How to start Commercial Photography business?

How to start a commerical photography business plan template

Are you interested in starting your own Commercial Photography Business?

Introduction
Have you ever looked at a photo in a magazine or online and thought, "I could do that?" Well, if you have an eye for composition and a passion for photography, starting a commercial photography business may be the right career move for you. Commercial photography is a competitive field, but with the right skills and marketing strategy, you can build a successful business. In this guide, we'll cover the basics of how to start a commercial photography business, from building a portfolio to finding clients. So, if you're ready to turn your passion into a profession, read on for everything you need to know about starting a commercial photography business.
Business Plan
If you want to start a commercial photography business, the first thing you need to do is create a business plan. This will help you determine your start-up costs, marketing strategy, and overall business goals. To create a business plan, start by writing a executive summary that outlines your business goals. Then, do market research and write a marketing plan. Next, create a financial plan that includes your start-up costs and projected income. Finally, develop an operations plan that outlines how you will run your business on a day-to-day basis.
Target Market
As a commercial photographer, your target market will be businesses and organizations who need photography services for their products, services, or events. To start your business, you'll need to identify your niche and build a portfolio that showcases your work. You'll also need to create a marketing plan and price your services competitively.
Business Model
There are a few different ways to approach commercial photography, and the business model you choose will depend on your strengths and weaknesses as well as the needs of your clients. You could choose to specialize in a certain type of photography, or you could be a generalist who is able to shoot a variety of different types of projects. You could also choose to work with a specific type of client, or you could work with anyone who needs your services. One thing to keep in mind is that commercial photography is very competitive, so you need to make sure that you have a solid portfolio and a good reputation in order to attract clients. You also need to be able to market yourself effectively and be able to negotiate contracts. If you're starting a commercial photography business, there are a few things you need to do in order to be successful:
1. Choose your niche. What type of photography do you want to specialize in? This could be anything from product photography to food photography to event photography. Once you've decided on your niche, you need to build up a strong portfolio that showcases your skills.
2. Develop a marketing plan. You need to let potential clients know that you exist.
Competitive Landscape
In any business, it is important to understand the competitive landscape. The commercial photography business is no different. There are a few key things to understand about the competition in this industry.
First, there are a limited number of commercial photography businesses. This means that the competition is not as fierce as it is in other industries. However, this also means that the market is not as saturated, so there is still room for new businesses to enter the market.
Second, the commercial photography businesses that do exist tend to be clustered in large cities. This means that if you are starting a commercial photography business in a smaller town or city, you may have less competition.
Third, many commercial photography businesses focus on a specific niche. This means that if you can find a niche that is underserved by the existing businesses, you may be able to find success.
Finally, remember that the commercial photography business is not just about taking pictures. It is also about marketing, customer service, and a whole host of other factors. If you can excel in these areas, you will be well on your way to starting a successful commercial photography business.
Costs & Pricing Strategy
When it comes to starting a commercial photography business, one of the key things you need to think about is your pricing strategy. This is because your prices will need to be competitive in order to attract clients, but at the same time you need to make sure that you are covering your costs and making a profit. There are a number of different factors that you need to take into account when pricing your photography services, such as your equipment and studio costs, your time, and the editing and post-production work that is required. It can be helpful to sit down and work out all of your costs before you start setting your prices. Once you have an idea of your costs, you can start thinking about what type of pricing structure you want to have for your business. There are a few different options that you can choose from, such as charging by the hour, by the project, or by the image. It is important to think about what will work best for you and your business. Once you have decided on your pricing strategy, it is important to stick to it and be consistent with your prices. This will help you to build up a good reputation with your clients and show them that they can rely on you
Forming a Legal Entity
