“ I do not trust words.

I trust pictures”
Gilles Peress

Freelancer Photography
West London
Back2Memories LTD
+44742********1
************Road
London
U.K.
SECTION ONE:

BUSINESS AND OWNER DETAILS

Business name:

Back2Memories LTD.

Owner(s) name:

M Cincilei

Business address and postcode:

************, Ilford, London. ******

Business telephone number:

07429**********

Business email address(expected):

Cincilei.mara@gmail.com
SECTION TWO:

OWNER’S BACKGROUND?

2.1 Why do you want to run your own business?

To find the answer to this question, I had to let myself be carried away by the wave, to imagine that I had already started this small business, to imagine that I had
already opened a studio in such a nice place in London. Thus, due to my imagination and to the things that I already know, I came to the conclusion that I want my
own business for many reasons.
The first important reason is that my dream, as a child, would finally become real. The second reason why I would open my personal business is that I will become an
independent person, professionally and at the same time financially .Certainly, it will bring me a lot of satisfaction that I will be able to implement personal rules but
also freedom to establish friendly relations with employees, customers and business partners.
The flexible schedule could be another reason, but although when you do what you are passionate about, I do not think that this is the most important thing. With
success comes respect, self-confidence and satisfaction and this will change my personality, therefore this is one more motivation added on my list.
What else is going to bring me this small business? I will be able to have the chance to discover new people, new places, new things, to gain experience. I know that
this business will come with many challenges, but these challenges will get me out of the routine.
I want to run my own business because I think it would drive me to evolve and will develop myself professionally.
2.2 Previous work experience

2019 July - “Moldova’s Community “, Exhibited at David Game College, Freelance

Photography
2018 – Present I had many times the satisfaction to work as a photographer in London.
I had shootings with pregnant women, two years in a row I have taken pictures with
families for Christmas Time, and I’ve been asked to be the photographer of few events,
where I had the chance to learn new relevant things.
Unique details not seen by others:
- Color and non-color, chosen according to the feeling of the frame
- The perception offered as a witness, not as direct participant
- Angles chosen for simplicity, moments for complexity
- Details of events rites
- Best moments of the main characters
- Naturalness, clean and detailed images highlighting the place
- Highlighting couple’s features
- Carefully selected and edited photos
- Use of natural elements
- Storytelling through composition
- Travels that do not tire
- Special photo techniques
2.3 Qualifications and education:

o Art&Design Photography at David Game High College, London (September 2018-Curent)

o Diploma of Baccalaureate (2005)
o Primary & Secondary School (1993-2005)

2.4 Details of future training courses :

Fashion Photography
How to work with new-borns
Professional video maker

2.5 Hobbies and interests:

I am a person that enjoys reading, socialising with friends and travelling. I am passionate for gadgets and IT.
3.4 Additional information
Business expansion plans include working with local businesses to support them by offering discounted advertising, and partner with agencies to expand our services
outside London to provide photo shootings in the most remote picturesque locations. To expand the customer demographics by offering portrait services for older
people.
 SECTION THREE:

Products and services

3.1 What are you going to sell?

A) a product B) a service C) both

3.2 Describe the product/service you are going to sell:

As mentioned above, I want to run my own business because I think it would drive me to evolve, to self-develop. I will have the chance to learn a lot of new things. I
would like to build my own business in order to enjoy the financial and professional freedom. Back2Memories LTD. will be a small company which is going to
provide photo and video services.
• The activities of the company will focus on the provision of photo shootings, photo printing, making personalised photo albums and other photographic gifts.
• To salvage old deteriorated pictures and print them.
• Artistic photos and video for weddings, baby showers, exhibitions, conferences etc.
• Studio photos or in other locations. Printing business cards, postcards, wedding invitations.
• Digital albums, different sizes.
• Sale of products obtained in the studio.
• Opportunity to lease the studio for shootings.

