Week 10: Financial Statement

What did I learn from this weeks assignment?  The goal for this weeks class was to work on our financial statement for our business plan.  Playing with Excel spreadsheets and plugging in numbers of what we hope to make in the near future.  It is an eye opener because it puts numbers on a page and helps me realize how close or far I am from my goals.  I know that the type of photography I want to do, weddings, can be very lucrative and it can also go up in smoke.  The key to my success is all in the pricing and in my efficiency of time so that I am able to do quick turnarounds.  Quick turnarounds lead to more business opportunities which can lead to more earnings.  It's a giant domino effect that can lead to some wonderful financial gains.  Being aware of my taxes, depreciation and reinvestment in equipment and myself is important to know.  Businesses fail when they don't prepare for all of the expenses involved.  Granted my business has very little overhead, I still need to pay on the "basics" and keep one my options open to other photo opportunities.  Weddings go in seasons and in the slow months I would have to adjust my forecast accordingly to show the changes in business.  A financial plan like this allows for strategy and awareness.  Having months and years of information can lead to spotting trends and knowing when to ramp up new promotions or prepare for events (senior portraits, Christmas cards, etc)
The financial statement is a flowing piece of information that can easily adapt to changes made and help me be more aware of my goals.  I know  can't have "cookie cutter" months and I will have to make changes. Knowing that will lead to my success.

40 under 40

A milestone in many peoples life is reaching the age of 40.  "Over the hill" is how some pessimists might view it but I think that 40 will be where I'm just out of the "blocks" and about to hit my full stride.  I'm 36 and in college and by the time I graduate I'll have three years to go before I can proclaim my 40 year milestone.  I already know where I want to be and what I want to do and its because of planning.  I know that I will be back in Southern California working for myself doing event photography full-time and working on the side for Southwest Airlines so I can keep my benefits and fly across the country for free.  Southern Cali has so many more opportunities and possibilities that I know success will come from my hard work and persistance.  The only reason I would fail would be because laziness.  My kids will be older and on the brink of adulthood and I will be the one they come to for advice, money and support.  I need to remain confident and motivated and just the thought of family alone is motivating enough.  I don't intend on having a studio but I hope to have formed some new partnerships that allow me to work in exclusive areas that most of my competition would not have access to.  Networking, pounding the pavement and just being active in the community will pay off.  My schedule will be filled with new activities.  Instead of school and projects I will have meetings, and photo shoots.  Free time will come and go but the only way to reach happiness for me is to complete my goals. 

Week 8: Is she fair game?

"Professionals, academics and students owe it to their readers to be sensitive to unethical practices that demean the profession and reduce the credibility of journalism." Lester, Paul. Photojournalism Ethics timeless Issue. 1995. Web. <http://commfaculty.fullerton.edu/lester/writings/photoethics.html>.
 The movie, Roman Holiday depicts a news reporter who befriends a Princess who is out and about in public as a normal person.  Princess Anne, played by Audrey Hepburn decides to escape her royal duties and wants to live life like any normal citizen.  She wants to experience life like never before and in her adventure she meets a reporter that decides to make it into an exclusive story without her knowing.  He brings a photographer friend to snap photos of her without her knowledge and hopefully benefit from the exclusivity of it.  The comment made was, "she's fair game" and that is where the argument lies.  Is it because she is in public that she's fair game? Is it because she's a public figure that entitles us to know more than we should?  Do individuals who carry a higher social status have a greater right to privacy than the "common" person?  This argument goes back to what Ron Galella and Jackie Kennedy went to the Supreme Court for.  Is someone who is oblivious to the fact that their personal behavior in public is being photographed a victim of society's need for pointless information?  Society is so impatient, so intrusive that it has been groomed to expect more and more from our "news" sources.  Web forums are full of arguments the defend both sides of the argument and no one can really decide which side is right or wrong, "celebrities privacy ." . N.p., 07/2. Web. 29 Feb 2012. <http://debates.juggle.com/should-celebrities-be-more-protected-from-the-media>. The end result of all this is that we as photographers have to draw our own moral compass and decide if we want to profit from intruding on someones personal life.  I choose to make my money a different way.

The biggest challenges to completing my business plan.

The biggest challenge to completing is making the time to sit down and carefully analyze my current situation.  Life is so fast paced that it seems that 8 hours of sleep is a myth.  I work full-time, go to school full time and I work part time for my sister.  If I don’t count sleep, which averages about 4-5 hours a nite I may have about 18 hours of free time a week.  Ok, 18 hours sounds like a lot, but per day that is approximately 2.5 hours a day.  Hmmm? 2.5 hours a day to research, write and come up with all the right answers.  Its sounds like enough, but it is not.  This is not a pity party of what I can’t do, but this is more of a statement of WHAT I already do.  I maintain a GPA above 3.5, work hard to be responsible adult and pay my debts and I take care of those I love. 
This business plan is wonderful tool, a stepping stone to success.  I know that I will eventually refer to it when the time comes to go “live.”  Not that I’m not already live but it feels that everything I’ve done to this point is a “beta” version.  I’m working out the kinks, refining the product and making sure that what I put out there represents my company accurately.  Photography is a passion of mine that has been burning for a while and I do not intend to make excuses up for why I can’t.  I need to push forward and refine everything I do so that efficiency is  tool that gets me to the top. 
This business plan does have a lot of parts to it but it requires the same dedication that I put forward into my photography.

