1.0 Executive Summary Lifetime Memories Photography is a small business that provides photography services (with a focus on weddings) to clients looking for high quality, fair price, and great service. Lifetime Memories is organized as a sole proprietorship, with Mike ______ as the owner and sole employee. He does all the photography for the events as well as taking reservations, purchasing equipment, and doing the business? books. Mike ______ will be contributing his own capital to the business for start-up costs, and has secured financing from several other sources, but will still need $10,000 in start-up costs. This business will be run from Leicester MA.. To start, Lifetime Memories marketing plan will focus on advertising in local areas like Worcester, Auburn, Shrewsbury and other surrounding towns. The advertising will emphasize the companyэs lower price, its quality, and its high value to people who need event photography done, such as wedding planners and birthday party organizers. There are several competitors in the local area that will be targeted, but these competitors, being better established and having retail locations, will charge more than Lifetime Memories plans on charging. There is an opportunity to enter the market and succeed where these other competitors are lacking, this mainly being low price and a guaranteed high quality, professional service. Lifetime Memories vision is to provide the best photography services to people who want their special events captured and recorded for the best price and with the best value.
Weddings, Birthdays, Anniversaries, Vacations, and Reunions will be our specialty. Anyone with any photography service need will be able to utilize our services, however. For example, baby showers, engagement, and special request photography will all be available. Lifetime Memory?s Mission Statement follows: “Lifetime Memories provides the best event photography service in central Massachusetts, combining value, quality, and service in a package whose price is unbeatable. Lifetime Memories is requesting a 3-year, $10,000 loan for start-up costs that Mike ______ contribution is unable to cover. He has approximately $8,000 in collateral available to secure the loan. The requested funds will be used to purchase additional photographic equipment such as cameras, lighting accessories, developing supplies, and also to help the company during slow periods in its first year. 2.0 Company Overview The company’s name will be “Lifetime Memories Photography”, and operate out of the home of Mike Bartkus, owner and manager. There will be no retail store for the business at first, and most reservations will be taken over the phone and via e-mail. Market opportunity The opportunity for a small start-up event photography service in this area is a good one. While there are several others in nearby towns, such as Casson-Foster Photos in Auburn and Lasting Images in Oxford, Lifetime Memories would be able to offer lower prices because it doesn?t have the operating expenses the other companies do.
Although there’s no store front, that means there will be no building to rent or lease and maintain. Also, we will develop our own photos, thus saving time and money for developing; further reducing the price we will charge. There are several assumptions that we make to give insight as to why the business will be successful: 1. More established companies with more operational costs will charge more than us. 2. There is a desire by consumers to have available to them lower-cost event photographers. 3. Value and quality, not establishment or name recognition, is the main factor in choosing an event photographer, thus making the low-cost image of this company a prime choice. Legal form of the business The company will be organized as a sole proprietorship, with Mike ________ as the owner and manager of the company. The company will operate out of Mike ________ home at: 459 ______ St. _______ MA, 01524 History This is a startup business. Mike _______ has, to date, invested $17,000 in the business from his own savings. Growth and financial objectives In the beginning, we will be a small company, located in Mike _________ home, with event photography services only. After profits begin to be made, and expansion becomes possible, it will move to a storefront in a more accessible location and add retail services such as photo developing, camera sales, and an on-site portrait studio.
As the customer base increases, more staff may also be necessary to take reservations, operate the store, and take pictures in my absence or in addition to him as another of the business?s photographers. Manager Information Lifetime Memories manager, Mike ________, has a bachelor’s degree in Business from Franklin Pierce College of Rindge NH and is currently taking classes at Quinsigammond Community College towards a second degree in Photography. He?s been a photographer for 2, and has worked for clients before, photographing weddings and taking baby pictures. His experience, drive to provide quality service, and enthusiasm for his work make him an excellent photographer, and his business knowledge allows him to turn his picture-taking skill into a successful business. 3.0 Market Analysis Summary The market for Lifetime Memories Photography is always changing. Most of the time people are only married once, and if they?re married twice, there?s often a large time period in between weddings.
