One of the first things budding business owners are encouraged to do is write a business plan. There is good sound reasons behind it and we’ll give you a great reason why. To do this we’ll use photographers. So, for example, you’re a guy and you see a lot of hot females and a good way to get next to them is to get them excited about modeling. But how are you going to do that? You do an internet search and see a lot of guys taking photos of really hot females, even skimpy bikini clad ones! So you invest in a camera and a couple of lenses. But now you need to figure out how to use it. You search again and look to YouTube as well as some photographer Facebook groups. You start getting pointer and you put what you are learning to use. A few months to a year, you’re pretty decent at taking photos of buildings, animals, plants, and your friends. Now you make some posts to get some hot models to shoot with you.
But here is where things go a muck and quick! While you are learning photography and how to use your camera, you are consistently conditioned by reading, seeing and hearing other photographers saying they are “artists”, professionals and charge what you are worth! Plus, you quickly learn some serious bad habits from the start such as never let anyone see your unedited images, never give raw files, plaster and ruin your photos with a watermark across the image, no pay-no images! You also learn how to exploit models for personal gain and profit with TF (Trade For Time or Trade For Prints) because you think you have an understanding of Copyright law and because you pushed the shutter button, you own the images! You then turn around and learn to use some photo editing software to edit images. You give the model maybe five (5) to twenty-five (25) edited images in a compressed jpeg quality and bam, you are now a professional photographer! Congrats!
But wait, you are NOT making any money. You did what the masses are doing and for the most part either become a Guy With Camera (GWC), as we call it, a Perv-tographer, whose goal is to merely use photography to get female models naked, sexually harass or assault them. Or you have become a “professional hobbyist” per IRS tax rules as you haven’t made a profit in the two of fives years. That’s only part of it! You could be breaking consumer protection laws and if you get sued for any reason above or for something like not providing the model or client images after they paid, you… you could be in real trouble if you haven’t set up a legitimate business or pay the proper taxes!
On the other hand, you are serious about starting a photography business, or any business for that matter. You want a plan, a road map of how you are going to go from a thought or idea to actaully making your business idea a reality. Plus, with careful planning and analysis, you know how to become successful!
Two Types of Business Plans
- The Traditional Plan – This type of plan is very detailed, takes more time to write, and is comprehensive. Lenders and investors commonly request this plan. You might prefer a traditional business plan format if you’re very detail oriented, want a comprehensive plan, or plan to request financing from traditional sources. When you write your business plan, you don’t have to stick to an exact business plan outline. Instead, use the sections that make the most sense for your business and your needs. Traditional business plans use some combination of these nine sections.
- The Lean Startup Format – You might prefer a lean startup format if you want to explain or start your business quickly, your business is relatively simple, or you plan to regularly change and refine your business plan. Lean startup formats are charts that use only a handful of elements to describe your company’s value proposition, infrastructure, customers, and finances. They’re useful for visualizing tradeoffs and fundamental facts about your company. There are many versions of lean startup templates, but one of the oldest and most well known is the Business Model Canvas, developed by Alex Osterwalder. You can search the web to find free templates of the Business Model Canvas, or other versions, to build your business plan.
For this article, we’ll focus on the Traditional Plan format.
Executive summary

Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company’s leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.
1. What is the name of your business and what do you offer? In a few sentences give the name of your business, where you are located and describe what you’re selling. Is it a product or a service? Is it tangible or digital? Why will your business be successful?
2. What is your company’s Vision, Values and Mission? A mission statement is a short statement of why an organization exists, what its overall goal is, identifying the goal of its operations: what kind of product or service it provides, its primary customers or market, and its geographical region of operation.
3. Who is your company’s executives and employees? Here you will want to identify each person who is starting with the business and their role(s). It maybe just you and you are going to start off as a sole proprietor wear many hats. That’s fine, but put it on paper! Maybe in a couple of years your plan is to hire an assistant or college intern. What will they do? How much will they be paid?
