A Business Plan On Establishment Of A Photo Studio

The photography business is one that is highly thriving globally. In Nigeria alone, there are thousands of photographers in this field. The photography business is a profitable business venture and it is open for any aspiring entrepreneur to come in and establish. Since there are many studio houses, the truth is one’s company can only thrive if it is strategically planned/positioned. As an aspiring entrepreneur in photography, you can choose to start on a small, medium or large scale.

SWOT ANALYSIS:

Strength
Our strength lies in the fact that we have the zeal and determination to succeed. Another factor that counts to our advantage is our background. We have a fairly robust experience in the business and also a pretty good academic qualification to match the experience acquired.

Weakness
We do not take for granted the facts that we have weaknesses. In fact, the reality that we are setting up a photo studio business in a city with other smaller and larger photo studio businesses might likely pose a great challenge.

In essence, our chosen location might be our weakness. But we have plans to launch out at other places.

Opportunities
The opportunities available to us are unlimited on the basis that the university is in Gwagwalada and students tend to use their pictures for various functions, Gwagwalada is just ideal for this type of business simply because of the kind of people in it.

Threat
The threat that is likely going to confront us is the fact that we are competing with already established photo studio businesses in Gwagwalada and also there are other entrepreneurs who are likely going to launch a similar business within the location of our business. Of course, they will compete with us in winning over the available market.

Equipment for photography with estimated prices

Cameras (Nikon d500) N300,000 per one

Lenses (50-150) N150,000

Lighting (background) N35,000

Flash(extended light) N100,000

Computers

Laptops N120, 000

Desktops N30, 000

Tripod stand N20,000

Software and filters N50,000

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