According to reports, the global demand for professional photography services is greater than ever before, and talented photographers can easily find jobs and gigs anywhere they go. However, anyone looking to start and manage a photography business will have to consider the easiest way to join this ever evolving and lucrative industry.
If you’ve always wanted to practice photography due to your passion for the art, or you are looking for ways to turn your hobby into a fulfilling and profitable business, the best and ideal option will be to seek a franchise. Aside the fact that franchises allow you to get into business quickly, you also tend to receive help and guidance from an experienced franchising team.
Venture Studios, in its own rights, has maintained its position as one of the UK’s leading portrait photographers and offers a proven franchise model for motivated individuals with a desire to run their own business, regardless of their background.
Venture has operated its franchise model for the last 20 years, and in this time has modelled itself as the premium market leader in the photography market. This company is best known as the only nationally recognised brand in its sector, making it truly distinct as a franchise concept.
Venture also dominates the space that it occupies in the market and supports studios from day one. With an exceptional training programme, Venture Photography has taken a non-photographer to a franchise turnover of £500,000 within their first year of trading.
In 2018 alone, the company’s central marketing team generated nearly 20% of customers that visited a Venture studio. And with 10,000 customers visiting a Venture studio in 2018, the company remains 10 times bigger than its closest competitor.
Note that it is this presence in the market that propelled Venture to be selected in 2017 by electronics giant Samsung, to work with them in the launch of their ‘The Frame’ television, generating very high quality customers for all Venture franchisees and providing a fantastic brand association for the company.
The company also offers its franchise model across three continents, with 16 studios in the UK, as well as studios in Asia and the USA. They also boast of a tried and tested business model, which combines world-class customer service, market-leading standards of photography, effective routes to generate customers, and a unique and contemporary range of products.
With a Venture Studio, a franchisee gets the opportunity to earn a substantial annual turnover of £440,000. The company’s business model is designed to generate earnings of at least 10 -15% of turnover, coupled with a salary of approximately £25,000.
Notably, the earning potential of a Venture Studio is comparable with many much larger franchises on the market; nonetheless, with start-up costs starting at just £70,000, this franchise offers a good platform for exceptional returns on investment.
According to trusted reports, the average turnover of Venture studio franchises providing personal services was £344,000. Nonetheless, the Venture model significantly outperforms this sector, with Venture franchisees in the UK achieving an average of £440,000.
In addition, the earning potential of these franchises is supported by the company’s cost-effective franchise fee. And it also comes with a combined franchise and marketing fee of only 7.5%.
Financial Requirements of Opening a Venture Photography Franchise
- Minimum Investment: £35,000
- Total Investment: £70,000
- Marketing fee: 7.5% of annual revenue
How to Open a Venture Photography Franchise
Photography innovation and customer experience remains the two crucial factors that influences the success and ability of Venture’s business, and the company is constantly pushing the boundaries of style, presentation and client value.
Note that this focus creates both an experience and a product which is full of emotional value for the client, which in turn leads to an average spend per customer which is unrivalled in other photography franchises and the portrait market generally. If you have interest in joining this franchise, below are key steps to consider.
Consider if the franchise suits your needs
No matter how easy and perfect this franchise looks, it is always pertinent to consider if your business visions and goals align with the company’s concepts. You can do this by thinking about what skills you have already developed and cross-referencing them against the franchisor’s description of their ideal candidate.
Talk to franchisor
Do not forget there is only so much you can learn from a franchise’s marketing materials, so it is always advisable you look for other ways to find out more about your potential new business. Note that one of the primary ways you can get a better feel for a franchise is by contacting the franchisor directly and arranging to either talk over the phone or meet in person. Have it in mind that Venture Photography Franchise team will be more than willing to do this and will ensure that they make time for anyone considering becoming a franchisee.
Request contact information of existing franchisees
Another unique option to obtain crucial inside information is to talk to the franchise’s existing franchisees. This will give you a much more balanced account of how the franchise is managed and whether the franchisor stays true to their word. Have it in mind that most franchisees will be completely honest, it’s a good idea to watch out for franchisees who are cheerleaders for the franchisor or that have obvious personal gripes with the franchise management.
Do the maths
At this point, it will be very crucial if you take the time to do the maths and work out exactly how much you can expect to invest over a given period and how much you can expect to earn.
Note that for some photography franchises, by the time you’ve piled together the franchise fee, working capital requirements, start-up costs, royalty fee, and marketing fee, there’s not enough left to cater for personal or even business needs. That is the more reason why you need to guarantee you’re working with accurate figures and then ensure that you’ll be earning enough to make the franchise worth your while.
Look for professional guidance and assistance
No entrepreneur knows absolutely everything about running a business. It’s why we have lawyers, accountants, and management consultants. If you’re going to succeed as a photography franchisee, you’ll find it necessary to utilise all the expertise at your disposal. This means surrounding yourself with a team of experienced specialists.
Analyze ways to finance your photography franchise
While the luckiest franchisees may be able to raise the required capital from friends and family, the vast majority of franchisees will need to go to a bank to get what they need. It simply means that you have to show that your franchise is relatively risk-free and that you’re a sensible investment yourself. To do this, you’ll need a business plan.
Work with the franchisor to develop a business plan
Just like most photography franchises, Venture Photography will assist you in the process of putting together a business plan. Also note that the franchisor tend to have considerable experience in this particular aspect of the franchise system and also understand precisely what it is you have to do to meet the lender’s criteria. This is a crucial moment on your path to ownership, so it’s necessary that you don’t rush anything.
Prepare to launch your franchise
At this point, with all other steps complete, it’s time to consider the actual launch process for your Venture Photography studio. How are you going to market it? Where will you advertise? How will you get new customers through the doors? Will you hold some special event to mark the occasion?
All Venture photographers and studio staff tend to be well trained and they offer a customer experience that is synonymous with the Venture brand. This has led to the creation of over 2.6 million pieces of Venture hand-made photographic products which are now displayed in homes across the UK, USA and Asia. Also note that all Venture products are exclusively hand made in the UK and supplied by Premier Image Services.