Are you about writing a photography business plan? If YES, here is a sample SWOT analysis for a photography studio to help you form a competitive strategy.
As at 2014, 3 in 5 photographers were self employed, while 3 in 10 photographers worked part-time; also demand for certain types of photographers usually fluctuate depending on the season. For example, the demand for wedding photographers usually increases in the spring and in the summer.
The revenue for the photography industry is $10 billion, and the projected annual growth for 2011 to 2016 is at 2.6%. There are over 185,075 photography businesses, with over 231,171 people employed.
Photography Business Plan – Economic Analysis
Recently, there has been a decline for professional photographers, no thanks to the economic downturn as well as the growth of amateur photographers. Even though there is a projected growth for between 2011 and 2016 at 2.6%, it shows that the growth is slow.
This is so because there are many people resorting to using their own devices such as smart phones, personal cameras, tablets, and other gadget devices to take photographs of themselves, friends, families, and memorable occasions, and will not want to procure the services of a professional photographer. Also, the downturn of the economy has seen people not having enough disposable income to be able to afford the services of a photographer.
Who then drives the demand for professional photographers? Mostly corporate consumers like companies who require the best shots for their products so that it could be used in advertising, events such as political campaigns and rallies, occasions such as weddings and so forth.
However, the demand for the services of a photographer depends on the income of consumer and attendant circumstances. To generate income and profits, photographers can keep their overhead low, especially as getting equipment is a one and for all activity.
A Sample Photography Business Plan SWOT Analysis
We are quite aware that we need to leverage on our strengths if we intend building a successful photography business in the united States of America and that is the reason why we have taken time to analyze our Strength, our Weakness, the Opportunities available to us, as well as the threats that we are likely going to face in the photography industry.
Our strength is not limited to the robust professional training, certification and experience we have acquired prior to setting up a photography business, but also our rich network, passion and ability to convert leads to loyal customers within a short time – frame.
Part of our weakness as a start – up Photography Company is that we have fewer employees and experts, and also we have limited cash to execute all we intend executing before launching the business. For example, we would have loved to build our own customized CRM Software.
The United States of America and New York City in particular is one of the cities in the world that attract tons or diverse classes of visitors, coupled with the fact that some of the finest photography schools are located in New York. It is easier for a start – up photography business to leverage on these factors to build to their businesses and that is exactly what we intend doing.
There are well established photography businesses / photographers in New York City who may not need much stress to convince new clients to patronize them. There is also the threat of the huge cost of running businesses in New York City, as it is on the high side. Hence, we need to be on the top of our game if we must grow our photography business to profitability.