Thursday, 13 May 2010

Kathryn Jefferson- Business Start-Up Manager

Although this is a group task we have each been given tasks to produce a response to. I am responsible for the following tasks:

1. A company or sole trader name
2. A Written rationale for your business (at least 600 words)
3. A monthly financial forecast for the first 6 months of trading (this may mean obtaining information from all other managers in your group)
4. A list of professional bodies that will be able to support you during your time of business (The Aop, BAPLA etc.)

We also decided that i would produce the minutes of the team meetings

Tuesday, 11 May 2010

Task 1- Written Rationale

Before writing our Company Rationale i wanted to research the ones used by other companies to give me a starting point.

We discussed in the meeting that some things to include in the Rationale would be:

  • Company style and services offered
  • Description of the studio space

Other things that may be worth including in the Rationale are:

  • A brief introduction to the Photographer and stylist
  • Company history- established in...
  • Any awards won by the Company/Photographer/Stylist
Here are some examples of the Rationale's i found on Photographers websites:

"I am a professional wedding and portrait photographer from Bolton, Lancashire providing quality coverage across the North of England and overseas, working for a range of clients for whom beautiful photography is a prerequisite.
I am passionate about creating fantastic images in a relaxed and unobtrusive style that delivers a range of photographs that are unique to your special day, pictures that provide a lasting memory and capture the emotions of the day.


Working closely with couples to provide coverage that is a mix of contemporary, reportage and photojournalistic with a hint of fashion, without forgetting those group shots that are special to you".

This was taken from http://www.erniemelling.co.uk/

This is an extract from the statement on the home page of the site, i think its possibly easier to have a detailed mission statement for a wedding photographer than for our company but i want to try and use this research to help write a mission statement appropriate for our company.

I am not sure which came first, being nosey or an interest in ‘street photography’, but a fascination with people and the way they live their lives is why I enjoy the business so much.


This is another example of a rationale used on a Photographers website, although it is not overly professional it serves the  purpose that he needs it to- to tell people about what he does:
I can’t hide behind lights and technology, I am reliant on a small Leica camera, patience and lots of optimism. But what I get in return is the chance to make an honest picture which people know immediately is a genuine moment and which hopefully burrows deep into their memories.

Taken from: http://www.mattstuart.com/About/Bio
 

Sunday, 9 May 2010

Written Rationale- Draft 1

I have spent a bit of time trying to do the written rationale but when it came down to it i found it quite difficult.


It needs to be at least 600 words and so far i have got it to nearly 300 and i feel that it is a little bit cheesy in places...


The first draft is below, i will get feedback from everyone in the team meeting and then change anything that people are unhappy with and hopefully get some ideas of parts i can add to it. In the mean time i will also add to my previous research into other companies rationales/mission statements to give me more inspiration and help me finish the rationale for our company.


Saturday, 8 May 2010

Written Rational- Draft 2

After feedback from the team it was decided that the rationale i had done was more appropriate for the website- if we had one.

The purpose of the task was to produce a rationale as part of a business plan therefore aiming it more toward the bank manager than the customer.

Here is the 2nd draft:

Thursday, 6 May 2010

Written Rationale- Final Drafts



Rationale for Web Use

When i posted the first draft of the Rationale i recieved some valid feedback from the rest of the team, i have used this feedback when creating the second draft.

Ruth made the suggestion that the Rationale should be aimed more toward the bank manager than the customer as when referring to the brief this is part of a business plan, during the last group meeting it was decided that this was the right approach. We discussed this with John and decided as i had already produced a Rationale aimed at the customers, we will also show this too.

The below document is the second draft of the Rationale and will be used on the company website as an opening statement to customers.





After producing this draft of the rationale we decided to have the location of the studio in Blackburn rather than London so changes needed to be made to the rationale, below is the ammended final version for web use:


I also needed to ammend the business rationale for the Business Plan- after recieving feedback from the group (shown above) so here is the final ammended version of the full written rationale:





Wednesday, 5 May 2010

Workflow

Workflow Research

Research


This is a basic workflow template:

Some Photography Workflow Examples:

Workflow example from Imagecapsule.com

Workflow example from F29

Workflow example from Blainekendall

Saturday, 1 May 2010

Cash Flow Forecast

When doing a cash flow forecast for our business i wanted to make sure everything was included in there. During the lecture whilst discussing cash flow we had put in an allowance for the bank account as usually businesses pay for the use of a bank account, i have found that Natwest offer free banking for the first two years to new businesses and there is some useful information on thier website

http://www.natwest.com/business/starting-a-business.ashx

Another thing i wanted to research was the cost of a business loan to cover our start up costs and give us some cash whilst we are setting up the business.


