Business Plan For Event Photography Analysis Essay Example

the loan. The requested funds will primarily be used to purchase additional photographic equipment such as cameras and lighting accessories, as well as developing supplies. Additionally, these funds will serve as a buffer during slow periods within the company's first year of operation.

Operated by Jesse Ward from his home, Wards Event Photography primarily takes reservations through phone and email. The market opportunity for a small event photography service in this area shows great promise.Wards Event Photography (WEP) distinguishes itself from other event photography services in neighboring towns like ARC Photos and Avalos by offering lower prices. This is made possible because WEP operates without a physical store or studio, allowing for more capital to be allocated towards travel expenses. Additionally, WEP develops its own photos internally, saving both time and money compared to using an external developer. By assuming that established companies with higher operating costs will charge more, WEP believes that consumers prefer event photographers who can provide affordable prices without compromising value and quality. As a sole proprietorship owned and managed by Jesse Ward, Wards Event Photography has fulfilled all legal requirements by submitting Form DR0592 to the Colorado Department of Revenue and obtaining a DBA certificate. The company's physical location is currently at Jesse Ward's residence on County Road 47 in Howard, Colorado. To fund the startup, an initial investment of $17,000 was made from Jesse Ward's personal savings. Initially focusing on event photography services, there are plans to relocate to a more accessible storefront once profitability is attained and expansion becomes possible.The addition of retail services like photo developing, camera sales, and an on-site portrait studio would be facilitated by this

move. As the customer base expands, more staff may be required to handle reservations and efficiently manage store operations in Jesse Ward's absence or work alongside him as another photographer. It is worth noting that Jesse Ward brings valuable qualifications to his role as manager of WEP; he holds a bachelor's degree in Business and an associate's degree in photography. With six years of experience and successful collaborations on various occasions such as weddings and baby photography projects, along with behind-the-scenes wedding work through collaboration with caterers, Jesse not only possesses expertise but also dedication towards providing quality service that accentuates his passion for photography, making him highly skilled in this field. His business acumen allows him to turn his photography skills into a successful enterprise. Operating in a constantly changing market where people typically only get married once and there is often a significant time gap between weddings, Wards Event Photography needs to target a population that can support multiple weddings each year. The areas of Caon City, Salida, Buena Vista, Howard, Coaldale, Cotopaxi, and Leadville in Fremont County, Chaffee County,and Lake County are the primary regions that Wards Event Photography aims to serve.

Fortunately, the presence of a large population in these areas allows for a thriving market for event photographers. However, if Wards Event Photography did not have competitive advantages like its pricing strategy, it might struggle to compete with other companies. The company's ability to offer lower costs without compromising quality is what sets it apart. This appeals to both first-time customers and repeat clients who would otherwise choose competitors. Throughout history and in the future, people will continue to get married,

which will increase the demand for wedding photographers. In recognition of industry trends such as the shift to digital film, Wards Event Photography plans to incorporate digital photography into their services while maintaining 35mm film as the standard. They also aim to reduce costs through printing technologies and expand their offerings by adding videography in the future. Their target market includes individuals in Leadville, Salida, and Caon City who require event photography services. By prioritizing competitive pricing, Wards Event Photography can attract a wider range of customers compared to higher-priced competitors. While there is no specific demographic targeted, middle-class customers are expected to be predominant.
The potential customers for a wedding photographer include parents, siblings, friends, brides and grooms themselves. The wedding photography market faces competition from ARC Photos in Buena Vista, Avalos Photography in Caon City, Gary Adler Photography in Fairplay, and Wild Iris Studio in Salida.

These established companies offer wedding photography along with other services. However, Wards Event Photography (WEP) has the potential to succeed despite their name recognition. WEP uses competitive pricing as a marketing strategy and ensures that their prices remain at least 10% lower than a studio in Pueblo.