Because of this, a population large enough to support many weddings a year is important for an event photographer. The area we plan to cater to includes Worcester, Shrewsbury, Auburn, Oxford, Spencer and other surrounding towns and cities. There are enough people in these areas to support several event photographers already, and so in that way the market can be shown to exist in a large enough state to be profitable. Of course, the existence of these other companies in the market would make it less accessible to this company if it didn?t have the competitive advantages it does. Lifetime Memories price will allow it to gain customers that would otherwise go to competitors. Both first time users of event photographers as well as repeat customers of existing companies will be drawn to us by the use of lower costs with the same high quality. Analysis of the Industry For centuries, people have been getting married. It is expected that people will continue to get married for centuries more. People also want to remember their weddings and one of the most popular ways to do this is to take photographs. Wedding photographers will continue to be needed in the future, in larger numbers as different methods of photographing come into existence.
Some trends in the industry include the move to digital film (both photographic and video) but 35mm film is still the norm. We plan to move into digital photography as the business develops, which will assist the development of our website and lower developing costs through printing technologies. We also plan to add video services at a later date so that weddings can be videotaped. A whole new array of services would be available with video services. Target Market/Customer Profile Our target markets are those people seeking event photography services in the local area. Because price will be an important factor in our advertising and image, we will be able to target a wider range of customers than higher-priced companies would be able to. Though no specific demographic will be targeted, we expect middle class customers to be most popular overall. Parents, siblings, and friends of brides and grooms as well as they themselves could all be responsible for contracting a wedding photographer. Competition Casson-Foster Photography in Auburn, Hilton Photography in Worcester and Lasting Images in Oxford are some of the competition, offering wedding photography as well as other services in some cases.
Although being already established and having name recognition is a great plus for these companies, there is room for Lifetime Memories. Without a studio, we won?t be able to initially offer all of the services its competitors can, but because of the lack of these services, we will be able to offer very high quality service for low prices. Once we are better established, other services may be added, but at first, the lack of these services is looked at as a competitive advantage. Service Offering Summary Lifetime Memories Photography provides weddings, reunions, birthday parties, and other special events with a high quality, good price way to remember and cherish the memories from the event forever; photographs. Lifetime Memories provides the customer a choice of photographic packages, which offer different numbers and sizes of pictures, and the customer can choose the package that best fits their needs. If no package is satisfactory, a custom package might be developed, allowing the customer to get what they need. Uniqueness Though wedding and event photography is not unique in itself, Lifetime Memories has a uniqueness to it that sets it apart from its competition and that is price.
The competition has high quality and good service, but it cannot beat us on price. This will be our main selling point after quality and value and will draw a large number of people. Even the wealthiest people in the world would choose a lower-cost option if the quality and service were the same. Description Lifetime Memories offers photo-taking services for events and weddings. Wedding guests don?t have to fumble with cameras because there?s a professional photographer. Brides and Grooms don’t need to worry about the quality of their pictures because there?s a professional photographer. The professional photographer photographs the wedding. On the next page are the wedding packages offered by Lifetime Memories. A “Wedding Package I” includes the following: Up to 5 Hours in two locations, 250 4×6? prints, 10 5×7? prints, 5 8×10? prints, 2 11×14 prints, Plus an album, the option to have the pictures uploaded to our website for viewing ($6.99 extra). The negatives can be bought for an additional $95.99 Price: $500.00* *Gas costs for transportation to the wedding site, as well as overnight accommodations (if necessary) not included and will vary.
A Wedding Package II? includes the following: Up to 8 hours in two locations, 325 4×6? prints, 15 5×7? prints, 10 8×10? prints, 5 11×14 prints Plus 2 albums, the pictures uploaded onto our website (for free) for viewing and an announcement photo. The negatives can be bought for an additional $129.99. Price: $690.00* *Gas costs for transportation to the wedding site, as well as overnight accommodations (if necessary) not included and will vary. A ?Wedding Package III? includes the following: Unlimited time (up to two days, accommodations included in price) at up to 3 locations, 450 4×6? prints, 25 5×7? prints, 20 8×10? prints, 15 11×14? prints, Plus 4 albums (arranged chronologically), the pictures uploaded onto our website (for free) for viewing and download for 15 days, an announcement photo, the pictures transferred to slides for slide show viewing, and the pictures will be mailed (if desired) to the customer at no additional cost. Negatives can be bought for $199.99. Price: $1025.00* * Gas costs for transportation to the wedding site not included and will vary. Custom Package: Customer defined package to fit budgets and needs.
