The Business Plan Dilemma

August 28, 2015  •  Leave a Comment

Should I write a formal business plan? This has always been a question that has haunted me... and is one that I have always  pushed out of my head before I start to think up the answer. It has always seemed like a large task but possibly one that is not necessary, at least that was my own opinion. I am a sole proprietor of a small business. Business plans I would think are more for large corporations with hundreds of people... 

I remember writing a business plan when I was a freshman at Prairie State College. Professor Kuhn told all of the Business 101 students that the long and daunting task would take 18+ pages and would consume our entire semester's study, homework and presentation schedule. At that time, it was only 1 year away from me discovering photography so of course I didn't write about owning a photography business: I wrote about my first love at that time - candy. Yes, I was the proud "owner" of a candy store. IF my memory serves me well, it was called "Sinfully Sweet"... or something like that. :)

By the end of the semester, I was truly impressed with the magnitude of information that I had formulated about the fictitious business and I was also impressed with the way that I did not even realize how much work it took to get there. That being said, I have thought about that paper often but unfortunately have never looked at it again. 

When I started my wedding photography business, it was a progressive move that gradually brought me to working for it full time. I was working in a bank and doing photography "on the side" at first, more like a part time job to get my creative kicks from my weekend work, while still climbing the corporate ladder Monday through Friday. Then after time, after much sweat and tears (and maybe a little blood, here and there) something clicked. I realized that I was working for the weekends now - I was working for MY clients and the rest of my week was merely a build up to the next photo session, the next wedding, the next Saturday. Even after this realization it took me a while to pull the trigger to do photography full time. I took the necessary steps to build my 401K, my pension plan, my savings account (that was the hard one) and my guts to do what I knew I wanted to do, but could be ridiculous to do. I finally, after years of thinking of it, quit my job and decided that full time wedding photography was for me. It was a glorious move that I do not regret to this day.

Now, after doing full time photography for a while, I am in a position where I am finding that I need to re-brand a little, that I need to move my business to the next step. Guess what is the ONLY thing that I can think about and the only thing that I WANT to do right now? I WANT TO WRITE MY BUSINESS PLAN. Can you believe that?! I sure can't... 

So what is next for Michelle Cox Photography? I will, in the next few months, be rolling out some new things - My business is getting a face lift. After five beautiful years MCP is growing up. I am in the process of finally getting my 'business plans' into a business plan, setting my goals on a clear path, defining my ideal clients, and working towards my success. 

I am so excited to share this next step with you all.... Stay tuned for some great things! <3 


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