Photography Business Plan Template
If you want to start a successful photography business or expand your current photography business, you need a solid business plan.
The following sample photography business plan template gives you an outline of the key elements to include in a successful photography business plan. It can be used to create a photographer business plan, a commercial photography business plan, or a photography studio business plan.
Sample Photography Business Plan
Below is a photography business plan example with each of the key sections to help you write a photography business plan for your own company.
I. Executive Summary
Business Overview
[Company Name], located at [insert location here] is a new, upscale photography business focusing on studio and location shoots for private and corporate still shots and portraiture.
Services
[Company Name]will offer formal and informal portraits as well as shoots of properties, groups, and products. [Company Name] will also provide photo editing and décor within its studio space.
Customer Focus
[Company Name] will primarily serve the residents within a 15 mile radius of our facility. The demographics of these customers are as follows:
- 27,827 residents
- Average income of $74,700
- 58.9% married
- 49.6% in Mgt./Professional occupations
- Median age: 38 years
[Company Name] will serve private customers, primarily brides and parents, corporations and non profits in the general vicinity.
Management Team
[Company Name]is led by [Founder’s Name] who has been in the photography business for 20 years. While [Founder] has never run a photo studio himself, he has taught photography classes at the local community college for 10 years and has worked as a lead photographer for an event photography business in the community over the past 10 years. As such [Founder] has an in-depth knowledge of the photography business including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).
Success Factors
[Company Name] is uniquely qualified to succeed due to the following reasons:
- There is currently no upscale photography business focusing on portraiture in the community we are entering. In addition, we have surveyed the local population and received extremely positive feedback saying that they explicitly want to use our services when launched. [Founder’s Name] has already begun to work with some residents on a freelance basis.
- The management team has a track record of success in the photography business.
- Market trends such as growth in demand for high-quality photography services and the increasing value customers place in full-service photographers support our business opportunity.
Financial Highlights
[Company Name] is currently seeking $251,000 to launch.Specifically, these funds will be used as follows:
- Facilitydesign/build and photography equipment: $86,000
- Working capital: $165,000 to pay for marketing, salaries, and other expenses until [Company Name] reaches break-even.
Top line projections over the next five years are as follows:
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| Revenue | $136,652 | $274,624 | $361,066 | $466,559 | $603,783 |
| Total Expenses | $216,990 | $232,553 | $262,109 | $291,473 | $325,303 |
| EBITDA | ($80,339) | $42,070 | $98,958 | $175,086 | $278,480 |
| Depreciation | $12,960 | $12,960 | $12,960 | $12,960 | $12,960 |
| EBIT | ($93,299) | $29,110 | $85,998 | $162,126 | $265,520 |
| Interest | $16,344 | $14,301 | $12,258 | $10,215 | $8,172 |
| Pre Tax Income | ($109,643) | $14,809 | $73,740 | $151,911 | $257,348 |
| Income Tax Expense | $0 | $0 | $0 | $45,786 | $90,072 |
| Net Income | ($109,643) | $14,809 | $73,740 | $106,125 | $167,276 |
| Number of locations | 1 | 1 | 1 | 1 | 1 |
| Number of private orders/yr | 24 | 60 | 75 | 94 | 117 |
| Corporate orders/year | 12 | 14 | 17 | 21 | 25 |
II. Company Overview
Who is [Company Name]?
[Company Name], located at [insert location here] is a new, upscale photography business focusing on studio and location shoots for private and corporate still shots and portraiture.
[Company Name] was founded by [Founder’s Name]. While [Founder’s Name] has been in the photography business for some time, it was in [month, date] that he decided to launch [Company Name]. Specifically, during this time, [Founder] took a trip to Fort Lauderdale, FL. During his trip, [Founder’s Name] met with an old friend and fellow portrait studio owner who enjoyed tremendous success. After several discussions with this friend, [Founder’s Name] clearly understood that a similar business would enjoy significant success in his hometown.
Specifically the customer demographics and competitive situations in the Fort Lauderdale location and in [insert location here] were so similar that he knew it would work. Furthermore, after surveying the local population, this theory was proven.