4. Overview of Financials – Here you might want to do an Microsoft Word or Excel spreadsheet where you identify all of your expenses. Don’t worry if you miss some, but put some though into what expenses you might incur and what is the cost of that? It might be a one time expense, or something hourly (like a studios rental) month (like a website, utilities, memberships, etc.) You also want to list what each person will make and will it be salary? Hourly? As a sub-contractor? A simple way to do this is take the average pay for a photographer (you can Google this). Let’s say it is $34,000 annually. How do you break that down into an hourly cost? For most, there are 5 working days in a week. You hour 8 hours a day to get 40 hours a week. There are 52 weeks in a year, so that comes to 2080 hours a year (not excluding holidays, etc.). So, divide what you want to make, $34,000 by 2080 and you $16.34 an hour. Decide what each person will make and list that information.
Company Description
Use your company description to provide more detailed information about your company. Go into detail about the problems your business solves. Be specific, and list out the consumers, organization, or businesses your company plans to serve.
Explain the competitive advantages that will make your business a success. Are there experts on your team? Have you found the perfect location for your store? Your company description is the place to boast about your strengths. This is where you also will start to discover and explain your SWOT analysis.
1. What is your SWOT analysis? SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
2. Who is your competition and what is special or different about what you offer? Competition is good because it means money is being made in the business you want to start. However, in order to compete, you need to know who else is engaged in offering the same or similar types of products or services. You will want to list what sets your apart from your competition. How will your product or service be different? Will you deliver it faster or cheaper? Will you offer more personal service or allow self-service? Maybe you will give raw files because most photogs don’t. Maybe you will do joint copyright ownership with TF photo shoots, again, because most want exclusive rights to their images. If you want to be greedy and selfish in this manner with copyrights, list it and why.
3. Who are the people you will serve and how will your product or service help them? Answering this will help you craft effective marketing messages. Many businesses focus on what they offer (#1 product or service) in their marketing. But what consumers really want is to know how your product or service will help them. You can list your offer and what’s special about it (#1 product or service and #2 product or service ), which are your features. But then you want to correlate a benefit for each feature. Define what your feature means to the consumer. Fast delivery is a feature—fast delivery so you can start using it right now is a benefit.
4. Who will benefit from what you offer? People buy stuff to solve a problem. If they have a flat tire, they need a tire repair shop. If they’re bored, they want to be entertained. If they’re sick, they want health solutions. Based on what’s special about your business, how will what you offer benefit people? For example, if you offer portraits, what people are most likely to want and need that? Maybe business executives & employees, high school seniors, families?
Market Analysis
You’ll need a good understanding of your industry outlook and target market. Competitive research will show you what other businesses are doing and what their strengths are. In your market research, look for trends and themes. What do successful competitors do? Why does it work? Can you do it better? Now’s the time to answer these questions.
1. Who is your ideal customer? This is called your Target Market. You’ve already started to define this in Company Description when you determined who’d best benefit from what you offer. Now it’s time to learn about them in detail. What is their gender, financial status, interests and their other demographics? Where do they live, work, go for entertainment, buy food, etc.? How much money do they make?
2. How are these customers or clients being served now? Again, who is the competition? If you have a lot, you can narrow it down to say the top 20 in a 25 mile radius or similar. What methods are your competition using? Why is it working or not working?
3. Where can your ideal customer be found? If you are planning on shooting weddings, where is the best places to find wedding clients? Note – One mistake far too many photographers make is spending too much time in model/photographer groups or social media sites. It is fine to post some images here and there, but other photographers and models are NOT your target market! I see tons of photographers post very elaborate marketing materials for say portraits in model and photographer groups and they are doing the same thing you are… looking for paid work! Define who is your paying customers or clients and where they can be found.
4. How can you entice your ideal customer? You’ve started this as well when you translated your products, services and features into benefits. Now it’s time to craft marketing materials that speak your target market’s language. Putting a message that speaks directly to your market where your market hangs out is the best way to get clients and customers. Know exactly who your target market is and being where they go when they have a problem or issue to solve and knowing what they need and how provide a solution is what you want to know as well as do.
Marketing and Sales

There’s no single way to approach a marketing strategy. Your strategy should evolve and change to fit your unique needs. Your goal in this section is to describe how you’ll attract and retain customers. You’ll also describe how a sale will actually happen. You’ll refer to this section later when you make financial projections, so make sure to thoroughly describe your complete marketing and sales strategies.
