I am working on business plan that I hope will someday lead to a profitable photography business and would like your feedback.
First a little background:
I am a middle aged working professional with 2 kids which does not leave me with too much spare time to develop a proper business so my timeline will be somewhat longer. I don't plan to leave my current employer so this would be a part time gig. The ultimate goal is to have a business up and running on a full time basis after retirement 10-15 yrs.
I enjoy doing portrait work and presently do a lot of kids action sports photos since it dovetails with what my kids already do.
I plan to put together a 3 yr and 5 yr plan. Using a spreadsheet I have worked out what equipment I would need and annual reinvestment of gear, depreciation of equipment and annual expenses.
For the annual expenses, I have considered the following. Insurance, web hosting fees, on-line gallery fees, office supplies, car expenses ( gas, etc ). Membership fees . Am I missing anything
Ultimately , I have come up with a base $/hr fee I need to consider to just break even in 3 yrs . The assumption here is that all of the revenue would go back in the business. In my case, to not lose money I would need to charge about $85/hr given the limited time I have to shot. Obviously, I would like to charge more but I need to see what the local market is willing to pay which leads me to part two.
I have scanned the local photog websites to see what they offer and try to get an idea of what they charge. I put together a little survey that I would like them to answer . It consists of generic questions on how they advertise, how they came up with a price structure and the importance of specializing etc etc . I am hoping that they will not get there guard up and are willing to share some of there insights into their business.( much like POTN member do ).
That's it for now. Comments on my approach are welcome. Would you do anything differently?
Thanks in advance