Table of Contents
- 1 INTRODUCTION (BUSINESS OVERVIEW)
- 2 BUSINESS PLAN
- 3 SWOT ANALYSIS:
- 4 Equipment for photography with estimated prices
- 5 Source of income:
- 6 Marketing Strategy and sales strategy
- 7 Publicity and Advertising Strategy
- 8 PRICING STRATEGY
- 9 CONCLUSION
- 10 REFERENCES
- 11 Authors:
INTRODUCTION (BUSINESS OVERVIEW)
The photography business is one that is highly thriving globally. In Nigeria alone, there are thousands of photographers in this field. The photography business is a profitable business venture and it is open for any aspiring entrepreneur to come in and establish. Since there are many studio houses, the truth is one’s company can only thrive if it is strategically planned/positioned. As an aspiring entrepreneur in photography, you can choose to start on a small, medium or large scale.
Studio VI is a standard photography business that will be based in Gwagwalada, Abuja. We are yet to be a registered business. We intend to start on a small scale by taking all forms of pictures and editing. That, however, does not mean we will not elevate our potential in photography. Our business goal is to be one of the best studio house owners in Abuja.
Studio VI will at all times demonstrate the highest level of professionalism. We will ensure that we hold ourselves accountable for meeting the needs of our customers precisely and completely.
Studio VI is a business partnership jointly owned by Tolulope Aromire, Okwuose Walter, Fatoki Oluwafemi Martins, Amon Umasom and Kunle Sasa. We have the business expertise and experience to build unique photography to become a household name in the photography world.
OUR PRODUCT AND SERVICE OFFERINGS
Studio VI is a standard studio house that is positioned to make a profit, we are thus going to do all that is permitted by the law to achieve our business aims. Our services include:
- Designing pictures
- Taking pictures i.e. passport, studio shots
- Editing pictures
- Covering of events
- Production of photo albums, photo books, framed pictures, soft copies etc.
OUR VISION STATEMENT
Our vision as a studio house is to own a standard and highly profitable business that will engage in taking photo shoots across Gwagwalada, other parts of Nigeria and throughout the world.
OUR MISSION STATEMENT
Our mission is to establish a standard and world class business that in our own capacity will favorably compete with leaders in the business. We want to build a studio house that will be listed amongst the top 5 photo studios in Nigeria.
Our strength lies in the fact that we have the zeal and determination to succeed. Another factor that counts to our advantage is our background. We have a fairly robust experience in the business and also a pretty good academic qualification to match the experience acquired.
We do not take for granted the facts that we have weaknesses. In fact, the reality that we are setting up a photo studio business in a city with other smaller and larger photo studio businesses might likely pose a great challenge.
In essence, our chosen location might be our weakness. But we have plans to launch out at other places.
The opportunities available to us are unlimited on the basis that the university is in Gwagwalada and students tend to use their pictures for various functions, Gwagwalada is just ideal for this type of business simply because of the kind of people in it.
The threat that is likely going to confront us is the fact that we are competing with already established photo studio businesses in Gwagwalada and also there are other entrepreneurs who are likely going to launch a similar business within the location of our business. Of course, they will compete with us in winning over the available market.
Equipment for photography with estimated prices
Cameras (Nikon d500) N300,000 per one
Lenses (50-150) N150,000
Lighting (background) N35,000
Flash(extended light) N100,000
Laptops N120, 000
Desktops N30, 000
Tripod stand N20,000
Software and filters N50,000
Background decorations N60,000
Studio finishing N300,000
Generator (Mikano) N1,600,000
Miscellaneous N500, 000
Source of income:
Studio VI will generate income by
- Attending events and other ceremonies to take pictures
- Offering other services as rendered by the photo studio.
Marketing Strategy and sales strategy
Before choosing a location to open our studio house, we conducted thorough feasibility studies in order for us to be able to penetrate the available market in Gwagwalada.
We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time and also to compete with other photographers.
Studio VI will adopt the following strategies for an effective and resounding business.
Introduce our business by sending introductory letters and our full – packed catalog to residents, merchants and other relevant institutions that may at one point need our services.
Organize and also attend photo exhibitions to sell our wonderful pictures
Engage in road shows in targeted communities from time to time to show case our work.
Social media publicity as well as taking pictures of students and tagging other units through the hashtag (Instagram, snap chat, twitter, Facebook etc.)
Publicity and Advertising Strategy
Regardless of the fact that our studio is a standard one that can favorably compete with other leading studio houses in Nigeria and in any part of the world, we will still go ahead to intensify publicity for all our activities. We are going to explore all available means to promote Studio VI.
As a matter of fact, our publicity and advertising strategy is not a difficult one because presently in era social media takes the lead and there we can find the young and the aged alike. Here are the platforms we intend leveraging on to promote and advertise Studio VI.
Engage in road show from time to time in targeted communities.
Distribute our fliers and handbills in target areas.
Our prices will depend on the discretion of the fashion designer, but the time spent, the design and also the material used, are part of what will inform the amount to be charged. The prices will also conform to what is obtainable in the industry. Charges will be:
One outdoor photo N200
One indoor photo N700
Full coverage services N150, 000
Photo Album N50, 000
Photo book N150, 000
8 by 10 N4, 000
10 by 12 N6, 000
12 by 15 N10, 000
15 by 20 N15, 000
Softcopies N200 per one
Editing N200 per one
Passports ranging from N500 to N2, 500
By following the above business plan, we are quite optimistic that Studio VI will achieve its financial goals within the given period of time. Nevertheless, our customers will always be our top priority. With this in mind studio VI would always strive to be the best.
The following sources were used to create this business plan.
- Handley, Stephan. (Sept. 2006). Business Plan Format. Retrieved Sept. 2006.
- Jack sack, Susan (Ed.). (1998). Business plans that work: for your small business. River woods, Illinois: CCH Incorporated.
OKWUOSE WALTER OLISE
AROMIRE TOLULOPE OLAWALE
FATOKI OLUWAFEMI MARTINS