Business Plan for The Crystal Lens Photography Business

Business plan

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY ..................................................................................................................................3
1 Prepare a business plan for a new business launch..................................................................3
2 Give summary of business idea and risks................................................................................3
3 Give outline and discussion of costs........................................................................................5
4.Provide a budgeted profit for the operation of the photography business for 1 year...............5
5. Provide budgeted cash flow for a year of operation ..............................................................5
6.Calculate the break-even point and margin of safety...............................................................6
7. Describe the key indicator performance for the business ......................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business plan, is termed as raising and managing of funds by business organisation. It is
utilised by an entity to meet its long term and short term requirement of business (Arifin, 2020).
In this report, a new business plan is being made, explain the risk related with it and initial fund
required by the organisation. Budgeted profit forecasted, budgeted cash flow for first year of
operation. Calculation of break even point and margin of safety. To indicate business goal key
performance indicator and recommendation for the firm are to be provided.
MAIN BODY
1 Prepare a business plan for a new business launch.
A business plan is a structure that gives plan of a company in detail to accomplish its
goals. A good business plan directs the owner at every level from starting till the existence of
business operations. It is a strategy that represents how a business will function and earn profit in
the marketplace. It has all the plans regarding manufacturing of goods, packaging, delivery of
goods and amount of profit it will make. Business plan is prepared after a number of research
and scanning of environment . It consists of data regrading the targeted audience and policies
about promotions. New entries in the market must be fully informed of the risk and challenges
existing in the market
2 Give summary of business idea and risks.
Business Idea- This business plan is to start a photography business named “The Crystal Lens”.
It is a complete service provider from wedding photoshoot to maternity and paternity photoshoot.
It is a sole proprietor firm run by William Adrick. He is the owner of the business entity. Any
service can be obtained by the consumer by pre booking appointment on firms website or
application.
Market Research- The competition in business environment is increasing rapidly. There is a
daily requirement to update its strategies according to the trends prevailing in the market in order
to beat its rivalries.
Location- The “The Crystal Lens” is situated in Street 69 Old Edinburgh Road, Belloch (Gian,
2018).

Customer- Customers for the services would be generally people who are getting married and
couples who are going to be parents soon. It also provides photoshoot services for newborn
babies.
Competitors- Cameo Photography, Little Crumpets Photography, Shutterbaby Photography
are some renowned brand in UK.
Value proposition of the product- The firm is one of its kind as it provides most basic to most
premium quality of photography services based on consumers demands and preferences. The
firm provides photographs and videos of superior quality to their customers.
Risk associated with business startup-
In this service sector there is a number of risk integrated due to competition and other
factors. Initially entire business is depended on the client demands and satisfaction. Quality of
photographs and videos are first thing that clients will look at. Hence, the photography business
can not afford any risk with their clients. In photography business quality of camera lens and
quality of photographs matters the most, superior quality pictures attracts customers. Below
listed are some risk associated with functioning of photography business (Hoang, 2018).
Variable Income: Small business units have durations of revenue fluctuations, it is a specific
risk for photographers. Event photographers are likely to have more business in the summer,
when graduations and wedding ceremony happens frequently. This seasonal work can create
challenges with cash flow during slow periods. “The Crystal Lens” must learn how to utilise
their revenue from one project to earn their living and pay off business expenses until they start
other project.
Search of customers: Certain businesses are based on specific portion of their revenue from
repeated customers, some types of photography jobs gives services for only one client at one
time. Photographers who trades specially in editorial, magazine or stock photography
specifically have more repeat customers. Technology also impacts “The Crystal Lens”. With the
ready availability of affordable digital cameras and other high-tech equipment, many would-be
clients take their own pictures rather than hire a photographer (l Aziz, 2019).
Copyright: Photographic images are subject to copyright laws. While some photographers sign
over their rights to the image, this tactic decreases the amount of revenue one can make from a
particular shot. Even photographers who do retain the copyright might find that their work is