1. How much will you charge for your product or service? If you’re selling one widget, you might have one price. But many products and services can have multiple pricing structures. For example, if you’re starting a wedding photography business, you can have one price for hourly clients, or a flat fee. You can also have different pricing structures for engagements, actually wedding and various pricing for more or less packages. While is it good to know what the competition is charging, you don’t want to base your prices off of what they are charging and be fairly close. Each business is different and has different costs or expenses. For example, you may be using Preachtree accounting software and I may be using QuickBooks Pro and John Doe is using outside accountant and Jane Doe has a few people in house doing the accounting Be very careful and know your own costs! If not you could end up costing yourself a lot of sales or money because the top five competitors are say shooting weddings for $1500 and you have more invested in your gear, higher studio rent/lease payments, drive a fancier vehicle, live in a more upscale area, etc. Know Your Costs and break them down into an hourly cost to help you figure what your pricing structure should be!
2. How will you be paid? Getting paid is an important part of every business equation. The easier you make it for customers and/or clients to pay and get what they want, the more likely they will do business with you. Will you accept a variety of payment options such as check, cash and credit card? Will you accept PayPal? Will you accept payments? What are your payment terms?
3. When will you be paid? If you’re selling a product, you’ll be paid at the time of the sale, but if you’re selling a service, you might not get paid until the service is completed. Or you can charge half the cost upfront and bill the remaining when the service is provided. Decide if you’ll bill monthly, bi-weekly or weekly, and when you expect payment. For example, will clients have 7 to 10 days to pay, or will payment be due on receipt?
***WARNING*** You will want to check with your local city and state for business and consumer regulations. For example, in Ohio, you are required to follow: Ohio Administrative Code 109:4-3-05 (D)(12) Repairs or Services “Fail to provide the consumer with a written itemized list of repairs performed or services rendered, including a list of parts or materials and a statement of whether they are used, remanufactured, or rebuilt, if not new, and the cost thereof to the consumer, the amount charged for labor, and the identity of the individual performing the repair or service;”
That brings us to things like Deposits… Ohio Administrative Code 109:4-3-07 Deposits. It shall be a deceptive act or practice in connection with a consumer transaction for a supplier to accept a deposit unless the following conditions are met: A through E of this section. This means you need to have and provide the client or customer with a deposit policy as well as a refund policy.
And, here is where you need to be extremely careful! Ohio Revised Code 1345.03 Unconscionable consumer sales acts or practices, including but not limited to, (A)(B)(2)(5) Whether the supplier required the consumer to enter into a consumer transaction on terms the supplier knew were substantially one-sided in favor of the supplier; (6) Whether the supplier knowingly made a misleading statement of opinion on which the consumer was likely to rely to the consumer’s detriment;“
For photographers here is where you need to be careful and we’ll give you and example. Most photogs have been taught or conditioned to think they are “artists” and that make them worth more. You shoot a wedding and charge the wedding couple $6500.00. At the wedding, you take 2000 images. This is pretty much the standard, however, you do not let the couple see any unedited images. You then narrow it down to 250 images and the couple can pick 50 for their wedding album. You edit the image your way rather than check and show them what could be done, what should be edited and what shouldn’t based on your experience. You then provide them 50 compressed lower high resolution JPEGS rather than say TIFF, RAW, PNG which have less compression. You also then plaster your watermark (what we call advertising marks) on the photos. Lastly per your contract you retain all the rights to the images and place restrictions on them such as not selling their photos to the National Enquirer, not being able to post the reception photos on Instagram, but they can on Twitter. However they can post both wedding and reception photos on Facebook providing they make 10 posts day about your photography, except on Thursdays. Sound crazy? You’re right it is! But this is exactly what most photogs do. If you want to buy the rights and do whatever with the images, aside from the $6500 you already paid, you can buy the rights for an additional $5000 because the bride is a well-known notorious blogger.
