Business Plan For Ward's Event Photography

3984 words - 16 pages

Business Plan for Ward's Event Photography


0.0 Table of Contents

0.0: Table of Contents

1.0: Executive Summary
2.0: Company Overview
Market Opportunity Explanation
Legal Form of the Business
Company Location
Growth and Financial Objectives
Manager Information
3.0: Market Analysis
Analysis of the Industry
Target Market/Customer Profile
4.0: Service Offering
Competitive Comparison
5.0: Marketing Plan
Customer creation and retention
6.0: Financial Plan and Analysis
7.0: Cost Assumptions ...view middle of the document...

Also, some of these competitors, like Colorado Whitewater Photography focus only on certain types of event photography, such as white water rafting, and don’t provide the quality nor price WEP will. There is an opportunity to enter the market and succeed where these other competitors are lacking.

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Ward’s Event Photography Business Plan

WEP’s vision is to provide the best photography services to people who want their special events captured and recorded for posterity at the best price and with the best value. Weddings, Birthdays, Anniversaries, Vacations, and Reunions will be WEP’s forte. Anyone with any photography service need will be able to utilize WEP’s services, however. For example, baby, engagement, and special request photography will all be available. WEP’s Mission Statement follows:
“WEP provides the best event photography service in south-central Colorado, combining value, quality, and service in a package whose price is unbeatable”.
WEP’s is requesting a 3-year, $10,000 loan for start-up costs that Ward’s contribution is unable to cover. Ward has approximately $8,000 in collateral available to secure the loan.
The requested funds will be used to purchase additional photographic equipment such as cameras, lighting accessories, developing supplies, and also to help the company during slow periods in its first year.

2.0 4.
Ward’s Event Photography Business Plan

Company Overview

The company’s name will be “Ward’s Event Photography”, and operate out of the home of Ward, owner and manager. There will be no retail store for the business at first, and most reservations will be taken over the phone and via e-mail.
Market opportunity explanation
The opportunity for a small start-up event photography service in this area is a good one. While there are several others in nearby towns, such as ARC Photos in Buena Vista and Avalos in Cañon City, WEP would be able to offer lower prices because it doesn’t have the operating expenses the other companies do. Although there’s no store front, that means there will be no building to rent or lease and maintain. Although there’s no studio, that means there will be more capital available for travel to take pictures on location. Also, WEP will develop its own photos, thus saving time and money for developing; further reducing the price WEP will charge.
There are several assumptions WEP makes to infer that the business will be successful:
1. More established companies with more operational costs will charge more than WEP.
2. There is a desire by consumers to have available to them lower-cost event photographers.
3. Value and quality, not establishment or name recognition, is the main factor in choosing an event photographer, thus making the low-cost WEP a prime choice.

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