ Peres, M. R. (Ed.). (2013). The focal encyclopedia of photography. Taylor & Francis. Scott, G. (2014). Professional Photography: The new global landscape explained. Routledge. Tuck, K. (2009). Commercial photography handbook: Business techniques for professional digital photographers. Amherst Media