Or you take the remaining photos including the outtakes that are not that bad, sell some to stock photo companies for further compensation, others you submit to wedding photo contests for further prizes and recognition and others you use for show and tell on your website and social media site to advertise for self gain and profit on the next wedding.
Based on the above did you the photographer required the client(s) to enter into a consumer transaction on terms the you the photographer knew were substantially one-sided in favor of you, the photographer? That is substantially one-sided in favor of the wedding photographer! You may argue and yes, you are would be correct under U.S. Copyright law for photos, once you push the shutter button making the image a “fixed format” you own the rights. However, you bent the clients over the barrel with unfair restrictions and charged them $6500 simply because you could. That is an illegal one-side contract and business transaction that is illegal in Ohio as well as many other states with the uniform code. So, Be Careful with What You Charge, How You Charge and What The Client/Customer Is Getting In Return. It needs to be fair! You are not going to see a window company charge customer for the window and installation and they have restrictions say they can’t open the window in the summer, or in 3 months remove them, sell them and go with a different window manufacturer!
Organization and Management

Tell your reader how your company will be structured and who will run it. Describe the legal structure of your business. State whether you have or intend to incorporate your business as a C or an S corporation, form a general or limited partnership, or if you’re a sole proprietor or LLC. Use an organizational chart to lay out who’s in charge of what in your company. Show how each person’s unique experience will contribute to the success of your venture. Consider including resumes and core values of key members of your team
1. What is your legal structure? Are you a sole proprietor, a general or limited partnership, a limited liability company (LLC), or a C or an S corporation? The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits.
2. Who’s in charge of what in your company? You already gave the general information above under Executive Summary. Now show in more detail how each person’s unique experience will contribute to the success of your venture. What is their background or experience level(s). Do they have formal education, degrees or certifications that will aid the business?
Service or Product Line
Describe what you sell or what service you offer. Explain how it benefits your customers and what the product life cycle looks like. Share your plans for intellectual property, like copyright or patent filings. If you’re doing research and development for your service or product, explain it in detail.
1. What exactly are you selling? If you are a photographer, you are a service provider as well as product provider of images you take. Therefore, you will want to describe both in detail.
2. What benefits are clients/customers getting from using your products or services? As a photographer, don’t just say better quality images. Most people in the U.S. have cell phones with cameras and it doesn’t cost them anything to take as many images as they want and instantly post them on the internet. So, maybe its shooting at a rare or exotic place? Maybe tourist are coming to your area and for a small fee provide them a tour and images of their experiences?
3. Do you have intellectual property and how will you deal with it? These are things such as copyrights, patents, trademarks or products in development, of KFC’s 21 secret herbs and spices. For photographers, you will have copyrights to the images “you” take. But if you are working with say a model on a Trade For shoot, will you do shared copyright ownership or retain the full exclusive rights yourself? If you are shooting for a company who you are shooting their intellectual property such as ours, they may have restrictions and if you are not willing to agree to their terms, it may prevent you from securing work with them. Are you willing to do that? If yes or no, include why.
4. What is the life cycle of your products and/or services? This may sound simple in some businesses and difficult in others. You may think digital images may not have a life cycle, but as technology changes how does that affect your images? In the film days images could be reproduced with negatives. Then it floppy discs, to CD-roms to external hard-drives and now USB thumb drives and cloud storage. Also, consider things like photo editing software or say accounting software. Further, do your clients use you one time? Or is your products or services set up in a way that clients will come back for more? Perhaps you are selling a consumable product that every month customers may need to reorder. List in detail the pros & cons of each product and service and if there are life cycles and how you deal with them.
Financial Projections & Funding Requests

Your goal is to convince the reader that your business is stable and will be a financial success. Ideally, you want to provide a prospective financial outlook for the next 1, 3 and 5 years. Include foretasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. For the first year, be even more specific and use quarterly — or even monthly — projections. Make sure to clearly explain your projections, and match them to your projections and/or funding requests. This is a great place to use graphs and charts to tell the financial story of your business.
Existing Business – If your business is already established, include income statements, balance sheets, and cash flow statements for the last three to five years. If you have other collateral you could put against a loan, make sure to list it now.