Although WEP may not initially provide all the services its competitors do due to the lack of a physical studio, this allows them to offer high-quality service at affordable prices. As WEP becomes more established, additional services can be added. Initially, the absence of these services is seen as a competitive advantage.

Wards Event Photography specializes in capturing and preserving memories from weddings, reunions, birthday parties, and other special events through affordable and high-quality photographs. They provide customers with various photographic packages to choose

from that offer different quantities and sizes of pictures. Customers can select the package that best suits their needs.If none of the available packages are satisfactory, WEP can create a custom package to ensure customers get exactly what they need. What sets Wards Event Photography apart from its competitors is its unique pricing structure. While other companies may offer good quality and service, they cannot match WEP's competitive pricing.

Wards Event Photography (WEP) specializes in providing professional photo-taking services for weddings and events. This aspect serves as WEP's main selling point, attracting a large number of people, including those who are more affluent and would typically choose a higher cost option. Having a professional photographer present at the wedding allows guests to fully enjoy the celebration without struggling with cameras. Brides and grooms can be confident that their pictures will be of high quality since there is a professional photographer available to capture their special moments.

To view the available wedding packages offered by WEP, please refer to the next page.

Wards Event Photography offers two wedding packages. Wedding Package I includes up to 5 hours of photography in two locations, along with 250 4x6 prints, 10 5x7 prints, 5 8x10 prints, and 2 11x14 prints. Additionally, it includes an album and the option to upload the pictures to WEP's website for viewing at an additional cost of $6.99.Free proofs are also included in this package, and customers have the option to purchase negatives for $95.99.The price for this package is $500.00Gas costs for transportation to the wedding site and overnight accommodations (if needed) are not included and will vary.

The Wedding Package II provided by Wards Event Photography

includes 8 hours of photography in two locations. It also offers 325 4x6 prints, 15 5x7 prints, 10 8x10 prints, and five11X14prints. Additionally, it provides two albums and free uploading of pictures on WEPs website for viewing purposes.

Wards Event Photography Business Plan presents a Wedding Package III which allows unlimited time at up to three locations for two days. This package includes accommodations as part of the price. It also offers prints in various sizes, albums arranged chronologically, pictures uploaded onto WEPs website for free viewing and download for a period of 15 days. Free proofs, an announcement photo, pictures transferred to slides for slide show viewing, and free mailing of pictures to the customer if desired are also included. Negatives can be purchased separately at a cost of $199.99. The package price is $1025.00 excluding gas costs for transportation to the wedding site.

In addition to these packages, WEP provides custom packages that can be tailored according to budgets and needs.

When compared with similar services offered by competitors, Wedding Package I from WEP is priced significantly lower ranging from 37% to 57%. Furthermore,WEP guarantees that its prices will always remain at least 10% lower than those offered by competitors.
WEP aims to make it easier for customers to create and maintain relationships with them through their affordable prices. As a one-man operation running from home, WEP strives to offer high-quality services at a significantly lower price than their competitors. When promoting their services, WEP focuses on highlighting the value and price advantage they provide, while also emphasizing the quality of their work. This approach attracts customers who are looking for the best deals and pictures available.

Customers

who try out WEP's event photography services will be impressed by the consistent professionalism and competitive prices they experience. This positive experience will encourage them to return for future events. Word of mouth referrals from satisfied customers will also play a role in acquiring new customers for WEP as they share their positive experiences with friends and family.

When acquaintances are in need of a reliable event photographer at a fair price, they will turn to WEP as their first choice based on recommendations. In terms of pricing strategy, WEP understands that affordability is crucial in attracting customers. They closely monitor competitors' prices to ensure that they charge less than the average price for similar services.

Additionally, WEP offers added value by allowing clients to photograph two separate locations without any additional cost (e.g., capturing both the wedding and reception at different venues). They also extend coverage for an extra three hours at an affordable fee of $30.00.

