Working for Wedding and Portrait Photography - Personal Statement Example

Portrait and Wedding Photography Business Plan Our Business Viral Images is a portrait and photography shop on Houston, Texas. I have poured my passion in my photography business. Working for wedding and portrait photography adds more colors to my life. Viral Images as a name for my photography shop marks an era for wedding and portraits to go viral on Pinterest and Instagram other than infographics and memes. An online studio will help Viral Images to go viral indeed throughout Houston. Our Market I want to serve the middle class people of Houston. My photography services are affordable to people who want wedding and portrait photography taken in my studio and any desired locations. Prices may vary from to time, though. Our Future I aim to take Viral Images to the next level. My goal for 5-year operation is to compete with major photography Studios in Houston. In order to achieve that, I am pushing Viral Images to a corporate status in the near future. I want to make connections with my friends on the photography school. I am sure my passion for photography will take me to the peak of my goals. Our Finances Capital is vital. I am taking the major part of my finances from my savings. I am also granted a loan from a commercial bank in Houston because my feasibility study has convinced the loan and credit department that my plan will be successful and lucrative in few years’ time as forecasted. The Photography Industry – Why I Choose Photography? Photography business has been a source of income for some people who have the resources to build photography schools and studios – most of them are partnerships and corporations. Taking photographs and processing quality pictures are in demand services in Houston. In my case, I love to work for wedding and portraits – simply creative stuff that makes my life kicking. There is more complexity in the industry as a whole that’s why I am breaking every integral part into pieces simplified for a sole ownership and operation in the meantime. I am a professional photographer myself that’s why I am confident to take the risk to make a name in the industry. The competition is stiff but my unique and practical approaches will make me thrive in the market. Nevertheless, I am not competing big names – I am making my own and paving my own path towards photography. Viral Images Structure and Organization Giving importance to the structure and organization of my photography business can help me achieve my goals in no time. The chart below gives enough details with the organizational structure of my photography business: Viral Images is a sole proprietorship business but as forecasted in the near future – I am pushing my business endeavor to a corporate structure. The chart above shows the organizational structure of my photography business good for the first 3 to 5 years of operation. I will manage the business operation with the help of my staffs. I am the main photographer for wedding, but I have an assistant photographer for portraits. He will do most of the works for small to medium orders. I will also hire a developer and editor that is a studio based guy to ensure the quality of our photographs before it reach our clients. One of the most important role for a photography business is a creative choreographer that will turn a simple venue to a fairy tell scenery. We will make sure that our subject – the couple can portray the right emotions in every photograph taken. The venue officer and the creative designer may be a single person that is permanently hired to assist the photographer and choreographer to organize the venue or the studio for backgrounds and the like. In addition, the most effective ways to promote Viral Images photography is via online. My goal is to make my wedding and portrait photography business go viral on major social networks today like Pinterest and Instagram. We will make use of the blogging platform Wordpress to strategically promote our business to our targeted market. Middle class individuals on Houston are using Tablets, Smartphones and Laptops to look for information about photography shops online. A creative and top notch writer will be hired for the sole purpose of blogging. Viral Images Products and Services Offered to Middle Class in Houston Viral Images offers several products and services for middle class in Houston especially for weddings. We offer different size portraits out from high quality photo materials. Aside from printed photographs, we also offer a high quality slide show presentation for a client’s chosen images with background music and captions. Some of my photography products are listed below (sharpphoto.com): 1. Petite Display Books 2. Delux Wallet Portrait Cases 3. Story Books 4. Sharp Shows/ Slideshows 5. Greeting Cards 6. Large Frames for Wedding Photographs 7. Prenuptial Photo