3.3 Describe the different types of product/service you are going to be selling
USP – the possibility to access online all the photos taken at the events, shooting offering modern convenient ways of saving them and to be easy to be accessed by
clients. I will try to find the best package to include most of the services but at an accessible price ( ex. for one hour shooting, the client will be able to receive a free
album, or 10 printed images).
 SECTION FOUR:

The Market

4.1 Are your customers :

A) individuals B) businesses C) both

4.2 Describe your typical customer

Individual Customers: The individual customers are targeted based on the services we offer. Market research shows that most of our customers will be aged between 18 – 50
years old. People with a low-medium and high income, I will attract them through the quality of the products and affordable prices.
Segment 1: People with low income will choose packages which will cost less.
Segment 2: Will be interested in the wide variety of products and services, as albums, more printed images.
Segment 3: Are those clients who seek for high quality and diversified products and services.

Student Yearbook Portraits: According to HESA (2019) college graduates are usually aged between 18 and over.
Weddings - the average age for men marrying in 2016 was 37.9 years, while for women it was 35.5 (Office for National Statistics, 2019).

Baby showers – In 2017 69% of the babies born in England and Wales were of father aged 30 and over, and 55% were of mothers aged 30 and over (Office for National
Statistics, 2017)

Pet Portraits – We know that most of the families have pets and we are open to arrange them portraits that will include pets as well.
Annual portrait programs, Child portraits, Glamour shots and Shooting for model’s portfolio.
Business Customers: are going to be agencies which are working with models for fashion, companies which will need staff portraits, building companies, estates agencies.

4.3 Where are your customers based?

Back2memories Ltd. clients are based on 4-7 miles around from studio location, 20-30 min trip with a car and, 40-60 min trip with public transport. The zone is very
good connected with all parts.
 SECTION FIVE:

Market research

5.1 Key finding from desk research

Being a sole trader, the first step into setting the business is to register for self-assessment with HM Revenue and Customs (HMRC) for Income Tax collection
(WOOLLEY, E., 2020). All the employees will be hired on a full-time contract base, on a PAYE payroll system, and the company will collect the National Insurance and
income tax and pay it HMRC (Small Business, 2019). Therefore, back2memories will hire an accountant to handle all the legal paperwork and finances. He will be hired
on a full time base and will deal with payroll, keep track of company’s expenses and income, fill in self-assessment tax return each year (Small Business, 2019). Most of
the expenses will be recorded as expenses, such as rent, materials, work related travel, and the equipment, to claim for tax relief (WOOLLEY, E., 2020).

In the next 5 years, as the business grows, the owner might consider changing the business structure into Limited Liability Company (LLC) in order to get extra protection
in case things go wrong and “make it easier to secure business loans and investments” (Companies House, 2018) for further expansion.

Back2Memories will seek to partner with The Association of Photographers (AOP), “the most prestigious professional photographers’ association in the world” where we
could promote ourselves as photographers as well as get inside “guidance and legal help with contracts, copyright or licencing” (The Association of Photographers, 2019).
Another future objective is to join the Anti Copying In Design to protect our business ideas from being imitated.

5.2 Key finding from field research

Key findings from field research shows that there are opportunities to develop a profitable business in this area as the competition is low, with none of the competitors
offering the exact same services.
Mega Media is Digital Photo Printing shop in Barkingside High Street. Our other services including Passport photo, Canvas, Flyers, Business cards, Photo Gifts..
Bd Enterprise London does not openly provide any information about the services they offer, and they do not have a website either.
Bollywood Booths provides thematic photo booths for hire for wedding celebrations, private parties and corporate events.
DigiPix (DigiPix, 2020)-

Competition: in a 4 miles radius

Analysing all the services provided by our competitors can take us to the keys that will brig us the success.
None of the competitors provide video services, pets portraits, so I am staunchly convinced that for my company it will be easy to enter the market as our service range is
wider.

The primary research survey found:

Why do you choose our company? (Because I did have the chance to see some work by you, and the prices were perfect, that is why I decided to contact your company)
Mihaela.
What else to you want to find in our studio? (Your company provides already many services, having a security company I needed some portrait of the staff,
Back2Memories is the company which provide this service and I am happy for my choice) Sandy.
What is the best you experience in our studio? (Christmas shooting, twice I have been to the studio with my family, and had such amazing time during the shooting. My
kids love pets and because the owner of the studio has a dog, we had the opportunity to have some portrait with the pet as well) Olesea.
Would you like to come back to us in the future? ( Yes, certainly I will come back to Back2Memories) Eugenia.

