Following on from the previous two posts about starting up a photography business, post one and post two, we now cover adding the detail to your business model. The three choices, highlighted above, together, create a configuration that is permanent. The individual business model components may undergo constant incremental change. Wholesale, radical change of any one element (e.g., serving an entirely new customer group) will be inhibited by the other two model elements.

While each element is a necessary (but not sufficient) component of a business model, the three are not equally important.

• Business models are built around customers. They’re the most important element.
• Without a compelling value proposition, there are neither revenues nor profits.
• Resources and capabilities are strategic only to the extent that they fulfill the promises (explicit and implied) made to the customer through the value proposition.

 1. Customer – who will the business serve? – for instance families, teenagers, maybe schools, businesses via product shots or covering events. Think about how frequently customers come to buy from you and the value as a proportion of sales that each contributes. A good mix of high frequency, lower value and low frequency, higher value is something we aim for.

2. Value proposition – “offer” that will be made to the customer. Marry experience, with a physical product at the end of it. Barrier to entry lays in the expertise and relatively med/ high capital costs of getting such a business started.

3. Resources and capabilities – will create/deliver the value propositionIncludes:

•  Suppliers
• Staff
• Equipment
• Expertise
• Pricing / Cost structure

some examples include Photographer skill and expertise (which is still the key ingredient) and equipment, Studio facilities, Graphic designers and equipment, Framers and framing equipment, Stylists and hairdressers providing services providing support services, Clothing suppliers – ball gowns, evening dresses, wedding dresses.

All these points need to be considered when looking to start your own photography business. Doing your own research is critical, preparation, preparation, preparation is as important as location, location, location.

Disclaimer, release and acknowledgment
Mike Turner, is not a financial planner, adviser, registered accountant or financial professional. The information presented in this blog is based on his personal experiences as business owner, researcher, and others he has modelled in detail. You may have to modify them, do further research on them or adapt them to suit your personal financial situation. Any information presented on this blog, or any support materials, are given purely as illustrations and should not be construed as specific investment recommendations. The laws relating to investment, taxation, benefits, and the handling of money are constantly changing and are often subject to changes in government policy, and whilst every care has been taken to ensure the accuracy of the material contained herein at the time of publication and presentation, Mike Turner will not bear any responsibility or liability for any action taken by any person, persons or organisations on the purported basis of information contained in this blog, or any supporting material.
Without limiting the generality of the foregoing, no person, persons or organisations should invest monies or take other action on reliance of the material contained in this blog, or any support material, but instead should satisfy themselves independently (whether by expert advice or otherwise) or the appropriateness of any such action.

Having run a number of businesses over the past 10 years, and working in Production management before that, has given me a good grounding in all aspect of running both small and large businesses. I enjoy working in my own business, because of the variety of things I can get involved with, finances, sales and marketing, and the creative aspects of creating something to sell. Many of the aspect of running a photography business, translate into skills that apply to any type of business. In its simplest form a business, whether photography related or otherwise has three main components.

1. Having something to sell (product or service),
2. And someone to sell to (customer).
3. Having some form of business process that links the two together (business model). This is the how-to part of the equation. How do you generate revenue from your product or service? How do your customers interact with your business model? Indeed what kinds of business models exist?

Over the course of the next few months I will be posting content that will endeavour to answer these questions in greater detail. We will be covering all aspects of running a photography business.

• Sales and marketing
• Market research
• Psychology – which applies to all aspects of business
• Financial control
• Wealth building
• Debt management
• Investing for the future

My goal is to share the wealth of information, gathered from years of research, and trial and error. I love to read and gather all things business related, very geeky I admit, but something I love to do in my spare time, to keep the grey matter active. All of the information I will be presenting is out there, on the internet, in books, and blogs (albeit not photography related), but making all this information into something practical and ultimately useful is another thing, I guess that is where the line between success and failure lays.

Disclaimer, release and acknowledgment
Mike Turner, is not a financial planner, adviser, registered accountant or financial professional. The information presented in this blog is based on his personal experiences as business owner, researcher, and others he has modelled in detail. You may have to modify them, do further research on them or adapt them to suit your personal financial situation. Any information presented on this blog, or any support materials, are given purely as illustrations and should not be construed as specific investment recommendations. The laws relating to investment, taxation, benefits, and the handling of money are constantly changing and are often subject to changes in government policy, and whilst every care has been taken to ensure the accuracy of the material contained herein at the time of publication and presentation, Mike Turner will not bear any responsibility or liability for any action taken by any person, persons or organisations on the purported basis of information contained in this blog, or any supporting material.
Without limiting the generality of the foregoing, no person, persons or organisations should invest monies or take other action on reliance of the material contained in this blog, or any support material, but instead should satisfy themselves independently (whether by expert advice or otherwise) or the appropriateness of any such action.