Given the figures that Sara has given from the equipment list i think a figure of £20000 is more than enough to cover costs and give us some security for our first year in business.

It could be argued that its better to take a shorter term and repay the loan as soon as possible but with this being a new business i think low monthly payments are a priority, if the business over-takes our expectations and it is viable we could always pay off the loan earlier- although this does incurr a charge of 2 months interest for early repayment. So i have decided to work with a term of 5 years giving us a monthly repayment of 388.99 which i will build into the Cash Flow.

When we discussed the case flow in a group we decided to work through the expenditure of the business first to enable us to decide how much to charge and what our profit targets will be.

For the purpose of the workflow i have used a figure of £15000 for the start up costs, this will cover the cost of the equipment list given by Sara and a large amount of advertising and promotion that will be required to get the first customers through the door.

The £15000 figure will include:

Equipment- Cameras, Lighting, Computers & Software etc
Props
Deposit on the Studio
Furniture
Advertising
Consumables
Fridge & Kettle for Refreshments



Above is the first attempt at the cash flow forecast, at the moment i have used provisional figures for the income. I have suggested to the team that we discuss this further in the next team meeting and change the cash flow where necessary. There are a few decisions that need to be made as a group before the cash flow can be totally completed.

I aslo need to include the Insurance when Sara has obtained a quote for the equipment list.

Saturday, 20 March 2010

Cash Flow- (Financial Forecast)- Final Draft and Further Research






To do the cash flow properly it was necessary to research some things to give us a more accurate idea of what things cost, some things will be estimated but i will go through all income and expenditure and explain this here:

Income

This list is not exhaustive- the below headings are explanations of some parts of the cash flow where i felt i needed to elaborate.

Beginning Cash Balance

This is the business loan that was taken to cover the initial start up costs and give us some cash until the business starts taking an income.

Photo Shoots

The income from Photo Shoots is an estimate based on what we feel is realistic for the number of shoots we can do. This is also based on the 3 packages we have available:

Silver- £100 (1 Hour photo shoot with 1 outfit change)
Gold- £250 (Half Day photo shoot with 2 outfit changes)
Platinum- £500- Full Day photo shoot with unlimited outfit changes)

All of the above packages include 1 A4 Print and any additional prints can be purchased at extra cost.

The stylist is not included in the price and can be requested for a further cost of £100 half day or £200 full day- this cost has not been added to the cash flow as will be paid by the customer and then passed on to the stylist.

These prices were decided after market research was done (shown in Advertising section on blog), and as stated in the rationale we want to charge competetive but reasonable prices so our prices are considerably lower than most.

This is also because we are based in a small town where the income of people may not allow them to pay such high prices as in london; however, our location does mean that there is less competition in the local area.

The first month in the cash flow is based on the assumption that we will sell 1 Platinum package and two Gold packages. Each month thereafter shows a steady increase as the marketing takes affect and we begin to get a reputation through word of mouth.

Printing and Mixed Media Sales

This includes any printing from single prints to print books and posters. Some studios charge very large amounts for printing- this is again shown in earlier research. We will be outsourcing our printing and add on to the cost we pay so after taking this into account the printing figure is estimated with the average customer paying around £40 for 3 large A4 prints.

This also includes re-prints where customers have come back to us after a shoot wanting extra copies, the images are stored for 3 years giving us scope for further income.

Studio Rental

We also rent out the Studio to Photographers charging a day rate, as there are very few studios in the area this gives us an extra income when we arent using the studio.

Through some market research it was found that studios in London tend to be cheaper to rent than ones in the North West due to the mass availability of them. As we are based in a small town where they are not in their hundreds, studio fees can be higher.

We decided that a daily rate of £300 would be reasonable- this is cheap compared to some studios in Manchester- which will help us to get more business.

Expenditure

This list is not exhaustive- the below headings are explanations of some parts of the cash flow where i felt i needed to elaborate.

One off Start up Costs

As stated in an earlier post- this covers the initial purchase of the equipment, deposit on the studio, purchase of furniture, consumables and stationary.

Rent, Business Rates and Utilities

This figure has been estimated

Telephone & Mobile

This figure has been estimated

Salaries

This figure is based on what we feel would be a fair income for each job role, assuming that 4 of the roles would be undertaken by ourselves the wages reflect what we are comfortable to live off considering that some of us would also have a 2nd job and stay in current part time employment as well as running the business.

Stationery and Refreshments

This has been estimated based on providing the clients with refreshments such as soft drinks, tea and coffee- and assuming the staff will provide their own refreshments.