• The question “ what is you budget?” , because we don’t know how much they want to spend, I did have this situation before and it is the best to ask first the client what
the budget is. I have worked with clients and they are more confident when the already told you how much they want to spend.
• To comeback to the client with a quick answer is another key, for them it is important to dispute as soon as possible their needs and to find out the price list. If they have
the answer late, we can lose them because there are many competitors, and every single minute counts.
• Keeping a consisted schedule is probably the most important key.
• Quality services, and accessible prices work as best marketing strategy for any business.
• Research shows that the speed in this field is too important, that is why for editing pictures it is useful to use Lightroom, it makes the work quicker.
SECTION 6:

OPERATIONS AND LOGISTICS

6.1 Premises:
The studio is located in my house on the ground floor, in a 120 sq. ft, darkroom 10 sq. ft, kitchen 20 sq. ft, store room 20 sq. ft, fitting room 10 sq. ft, and studio 60 sq.
ft.
The walls are designed in white and black, two walls are black and two walls are white.
A small area is arranged for children, during the shooting they have their own space for play.
In the studio there are installed different high quality of background, two studio light, 2 speed lights, tripod, reflector, a huge window which will be used for special
effects in photos with natural light.

6.2 Equipment: IF BEING BOUGHT

IF BEING BOUGHT
ITEM REQUIRED ALREADY OWNED? NEW OR SECOND HAND? PURCHASED FROM PRICE
Digital Camera Yes X- T1 New Wex Photo/Video 1349£
X- T2 New Wex Photo/Video 1249£

Lenses Yes FujiFilm 18-135 mm New Wex Photo/Video 699£

FujiFilm 16mm New Wex Photo/Video 735£
Fujifilm 18-55mm New Wex Photo/Video 629£

Studio Light Yes Godox TT685F New Amazon 96£

Godox V1-F New Amazon 229£
Neewer 400W New Amazon 109.99£

Camera Tripod Yes F&F Concept New Amazon 82.99£

Colour Filter Yes Walimex New Amazon 46.39£
Laptop 2 One Yes New HP HP online Store 1.178£
Scanner Yes New HP HP online Store
Color printer No 1300£
Furniture No 3000£
6.3 Transport :
The means of transport the organisation will use to reach to customers will be a company vehicle, a BMW-X3 that is used to drive anytime and anywhere where
customers are located. Our logo, address and phone number will be branded on the car. The customers will use public transport and their own cars, the studio offering
private parking which makes it easier for us and for them.
The Equipment is maintained respecting the specific norms of this activity.

6.4 Legal requirements:

The company must abide by the following set of laws:
 Health and Safety at Work Act 1974 (HSE, 2020).
 The Data Protection Act 2018 is the UK’s implementation of the General Data Protection
Regulation, it controls how personal information are used by businesses (GDPR).
 It is mandatory for the company to be registered with and report to HMRC as a sole
trader and register for PAYE (Gov.uk, 2020).
 Comply with Clients safety regulations (Gov.Uk, 2020).

6.5 Insurance:
 Professional Indemnity Insurance to cover any civil liability claims for any damage caused by professional negligence (DAS Law, 2020).
 Public and products liability, to protect the business. This insurance is for anyone doing work that interacts with the public and covers a variety of things.
 Employer Liability Insurance necessary to cover payments to employees injured at the workplace.
 Equipment or in any word Studio Insurance, necessary to cover studio contents.
 Buildings insurance, usually the landlord responsibility, and because this is my own studio, this insurance is necessary for any damage of the building (fire, burglary) .
6.6 Management and staff:

Director

Mariana Cincilei, the owner of the business, is the director and one of the
industrial and freelance photographer as well. Other full-time members of staff
1 Photographer include:
1 Sales Representative 1 Accountant
1 Video maker
• a video maker;
• 2 software engineers who will also perform the function of assistants while
carrying out shootings;
• 1 receptionist to manage administrator job, keep a customer data base,
2 Software engineer- imagine
processing answer to emails and deal with cash payments in the office;
• 1 sales representative to work with customers and advise best deals, places,
packages, design;
• 1 accountant, who except financing and legal paperwork, will also deal
1 Receptionist/administrator
with surveying the market for better pricing;

A cleaner will be hired on a 0 contract base outsourced through an agency.

