How to Write a Successful Photography Business Plan
Set your photography business up for success with our comprehensive guide to building a bulletproof photography business plan
MAY 25, 2021
Whether you want to know how to start a photography business or take your existing one to the next level, the best place to start is with a plan. A photography business plan is a document that outlines what you hope to accomplish with your business.
As your business comes to life or goes through change, you can use a business plan to measure your progress and re-calibrate your professional goals. In addition, if you are planning to pitch your business to potential investors for brand partnership opportunities, a business plan is one of the documents you can use to help bring credibility to your business.
However, learning how to start a photography business the right way doesn't have to be overwhelming. Taking the right steps to showcase your photography services beyond your online portfolio website can set you off on the right foot and continuously help you attract the caliber of clients you want.
Why You Need to Make a Photography Business Plan
Running a small business is hard. You may have heard the lifespan statistic that 20% of small businesses fail in their first 2 years, 30% fail in their first 3 years, and 50% fail after operating for 5 years. While this number is discouraging, the number one reason for the small business mortality rate is the lack of financial planning.
This is why using available tools is essential to your business’s long-term success and to your ability to grow your business. A business plan is critical in keeping you on-track with your business goals and identifying where your business is lagging before, during, and after growth.
The Main Components of a Photography Business Plan
- Executive summary
- Business description
- Product or service portfolio
- Target market
- Competitive landscape
- Marketing approach
- Operations & logistics
While you can customize the components of a photography business plan to suit your needs, the standard components are:
These elements work together to provide you and your stakeholders with a fulsome portrait of your business and its potential. We will go into further detail about these individual components in the following sections.