What Should Be in Your Photography Business Plan

Set up your photography startup for success by including these essential elements in your business plan.

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Sandra Beckwith has been writing for traditional and online publications since she sold her first magazine article while still a journalism student. Her articles in business, consumer, trade, and custom magazines; in corporate, alumni, and nonprofit organization publications; and on websites and blogs help readers learn more about successful initiatives and interesting people, or about how to do something better, faster, or smarter.The author of three traditionally published nonfiction books and a past contributing editor of three trade journals, Beckwith writes frequently on small business, logistics, supply chain, and work-life balance topics.She is also a national and regional award-winning former publicist who teaches authors how to market their books. Her book marketing website, BuildBookBuzz.com, has been recognized for excellence by four organizations and is ranked in the top 10 globally for book marketing blogs. She has served on the board of directors of the American Society of Journalists and Authors, where she remains an active volunteer and member. She is also a member of the Association of Ghostwriters. Beckwith is a graduate of Utica College of Syracuse University, a past member of its Raymond Simon Institute board, and a recipient of its Outstanding Public Relations/Journalism Alumna Award. A resident of a sweet little Erie Canal village in Western New York, Beckwith listens to audiobooks every evening while walking along the canal's original towpath for exercise. Her hobbies include eating, sleeping, and spending time with friends and family—but not necessarily in that order.

Business plan basics

A photography business plan is a written document that maps out how you'll run your business and earn money from it. A typical business plan includes:

Executive summary—a summary of the business plan
Company description—the who, what, when, where, why of your business
Products and services offered
Target audience
Market analysis
Competitive analysis

Operations and management
Sales and marketing strategy
Financial plan

If you need to apply for a business loan for equipment, studio rental, or other significant expenses, you'll need a full-blown, detailed document. Otherwise, a concise business plan will work just fine.

“I think what's more important than creating a comprehensive business plan is to get together a checklist of the critical pieces that you'll need to get started," Pete LaGregor, a professional photographer and practicing attorney, says.

Angela Goodhart, a photographer and author of "123 Launch It: How to Start a Photography Business When You Have No Money, No Time, and No Energy," adds, “I absolutely recommend a business plan, but for my target audience of busy, often overwhelmed multitasking moms, I recommend that the plan be quite simple."

The essential research

For an executive summary, Goodhart recommends starting with a mission statement. Hers kept her going when things got tough. “The mission statement is a combination of why you chose photography and your overarching goals, which may not all be revenue goals," she says.

In addition, researching your target audience, local market, and competitors is essential. This will allow you to:

Identify opportunities or unmet needs that will influence your specialty
Be clear on who is most likely to appreciate and pay for your services
Create a sales model that includes pricing and photo packages
Develop a marketing plan

Use this research to develop your firm's strengths, weaknesses, opportunities, and threats. “This helps photographers figure out what makes them unique in their niche and why clients should book with them. It will also greatly inform the marketing plan," wedding photographer Emma Thurgood says.

Find a niche

Use what you learn about your local market with your photography skills and interests to zero in on a profitable niche or specialty. This is your product or services.

“Knowing right from the start that you are going to specialize in one or two genres will help to define the client archetypes for the business and develop a strategic marketing plan from there," Thurgood says.

Your niche will also help determine expenses for the financial plan section. For example, if you specialize in portraits and head shots, you'll need to budget for studio space. Common expenses for all niches usually include equipment, insurance, editing and contact management software, advertising, and website design and hosting.

“Most full-time photographers have upwards of $12,000 in nonclient-specific expenses alone," Thurgood says.

Develop a marketing strategy and system

A marketing plan, one of the most important elements of your photography business plan, outlines how you will attract customers and generate leads. Don't skip this step.

“Many photographers think that if they create beautiful images and put them online, the business will come to them automatically. It just doesn't work that way," LaGregor says.

“Posting in response to every 'in search of photographer' post in Facebook groups is a time-consuming and often fruitless way to gain clients. So is advertising really cheap fees for sessions repeatedly, since the clients you'll attract won't return for higher-paid sessions," Thurgood adds.

Once you've determined who is most likely to pay for your services—your ideal customer—identify where you'll find them online. Create accounts for your business on those social networks and share content that both attracts and engages your audience. In addition, find other businesses that serve that audience and propose partnerships. If you're a wedding photographer, for example, that might be florists, wedding planners, and venues.

Keep your business plan handy

Refer to your business plan regularly, especially when you're tempted to veer off in a new direction or spend money. It can be easy to lose sight of your original mission. “My business plan helped rein in my expenses and debt, because I could more easily pass on all of the very tempting workshops and gear, props, or backdrops that weren't aligned with my target clients," Goodhart says.