Question 1. Could you provide additional details about the inspiration behind your business
idea and how you see it addressing a specific market need?
Answer– I see the shortage of this profession here in Terrace. People mostly offer only photographs but the service for videography to cover any wedding, event or occasion is rare. So, I will be offering both services simultaneously.
Question 2– Which key performance indicators will you use to measure the success of your
marketing initiatives?
Answer– For the growth of this business, I will use ‘Client Satisfaction’, ‘Project Delivery’, and ‘Revenue and Profitability’ as a key performance indicator. In which I will consider customer feedback, client retention, referral rates, on-time delivery, number of projects completed and reshooted. Also, my gross revenue and net profit margin.
Question 3- What criteria influenced your choice of marketing channels?
Answer– The criteria that influenced me to choose marketing channels, are identifying my target audience, my budget and resources, the effectiveness of each channel, and audience engagement and interaction.
Question 4– What critical information should stand out to investors or stakeholders in a quick
read?
Answer– The information that should be most noticeable is its unique strategy of seamlessly combining videography and photography services. I differentiate myself from the competition with this dual offering, which gives customers an all-inclusive and unmatched visual storytelling experience. This unique service proposition not only establishes me as a forward-thinking participant in the market but also creates new opportunities for business growth.
Question 5– How have you validated the assumptions made in your canvas model?
Answer– I am already into this side business, so the is validated in the business canvas model. The data came from my existing services and personal experiences.
Investor’s Questions:
Question 1: You have mentioned the value proposition that sets you apart from your competitors, but I’d be more interested in learning about them; and who they are.
Answer: Based on my research, my direct competitors include local businesses such as ‘Little HoneyBee’, ‘Golden & Gold platted Portraits & Lifestyle’, ‘Megan Joyce Photography Tbc’, and ‘East-West Photography’. While they cater to the local market, I’ll be the sole Indian Photographer and Videographer. With the significant growth of the Indian community in recent years, I’ve built a robust customer base through my work on numerous Indian projects. Leveraging this existing clientele, I anticipate rapid growth and the ability to reach a diverse and expansive audience.
Question 2– Since you have admitted that you are already doing well in this business and that the financial information is accurate, why would you begin an operating plan with the “planning and setup” step?
Answer– Perivously, I worked under someone, to gain experience and be more perfectionist and professional. Now, as I venture into entrepreneurship, I embrace the prospect of starting from square one, armed with the experience and mindset necessary to build my own business from the ground up.
Question 3– How would you respond to unforeseen difficulties (such as broken equipment or inclement weather)?
Answer: I’ll maintain professionalism in facing obstacles, swiftly assessing their severity and impact on my business. If they affect shoots or deliveries, I’ll promptly inform clients transparently. Depending on the issue (equipment damage, weather), I’ll consider alternatives like renting gear, rescheduling, or adapting to weather conditions. I’ll have contingency plans ready, such as backup equipment and alternative locations, and remain flexible in adjusting plans and expectations as needed.
Customer’s Questions:
Question 1: How will you manage bookings and scheduling?
Answer: Customers can book me through my website or social media profiles, which showcase my work openly for sharing and contact. I’ll be accessible 24/7, responding promptly via phone, email, or social media messages. Contact details, including phone number, email, and social media accounts, will be prominently featured on my business card and website for easy booking. Concerning this,
- I will have a centralized calendar with all bookings and appointments recorded.
- I will provide flexible scheduling alternatives to fit various client preferences and project requirements, such as weekdays, weekends, and evenings.
- I will maintain open and responsive communication channels with clients, swiftly responding to inquiries, updating project timelines, and ensuring a seamless booking process.
- I will set clear booking policies for deposits, cancellations, and rescheduling to safeguard my business interests while still offering clients flexibility.
- I will also strive to deliver personalized service by understanding each client’s specific vision, preferences, and needs, resulting in a tailored experience that exceeds expectations.
Question 2: How do you plan to price your services? Are you offering different packages? what is included in each package?
- Full Indian Wedding Package:
- Coverage of pre-wedding events, wedding ceremonies, wedding day, and after-wedding parties (4+ days).
- Customized photo and video coverage capturing every moment of the elaborate celebrations.
- One-Day Event Package:
- Comprehensive photo and video coverage for one-day events.
- Simultaneous capture of photos and videos to ensure every moment is preserved.
- Advertisement Shoot Package:
- Photography of the product showcasing its features and details.
- Creation of an advertisement video highlighting the product’s benefits and appeal.
- Maternity and Portrait Package:
- Photoshoot at multiple locations with different setups to capture diverse styles and moods.
- Personalized portrait session to celebrate the beauty of motherhood or individual personality.
- Customized Package:
- Tailored to the client’s specific preferences and requirements.
- Flexibility to choose desired services, locations, and additional add-ons.