Week 6: EOC Ron Galella and the First Amendment

Ron Galella was and still is an important advocate for photographers and their ability to make pictures in a public place and profit from it.  He did go about it in a relentless way but he was entitled to.  The question of whether he intruded in on Jackie's privacy is subjective and only answered by the courts.  The first amendment does entitle us to free speech and the ability to write and present our interpretation of events.  Ron presented images of an iconic woman of the times and felt the public had a right to know.  Jackie always acted as if she was intimidated and feared for her well being but Ron never did anything to create that hysteria.  Ron was very public about his intentions and only presented images that were of Jackie in public places.  Ron's persistence,  paid off and iconic images were made and admired by millions.  Did he go overboard?  At times the argument can be made that he was extreme and wanted to be the only person with a one of a kind image.  A good example is of Liz Taylor on the boat putting up screens to create privacy from passers bye while Ron was in an adjacent building with a birds eye view of the happenings.  There you could argue he invaded privacy, but she was in an open air boat in a public area so the lines of legality are very thin and subjective.  Ron achievements only come from pushing the envelope and having good representation to defend his Constitutional rights.  A lesson that all photographers should learn from.

Week 5: EOC Racehorse not Unicorns

Executive Summary:

Elite Photography LV is a Vegas based company that is a partnership between two talented photographers, Mike Lapadu and Jennifer Camacho.  Both photographers have studied Photography at The Art Institute of Las Vegas and focus on event photography as well as editorial.  The business will focus primarily on wedding photography and other rights of passage events.  Photography will be provided in the Las Vegas area but travel to other cities and states will be considered if a client desires our services.

The primary service provided will be Wedding photography.  Prices will be based on what a client orders from an a la carte menu.  After sitting down with potential clients and determining what level of needs will be required the photographers of Elite will prepare.  Preparation for a wedding involves scouting the event location and determining what type of lighting and equipment will be needed.  Other required items such as engagement photos and boudoir photo sessions will be offered and scheduled accordingly.

Once an event has taken place the photographer(s) will then edit the photos using industry standard software such as Lightroom or Photoshop.  The only photos retouched will be the photos decided upon from the couple hiring the photographer.  The photographer will make suggestions but will allow the client to make a reasonable requests.  All images that have been selected will then be placed in a physical album and also put online for the couple to share with family and friends.  The virtual gallery will be hosted for 3 months after the wedding date and then removed. Any and all images can be purchased separately or all together if a client decides to.

Elite Photography is well aware that the Las Vegas market is saturated with a good amount of Wedding photographers and intends to provide a competitive product for the price.  The ability to have to educated photographers who understand light and composition is not easy to come bye and that will be used to the company’s advantage. 

The goal is to average 25-30 wedding a year with an average earnings of $2500.  Estimated amounts of revenue after expenditures is approximately $62500 - $75000.  Overhead is typically low for such a business and a large amount of extra revenue comes from up selling of products such as albums or additional photography photo shoots.  The Las Vegas market can allow for this type of growth with the proper marketing and business management support.  Accounting will be handled by a third party company as well as council from an attorney to protect all parties involved in any and all transactions.

In order to achieve these numbers an estimated loan of $60k would be required to cover lost income from current full time jobs that both photographers have.  This would allow for proper marketing and preparation for a successful “once in a life time event.”  Proper  marketing and creative images will allow for word of mouth referrals and long term clientele that will eventually have a growing family that will need photos.

Week 4, Scary Legal Issues

Scary legal issues will make any business owner run and hide.  The scary issues depend on the business and the services offered along with the size of the company and employees accountable to provide the services.  As a photographer the scary legal issues that would worry and bother me would be:
Error and Omissions:  I would be worried that a client felt that I wasn't able to capture a once in a lifetime moment, like their wedding, a baptism or any rights of passage ceremony.  The ability to capture these moments only happens once and to have equipment failure, illness or even an act of God interfere with the moment can ruin a families special day.
Bridezilla: Sounds vague, but the thought of having to deal with a Bridezilla can scare most photographers or anyone involved to just run for cover.   This type of client is never satisfied and will attempt to get everything for cheap and possibly file a law suit to make you pay for damages they believe occurred.  Each situation will be different but it is still one filled with headaches.
Copyright:  This is more than likely the scenario the one scenario that as an artist we will all face at least once in our career.  Someone always will claim to have some intellectual right to the idea or have a similar image or thought and take you to court for damages.  David LaChapelle recently dealt with a similar situation where he did a photo shoot for a famous musician and they turned around and used the same concept for their music video.  He sued them and won.  Copy written material is the one security blanket that ensures us some form of justice.
All these examples come to mind because they are always in the limelight some way somehow.  Picking the right client, pre planning and knowing our rights will protect us from these scenarios.

Week 1 EOC: Discuss Haute Couture vs Discovering Art as a Photographer

“Haute Couture is a French phrase for high fashion.  Couture means dressmaking, sewing, or needlework and haute means elegant or high, so the two combined imply excellent artistry with the fashioning of garments.” (http://fashion-era.com/haute_couture.htm)  This style is out there, completely different but appealing.  The designer, artist, model and photographer have to be in a different mind state than your typical photo shoot.  Finding the art in the clothes and not the model is the key to the success of Haute Couture.  The success is when you recognize a design pattern, a color pattern and look and feel that makes you not even recognize or remember the person that is wearing it.  The ability to discover the art behind this fashion style is not easy.  Thinking outside the box is just the beginning and it only gets better when you add even more oddities in to the mix.  Haute Couture is an art form in itself.  The most outrageous ideas are put together and worn and push the limits of extreme.  The art behind the art of Couture is putting the pieces together.  Each individual item can stand alone and evoke an emotion but when you put pieces together and allow for creativity to flow it snowballs into more fun and outlandish themes and ideas.  As a photographer the elements of organic and inorganic shapes, the ability to play with light patterns and to create a mood unlike anything else ever seen, that is the fun.  The moment of creation for a me as a photographer is when I look into my viewfinder and see what no one else has seen yet.  I look to put small details into perspective and allow my viewer to create their own story and interpretation.