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Photography Business Plan Template [2020 Updated]

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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 1Year 2Year 3Year 4Year 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 locations11111
Number of private orders/yr24607594117
Corporate orders/year1214172125
Photography Business Plan Template [2020 Updated]
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