Marketing Plan Creating and Maintaining Customers Lifetime Memories main ally in creating customers will be the prices it charges. Because it is a one-man operation, an operation running from home, and because one of its main goals is to charge a fair price, we will offer our high quality services for far less than the competition. When advertising, we will emphasize this value and price advantage, along with quality, to attract customers who want the best pictures and deal available. Once someone has used Lifetime Memories as their event photographer, the high quality of service, professionalism, and consistently low prices will bring the customer back the next time the need for an event photographer arises. Besides creating customers through advertising, word of mouth once our services and price become better known will create customers. Friends and family of customers will hear about Lifetime Memories through existing customers and they will, when they need a high-quality, fair-priced event photographer, look to us first. Pricing Because price will be a large draw for customers, and Lifetime Memories will focus on the low cost of its services, we will closely monitor its competitor’s prices.
We will charge less than the competition’s average price for comparable services as well as photograph two locations for no additional charge (if the wedding and reception are in different locations, for instance) and stay up to an additional 3 hours for only $30.00. Of course, prices vary greatly between photographers and the types as well as the number of pictures they take, with prices ranging from $250.00 to over $12,000 in some companies, but on the next page is a basic package price for Lifetime Memories. A Basic Wedding Package includes: Up to 5 Hours in two locations, 250 4×6 prints, 10 5×7 prints, 5 8×10 prints, and 2 11×14 prints, Plus an album, the option to have the pictures uploaded to our website for viewing. The negatives can be bought for an additional $85.00 Price: $500.00* *Gas costs for transportation to the wedding site, as well as overnight accommodations (if necessary) not included and will vary. The Basic Wedding Package is only one option, however, and the customer can choose a more elaborate package or create their own custom package to meet their budget needs. We are very flexible, and will work with clients with nearly any budget. Positioning Lifetime Memories will position itself as the “High quality, fair and low cost, professional photographer you should have discovered years ago”.
Through tasteful and professional advertising in local newspapers, phone books, and in brochures, we will emphasize its advantages over the competition (such as inexpensive negatives, lower hourly rates, and high quality) and encourage customers to use Lifetime Memories by offering a 10% discount for those that call our 1-800 number (1-888-LIFTIME) within 1 year of the ad?s placement and ask for it. Delivery Mike ______ will deliver the services, through the use of his camera equipment and abilities. After the wedding, the photos will be developed, and either through the mail (after internet reviewing) at the client?s expense, or after the customer has viewed the pictures in person, they will be delivered to the customer, if by mail, generally within 1 week. Promotion Lifetime Memories promotion will consist mainly of advertisements in local newspapers, free newspapers, phone books and business establishments (through brochures and business cards), as well as word of mouth. Word of mouth will increase in frequency and importance as time goes on, but the other advertisements will bring in our initial customers.
All customers will receive a brochure, and if acceptable, we will offer business cards to guests at the weddings. Referrals will be encouraged as well after the wedding is completed, and we will reward referrals with discounts on services to both the party referred and the party who mentioned us to them. Our promotional strategy will be one of gaining initial customers who then spread the word about the value and quality that we provide, while continuously gaining new customers as well. Financial Plans and Analysis Initial Capital Requirements Lifetime Memories will need approximately $27,000.00 in initial startup capital. Mike ______ has invested $17,000 of his own savings into the business thus far. Camera equipment at $4,500.00, computer equipment at $2,500.00 and developing equipment at $2,500.00. The requested $10,000 is to purchase more camera equipment at $3,900.00, advertising at $800.00, supplies like film and albums at $800.00, and to cover miscellaneous costs during the business? first year with the remainder of the loan.