[Company Name]’s History
Upon returning from Fort Lauderdale, surveying the local customer base, and finding a potential studio and office location, [Founder’s Name] incorporated [Company Name] as an S-Corporation on [date of incorporation].
[Founder’s Name] has selected an initial location and is currently undergoing due diligence on the property and the local market to assess whether it will be the most desirable location for the studio.
Since incorporation, the company has achieved the following milestones:
- Developed the company’s name, logo and website located at www…
- Created the list of services
- Determined equipment requirements
- Began recruiting a photography assistant with experience in the photographyindustry or talent as amateur photographer
[Company Name]’s Services
[Company Name]will offer a full list of portraiture and corporate photography services.
Below is [Company Name]’s initial list of services for private (non-business) customers:
- Studio portraits of individuals and groups
- Photo editing (black and white, color correction, airbrushing, special effects)
- Framing (through a third-party framing vendor)
- Prints
- Custom albums
- Custom note cards
Private packages include:
- Summer mini-shoot
- Pregnancy package
- Holiday cards
- Footsteps package (newborn photos)
- Pet package
Corporate services include:
- Location shots
- Product photography
- Executive and staff portraits and group shots
- Operational candid photos (shots of business in operation, whether it is sales, manufacturing, customer service, retail)
- Photo editing
- Framing
- Prints
Studio Design
[Company Name] will develop a 3,000 square foot studio and office space whose key elements will include the following:
- Natural Light
- Large Windows
- Hardwood Floors
- White Walls and Ceiling
- Storage Room
- Small Office Space
- Restroom
The facility location has five dedicated parking spots which should suffice for the two staff and three cars of clients at a time.
[Company Name] plans to have meet clients by appointment, seven days a week, from 8 AM to 6 PM.
III. Industry Analysis
[Company Name]directly or indirectly competes with all photography services in a 15 mile radius. Competition will come from professional photographers and studios, as well as amateur photographers. Direct competition will come from upscale portrait photographersthat offer high-quality portrait and still shots similar to [Company Name].
Industry Statistics & Trends
According to IBISWorld, the American photography industry had revenues of $10 billion last year spread over 92,000 businesses. This averages to $109,000 in revenue per business per year. The industry employed 167,000 people, earning $4 billion in wages, roughly $24,000 per person. Many of these workers are part-time, contributing to this low wage.
A more focused report from the U.S. Census Bureau, looking just at the United States portrait photography industry, finds that there are approximately 13,000 retail portrait studios (including still, video, and digital portrait photography) employing 65,000 workers and bringing in $4 billion in sales. This represents approximately 40% of the overall photography industry.
This industry has been adapting to the revolution of digital imaging, which has dramatically changed the way in which this industry operates. A mature industry, growth looks set to continue, as digital imaging will continue to shape the industry to the benefit of the average consumer.
The major segments of the industry include wedding photography, portrait photography, commercial photography, and merchandise sales (prints, albums, etc.)
Important trends and facts about the industry include:
- Demand for portrait photography is related to population growth and economic trends. Larger families and higher incomes lead to greater demand.
- Photographers who wish to achieve success in the substantial wedding market increasingly focus their services entirely on weddings to build a reputation in this area. Those who include weddings as only part of their services find it more difficult to compete against wedding-only photographers.
- Although most photographers prefer to engage in a variety of types of photography, customers and businesses increasingly seek out specialization and look for photographers who have shown repeated success in the specific type of photography they desire.
IV.Customer Analysis
Demographic Profile of Target Market
[Company Name]will serve the residents and businesses operating in [company location]looking to capture their families, staffs, businesses, and products in images.
The area we serve is affluent and has the disposable income/profits required to demand portrait photography services.