Galleries in CDs 8. Specialty Items Petite display books are photographs printed in a quality photo paper that are wallet size. These are folded type books with different images displayed. Wallet display cases are perfect for gifts and souvenirs. Story books are recommended for weddings. This would be a valuable treasure one can keep in his lifetime. Sharp Shows is one of my favorite products I would personally promote to my clients. Clients will ask to name music and we will use it as background. Greeting cards of different styles are perfect for birthdays and similar occasions. Aside from producing quality photographs for prenuptial and weddings, we also do big frames for large sized portraits. Prenuptial Galleries in CDs are prenuptial photo collections made special for couples. It is somewhat similar to Sharp Shows; however, this is priced a little higher because we will choose unique backgrounds and fine graphics as material for the motion pictures in high resolutions. If clients want some more custom items, they can choose Specialty Items which will allow them to describe what they want and we will design the items as instructed with creativity. I always insure that Viral Images services and products are always of quality. I always value quality. Wedding Photography Workflow Wedding photography is not a simple job. It’s a lot of work – to make sure that everything is in order; I have developed a workflow for my wedding photography business. This may apply to my portrait photography, as well. See table below: 1 Pre-booking This is responding to client’s inquiries about Viral Images services for weddings. 2 Initial Consultation Meeting This is getting to know my clients. I have prepared questions for them already like the things that they want me to exactly do. In connection, I will present a power point presentation and which includes my portfolio. 3 Booking This is about contract signing and talking about the payment terms. 4 Engagement Session This is about setting the date for viewing and ordering session and other similar activities needed for the photography. Locations are also finalized. 5 Wedding The finale. This is all about shooting photos in perfect angles and backing up all the photos. This is a lot of work and I need assistance from my staff. As I said above, wedding and portrait photography have quite similar workflow. It is important to respond to client’s inquiries fast with accurate information. To achieve that, we have PDF’s and some printed brochures that can help us simplify the process. Choosing the shooting location ahead of time is important for a successful photography. Equipment and Materials Needed in Photography I cannot start my photography business without the important equipment and materials listed below: 1 Digital Cameras I need at least 2 SLR digital cameras for my use and my assistant’s. 2 Lenses To achieve fine and more pixel perfect photos, I need extra lenses such as zoom and macro lens. 3 Filters It is an important camera accessory and it will help modify the images to come up with a more quality photographs. 4 Computers I need fast computers as one of the most important equipment for my photography business. Computers in good speed can be used as digital darkroom. 5 Other Equipment & Materials All in one printer is needed to achieve good photos. Software like Adobe Photoshop is vital to come up with the desired results. Quality photo paper and other materials are must. Marketing Strategy and Market Segmentation Please see “The Marketing Mix” for my Viral Images photography business in the table below: 1 Market Selection As mentioned earlier, I am targeting the Middle Class on Houston, Texas and nearby areas. 2 Product/Services Planning Product and services planning are presented on the workflow above. 3 Pricing I will penetrate into the market using a modern penetration pricing. I will not set our services and products package prices lower than the existing photography studios, but instead we will offer extra services as freebies, discounts for weddings and bulk orders. I will also offer the referral program which will give them high discounts on selected services. 4 Place & Promotion We will settle in the heart of Houston, a small studio that is visible enough to my target market. As mentioned above, we will use Pinterest and Instagram to promote Viral Images without cost. Distribution of leaflets is also scheduled in selected places. We will use yellow pages to contact customers. We will make use of the power of web 2.0 sites like Wordpress to spread the word about Viral Images photography throughout Houston. Risk Evaluation – What are the Possible Risks? I expect risks. The possible risks for my wedding and portrait photography business are the stiff competition and the development of technology. Established photography studios can afford more medium of promotions. They can publish on newspapers