Planning and Operating Currently, we are In the middle of moving her photography studio from our home to a new downtown location. The new space Is over 1,500 square feet of studio space with a full basement for storage of props. With such a large space, she has decided to open a boutique store along with her new studio. She Is going to Incorporate the merchandise throughout her space so It still feels Like a studio, but items will be for sale throughout the store,’studio. She is going to be selling some of her most popular items that she uses for props.
Instead of buying props, outfits and boutique items for implies to use during the sessions, she is going offer a small boutique line that will be open during the week to the public. The boutique will be open Monday, Wednesday and Friday for shopping, and then she will be holding photo sessions on the weekends. The move will take her business to the next step. This new location will benefit her and it will benefit her pictures. Space is a must when you are working with children and larger groups in photography and this building has plenty of open space to catch all of those fun smiles.
This also gives back to the customers, It gives hem a more professional feeling when they show up for pictures. It will be a win for both the customers and the photographer. Market Structure The market structure for photographers would have be a pure competition as anyone can buy a camera and take photographs, but if you are looking for professional pictures or investment prints then you need to look for a professional photographer. If you ask around I am sure you will be able to find a handful of photographers. Many do this as a hobby, others do it for additional income without jumping all the way in.
You have the local department stores or grocery stores who offer photos for a small price ad then you have the professional photographers who have their own space and style. Once you get to this level I feel that they fall into the oligopoly. There are a limited number of quality photographers who have a price that is comparable to each other. To get to this level there are obstacles to overcome which makes the barriers to entry a little more complicated, Pricing and Non Pricing Strategies The main marketing tool for her photography business has been word of mouth. I Nils NAS Eden very positive Ana seen NAS a strong Toweling AT clients
Walt ten new location, she is going to be introducing a new referral program. With each order, she will provide eight referral cards to be handed out. For every referral that books a session and follows through with the session, the client who referred them will receive a $50 credit for future sessions/orders. She has also spent a lot of time researching print prices. Each photographer has there own strategy and style, but she has kept with an a-la-cart style with reasonable prices. Staying away from packages of prints or sheets of prints, this will allow each client to specifically order hat they want.
With a downtown presence, this will open the door for new prospects outside of word of mouth. While having regular hours, this will allow customers to come in and see her studio, see her photos that she has displayed and meet the photographer. This should create a more personal relationship with customers, the community and other downtown businesses. In Just the few days that we have been in painting two neighboring business have requested company photo sessions. Visibility of the store front is already paying off. Appropriate Course and Credit Market Photography is a luxury for individuals and families.
It is an art to be able to create a photograph that someone wants to purchase and frame in their home. Not every family wants to have a professional photo of their newborn baby, but the families who do will receive an assortment of pictures that they will cherish forever. This quality of service that a photographer provides has a price tag though. This profession has many different categories. If you want photos done by J Pennies or Wall Mart, you will be able to receive numerous photos for a small price. These photos re very generic and no time on editing is spent to make sure each photo is special.
As a personal photographers experience increases, their prices increase as well. They are selling an investment, a luxury item at a particular price. Her research on boutique items has brought another branch to her business. Her main focus will be baby boutique and she will offer mostly items for babies and small children. The boutique will offer wooden baby teething toys, diaper bags, baby clothing, baby leggings, specialized tote bags and specialized hair clips. Each of these items are airily inexpensive to make or buy so there will be a small outlay of inventory costs.
As a boutique shop with specialized products, prices will result in a comfortable net profit per item sold. This will be extra income as she plans to be in the studio during the week already. She will also have space to offer more of her products related to photography. She currently offers many different products for prints such as, mounted photos, canvases, stand out photos and a wooden mounted photo. She also offers baby announcement cards, holiday cards and Jewelry with photos. With the additional space in the studio, she will be able to showcase these products that will have the potential for increased sales.
Showcasing products to customers is a great way to have them visualize what they would want in their homes. Profit Maximizing Revenue will increase with any level of sales from the boutique as this will be an entirely new market for the business. Depending on how the items marketed sell, will determine what other item will be offered. As the seasons change, the clothing choices will follow suite. New items will continue to be introduced and marketed as e believe this is a great way to have customers continue to visit the store.
Changing merchandise wall create tramcar on a regular Oasis. A Tee ways to reduce ten price AT merchandise would be to develop and produce our own inventory or be able to purchase large quantities of inventory at one time. Since a boutique store is more known for having limited items, being able to purchase wisely or developing and producing boutique items will be the best alternative to reducing merchandise costs. Revenue Due to the fact that the boutique portion of the business is extra, any revenue hat is made on boutique products is a plus.
Her main focus is to continue to keep the photographer studio busy because taking pictures is what is going to pay the rent. On the boutique side, she is going to focus on developing different products and merchandise during the weekdays and will continue with her photography work on the weekends and weekday nights. With the limited hours during the weekday, she feels that she will be able to keep up with the local demand. When/if it reaches the level where an additional employee would be needed, we will look at the numbers to make sure it is Justified.
The longer we can keep the business within the family, the better and more profitable we will be. With the boutique items being made and bought from wholesalers, this will create a specialty market which will be difficult for another business to copy. Also with the specialty merchandise, this will warrant a higher price as creativity has a higher price tag. This along with her photography skills, these two businesses will go hand in hand. Each photographer has there own style, and with the creativity that she has will carry over into the boutique business.
Conclusion Overall, the photography business will be able to Justify the new space by itself; the boutique portion of the space will allow her creativity to be available to customers that are Just browsing or customers who have a scheduled photo session. No matter how you look at it, the exposure that the business will create by being downtown will be positive and will hopefully create a broader customer base. Reference McConnell, C. R. , Bruce, S. L. & Flynn, S. M (2009). Economics: Principle, problems, and policies (18th deed. ). New York: McGraw Hill/Larkin.