It should be noted that prices for event photography can vary significantly depending on factors such as the photographer's style, number of pictures taken, and location.Colorado offers a range of prices for event photography, from $250.00 to over $12,000 depending on the company. However, Wards Event Photography (WEP) has a basic package priced at $500.00 per hour on page 14. Their Basic Wedding Package includes up to 5 hours in two locations and various print sizes: 250 4x6 prints, 10 5x7 prints, 5 8x10 prints, and 2 11x14 prints. The package also includes an album and the option to have the pictures uploaded to WEP's website for viewing purposes. They provide free proofs and customers can purchase the negatives for

an additional $85.00.

It is important to note that gas costs for transportation to the wedding site and overnight accommodations (if required) are not included in this price. Comparing WEP's Basic Wedding Package with other photographers' offerings shows its affordability. Essential Weddings in Glenwood Springs provides a similar package with a duration of 5 hours including:200 4x6 prints,10 5x7 prints,and4-8X10prints along with an album costing$800.Additional hour costs$50.On another hand,Bob Sullivan Photo in Littleton offers a comprehensive package including six hours of coverage along with different print sizes:150-5X5prints,a12X12leather bound album ,3-10X10prints ,4-8X10prints ,6-5X7printsand40-5X5Prints .This particular deal would charge customers around1600 USD

WEP also offers options for purchasing negatives at $250.00 each, extra hours at $100.00 each, and extra film at $50.00Customers have the option to choose a more elaborate package or create a custom package based on their budget needs. WEP takes pride in being flexible and working with clients of varying budgets. The goal is for WEP to be recognized as a high-quality, fair, and affordable professional photographer that customers should have discovered earlier. Through tasteful advertising in local newspapers, phone books, brochures, and online platforms such as their website (http://www.wardsweddingphotos.com), WEP showcases its strengths compared to competitors and encourages customer engagement. They offer affordable negatives, free proofs, lower hourly rates, and high-quality services. To further incentivize customers, WEP provides a 10% discount for those who contact them through their 1-800 number (1-888-WED-PHOTO) or by email at [email protected] within one year of seeing the ad. Jesse Ward personally delivers the photography services using his camera equipment and skills as the delivery specialist at WEP. He travels to wedding locations in his business vehicle - a prominently branded

1996 Dodge Caravan displaying WEP's phone number and website. After the wedding, customers can choose to receive their developed photos either by mail at their own expense after reviewing them online or in person after viewing the pictures. The estimated time for mail delivery is one week.
WEP utilizes various mediums such as local newspapers, free newspapers, phone books, the internet (including their website and emails to existing customers), and business establishments through brochures and business cards for promoting its services. While word of mouth will become increasingly important over time, initial customers are expected to be generated through other advertising methods. To ensure the success of their photography business, WEP has implemented a comprehensive business plan. As part of their marketing strategy, all customers will receive a WEP brochure and satisfied customers may be offered business cards to distribute at weddings. The company aims to encourage referrals by rewarding those who refer new customers with discounts on WEP services. Additionally, WEP utilizes a van that prominently displays its name and contact information as another means of promotion. This van will be visible both at weddings and during transportation to different events. The primary promotional strategy is to gain initial customers who will then spread the word about the quality and value that WEP provides. This word-of-mouth marketing approach aims to continuously attract new customers. Turning to financial plans, WEP estimates an initial capital requirement of approximately $27,000.Jesse Ward,the owner has already invested $17,000 from his personal savings into the business.The investment was allocated as follows: $7,000 for the purchase of a company vehicle (1996 Dodge Caravan), $450 for van insignia, $4,500 for camera equipment, $2,500

for computer equipment, and $2,500 for developing equipment. The remaining amount of the proposed loan ($10,000) will be utilized to acquire additional camera equipment ($3,900), cover advertising and website maintenance expenses ($800), purchase supplies such as film and albums ($800), and manage miscellaneous costs during the initial year of business. The subsequent pages contain the projected financial statements for the first three years of operation.