Unit 11- Preparing for progression

As a group we looked at we looked at a range of different properties and found a suitable property that we based a list of costs around, that I'd require to start up my own business. we looked at things such as rent, deposit on the property and other costs such as bills. We also took into consideration the costs for aesthetics, such as seating, viewing room, displays and a decorating budget, we've also looked at costs for equipment, such as Mac computer with Adobe software package, camera/camera lenses, flash attachments.

We wrote two columns the first being a full price cost list and the second being a list that we managed to cut cost and save money in certain areas such as decorating budget, Mac computers and camera equipment that could be bought at a good quality, second hand.

Operational Costs (monthly)

As stated above as a group we chose a property that would be suitable as a studio and we based our monthly out goings around this.

We had to look at things like rent, insurance, utility bills whilst also looking at promotional budget and costs for hosting a website as well as having the internet. After looking at the different costs for different things we came out with a total cost of £3558 and from this we worked out a yearly cost of £42696 to this number we added the amount we'd like as profit which we decided in this case was £25,000 so total sales required must total to £67,696 so if your studio is open 6 days a week and you allowed yourself 4 weeks holiday, you would have 288 days of trading.

The screenshot below shows some pricing guide lines which I will use to help me price my own work.