Funding Request(s) – If you’re asking for funding, this is where you’ll outline your funding requirements. Your goal is to clearly explain how much funding you’ll need over the next five years and what you’ll use it for. Specify whether you want debt or equity, the terms you’d like applied, and the length of time your request will cover. Give a detailed description of how you’ll use your funds. Specify if you need funds to buy equipment or materials, pay salaries, or cover specific bills until revenue increases. Always include a description of your future strategic financial plans, like paying off debt or selling your business.
1. What are your assets to get started? What do you currently have or can used to get started? This could be money, but it can also include your computer, other equipment and tools you have to help you get started. You don’t need or have to have everything right now. For example, years ago I started a very successful excavating and construction company with what carpentry tools I had, some hand tools like shovels, rakes, etc., my pickup truck and $50.00. This was back in the 1990’s before the internet was what it is today. The fifty dollars went towards two magnetic signs for my truck, a ream of colored printer paper and 500 free business cards I got from some printing company. In five years, I had 16 employees and doing projects that were around $2 million dollars. All heavy equipment was rented or leased start with. Once we got to a point where we utilizing something most of a week, we then purchased it. Even in photography, you can or could start with your cell phone or a cheap entry level kit camera system. There are places where you can rent cameras, lenses, lighting, stands etc. This goes for about any business.
So list what you have and if you need to rent or lease something be sure to include that in your financials. But also show where you are going to buy it.
2. How much do you need to get started and where are you going to get it? Many businesses can be started with little to no money, depending on the business. Start by making a list of projected expenses for startup and ongoing expenses, such as monthly internet, editing software, utilities (take your existing monthly utility bills for each service, and use 25% of each monthly utility if you are starting in your home or apartment. This is a rule rule per IRS tax codes, but list the last 12 months. This will help you figure future projections and budgets.), insurance, gas for vehicle(s), studio or office rental space, etc. Put some thought into it and be honest and realistic. The more detailed you are, the better prepared you’ll be as well as better chances of being successful.
If you need money to get started, where are you going to get it and how will you pay it back, if necessary? Do you have savings you could use? Do you have a credit card you can use?
3. How much do you want to make? In the road map analogy, this is the destination. You want to figure both your wages as well as annual sales for your business.When you come up with your number, be sure to include overhead and costs related to running your business along with your profit goal. This may seem difficult, but it is really fairly easy! Start with, what do you make at your normal job? Let’s say you make $40,000 a year. You currently are living off of that amount so, again, list those expenses. But an easy way to break this down is… most jobs, you are going to work 8 hrs a day, 5 days a week to get a 40 hour work week. There are 52 weeks a year, so 40 x 52 = 2080 working hours including holidays. Now take $40,000 / 2080 = $19.23 an hour. Is that about right what you actually make? That doesn’t sound like a lot and working for yourself, you want to make more. So let’s double that as you want to be able to grow your business, pay payroll taxes, insurance, retirement, etc. $80,000 / 2080 = $38.46 an hour. This is what you will charge for yourself. Now add your overhead which is all of your expenses. A good way to do this is to create a spreadsheet and list each expenditure. Let’s assume you are renting an apartment for $900 a month, x 12 = $10,800 a year. You can deduct (write off) 25% as a business expense as you live in the unit and is not fully part of the business. 25% of $10,800 = $2700. What does your home office cost you an an hour? $2700 / 2080 = $1.30.
Do this for each expense and then add them up. Example: $38.46 + $1.30 = $39.76. This will give you your overhead… the cost of doing business. Let’s assume you did that and you came up with $125.00 an hour. Now you need to add your profit and let’s say you want to make 25%. Take $125.00 x 25% = $31.25. You now add that to your overhead. $125.00 + $31.25 = $156.25. This is what you would charge a client for your services. For example, you are figuring shooting portraits in 4 hour blocks $156.25 x 4 = $625.00. Doing this can help you establish realistic pricing.
Don’t make the mistake of looking at the competition and what they charge and just come up with something close. Know your costs!