If you want to start a Commercial Photography business, you will need to form a legal entity. This will protect you from personal liability and help you raise money for your business. You can choose to form a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each type of entity has its own pros and cons, so you will need to choose the one that is right for your business. If you are the only owner of your business, a sole proprietorship may be the best option. This type of business is easy to set up and you will not have to deal with much paperwork. However, sole proprietorships offer no personal liability protection, which means that you could be held responsible for debts incurred by your business. Partnerships are similar to sole proprietorships in that they are easy to set up and offer no personal liability protection. If you decide to form a partnership, you will need to choose a business partner who you can trust and who has complementary skills. It is important to have a written partnership agreement that outlines each partner's roles and responsibilities. A limited liability company (LLC) offers personal liability protection and is a good option for a small group of founders.
Opening a Business Bank Account
When you’re ready to start your Commercial Photography business, one of the first steps is to open a business bank account. This will help you keep your personal and business finances separate and will make it easier to track your expenses and income. To open a business bank account, you’ll need to have the following information and documents:
-Your business name and address
-Your Social Security number or Employer Identification Number (EIN)
-A list of the owners, officers, and directors of the company
-Articles of incorporation or a business license
-A voided check or deposit slip from the account you’ll be using for your business
Once you have all of the required information and documents, you can visit your local bank or credit union to open a business checking account.
Setting up Business Accounting
If you're starting a Commercial Photography business, one of the first things you need to do is set up your business accounting. This will ensure that you're keeping track of your finances and that you're complying with any financial regulations that apply to your business. Here's a quick guide to setting up your business accounting:
1. Choose an accounting software. There are many different accounting software packages available, so do some research to find one that will suit your needs.
2. Set up your chart of accounts. This is a list of all the categories of income and expenditure that you will track in your accounting system.
3. Set up your bank account. You will need a business bank account to manage your finances effectively.
4. Keep track of your income and expenditure. Make sure you keep accurate records of all money coming in and going out of your business.
5. Prepare and file your tax return. Once a year, you will need to file a tax return for your business. Make sure you keep on top of this so that you don't miss the deadline
Setting up Business Insurance
As a business owner, it is important to protect your company with the proper insurance. When setting up a Commercial Photography business, you will need to consider the following types of insurance:
-Product liability insurance: This will protect you in the event that a product you designed and printed causes injury or damage.
-Professional liability insurance: This will protect you in the event that a client suffers damages as a result of your work.
-Business property insurance: This will protect your equipment and premises in the event of damage or theft.
-Business interruption insurance: This will protect you in the event that your business has to stop operations due to a covered event.
-Employee dishonesty insurance: This will protect you in the event that an employee steals from your business.
Speak with an insurance agent to determine which policies are right for your business
Setting up a Business Website
If you want to start a Commercial Photography business, one of the first things you need to do is set up a website. This will be your online home base, where potential customers can learn more about your business and what you have to offer. There are a few key things you need to include on your website:
-An About page: This is where you can tell your story and give potential customers a sense of who you are and what you stand for.
-A portfolio: Showcase your best version on your website so that potential clients can see your work.
-A contact page: Make it easy for people to get in touch with you by including your email address and/or social media links.
-Pricing information: Let visitors know how much you charge for your services.
By having a well-designed website, you’ll be able to attract more customers and grow your Commercial Photography business
Obtaining the Necessary Permits
It's important to obtain the proper permits before starting any business. This is especially true for businesses that involve photography, since you will likely be taking pictures in public places. You will need to obtain a business license from your city or county. If you plan on doing any photography that involves people, you will also need to obtain a permit from the local police department.
Setting up a Business Number or Appointment Setter
When you’re ready to start your Commercial Photography business, one of the first things you need to do is set up a business phone number or an appointment setter. You can use a service like Google Voice to set up a business phone number for your Commercial Photography business. Google Voice will give you a free business phone number that you can use to make and receive calls. Once you have a business phone number, you can start taking calls from potential customers. When you get a call, be sure to take down the customer’s name, contact information, and what they need. Once you have this information, you can give the customer a call back to discuss the project in more detail and give them a quote.
Conclusion
If you're thinking about starting a commercial photography business, there are a few things you should keep in mind. First, you'll need to build up a portfolio of work to show potential clients. Second, you'll need to be able to market yourself and your business. And third, you'll need to be able to manage your finances and create a business plan. With some hard work and dedication, you can start a successful commercial photography business.

