19
Aug
09

Getting ready to write your business plan…

Ok, quick recap: There are only three steps in my world domination startup plan to transition to full-time photographer:

  1. Preparing the Business Plan
  2. Preparing for Business
  3. Marketing the Business

The first step, the Business Plan, might be the most overlooked from what I’ve read online. All the administrivia of starting a business is in step 2, so it’s just plain boring (I know – I’ve already written the draft for it, and it needs serious help). Number 3 is a cakewalk, because apparently everyone is selling marketing and appears to be an expert in it. Besides, it’s fun and exciting, and you get to ‘write off’ all that cool stuff… right? (Answer: No, not so fast….)

This business plan is going to drive the thinking and the documents (think: contracts, usage rights, etc) in step 2,  so it’s important to know what your focus is going to be. Just knowing that you want to be a photographer isn’t enough. You need to know what kind of work you enjoy – or you risk being driven away from the very thing that got you started. Ultimately the business plan should show that what you are going to do has a good chance of succeeding, before going too much further in the other steps.

Example: Photography

I’ve been investigating different styles of photography, experimenting with each, to know which I’d enjoy doing, and what kinds of demands each would place on me in terms of time, investment, and effort for return. Your likes, market and decisions are going to be different than mine.

For example, I do free shoots with models on ModelMayhem.com. Fun, yes; but a full time paying gig? No; by definition, these ‘TFP’ (Time for Prints) are exchanges of time between participants. Without additional investment and a niche style to offer it’s not likely to turn into a revenue stream in the market where I live. Portrait and beauty photography is at best a component of the business, but in a limited fashion market I don’t see doing occasional runway and designers seasonal catalogs as full time work.

Food is totally different; I’ve even purchased special serving dishes that are modern and non-distracting. If I could make a decent living shooting nothing but olives and toast, I’d do it in a heartbeat. But the reality is that a few hundred dollars for an afternoon shooting plates as they come off the line of a local restaurant doesn’t happen frequently enough to be a sole source of income. Again, something I could do, but not something that is going to be 80% of the business.

Nature photography is something else I like, mainly because I get to hike in the mountains to do it. But the kinds of shots that sell are those requiring a significant investment of time and effort, and I consider a form of art photography, there may not be a client commissioning the work – so the return on the investment may not happen for some time.

Weddings and portraiture are a common bread and butter operation, but would I enjoy them? A local model connected me to a couple she knew that needed a free wedding shoot; they had blown their budget and hadn’t considered hiring anyone for their wedding photos. I’ve heard all the cautions about not shooting your first wedding solo, but after discussing this with the couple and showing them my portfolio of non-wedding shots, we decided to go for it. They agreed with me that it would be nothing if not fun, because the alternative would be to rely on the snapshots of family and friends only. I absorbed as much knowledge as I could in the month I had before the ceremony, and it looked like I wasn’t going to enjoy it at all…

But guess what? I did enjoy it! The shooting was fun and relaxed, as was the whole day. Now when I read of photographers that don’t enjoy weddings I wonder why…  Bridezillas? Challenging shooting locations? Tough schedules? Isn’t that part of the challenge? Anyway, I knew I could safely add wedding photography to my interests; I may or may not shoot them solo again (with a second shooter, or as a second shooter would be nice…) but it’s something I know I can do, and I know how much of a time commitment it is, too.

So I know what I can and can’t shoot and still keep my sanity; but could I still pay the bills?

Homework:

Find out what others in your area charge for what you want to be doing. But don’t just price shop; seriously consider what you like and dislike about their style, their price structure, and where you think they sit in the market. Simply emulating someone who low-balls price because their spouse supports their ‘business’ with a full time office job salary is a formula for disaster!

I did this and found that the range is pretty broad; and I’m not talking about the $500 craigslist shooters, either. The low end is around $2000; and there are a few whose non-upgraded rates are double that; so assume triple once a few options are chosen.

Costs are another thing to gather… if you don’t know what you need to live on per month, then it’s time for a monthly budget. Because I’m already self-employed I’m careful to not overspend; getting to the end of the year and finding out that you still owe the taxman $15k is no fun at all.

Tomorrow:

We do the math!

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