The precise demographics of the town in which our business is based are as follows:
| Wilmette | Winnetka | |
|---|---|---|
| Total Population | 26,097 | 10,725 |
| Square Miles | 6.89 | 3.96 |
| Population Density | 3,789.20 | 2,710.80 |
| Population Male | 48.04% | 48.84% |
| Population Female | 51.96% | 51.16% |
| Target Population by Age Group | ||
| Age 18-24 | 3.68% | 3.52% |
| Age 25-34 | 5.22% | 4.50% |
| Age 35-44 | 13.80% | 13.91% |
| Age 45-54 | 18.09% | 18.22% |
| Target Population by Income | ||
| Income $50,000 to $74,999 | 11.16% | 6.00% |
| Income $75,000 to $99,999 | 10.91% | 4.41% |
| Income $100,000 to $124,999 | 9.07% | 6.40% |
| Income $125,000 to $149,999 | 9.95% | 8.02% |
| Income $150,000 to $199,999 | 12.20% | 11.11% |
| Income $200,000 and Over | 32.48% | 54.99% |
Customer Segmentation
We will primarily target the following four customer segments:
- New Parents: Whether during pregnancy or during a newborn’s early years, parents look to capture these special moments in high-quality images and do not have the expertise or time to do this themselves.
- Families: Many families seek to maintain consistently updated portrait photos for their homes, offices, wallets, and holiday cards.
- Area Businesses: Businesses seek to enhance their website, provide image documentation of their location and facilities, and create portraits of executives, staff, and entire teams. These businesses often look for long-term relationships with one photo studio for all of their portraiture needs.
- Product Manufacturers: Businesses which create a line of products seek photography for their websites, brochures, spec sheets, and other marketing materials. The marketing departments of these companies typically seek photographers to outsource this activity as it is inefficient for most to keep a photographer on staff.
V.Competitive Analysis
Direct & Indirect Competitors
The following prominent photography studios are located within a 15 mile radius of [Company Name], thus providing either direct or indirect competition for customers:
Elegant Photography
Elegant Photography is the town’s leading photo studio and has been in business for 32 years. Elegant offers a wide array of event and portrait photography, including weddings.
Elegant has an extensive list of services and an established clientele, but does not serve a large number of area clients who cannot afford its top tier prices.
Freddy’s Photography
Freddy’s Photographyis a recently opened photography business with a brand that especially appeals to parents with small children. Freddy’s offers portrait and candid family shots, prints, and albums.
[Company Name] has several advantages over Freddy’s Photography including:
- Freddy’s Photography only offers limited options without room for customization.
- Freddy’s does not have its own studio, so clients must provide a location. This also increases travel expenses for Freddy’s.
We expect that Freddy’s Photography will continue to thrive based on its brand. However, we expect that more and more customers will frequent [Company Name] based on the high-quality portraiture and wider selections of options it offers.
Competitive Pricing
| Elegant | Freddy's | |
|---|---|---|
| Portrait Session | $300-$400 | $400-$600 |
| Weddings | $5000-$8000 | $8000-$10,000 |
| Group Photos | $500-$700 | $400-$600 |
| Prints | $5-$6/each | $7-$9/each |
Competitive Advantage
[Company Name] enjoys several advantages over its competitors. These advantages include:
- Service Customization: [Company Name] offers extensive options and allowing extensive customization, including digital photo editing services.
- Management: Our management team has years of photography experience that allows us to market and serve customers in a much more sophisticated manner than our competitors.
- Relationships: Having lived in the community for 25 years, [Founder’s Name] knows all of the local leaders, newspapers and other influences. As such, it will be relatively easy for us to build branding and awareness of our photography business.
VI.Marketing Plan
[Company name] will use several strategies to promote its name and develop its brand. By using an integrated marketing strategy, [company name] will win clients and develop consistent revenue streams.
The [Company Name] Brand
The [Company Name] brand will focus on the Company’s unique value proposition:
- Offering extensive photo service options and customization
- Provide prints, framing, albums, and card creation, making it a one-stop shop for photo needs
- Create high-quality images that meet or exceed client specifications
- Providing excellent customer service
Promotions Strategy
[Company Name] expects its target market to be individuals working and/or living within a 15-mile radius of its facility. The Company’s promotions strategy to reach these individuals includes:
Direct Mail
[Company Name] will use local business mailing lists and business association lists to send information to area businesses. These pieces will provide general information on [Company Name], offer discounts and/or provide other inducements for people to frequent the business.
Public Relations
We will contact all local and area newspapers and television stations and send them a press release describing the opening and unique value proposition of [Company Name].
Advertising
[Company Name] will initially advertise in local newspapers and event publications in order to gain awareness.