Web Site

Although we havent actually produced a web site- if this were a real business we would and Sara has given the figure of 5 per month for web hosting assuming we created our own site- which is a reasonable assumption given the skills of the team.

Wednesday, 17 March 2010

Equipment - Insurance Quotes

Here are two insurance quotes


e&L Insurance

Your quote for your photographic equipment is: £111.61 per year

Quote Summary: 

Type of policy     Professional (Room Only 
Sum insured      £6,299
Payment Interval       Yearly





















Policy summary:


Professional Photographer Insurance:
£16.20 Per Month
£172 Per Year

Policy summary


The above policies both include:
- theft and accidental damage
- replacement on a new for old basis
- equipment hire cover
- no voluntary excess
- c£1m public liability insurance (see note below); and
- c £5k personal accident insurance.
The latter two can be increased voluntarily for an additional premium if required.


Public liability insurance
Covers damages and legal costs resulting from injury, death or damage to property caused to members of the public by any of your business activities. You're more likely to need this if customers or the public visit your premises, eg if you run a shop or studio.

Other types of insurance that we would need to consider are:

Professional indemnity
This provides cover so that in the event that you find yourself in a dispute with a client, your professional indemnity cover will pay the cost of defending any allegations or claims made against you for negligence or breach of duty of care (for instance loss or destruction of film or digital storage media).
Employers' Liability Compulsory Insurance
Employers' Liability Compulsory Insurance helps employers to meet the cost of compensation for injuries to their employees, where employees are doing their job. The Employers' Liability (Compulsory Insurance) Act 1969 requires that employers have insurance cover against any such claims.
All businesses need Employers' Liability Compulsory Insurance unless exempt under the Employers' Liability (Compulsory Insurance) Act 1969. The Health and Safety Executive guide to employers' liability gives more advice.


Keyman insurance

Protects your business against the loss of income resulting from the disability or death of a person in a key position such as the photographer!

Premises insurance

If your business is in rented premises, check with the building owner that their insurance covers any risks arising from your business activities. If not you may need to take out your own insurance.


Contents insurance
Stock - should be insured for its cost price without any addition for profit.
Plant and business equipment - can be insured on either:
  • replacement as new
  • indemnity basis - wear and tear is taken into account when settling any claims

Further information

The business link website (http://www.businesslink.gov.uk/bdotg/action/layer?r.s=m&r.l1=1073858790&r.lc=en&r.l3=1075196424&r.l2=1074429401&topicId=1074429401&r.i=1077722976&r.t=BLTTOOL) has an online questionnaire that you can complete to get a recommendation of what types of insurance you should take out.
Further information and advice on insurance can be obtained from the professional bodies responsible for practitioners:
  • the Association of British Insurers
  • the British Insurance Brokers' Association
  • the Institute of Insurance Brokers.

Professional Organisations & Supporting Bodies

We were set a task during the lecture that relates to this part of the brief. There were three tasks and the first was to remind ourselves of the business proposal and the specialist field then discuss what aspects of a supporting organisation our company would benefit from.

As a group we made a list appropriate for our business:

-Training- ie Photoshop refresher courses
-Business Advice
-Qualifications & Awards
-Quality Marks- are there any relevant for Photography?
-Free Advertising
-Union or legal representation
-Entry to trade Events
-Magazine subscriptions

These are the requirements of our business  that i will keep in mind when researching the various organisations and what they offer.

Our other task was to locate and research at least 3 professional organisations suited to our business's specialism.

We listed the following:

-AOP

The Association of Photographers provides membership for both Photographers and students and offer a range of benefits to members.

-Red Eye

Provide Free online advice and training for a small fee

-Local Chamber of Commerce

Advice for local businesses

-BIPP

The official qualifying and governing body for professional photographers.

-Inland Revenue

-Business Link

Provide advice to businesses from starting up to general running, they offer a wide range of advice, workshops and tools.

-Local Bank

We have already decided to use Natwest and from looking at their website i have learned that they offer a large range of services to help new business's here is the link to thier website:

http://www.natwest.com/business/starting-a-business.ashx

When opening an account with Natwest they offer free business banking for 2 years to new busness's, access to a relationship manager for advice, planning software and guides and a free business start up course.

