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

Sheena M. Orozco

Southern New Hampshire University

Business Plan: Timeline, Critical Risks, Assumptions, and Benefits to the Community

Timeline

One of the vital elements of the portrait studios' strategy is to reach graduating students a month before graduating and engaged couples as soon as they commit. Recently engaged couples want to start shooting their engaged photo sessions soon after getting engaged. Based on the success of the photoshoot, they usually continue to use the same service provider for photography for all things related to the wedding, such as the engagement party, bridal shower, and eventually the wedding, therefore, forming the foundation of a long-term relationship. Referrals will be solicited from customers through advertising to reach their friends and family.

The photography business will also use marketing databases to reach our target market. As well as working directly with local schools, wedding venues, wedding specialty stores, and other wedding service businesses, attractive advertising material will be displayed in these sites to show customers our capabilities. The photography studio will have flexible hours for scheduling photo sessions to accommodate our client base. Because the business will be committed to customer service and satisfaction, the client base will be used to uphold the company's standing for quality continually. Also, as things now a days are becoming more digital, the company will provide access to digital files effortlessly and at a reasonable cost.

The management of the photography studio will be minimal in the first couple of years. Along with carrying out the creative functions of the company, as the business owner and the photographer, I will be involved in all business functions, such as payroll, marketing, accounts payable, and accounts receivable. Staff will be added as the business develops, to lessen the extra responsibilities from the photographer. The staff for the first one to two years of opening will be for one part-time employee who will function as an assistant in the office as well as for the photographer. In the third or fourth years, assuming profitability takes place, the part-time position will become full time.

The budget for these goals will be included as start-up expenses.

Assumptions

Concerning the photography business, several assumptions have been made concerning how the company will operate. One of the assumptions is the idea that there will be an increased demand for professional photography products and services. It is assumed that as much as many people own smartphones that can take quality pictures, they will still demand the services of a professional and skilled photographer for different occasions and events. It is assumed that there is a ready and growing market for the business.

It is also assumed that the economic conditions will be favorable for the photography business. It is noted that for a business to operate in any given area, it must have the required permits and licenses to do so. However, photography is assumed to be a small business. Therefore, the financial requirements will not be immense (Carr, 2011). The economic conditions are considered to favor the growth of the company. While setting up a business, various assumptions have to be made since not everything is confirmed.

Critical Risks

One of the potential risks of the business is the chance that the demand will not be as high as assumed. Economic conditions are getting hard, and many people might see it as a waste to spend money on photographs. If this comes to pass, then it means the business will be at risk of collapsing due to the lack of demand. There is also the risk of stiff competition (Stokes & Wilson, 2010). The photography business is perceived to be lucrative and might attract many players. This is risky since many companies might fail due to the increased competition. One of the alternatives to deal with the risk of lack of demand is by taking high-quality photographs of nature, landscapes, landmark buildings, and animals, among others, and displaying them as a marketing tool. It is also essential to be creative and taking unique photographs that will create an interest in the market so that they can buy them. This strategy will enable the photographer to go to the customer instead of the customer coming to them. It is a significant strategy to deal with the risk of lack of market as well as stiff competition. Businesses have to be unique in dealing with the challenges that they face in the industry (Stokes & Wilson, 2010).

Benefits to the Community.

The photography business will have various benefits for the community. One of the advantages is job creation. Photography is an opportunity for individuals to make an income and support their families and their communities at large. It is a private business that earns sufficient income to support people economically. The income that they earn will be used to make other investments such as in childhood education or even establishing other businesses.

The business will also challenge the community, especially the youth, to enter into private companies instead of waiting for government jobs, which are scarce and usually scrambled for (Carr, 2011). When a business is established, it must have a positive impact on the community, either directly or indirectly. It should not only benefit the proprietor but those around them as well.

References Carr, S. (2011). The Art and Business of Photography. New York: Allworth Press. Stokes, D. & Wilson, N. (2010). Small Business Management and Entrepreneurship. London: Cengage Brain. .