The home photography business plan is a document that needs to take two things into account simultaneously: one, the state of photographic services in the immediate market, and two, the role of your business as a home-based operation. In many ways, the fact you work out of your home shouldn't be an impediment to business growth, and there's no reason for it to impede your success. In fact, in this industry, many business models work on the basis of a home-based model, and the saved expenses on overhead and personnel directly flow through to customer savings and the strength of your bottom line. To that end, your business plan should show all of the following clearly:
• If you need any support employees or admin help, show when these people come on board and at what hourly rates
• You should identify the primary competitors, home-based or otherwise
• Show how your average engagement costs are lower than those of chief competitors
• Explain what competitive edge you derive from running a home photography business
• Identify the marketing methods that your business can use and what the associated costs will be
In addition to proving that you have a supportable advertising and implementation model, you should do all you can in the business plan to prove that your home-based model is a cash-positive business that has made money in the past. Unless it is a pure start-up, you should take your past performance data and either create a table/graph or give a description of some of your successful projects to date. The business plan will also need a current pro forma projection that gives the bank an idea of your likely revenues and expenses over the coming three years. This can be done with software or by building an integrated model in MS Excel. Need help with this part? MasterPlans is there to get you through this. Call our team today to learn about how we can deliver you a funding-ready business plan draft in as little as 10 days. 877-453-2011.