Why write a business plan?

A business plan is a critical tool for businesses and startups for a number of reasons:
  • Business Plans can help to articulate and flesh out the business’s goals and objectives. This can be beneficial not only for the business owner, but also for potential investors or partners
  • Business Plans can serve as a roadmap for the business, helping to keep it on track and on target. This is especially important for businesses that are growing and evolving, as it can be easy to get sidetracked without a clear plan in place.
  • Business plans can be a valuable tool for communicating the business’s vision to employees, customers, and other key stakeholders.
  • Business plans are one of the most affordable and straightforward ways of ensuring your business is successful.
  • Business plans allow you to understand your competition better to critically analyze your unique business proposition and differentiate yourself from the market.
  • Business Plans allow you to better understand your customer. Conducting a customer analysis is essential to create better products and services and market more effectively.
  • Business Plans allow you to determine the financial needs of the business leading to a better understanding of how much capital is needed to start the business and how much fundraising is needed.
  • Business Plans allow you to put your business model in words and analyze it further to improve revenues or fill the holes in your strategy.
  • Business plans allow you to attract investors and partners into the business as they can read an explanation about the business.
  • Business plans allow you to position your brand by understanding your company’s role in the marketplace.
  • Business Plans allow you to uncover new opportunities by undergoing the process of brainstorming while drafting your business plan which allows you to see your business in a new light. This allows you to come up with new ideas for products/services, business and marketing strategies.
  • Business Plans allow you to access the growth and success of your business by comparing actual operational results versus the forecasts and assumptions in your business plan. This allows you to update your business plan to a business growth plan and ensure the long-term success and survival of your business.

Business Plan Content

 

Many people struggle with drafting a business plan and it is necessary to ensure all important sections are present in a business plan:
  1. Executive Summary
  2. Company Overview
  3. Industry Analysis
  4. Consumer Analysis
  5. Competitor Analysis & Advantages
  6. Marketing Strategies & Plan
  7. Plan of Action
  8. Management Team

The financial forecast template is an extensive Microsoft Excel sheet with Sheets on Required Start-up Capital, Salary & Wage Plans, 5-year Income Statement, 5-year Cash-Flow Statement, 5-Year Balance Sheet, 5-Year Financial Highlights and other accounting statements that would cost in excess of £1000 if obtained by an accountant.

The financial forecast has been excluded from the business plan template. If you’d like to receive the financial forecast template for your start-up, please contact us at info@avvale.co.uk . Our consultants will be happy to discuss your business plan and provide you with the financial forecast template to accompany your business plan.

Instructions for the Business Plan Template

To complete your perfect Commercial Photography business plan, fill out the form below and download our Commercial Photography business plan template. The template is a word document that can be edited to include information about your Commercial Photography business. The document contains instructions to complete the business plan and will go over all sections of the plan. Instructions are given in the document in red font and some tips are also included in blue font. The free template includes all sections excluding the financial forecast. If you need any additional help with drafting your business plan from our business plan template, please set up a complimentary 30-minute consultation with one of our consultants.

Ongoing Business Planning

 

With the growth of your business, your initial goals and plan is bound to change. To ensure the continued growth and success of your business, it is necessary to periodically update your business plan. Your business plan will convert to a business growth plan with versions that are updated every quarter/year. Avvale Consulting recommends that you update your business plan every few months and practice this as a process. Your business is also more likely to grow if you access your performance regularly against your business plans and reassess targets for business growth plans.

 

Want a Bespoke Business Plan for your Commercial Photography Business?

Our Expertise

 

Avvale Consulting has extensive experience working with companies in many sectors including the Commercial Photography industry. You can avail a free 30-minute business consultation to ask any questions you have about starting your Commercial Photography business. We would also be happy to create a bespoke Commercial Photography business plan for your Commercial Photography business including a 5-year financial forecast to ensure the success of your Commercial Photography business and raise capital from investors to start your Commercial Photography business. This will include high-value consulting hours with our consultants and multiple value-added products such as investor lists and Angel Investor introductions.

 

About Us

 

Avvale Consulting is a leading startup business consulting firm based in London, United Kingdom. Our consultants have years of experience working with startups and have worked with over 300 startups from all around the world. Our team has thousands of business plans, pitch decks and other investment documents for startups leading to over $100 Million raised from various sources. Our business plan templates are the combination of years of startup fundraising and operational experience and can be easily completed by a business owner regardless of their business stage or expertise. So, whether you are a budding entrepreneur or a veteran businessman, download our business plan template and get started on your business growth journey today.