Wednesday 12th of June, 2013
By Joseph Eun
The prime function of this business is to make a profitable income. This business is also established to deliver high quality photographs at a reasonable price, to interested customers.
Five years from now, 1000 Words Photography will be a leading competitor in the continually growing photography business market. Our business would have expanded to a private company legal structure and would have gained immense popularity from all over Australia. In Five years time, our business will be the first choice for families with weddings and those who want to have a nice family portrait to show off.
1000 Words is a small business that aims to produce photographs of a high standard that will not fail to please. This business specializes in Wedding and Family Photography. We make professional quality photographs that can be easily available in digital format so that anyone will be able to use them with ease. Our mission is to capture those unforgettable moments in people’s lives, so that they can last forever. We help preserve client’s memories and portray themselves in the best light.
Financial goals are a necessity for this business because it is the main purpose this business was established, to generate a profitable income. Some financial goals are:
1. To maintain a steady profit for the next 5 years
2. To see an increase of 40% in sales over the next 3 years
3. To generate a comfortable income by the end of the third year
Personal goals are important to this business because if the person running the business does not set any goals for themselves, they will lack motivation. Some personal goals include:
1. Shooting less weddings for more money
2. Developing a reputation as a successful photographer and business manager
3. Gaining more confidence in my field of work and expand on the knowledge and skillset that I have
4. Employing over 50 people by 2016- which is in 3 years time
Social goals are an important aspect of this business because they help to attract more clients and build closer relationships with them. Examples of social goals would include:
1. Developing a close relation with clients and potential clients
2. Developing customer loyalty and gaining their trust
3. Building a reputation for being a reliable and ethical business that will not fail to impress
There are a variety of things that 1000 Words could do to help fulfill these financial, personal and social goals. They include:
1. Keeping a steady record of the business’ expenses and not buying unnecessary equipment- to achieve a steady increase in profit, we need to be very careful with our expenses.
2. Expand into different types of Photography for more income
3. Go to Photography workshops and lectures in order to extend knowledge and skillset
4. Improve people skills
1000 words have a legal structure of a sole trader because it is most suited for a small business of this level. Although 1000 word’s business structure may change, a sole trader is the convenient structure due to various reasons, which include the fact that:
1. There are no workplace disagreements
2. I receive full profits from the business
3. It is easy to