or promote their products on televisions and high authority sites online. Mine will get buried if I cannot find strategic methods to achieve my goal using my limited funds which will be presented on the next heading. Powerful digital cameras are expensive and my competitors might use them as weapon to win the market. The Possible Sources of My Finances Based on the summary on the first page, I am taking the major sum of my capital from my own savings account. When I was on the photography school, I already saved some significant amount of money for my future business. In additional to my personal savings, I am granted a loan on a commercial bank in Houston for the amount of $10,000 which an amount equal to my savings. All in all, I have funds of $20,000 for my start-up photography business. This will be used over the first 3 to 5 years of business operation. Meanwhile, I am also working my way to get investors and or partners of Viral Images. Hopefully, for the next 5 years, I can change my photography business in a corporate status so I can start to compete with the big names in town. Consolidated Income and Cash Flow Statements – forecasted for the first 5 years FY ended May 2013 FY ended May 2014 FY ended May 2015 FY ended May 2016 FY ended May 2017 Net Sales $20,000 $35,000 $36,500 $50,000 $60,000 Other Revenues $1,500 $7,000 $4,000 - $15,000 Gross Profit $21,500 $42,000 $40,500 $50,000 $75,000 Expenses Cost of Sales $9,500 $15,000 $15,000 $25,000 $35,000 Salaries $5,500 $6,000 $6,000 $6,500 $7,000 Rent $5,000 $5,000 $5,000 $5,000 $5,500 Taxes and Licenses $800 $1,000 $1,000 $1,500 $2,000 Interest Expenses $500 $450 $500 $1,000 $1,000 Miscellaneous $500 - - $750 $1,000 Net Income (Loss) ($300) $14,550 $13,000 $10,250 $23,500 I have a deficit in the first year of operation and it’s normal. My average net income for the accumulated Income Statement is $12,190. Viral Images has gradually penetrated the market that causes orders to increase each year. The below table presents the cash flow statements for 5 years operation: FY ended May 2013 FY ended May 2014 FY ended May 2015 FY ended May 2016 FY ended May 2017 Operating Activities Cash Receipts from Customers $15,000 $20,000 $30,000 $37,500 $45,000 Cash Paid to Suppliers and Employees ($10,000) ($13,000) ($14,500) ($18,000) ($38,000) Cash Generated from Operations $5,000 $7,000 $15,500 $19,500 $7,000 Net Cash flow from Operating Activities $5,000 $7,000 $15,500 $19,500 $7,000 Cash Flow from Investing Activities Additions to Equipment ($15,000) ($5,000) ($8,000) ($10,000) - Net cash Flow from Investing Activities ($15,000) ($5,000) ($8,000) ($10,000) - Cash Flow From Financing Activities Proceeds from Capital Contributed $10,000 - - - Drawings ($750) ($1,000) ($2,500) ($3,000) (10,000) Proceeds from the Loan $10,000 - - - - Payment of Loan ($500) ($450) ($500) ($1,000) ($1,000) Net Cash Flow from Financing Activities $18,750 ($1,450) ($3,000) ($4,000) ($11,000) Net Increase/Decrease in Cash $8,750 $550 $4,500 $5,500 ($4,000) Cash at the Beginning of the Period - $8,750 $9,300 $13,800 $19,300 Cash at the End of the Period $8,750 $9,300 $13,800 $19,300 $15,300 Assumptions and Prices In the meantime, as a start-up photography business, it’s hard to make assumption since it is good to predict such after a year of operation. Nevertheless, I am positive that Viral Images photography for weddings and portrait can be lucrative throughout the operation. Based on my Income and Cash Flow Statements, my photography business is forecasted to produce profits and residual income. Every year, I will acquire equipment to improve my photography business as recorded on the Cash Flow Statements (best estimates). More so, prices vary but I will make sure that our quotation will always favor the Middle Class people in Houston. Often times, we offer prices in package. Package prices are coupled with freebies such as credits redeemable with other specialty items. Hence, I am confident to pursue this endeavor. I know I have enough weapons to win the battle. I just don’t have the passion for photography; I also forecasted practical results for Viral Images photography in five years time which proved to be profitable. Work Cited “Type of business structures.” State of Washington Business Licensing Service. Washington State Department of Revenue, n.d.. Web. 1 May 2013. “Products and Services.” Ed Sharp Photography. Ed Sharp Photography, n.d. Web. 1 May 2013. Lim, Lauren. “50 Step Wedding Photography Workflow” Photography Concentrate. Photography Concentrate, n.d.. Web. 1 May 2013. “Type of business structures.” State of Washington Business Licensing Service. Washington State Department of Revenue, n.d.. Web. 1 May 2013. Taylor, Stacy. “Equipment Needed for Photography.” eHow Tech. Demand Media, Inc., n.d. Web. 1 May 2013. “The Marketing Mix.” Marketing Strategy. Stanford University, CA, n.d. Web. 1 May 2013. Read More