Assignment 1

Introduction

The type of photography business that I have chosen to start up is wedding and portrait photographs. I would like to be set up in a rural area like Boorowa, Yass and Murrumbateman districts where there are not a lot of other competitors/photographers present. I would also advertise myself in surrounding districts including ACT where I have been able to network, and build up my client base. I would like to be able to provide beautiful, affordable images that are great value for money.

Product/Service

Coming from a rural community, I have found that the common idea people have about photography is that it is thought to be overpriced, and people generally don’t like to spend too much money on such things. Rural farming communities are generally made up of working class people who may not have access to high paying jobs, are only able to send their children to public schools, and may be relying on an income that can be greatly affected by changing weather conditions of drought and flood. However, considering these factors, beautifully crafted professional photographs are still in high demand, and wedding and portrait photographs are something that is very important for every family to have. Without underselling myself and the photographic business, I would like to be able to provide my business in a really affordable manner.

What will make my business unique is that I will be open to ideas from my clients and am happy to interpret them into my work. I won’t restrict myself to one specific style of photography and I will present a professional portfolio, showing a broad range of only my very best work.  

Business Potential

Competitors – in the Yass district and surrounding areas, there are not a lot of photography businesses. In Yass alone there is one photography business registered in the yellow pages. Boorowa has none, Murrumbateman none, and Young has around 6 different photographers. This small number is a great starting point for me as I can introduce my photography as a new creative starting point, where people may like to choose me as their photographer, to try out something new or different.

The Market – Australia’s Photographic market has made approximately $380 million or 0.03% of Australia's GDP in 2011-12. This is a decline from the previous 5 years of an approximate $800 million. The reason we are seeing such decline in the industry is because of the long-term demand for professional photography being eroded by the widespread adoption of digital camera technology by consumers and amateur photographers, where almost every house-hold has access to the latest digital technology.

There are a lot of people in the market who consider themselves to be, and work as professional photographers, without hardly any training in the field at all. This is where I have the point of difference from other photographers, with the fact that a have been specially trained in my field.

Research evidence – IBISworld, 2012, ‘Proffessional Photograpy in Australia: Market Research Report’, Viewed 14^th August 2012, <http://www.ibisworld.com.au/industry/default.aspx?indid=674&fb_source=message>.

Business Structure

The business structure I have chosen is to be a sole trader. This will be easiest for me starting out because I will only have a small business and will not be needing to employ anyone. It is a very simple and easy way to operate, the record keeping is quite minimal, and you retain complete control of your assets and business decisions.

To trade into the ACT I will need to register my business name, I will need to apply for an Australian Business Number (ABN), make arrangements for my business premises, and get a tax file number.