Creating your Business Plan
Creating your business plan can be both rewarding and daunting at the same time. Many don’t know where to start, or what the content should be. Make sure it is relevant for you and your needs. If your objective is funding related and to approach banks your content is often based around displaying cash-flow data, forecasting future cash-flow, highlighting income streams and profitable outcomes as this is what the bank will be invested in. In truth this is what you are interested in too; you want to know when you will be rewarded, what all your hard work has achieved, all while gaining a real understanding of your future.
I don’t know if you recent got hooked to the most recent BBC production of The Apprentice? Wow it’s an insightful programme. What was really insightful, was the final interviews.
What surprised, alarmed and entertained us was a lack of content within many of the plans, and a sheer lack of understanding for what will matter the most when running a business; cashflow! Cashflow is king. Prepare your business for success, invest time considering what you need to earn, when and what levels of income you need to run a successful business. On a daily basis I witness photographers attempting to launch into business, without giving enough thought to what they need to earn. And it is a need to earn, Photography and being a photographer is a lovely business to be in, and all photographers who become successful invest a great deal in the product development, training and equipment. If you have invested a great deal in training, product development, your craft and service, it all needs to be rewarding financially.
Your business plan should demonstrate how you are going to earn a living, what sales you expect to make, not forgetting what it costs to run your business. As you consider the year ahead, think about starting with a well refined plan. Break your plan down into the Intentions of the business including; financial, sales, marketing, customer service and product development. Each of these 5 areas require a detailed plan and strategy. Be ambitious and have a clear defined vision for all you want to achieve for the business.
Within the plan, consider the style of photography you offer, consider what you are going to retail and what your tribe will invest with you - as with all elements the devil is in the detail.
This was my final talk theme for today at the SWPP convention, for all of those who attended I’d like to thank you for your time, attention and business energy.
If you’d like to tap into more knowledge and drive your business even further join us and register on the complimentary webinar “My Best Year Yet ” by calling 01524 782211 or email email@example.com