Photo Studio Business Plan: Three Choices To Make
Starting a photo studio entails the creation of a business plan to sell the idea to lenders
, investors, and other types of partners. Three key choices that you must make within this plan are the design of your space, your equipment needs, and the division of labor.Studio Design
Although the design of your space may be somewhat constrained by the specific rental spaces you find available, you do have a great deal of control over the finishing and renovation of your studio. A flexible studio with a neutral look will make it possible to serve a wider variety of clients. However, zeroing in on a look more attractive to corporate clients, for example, may make it easier to compete as a location for product shoots. To that end, the design must tie in with your marketing strategy which, in turn, relies on the opportunities you found in the market in your research and the expertise you and your team bring to the business.
Equipment Needs
The equipment you purchase should also be tailored specifically to the type of services you will offer, as well as to the capacity of your studio. If you will have only one photo team on assignment at a time, purchasing a first set of equipment (tripods, cameras, lighting, etc.) is probably a must. As soon as you have the potential for another photo team to be operating simultaneously, you must decide at what point it makes sense to purchase additional equipment. Remember that renting or leasing may be options rather than buying new equipment outright.
Division of Labor
If you will be the manager of your photo studio business as well as the lead photographer, there are certain tasks which will naturally fall to you at first. You will represent the company to clients, make decisions on capital investments, and lead each photo shoot. However, there are other tasks which you can successfully hand off to photo assistants or administrative assistants to insure that you are working to your highest skills as often as possible. Furthermore, you can use photo shops and framing shops to handle prints, creation of albums, and framing if these are not your own key strengths. By dividing labor between yourself, part-time and full-time assistants, and vendors, you can leverage your skills much further than otherwise possible.
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