Ongoing Customer Communications
[Company Name] will maintain a website and publish a monthly email newsletter to tell customers about recent jobs, new packages, deals, and tips for creating “photogenic moments”.
Business Networking Groups
The president of [Company’s Name] will use his contacts as part of local business networking groups to find qualified leads for photography work among businesses.
Pricing Strategy
[Company Name] pricing will be on the high end of price, but lower than Elegant Photography which serves only the elite. Customers will feel they receive great value because of the high amount of service they receive and customization they are allowed. Pricing will be higher than Freddy’s Photography for this reason.
VII.Operations Plan
Functional Roles
In order to execute on [Company Name]’s business model, the Company needs to perform many functions including the following:
Administrative Functions
- General &administrative functions including legal, marketing, bookkeeping, etc.
- Sales work and ongoing corporate account management
- Sourcing and storing equipment and supplies (photo paper, ink)
- Preparing and supervising jobs of framing vendor
Studio Functions
- Preparing décor and arranging studio
- Maintaining cleanliness of studio space
- Photo shoots
- Designing and creating prints, albums, and cards
On-Site Functions
- Location scouting with clients
- Photo shoots
Milestones
[Company Name] expects to achieve the following milestones in the following [] months:
| Date | Milestone |
|---|---|
| [Date 1] | Finalize lease agreement |
| [Date 2] | Design and build out [Company Name] studio |
| [Date 3] | Hire and train photography assistant |
| [Date 4] | Launch [Company Name] |
| [Date 5] | Reach break-even |
VIII. Management Team
Management Team Members
[Company Name]is led by [Founder’s Name] who has been in the photography business for 20 years. While [Founder’s Name] has never run a photo studio himself, he has taught photography classes at the local community college for 10 years and has worked as a lead photographer for an event photography business (Sterling Photography) in the community over the past 10 years. As such [Founder’s Name] has an in-depth knowledge of the photography business including the operations side (e.g., running day-to-day operations) and the business management side (e.g., staffing, marketing, etc.).
Two courses that he taught at XYZ Community College included:
- Photo Editing for Beginners
- This course was designed to give students with Photoshop the basic tools to improve the appearance of their amateur photos
- Portrait Basics
- This course was designed to give students a basic understanding of how to light and compose portraits, as well as how to capture the best of clients.
[Founder’s Name] studied photography formally as an undergraduate atthe University of ABC where he was an art major. At Sterling Photographyhe worked with clients directly to plan for and execute photo shoots for special events.
Hiring Plan
[Founder’s Name] will serve as the president, lead photographer, salesperson, andgeneral company manager. In order to launch the photography business, we need to hire a photography assistant.
This assistant will execute many back-office functions such as preparing albums (as designed by [Founder’s Name], printing photos, liaising with the company’s framing vendor, purchasing additional supplies, preparing equipment for shoots, and decorating the studio. On shoots he will assist with lighting, client wrangling, and equipment. This will be an excellent position for a young, talented amateur or professional photographer with some experience to apprentice and learn the business from the ground up. In time, the photography assistant can become a lead photographer as well and additional assistants may be hired.
IX. Financial Plan
Revenue and Cost Drivers
[Company Name]’s revenues will come from studio and off-premisesphotography primarily and secondarily from sale of merchandise (prints, framed photos, albums, cards, etc).
The major costs for the company will be salaries of the staff and the direct costs of each job (materials, ink, paper, travel, etc). In the initial years, the company’s marketing spend will be high, as it establishes itself in the market.