 6.5 Additional information :

Personnel Plan      
  Year 1 Year 2 Year 3

Owner £35,000 £40,000 £45,000

Employees £50,000 £100,000 £175,000
Total People 3 5 7
       
Total Payroll $85,000 $140,000 $220,000
 SECTION 9:

Executive summary

9.1 Strengths:

• Education
• Location
• Ability to work with customers
• High quality products and services
• The variety of things
• Affordable prices
• Agreeable location
• Costumers loyalty programs

9.2 Weaknesses
• Lack of experience of the management in carrying out this activity (at the beginning it will be necessary to find a professional person from my field to advice us on
how to take this way with the right steps, and how to work in a team and build a strong organisation).
• Lack of influence on the market (in order to improve this, we need high quality products, to set up a strong relationship with clients).
• High labor cost (some people are open to volunteering until they gain some experience in a chosen field, the company will try to give the opportunity for these
people, give them the opportunity to practice and excel and later keep them in our team if they show improvements).
9.3 Opportunity:

• The increasing demand from the agencies that provide such services (many companies are limited in their extended work with different customer, they prefer to
work with individual clients, my company will be open for both, individuals and businesses).
• To offer courses for people which are interested in this field (all information I achieved until today, I could share with people with the same interest as mine, this
will be an attempt for me to organise them some short - time courses).
• To meet people from different fields of activity and take some advices (during the shooting time, we can meet different people with different areas with needs to
promote their small businesses; thus, back2memories can help them do this with the help of images).

9.4 Threats:
• The intensification of competitors (this is a serious threat but the company will focus on the variety and diversification with different types of products).
• Pricing policy practiced by competitors (will be analysed by us and we will try to add some more options on our packages).
• Increasing the cost of raw materials (will increase the price for some products).
• Currency devaluation
• Customers loyalty to the companies they have worked before ( with hard work and high quality services we will attract our own customers and build a loyal
clientele).
9.5 Business name:

Back2Memories LTD.
Address: ********, Ilford
Phone number: 07429*******1
9.6 Business summary:
Back2Memories LTD. is a small company which provides photo and video services:
• The activities of the company will focus on the provision of photo shootings, photo printing, making personalised photo albums and other photographic gifts.
• To salvage old deteriorated pictures and print them.
• Artistic photos and video for weddings, baby showers, exhibitions, conferences etc.
• Studio photos or in other locations. Printing business cards, postcards, wedding invitations.
• Digital albums, different sizes.
• Sale of products obtained in the studio.
• Opportunity to lease the studio for shootings.

9.7 Business aim:

The owner aims to transform the photography from a passion into a lifestyle that brigs both satisfaction and money. The business seeks to expand its client database and
satisfy its customers with professionalism and exceptional service.
The short-term objectives are to enter the market with attractive prices, the most emphasis being focused on the quality of the services and the kindness to our clients.
The medium-term objective is to attract more clients who will appreciate our services and will implicitly advertise us to other people.
The long-term objectives are staff development and achieving a high quality and artistic level, and to invest in potential new apprentices. To generate net profit by the 3rd
year.
9.8 Unique Selling Points (USP):

The possibility to access online all the photos taken at the

wedding, events, shootings or search for modern ways of
saving them.
The packages with attractive prices.
The company will provide pet portraits, video and students
yearbook.
 9.9 Financial summary:

Back2Memories will run as sole proprietorship where “the business is owned and run by one individual with no distinction between the business and the owner, and
where the owner is entitled to all profits and is responsible for all business debts, losses and liabilities” (Small Business Administration, 2020).
The business will be funded with an investment by the owner’s savings (£65k). This type of financing involves less risks as the owner keeps total control of the
business.
Back2Memorie will become profitable in its fifth month of activity.  It will grow firmly each year. This capital level will produce sales acceptable for a reasonable net
profit, even with the owner's and employee’s wages.

Profit Monthly Profit Yearly

6000£ $6,000 $100,000

£90k $90,000
4000£ $4,000
£80k $80,000

£70k $70,000
2000£ $2,000
£60k $60,000

£50k $50,000
0£ $0
£40k $40,000

£30k $30,000
2000£($2,000)
£20k $20,000

4000£($4,000) £10k $10,000

£0 $0
Month 1 Month 3 Month 5 Month 7 Month 9 Month 11 Year 1 Year 2 Year 3
Month 2 Month 4 Month 6 Month 8 Month 10 Month 12
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