Starting a wedding photography business? Then, you need a wedding photography business plan. A business plan is what keeps you on track, and in many cases will get you funding if you apply for a loan. But, what goes into a wedding photography business plan? These wedding photographer business plan samples should help you.
The first part of the plan may be the most difficult. You need to create the Executive Summary, which sums up what you do in a succinct and enticing way. While it may not seem important at first, it is, especially if you are going for outside funding.
This part should outline how your business is different than others. For example, if you do all of your own editing, highlight it.
“Evergreen Studios is a full service wedding photography business. Evergreen Studios’ professionals capture those special moments and then take it through the editing process. We will also ensure that our clientele remains happy with us long after the wedding is over.”
Now, you should go into the highlights of your business. The Executive Summary will take a few drafts so you may actually want to right it last after you have done everything else.
Mission, Objectives and Keys to Success
Next, you must outline your Mission and Objectives. While these may seem similar, they should have a slightly different take. For example:
Mission: To create a successful and profitable wedding photography business.
- Generate a net profit.
- Establish good client rapport to generate word-of-mouth opportunities.
- Create a client tracking system.
The Keys to Success are just what you will do to meet the above mission and objectives. For example, to track clients, institute a CRM (customer relationship management) online tracking program. Create a newsletter and special offers for word-of-mouth, etc.
Company/Product Summary and Market Analysis
The Company Summary and Products are just who you are and what you sell. These should be short and to the point. The Company Summary should also breakdown how much startup capital that you have and long-term assets.
The Market Analysis Summary will compare your business to others in the market and find who your target audience is. For example, you could make bullet points of targets, including mothers, young couples and college students.
This section should also go into market trends, needs and growth areas. This will lead into the Strategy and Implementation summary, which explains how you will address these challenges. This can include setting up a website, giving away free or discounted photo sessions, and setting up are local festivals or tradeshows.
Management Team and Financial Plan
The Management Team section should address who is in charge and whether or not there are any personnel gaps that need to be filled. This should basically be a quick bio of the owner and managers.
Finally, the Financial Plan should go into more detail about the start-up expenses and capital and how the company plans to break-even within the first year or two. There should also be a projected profit and loss sheet attached.
The Appendices are only any supporting documents.