4. What do you need to do to reach your financial goal? Using the price(s) you came up with above, determine how many sales or billable hours you need to meet your goal. If you want to gross $200,000 a year and charge $156.25 per hour for your service, you need to sell 1,280 hours of service per year. That equates to 25.6 hours a week (with a two-week vacation) or 5.12 hours day (with weekends off). Note, that while you might bill for 5 hours day, you’ll likely work more because of administrative and marketing tasks you need to do daily as well.
Calculation: $156.25 (hourly rate) x 5.12 (hrs. per day) = $800 x 5 (days a week) $4000 x 50 (weeks) = $200,000 (per year).
But if you have a product; let’s say you are a wedding cake baker. You figure all the costs to make a 3 tier cake and that is $30.00. Using the hourly rate in #3 of $38.46, it takes you 8 hours start to finish to mix, bake, frost, decorate and box the cakes… $38.46 x 8 = $307.68 + $30.00 (cake mix, frosting, box, etc.) = $337.68 is what you charge your customer. Assuming you want to make $200,000 a year, / $337.68 = 592 cakes you would have to make and sell a year. Sounds like a lot, but that is 12 cakes a week and 3 cakes a day. Can you make 3 cakes a day? Is your business doable and realistic? Can you reach your financial goals? In the above example, could you mix enough cake batter to make 3 cakes at a time to bake, frost, decorate in 8 hrs? You do a Google search to research what the average 3 tier wedding cake costs and discover, “On average, a wedding cake costs between $350 and $450 nationwide. Several factors affect the average cost of a wedding cake including the size of the cake, the ingredients, the number of tiers, the delivery location, and any special flavors or decorations.” (April 2019). Is your figures within that average? Yes! This means you have a realistic and doable business, providing you are able to get the sales.
Once you’ve done this action step, you’ll know exactly how much you need to sell to meet your goal(s).
Appendix
Use your appendix to provide supporting documents or other materials were specially requested. Common items to include are credit histories, resumes, product pictures, letters of reference, licenses, permits, or patents, legal documents, permits, and other contracts.
Overcoming Obstacles
1. What’s stopping you? What challenges or obstacles do you have now that are making it difficult to start or run your business? This will vary from person to person. Common obstacles are a lack of knowledge, no time, no help and not enough resources.
2. How can you overcome what’s stopping you? Many would-be business owners don’t do this step. They use the obstacle as an excuse to give up on the dream of owning and operating a successful business. But obstacles are just annoyances that, if dealt with, can be overcome! Doing this requires you taking the time to analyze the situation and brainstorm solutions. How can you learn more? (Read, attend conferences, etc.) How can you get more time? (Ask for help.) How can I get more resources? (Have a yard sale or sell unwanted or unneeded stuff on eBay make extra money)
Each of these questions requires just a few words or sentences, and will help you focus and build a foundation for a successful business. It will help you define what you’ve got and who you’ve got it for, the numbers you need to achieve to reach your financial goal, and areas you need to deal with or overcome.
Additional Resources
Starting a business can seem overwhelming and especially if you lack experience. But the good news is that there are a ton of resources out there and available for you. While this site is geared more towards photography and modeling, the same things apply to any business. For photographers there are a ton of photography groups on social media sites. But with any business, there are Meet Up groups, seminars, websites, YouTube channels and that is what most think of.
But, don’t forget, the Small Business Administration (SBA) has some great tips as well as samples of different business plans to get you started. You can also check out the SBA’s website for other helpful information like funding resources and where to get assistance in your local area if you need help. Additionally, there is the Senior Core Of Retired Executives (SCORE) that mentors business owners as well as Small Business Development Centers (SBDC), the Veteran’s Business Outreach Centers (VBOC) and the Women’s Business Center (WBC), which are also part of the SBA. There is also your local Chamber of Commerce, which you can Google to find your nearest local office or branch. You can also check locally or on a state level to see if you have any Workforce Development Centers, which some offer free or low-cost training is various areas. A lot of these agencies and programs are setup and funded with your tax dollars. So, don’t be afraid to ask for help!
Lastly, as you build your business, refer to your business plan for reminders or guidance, and tweak it as needed to help you reach your goals and success!

























