Creating a killer business plan (Part 1)
The concept seems simple: you take the photo, you sell the photo, you make the money. But if you want to build a business that thrives, and that will generate enough money for you to eke out a living and maybe buy a fancy new lens, you’ve got to have a business plan. Being an excellent photographer will get you to a certain point, but if you can be an excellent photographer with a clear business plan, that’s when you’ll succeed.
This email is the first of a two part series looking at how to create and stick to a great business plan. I’m going to start by presenting some big picture ideas, and then get into the nitty gritty of actually planning it all out.
The elevator pitch ì It’s a concept I’m sure you’ve heard of before. If you only had the amount of time it takes ride an elevator and you needed to tell a stranger what your business was, what would you say? This elevator pitch is something you’re going to be repeating over and over again (because you’re an entrepreneur intent on pumping up your business every chance you get), so make it short, interesting, and dense with meaning so every word you say counts.
Target market ì Robyn Mayne looked at this idea in an earlier post called “Who are your customers?”. Work out who you want to target and the most efficient, effective way to target them. Email marketing, going to trade shows alongside complementary businesses, leveraging existing relationships and contacts. Experiment, copy other entrepreneurs and find a client targeting strategy that works for you.
Goals ì Where do you want to be in six months? A year? Five years? Maybe your first goal is to make enough money so that you can leave the doldrums of the day job behind you forever. For you more established photographers, maybe your first goal is to turn a big enough profit to take on an assistant to help you on assignments. Whether you’ve got a fledgling business or you’ve got so much work pouring in the door you’ve got to turn people away, figure out where you want to go next and how you’re going to get there.
Money ì You’ve got your goals. Now it’s time to get down to the numbers. This doesn’t have to be a complicated exercise; you just need to work out three things:
- How much money do you spend each month?
- How much money do you need to cover that monthly spending?
- How many clients or assignments does that translate to?
Use these ideas to start brainstorming about what you want to achieve, and next week we’ll look at how to pull it together.
Pili Foss
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When she’s not writing her blog, Cult of Clothes, Pili is a corporate advisor working with businesses of all sizes, from start-ups to stock-exchange-listed companies. She is fascinated by the evolution of small businesses and loves to combine her passion for writing with the opportunity to help entrepreneurs grow and learn. |