Capital Requirements and Use of Funds
[Company Nameis currently seeking $251,000 to launch. Specifically, these funds will be used as follows:
- Facility design/build and photography equipment: $86,000
- Working capital: $165,000 to pay for marketing, salaries, and other expenses until [Company Name] reaches break-even
Key Assumptions & Forecasts
Below please find the key assumptions that went into the financial forecast and a summary of the financial projections over the next five years
| Number of customers per day | Per location |
|---|---|
| FY 1 | 4 |
| FY 2 | 4 |
| FY 3 | 5 |
| FY 4 | 5 |
| FY 5 | 5 |
| Average order price | $1,000.00 |
| Annual increase in order price | 6.00% |
| Annual Lease ( per location) | $50,000 |
| Yearly Lease Increase % | 2.50% |
5 Year Annual Income Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Product/Service A | $151,200 | $333,396 | $367,569 | $405,245 | $446,783 | |
| Product/Service B | $100,800 | $222,264 | $245,046 | $270,163 | $297,855 | |
| Total Revenues | $252,000 | $555,660 | $612,615 | $675,408 | $744,638 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $57,960 | $122,245 | $122,523 | $128,328 | $134,035 | |
| Lease | $60,000 | $61,500 | $63,038 | $64,613 | $66,229 | |
| Marketing | $20,000 | $25,000 | $25,000 | $25,000 | $25,000 | |
| Salaries | $133,890 | $204,030 | $224,943 | $236,190 | $248,000 | |
| Other Expenses | $3,500 | $4,000 | $4,500 | $5,000 | $5,500 | |
| Total Expenses & Costs | $271,850 | $412,775 | $435,504 | $454,131 | $473,263 | |
| EBITDA | ($19,850) | $142,885 | $177,112 | $221,277 | $271,374 | |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 | |
| EBIT | ($56,810) | $105,925 | $140,152 | $184,317 | $234,414 | |
| Interest | $23,621 | $20,668 | $17,716 | $14,763 | $11,810 | |
| PRE-TAX INCOME | ($80,431) | $85,257 | $122,436 | $169,554 | $222,604 | |
| Net Operating Loss | ($80,431) | ($80,431) | $0 | $0 | $0 | |
| Income Tax Expense | $0 | $1,689 | $42,853 | $59,344 | $77,911 | |
| NET INCOME | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 | |
| Net Profit Margin (%) | - | 15.00% | 13.00% | 16.30% | 19.40% |
5 Year Annual Balance Sheet
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $21,000 | $23,153 | $25,526 | $28,142 | $31,027 | |
| Total Current Assets | $37,710 | $113,340 | $184,482 | $286,712 | $423,416 | |
| Fixed assets | $246,450 | $246,450 | $246,450 | $246,450 | $246,450 | |
| Depreciation | $36,960 | $73,920 | $110,880 | $147,840 | $184,800 | |
| Net fixed assets | $209,490 | $172,530 | $135,570 | $98,610 | $61,650 | |
| TOTAL ASSETS | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $317,971 | $272,546 | $227,122 | $181,698 | $136,273 | |
| Accounts payable | $9,660 | $10,187 | $10,210 | $10,694 | $11,170 | |
| Total Liabilities | $327,631 | $282,733 | $237,332 | $192,391 | $147,443 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| Total Equity | ($80,431) | $3,137 | $82,720 | $192,930 | $337,623 | |
| TOTAL LIABILITIES & EQUITY | $247,200 | $285,870 | $320,052 | $385,322 | $485,066 |
5 Year Annual Cash Flow Statement
| Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | |
|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | |||||
| Net Income (Loss) | ($80,431) | $83,568 | $79,583 | $110,210 | $144,693 |
| Change in working capital | ($11,340) | ($1,625) | ($2,350) | ($2,133) | ($2,409) |
| Depreciation | $36,960 | $36,960 | $36,960 | $36,960 | $36,960 |
| Net Cash Flow from Operations | ($54,811) | $118,902 | $114,193 | $145,037 | $179,244 |
| CASH FLOW FROM INVESTMENTS | |||||
| Investment | ($246,450) | $0 | $0 | $0 | $0 |
| Net Cash Flow from Investments | ($246,450) | $0 | $0 | $0 | $0 |
| CASH FLOW FROM FINANCING | |||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 |
| Cash from debt | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| Net Cash Flow from Financing | $317,971 | ($45,424) | ($45,424) | ($45,424) | ($45,424) |
| SUMMARY | |||||
| Net Cash Flow | $16,710 | $73,478 | $68,769 | $99,613 | $133,819 |
| Cash at Beginning of Period | $0 | $16,710 | $90,188 | $158,957 | $258,570 |
| Cash at End of Period | $16,710 | $90,188 | $158,957 | $258,570 | $392,389 |
