If you are starting a photography company and seeking investment, it is likely that you will be in need of a business plan. A custom business plan for a photography company depends upon the business model. Some photographers have a studio, whereas others perform on-site photography for special events, or acquire agreements to photograph major entertainment events and sell the license. Pro Business Plans has worked with many photography companies; this article presents what is included in a photography business plan and how it is structured

A custom business plan for a photography business, regardless of its specific product or service, should be structured into three main areas. This includes the business model of what your company specifically does and how it will outperform its competitors.

The business model constitutes the majority of the business plan, but the marketing and financial sections are of equal importance. The marketing plan will outline your company’s branding and customer acquisition strategy, followed by the financial projections to quantify the anticipated performance of these strategies.

The business model section of a photography business plan provides a detailed analysis of what your company does and how it intends to outperform its competitors. This may be done by demonstrating a superior product, or domination of a niche such as a geography or specific service. For instance, a photographer that specializes in weddings may create more targeted marketing materials, a portfolio, and a broader network of affiliate relationships. The business model should be consolidated into a very concise paragraph, but elaborated in detail in subsequent sections.

The marketing strategy in a photography business plan should provide a holistic branding strategy in addition to a detailed strategy with a supporting budget with a focus on the next six months. Photographers should focus on low cost digital marketing and affiliate networks including directories like Google Places and Yelp! but also paid promotions such as Adwords or Facebook PPC . Establish solid relationships with professionals in your vertical can also help substantially, such as a recommendation from a consulate to your nearby shop for passport photos.

The financial forecast for a photography business plan will generally include three to five years of forward looking projections. This includes a profit & loss statement balance sheet, income statement, and cash flow forecasts. The financial model will not only help to communicate your photography business to external investors, but also help you to more effectively balance your expense structure and determine and optimal pricing strategy.