Ali and I, Business Talk
(From Ali’s Blog, both sat and spoke about business plans and money)
Overheads including buying a lot of the camera equipment over the year. However I have done the calculations and I plan to save up and spend £5000 on equipment before I start the business full time therefore I can gradually add to the equipment as the business progresses.
Calculate the overheads and then figure out what I can charge in order to make profit. Can I push down overheads to make more profit?
- High end office
- Hotdesk office
- Studio space
- Studio equipment
- Camera equipment
- Pricing for equipment
- Location of my business in the long term?
The first type of place I have found as a possibility is around 11,200 per annum. Some places are more and some are less it will all just depend how it goes. The first place works out at £900 per month for a big enough office space that could also be turned into a studio.
If I have it in the city the rent will be higher than I want but I could get more walk in business, although if I have a place outside of the city the rent will be lower and the spare money from lower rent can be spent on further advertising. However I will only take a more rural location when the business is in full swing and I feel I have enough business to expand.
Contemporary office..rent converted barn. Or if things work out I could have my office on my own property.
Studio hire rates at EyeBox- £25 for a minimum of three hours. They have an infinity cove and a daylight studio section. Would need a hardwood floor and not carpet in the rented space.
As I have already figured out some rough overheads I have now tried out some pricing methods from my previous research.
3–4 hours coverage- £495
4–6 hours coverage — £795
Full day coverage — £950
Full day and two photographers — £1800
A few niche things we can sell
- Using 35mm camera with black and white for evening dancing, non obtrusive.
- Engagement shoots as an extra
- £200 for an event 1–2 hours — £40 for each hour thereafter
Can shoot 2 weddings a weekend if short coverage and close
£800 x4 weddings a month = £3200
Something we could also do, photo booth in the evening and 35mm photographs if we both do the wedding.
If we shoot all the weddings together at £1800 and full coverage and do 4 a month we could earn £7200 a month.
£7200 x 12 =£86,400
£86,400-Overheads (12,765.00)= £73,235
£73,235/2=36,617.5…Salary for me and tash each?
What to charge for extra bits….
£150 for an engagement shoots
Room for maybe 6 engagement shoots a month…£900 extra income
For half a day shoot need half a day post-production day.
1 wedding will take atleast two days of work depending on what we offer.
Do events as weddings slow down in the winter?
Put 15,000 of profits back into business for future use.
If we shoot two weddings a weekend 1 at £500.00 (3–4hours coverage) and 1 at £800.00 (5–6 hours coverage) that will then equal £1300 and if we shoot them separately then we would make £2,600 a weekend. Travel expenses will be on top of the price.
8 weddings a month with short coverage=£124,800 but not every month will be the same.
2600x4=10,400 Summer months at this price =62,400
4 weddings at £1800 each over winter= £43,200
6 engagement shoots for 6 months at £900=£5400
All of this = £111,000
Do 1st year predictions
Do 5 year predictions.
Office at home to start with…
What prices do you pay as a business?
Next step decide the little details.
What can I offer that is different?
- 35mm black and white film, £5 for a roll of Ilford
- Account for lab prices to develop as well.
- Account for picture development prices as well.
Photobooth 2 hour session
Video portraits like a guestbook
Mini engagement shoot
£2000 for a wedding with two photographers and full coverage…with mini engagement shoot, photobooth and meet up at venue. Travel expenses are extra.
- Half a day engagement shoot
- Bridal shoot
4 weddings a month- £8000
£20,000 for business savings
£76,000/2=£38,000 for salary
Start as you mean to go on? Is it hard to put up your prices?
£1000 for one photographer and full day coverage + 2 weddings a weekend.
Either approach the low end of the market or high? In the middle? Need to decide.
How to target the higher markets.
Doing only a CD package…target general prices.
- Email formation zone, Jenny and Hannah, emma brooks photography
- Draw up an invoice
- Systems to use
- Business book
- Business cards
- More research around other areas.