Confront your costing

Confronting your costing is a time-consuming task for any professional, so Carla grabbed the bull by the horns and got well and truly stuck in

 Writing my business plan has taken up a few long evenings this month – but it’s obviously a very important part of developing a new business and is crucial to helping me plan and implement my vision. It will also help to have a very professional business plan when I go and see my new business bank manager, to give them a clear picture of where I’m going, and to let them know I really mean business!
When I started my first photography business I found Business Link very useful but this time around I think I’ve learnt what works the hard way. I hope to build on this experience…and not make the same mistakes again!
The first thing I’ve had to tackle when writing my plan is the costing. Exactly how much will it cost me to go to a client’s home, photograph their baby and develop the images? I need to cost my time and the travel costs as well as the more obvious print costs, and office expenses such as phone calls and other admin costs…
There will also be marketing costs. I have produced an advert to use in the local press (well, my long suffering husband has – he’s a designer!) and want to advertise fortnightly for a few months – something I have never done with my other business. Life Photography has worked well and has been busy purely through word of mouth and free promotions with retailers etc.

Advertising is really expensive and it pays to do your homework before launching in to an expensive campaign. Make sure the ad reaches the target audience obviously but also check that the ad itself is clear and compelling and has a call to action – i.e. what do people do now they’ve seen the ad? Phone you? Look at a web site? Drop in to the studio? It needs to be crystal clear.
Totting up the business costs/expenses has allowed me a clear view of how much I need to charge for my product and what kind of profit I’ll expect to make…and in turn this has enabled me to work out how many clients per week I need to find in order to make my profit. I’ve been lucky with this new venture in that I already have all the capital items I need so it feels less of a risk to try something new.

Check out the competition

The next thing I’ve focused on is my market position within the industry, in the geographical area that I live in– who exactly are my competitors and what do they charge? How do they work? What do they do well? And what can I offer that will give clients a real value added experience? How will my business stand out in the market place? Where do my clients live? Shop? Socialise? How will I reach them? I have a really clear picture of the market and I’m hoping that my research will have paid off and I’ll be targeting the right people from the start! People who love the product and will pay what I’m charging for it!
Ironically, just as I pour more and more thought and time into Babyshotz, Life Photography has been really busy and I’ve done some lovely shoots. I’ve started working with a local framer and it’s made the whole print/frame process so much easier, he’s quick and professional – a real find. It’s worth looking locally in my experience, as developing good relationships with printers and framers that really understand the product you’re producing means they can get on with helping you to have a final product that is exactly what your client hoped for, and more
This month has been the busiest for some time, and next month I have a new Life Photography promo starting with a local upmarket hair salon chain. I’ve put the hard work into Babyshotz this month, so by next month I hope to be reaping the rewards! Until then, happy shooting!.

Contact details
TELEPHONE 01452 531571