Pricing:
The studio rates will be as follows:
Studio 1: $1,500
Studio 2 $2,000
Studio 3 $1,250
Studio 4 $1,750
All pricing for 10 hour shoot day (8am-6pm) Anything outside those hours is billed at the hourly overtime rate. The standard hourly overtime rate would be billed at time and a half per hour.
Please also review the “Studio EQ” document for a list of available equipment and daily rental prices as well.
Business Policies:
Our office hours will be from 9-6 Monday-Saturday. Monday-Friday we will be available for requests and bookings by phone or email and will be present on site for days when the studio is occupied. On Saturdays we will exclusively be available for rental returns and shoots on site only. Our team will help maintain the website and social media pages for the studio. We will need to speak with a lawyer to set up our terms of service, contracts, liability disclaimers, etc.
Marketing Strategies:
Offer discounted promos for the first 6 months to bring clients/photographers into the studio and help spread the word.
Hold lighting/equipment demos, workshops and screenings during off-hours.
We will recommend the space as part of all requests for service we receive as well as help promote the studio/equipment across our own social/web platforms where we already have a following.
We will also begin email/word of mouth outreach to potential clients.
As we begin to scale, we may want to invest in an SEO specialist to ensure we are getting maximum return from natural web based studio/equipment rental inquiries.
Create LLC, Tax Payer’s ID, and a corporate account. We need to speak with a lawyer to set up our terms of service, contracts, liability disclaimers, etc.
We will begin renovating the space to get it client facing. We need to build a website, social media profile, and phone/email account so we can begin getting the word out to prospective clients. We need to begin investing in equipment/insurance to build out our comprehensive offering.
Immediate Needs:
Please see the “EQ Needs” tab of the “Studio EQ” document
Location/Facilities/
Equipment/Technology
needs:
Create LLC and contact lawyer by mid-September
Create website/social media accounts by mid-September
Build out studio with equipment and other essentials by end of October
Begin advertising campaign to raise awareness by mid-November
Begin direct mail campaign to photographers/potential clients by end of N0vember
The budget for these milestones has been included as start-up expenses.
Milestones:
-Client Acquisition Cost:
# of clients in the first year / cost of sales, marketing, PR, and other acquisition based expenses
-Client Retention Rate
Number of customer at the end of a period (E)
Number of new customers acquired during that period (N)
Number of customers at the start of that period (S)
Customer Retention Rate = ((E-N)/S)*100
-Gross Profit Margin as a Percentage of Sales
Revenue- Cost of Business
-Operation Efficiency
Expenses / Revenue
-Cash Flow Forecast
Total cash in savings + projected cash value for the next four weeks - projected cash out for the next four weeks
-Revenue Growth Rate
Year Two Revenue / Total Revenue from Year One
Success Metrics:
Below is a breakdown of equity by each owner based on the level of expertise they’re bringing to the company and level of commitment and contribution to the success of the company
Fiona
17.5% equity based on business expertise as an advertising sales rep, managing campaigns, managing a team of 7 account managers, on-set photo & video experience as part of FIONAYEDUARDO and ongoing day-to-day work to build the business
Eduardo
17.5% equity based on technical expertise, experience managing studio equipment at Jack and Milk Studios, on-set photo & video experience as part of FIONAYEDUARDO, on-set experience assisting on film and commercial photo sets, and ongoing day-to-day work to build the business