Phoebe's Photo Studio

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Photography Studio Business Plan

Management Summary

Phoebe Peters is the Director of Phoebe's Photo Studio as well as the photographer.  A receptionist / production assistant has been hired to commence December 1, 2005.

Management Team

Phoebe Peters is a graduate of Brooks Institute of Photography. She has 10 years experience as an industrial photographer and freelance portrait photographer.

Lisa Peters is a trusted family member with three years experience in retail sales. She is also an amateur photographer who has an active interest in and understanding of photography.

Management Team Gaps

There may be times when both Phoebe and Lisa Peters will need to be on location for a photo shoot. Usually, these shoots will be scheduled on weekends when the storefront will not be scheduled to be open. If these times occur during work days, it may be necessary to hire a temp to cover the storefront rather than close it -- especially during the first five months of expensive media advertising.

Personnel Plan

The owner, Phoebe Peters, will need to cover her personal living expenses of $24,000 per year during the first three years. A growth rate is assumed for cost of living.

The employee, Lisa Peters, will be paid a wage at $8.25 per hour, which averages to $1,500 per month, with a raise of $1,000 per year for the first three years, as sales increase.

Personnel Plan
Year 1 Year 2 Year 3
Owner $24,000 $25,000 $30,000
Employee $18,000 $19,000 $20,000
Total People 0 2 2
Total Payroll $42,000 $44,000 $50,000