-Accountants

-RPS

The ones we chose for our company are:

AOP

The cost per year is £315 and the benefits are listed below:


Eligible to enter AOP Photography Awards


AOP Website presence including a portfolio page for 12 images with contact information, web and email links

Access to AOP members’ email forum to share advice and information

Opportunity to exhibit in member shows at The AOP Gallery

Member workshops

Access to AOP Business services

Subscription/discounts on AOP publications including: Beyond the Lens, the Awards book and monthly Image magazine

Monthly members e-newsletter

Special discounts from 3rd party companies

Discount on tickets for Photographer Awards

Invitations to private views and events

Access to AOP AppleStore

Eligibilty to join the Adobe Photographers Directory

Free web access to Beyond The Lens

Free buy and sell advertisements on AOP website

Free AOP JobShop advertisements

BIPP
 
This is at a cost of £150 per year and the benefits include:
 
intenationally recognised professional qualifications...leading to increased prominence in the market place


recognition of your qualification by other organisations and employers

a tiered structure offering continual professional development

free qualifications advice

events and seminars across the country

portfolio clinics

regional meetings

subsidised training by industry leaders

entry to the National Photographic Awards

entry to the BIPP Towergate Camerasure Fine Art Competition

the Photographer magazine

regular email updates

use of the BIPP logo

your own portfolio page on bipp.com

business generation leads

online apple store

free resources - contracts, licensing, releases etc.

discounted display advertising

preferential deals from 3rd party companies

international network of contacts

credit card processing packages

free 24/7 legal helpline

exclusive UK access to the Federation of European Photographers

the peace of mind that comes with a framework of a code of professional conduct and complaints procedure.

Fifth Meeting- Minutes and Agenda- 10/03/2010

Here is the minutes and agenda from the last meeting, as we are about half way through the Semester this meeting was used for a fairly in depth discussion on our tasks and what is left to be completed.


Sunday, 14 March 2010

Equipment List

List;
  • Camera
  • Lenses
  • Tripod
  • Studio Lights & Accesories (Softboxes, honeycombs, beauty dish, snoot, Hotshoes, Ir transmitter? Lightmeters etc..)
  • Editing Software (Adobe Photoshop, Lightroom)
  • Mac/PC
  • Backdrops

Some Articles;
http://www.opendigitalphotography.com/Digital-Camera-Guide/Portrait-Photography-Buying-Guide/How-to-Buy-the-Best-Digital-Camera-for-Portrait-Photography.html

http://photo.box.sk/tip.php3?id=150

Cameras;

Canon EOS 5D Mark II

Megapixels ..............21.1
Sensor type .............CMOS Digic 4 Processor
Autofocus points ......9
Crop factor .............1.0x
Lens mount .............Canon EF
Metering system ......35-zone TTL
Frames per second ...3.9
ISO min ..................100
ISO max .................25600
Screen size ..............3

Price (Warehouse Express); £1859.99


Lenses

Articles;
http://www.the-digital-picture.com/Canon-Lenses/Canon-Portrait-Lens.aspx


Canon EF 50mm f1.8 II Lens

"The Canon EF 50mm f1.8 is one of the lightest EF lenses of all, weighing in at a mere 130g. It is very compact and provides high-performance for a standard lens. Colour balance is excellent and Gaussian optics provide sharp delineation from near to far focusing distances."

Price (Warehouse Express): £89.99

Canon EF-S 17-85mm f4-5.6

"The Canon EF-S 17-85mm f/4-5.6 IS USM lens provides an effective focal length range of approximately 27-136mm in 35mm format. This provides plenty of framing options, making it the perfect all-purpose lens that allows you to express your creativity in a vast range of shooting situations. A ring-type USM means both fast and silent AF, as well as full-time manual focus when in the AF mode. Designed specifically for digital photography, the lens has specially shaped lens elements and coatings to suppress ghosting and flare, which can be caused by reflections off digital camera sensors.The optional EW-73B lens hood can further reduce the incidence of flare."

Price (Warehouse Express); £379.99


Studio Equipment

Bowens 200/200 Twin Head Studio Kit

"Containing all you need to get started in studio photography, the Bowens Gemini 200/200 Studio Kit includes two newly designed ultra compact GM 200 heads offering many additional features not seen on previous entry-level Gemini units, including a 5-stop power range, auto power dump and proportional modelling lamp control. This Bowens unit also offers fast flash durations, quick recycle times and full compatibility with the Bowens Travelpak battery. Also included in the kit are two stands, two umbrellas, two reflectors, modelling lamps, power leads, a sync lead and a kit bag."



  • Mains & Battery Powered.
  • Fast Recycle Times.
  • Fast Flash Durations.
  • 5 Stop Power Range.Full to 1/32
  • Auto Power Dump.
  • Proportional Modelling Lamp Control.
  • Built-In Switchable (on/off) Photocell.
  • Uses ‘S’ Type Accessory Mount.
  • Digital Camera Friendly 5V Sync Voltage.
  • Standard 1/4” Jack Sync Socket.
  • Audible Ready Beep.
  • Modelling Lamp Ready Indication.
  • User Replaceable Flash Tube.
  • User Replaceable Modelling Lamp.
  • Compatible with Bowens Large Range of Accessories.

