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Analyze common business structures and your goals for a successful photography business
Assessment Strategies
Written Product
Criteria
Explain the structure of a common photography business
Examine the different types of businesses and legal steps to create one
Compare freelancing (contract photographer) to a W2 employee
Compare sole proprietorship and a Limited Liability Company (LLC).
Explain common goals of a photography business
Explore your story line and rationale for starting a business
Analysis includes product lines, photographic services, and studio overhead
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Develop a plan to connect with your ideal client
Assessment Strategies
Written Product
Criteria
Describe your ideal client
Identify gatekeepers to your ideal client
Market research includes availability of your business name
Analyze competition regionally and nationally
Integrate marketing strategies to connect with ideal clients
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Create a mission statement and elevator speech
Assessment Strategies
Written Product, Oral Presentation
Criteria
Mission statement includes why a business exists, overall goals, what kind of product or service the business provides, primary customers or market and geographical region of operation.
Create a short description of a photography company that explains the business concept
Mission differentiates your business
Mission addresses your strengths
Elevator speech is less than 1 minute
Elevator speech is concise, easy to understand and describes yourself and/or business and the services you offer
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Assess your current expenses/overhead
Assessment Strategies
Chart of Studio Accounts Income/Expenses
Criteria
Chart includes all of the current product services and possible future services (income)
Chart includes all of the expenses that your studio incurs in a year
Explain the purpose of codes in an account overview of your product and services
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Calculate cost of operation, cost of goods and profit
Assessment Strategies
Cost of Studio Operation Project, Fictitious Daily Receipt Record Log
Criteria
Record log includes date, customer name, amount received, product line, tax, cash, check, cash or credit card
Use credit card processing service for calculations and payments
Project identifies a percentage for cost of goods
Project includes all income and expenses of a studio by month
Analyze deductions allowable for business expenses such as phone, rent, or other overhead
Analyze a variety expenses related to business ownership, such as insurance
Project identifies a target salary per month
Calculations are accurate
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Create a functional marketing concept to complement a successful business
Assessment Strategies
Written Product
Criteria
Marketing plan identifies a product line
Marketing plan identifies potential buyers and existing product lines
Marketing plan aligns product lines to potential buyers
Identify methods for marketing (direct mail, electronic media, social networking, displays, direct contact, phone calls)
Describe the purpose and practices of a rep program
Describe the process of donating services as a marketing method
Map marketing methods to implementation calendar/timeline (by month)
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Create a business plan with marketing elements
Assessment Strategies
Written Product, Presentation
Criteria
Plan includes:
Company logo that represents the brand and colors (cover sheet)
Mission Statement
Chart of Accounts (Income, Expenses)
Wedding/Commercial Packages (If Applicable)
Portrait Packages (If Applicable)
Portrait Pricing Spreadsheet (w/cost of goods %)
Product Lines Spreadsheet
Monthly Income/Expense Spreadsheet
Capital Expenditures Spreadsheet
Five Year Projection Spreadsheet
Implementation Calendars (Outline sheet and calendar for each product line)
Final Cash Flow Business Spreadsheet