Business planning and financial strategy in photography ventures

¶ … photography and the aspects that require funding one must first make a list of all possible initial startup needs required to do the projects or work intended. How else can someone be expected to have a budget and plan financially how much money will be necessary? The ultimate question is what type of equipment is necessary. In 2005, Kodak lost over $140 million dollars, because they did not anticipate the market for digital cameras and imagery (Anonymous, 2005, p.22). The fundamentals of planning funding include making a list if all necessary equipment, staff, incidentals, travels etc.; determine possible funding sources and the requirements necessary for those particular funding sources. Research the current market and trends. Prices are consistently fluctuating, so this is something that has to be considered time sensitive. Often a financial planner may be necessary to insure that all aspects of investments etc. are covered. No one wants to invest his or her time and money into something that does not give a profit or the desired outcome. Everything requires consideration.

2. Apply the principles of business planning in a photography context - One day you decide that you want to work in the area of photography, now the vision is out of the way. The new question is now how to create this business and make it a prosperous one. The initial step as in all business planning is to create a business plan. What do you want to do? The name of the new photography business, what are your initial goals, will it just be a sole proprietorship, corporation etc. what type of staffing is necessary, why do you want to do this business, and what are you bringing to the industry that no one else is bringing.