Included Accessories: 2x Flash Heads, 2x Reflectors, 2x Umbrellas, 2x Light Stands, 2x Power Leads, Sync Lead, Kit Bag

Price (WarehouseExpress); £479.00

Bowens Softbox 80x100cm with S-Type Adaptor

"For larger portraits or when a softer light is required. The Bowens range of soft boxes has been developed to offer photographers the very highest-quality light source at a very modest cost. Their silver interior and shallow construction offers a high degree of efficiency while a translucent diffuser ensures even light distribution."

Price (Warehouse Express); £165.00

Sekonic L-308S Flashmate Light Meter

The Sekonic L-308S Flashmate light meter offers an affordable, lightweight meter with the latest component technology and precise calibration for accurate digital exposures. The Sekonic L-308S features a choice of Full, 1/2 or 1/3 step selectable aperture settings and measures ambient or flash exposure either by incident or reflective metering modes. A built-in Lumisphere provides a quick switch from incident to reflected light measurements and a Lumidisc (included) offers precise contrast and brightness measurements. The LCD panel has also been improved for better readability. Information such as ISO, measuring modes and selected settings has been redesigned similar to the very popular Sekonic L-358 Flashmaster.

Price (Warehouse Express); £128.99

Tripod


Manfrotto 055XPROB Tripod

"The Manfrotto 055XPROB tripod makes the famous Manfrotto-patented horizontal centre column feature even easier to use. By extending the column to its highest vertical position, it can be swung round to horizontal without removing the head or disassembling the column itself, so switching between framing and positioning setups is more convenient than ever. The ergonomics of the leg angle release mechanism and the quick action leg locks themselves have also been greatly improved."

Price (Warehouse Express): £106.99

Manfrotto 804RC2 Tripod Head

"The Manfrotto 804RC2 photo head offers unique features never before seen in the 3-way head market. Constructed of ultra-durable and lightweight technical polymer, the 804RC2 easily withstands the daily rigors of the professional photographer."

Price (Warehouse Express): £49.99


Mac

iMac 27inch


Specifications:
  • 2.66GHz Quad-Core Intel Core i5
  • 8GB 1066MHz DDR3 SDRAM - 4x2GB
  • 2TB Serial ATA Drive
  • ATI Radeon HD 4850 512MB
  • 8x double-layer SuperDrive
  • Apple Magic Mouse
  • Apple Wireless Keyboard (British) and User's Guide (English)



Price: £2,001

Editing Software

Adobe Photoshop CS4
Price: £627.95

Adobe Lightroom 2
Price: £232.65

If you buy Photoshop and Lightroom together you get 30% off, so the overall price for both would be £813.85

Backdrops

Lastolite 2.72x11m Paper Roll - Super White

The Lastolite Paper Roll is crease free, comes on a convenient roll for easy distribution and ease of tidying, and is suitable for backdrops and for set dressing. The Lastolite Paper Roll is a flexible background system, which is easy to use and if it gets dirty you can simply tear off the piece you do not want and unravel a new section of paper. The Lastolite paper roll is available in a wide range of colours in 3 sizes which be cut to lengths of your choice and we also stock a range of compatible support systems. This product is the super white 2.72 x 11 metres Lastolite Paper Roll.


Price (Warehouse Express): £42.00

Lastolite 2.72x11m Paper Roll - Black

Lastolite's Paper Roll is crease free, comes on a convenient roll for easy distribution and ease of tidying, and is suitable for backdrops and for set dressing. The Lastolite Paper Roll is a flexible background system, which is easy to use and if it gets dirty you can simply tear off the piece you do not want and unravel a new section of paper. The Lastolite paper roll is available in a wide range of colours in 3 sizes which be cut to lengths of your choice and we also stock a range of compatible support systems. This product is the Black 2.72 x 11 metres Lastolite Paper Roll.

Price (Warehouse Express): £42.00

Lastolite Background Support System

"A now 'industry standard' piece of studio equipment, the Lastolite 1108 background system is simple, sturdy and reliable. The Lastolite background support system is designed for use with either full or half width paper backgrounds and any fabric background. This versatile system is 3 metres wide and can collapse down to fit into a pretty small bag, making it ideal for transporting to different locations outside the studio. "

Price: £139.99

Total: £6298.78

Monday, 8 March 2010

Wednesday, 3 March 2010

Choosing the font:

Choosing the font colour:

Viewing the logos as a letterhead to give us an idea of what they would look like when used and to help us to chose one:










Logos: