Opening a photo studio is a business idea that will provide an opportunity not only to realize your own creative potential, but also allow you to earn good money.
Professional photographic equipment, a staff of experienced employees and offering a quality product to consumers are the main factors for the success of this type of business.
What is needed to create a photo studio and how much money is required for this?
A detailed business plan for a photo studio will help determine the amount of start-up capital and properly allocate finances.
Ways and types of earnings photo studio
The priority task of the photo studio is to provide the highest quality services in terms of shooting and processing photos.
In addition to creating ordinary passport and portrait shots, an institution can earn on many other types of services (read more in the article photo business ideas ). Namely:
- reportage shooting for print media,
- portfolio creation,
- advertising shooting for booklets, posters and other things,
- photography services for family or corporate events,
- creation of photo albums and photo books,
- sale of souvenirs of the thematic direction,
- retouching and processing of photos in graphic editors,
- leasing of a shooting pavilion and photographic equipment.
Photo studio business plan: financial side of the issue
At first (the first 3-4 months), the photo studio business plan involves expenses for the following items:
- rent of premises and repairs — 180 thousand rubles,
- purchase of professional photographic equipment — 200 thousand rubles,
- office equipment and office furniture — 70 thousand rubles,
- advertising, production of promotional products, website development — 50 thousand rubles,
- salary fund for the first two or three months — from 100 thousand rubles,
- additional expenses — 10 thousand rubles.
In total, the total amount of investments in the project being implemented varies between 400 — 600 thousand rubles.
The payback of this type of business, subject to a competent approach to business, is 1 year. After this time, the photo studio will begin to make a profit for its owner.
Photo Studio Business Plan: Risk Assessment
The photo studio business plan must include potential risk factors that may affect the stable operation and activities of the company as a whole.
Although there are not as many of them as other types of business, they still exist:
- First of all, it’s competition. If there is an institution nearby in the same field of activity, then it is most likely that its employees will fight for their place under the sun in all possible ways, including forbidden ones. Therefore, it is necessary to do everything to become better than competitors both in terms of price and quality.
- Another point of risk that a photo studio business plan should take into account is a decrease in demand for services. Reasons: not the best quality of photographs (unprofessional staff) and inflationary processes in the country, forcing the population to tighten their belts and refuse the services of photographers.
- Also, do not forget about the dishonesty of the staff in relation to their work. In every team there are people who, by their actions, can deliberately spoil the reputation of the institution. This must be fought in the bud, because then it will not be easy to restore your honest name.
Photo studio business plan: the first steps towards your dream
- You should advertise a new photo studio a few months before its opening (read how to open a business in the article own business based on a photo lab ). Even if the rented premises are still being renovated, and the staff is not staffed, the advertising company should already be working. To do this, it is necessary to use all possible ways and means, from forums on the World Wide Web to local print media and TV channels.
- Also, one of the first steps towards opening a photo studio is to find a professional photographer. To lure a professional to yourself is not an easy task. But if this succeeds, then the probability of success of a new business becomes very high.
- When choosing the location of a photo studio, preference should be given to the city center, where, in addition to regular customers, you can always “catch” random customers. The area of the leased premises is not less than 50 sq. m. with a ceiling height of 3 meters.
Subject to a competent approach to business and the fulfillment of all the points that the photo studio business plan includes, the work of the new institution will be successful and profitable.