PC Session 5
The business plan and financial forecasting. Admittedly one of the harder parts of the unit. I am keen to say that I will NOT be running my own business, at least not from the start of my career, maybe somewhere further down the line.
They are both featured as part of the physical hand in, alongside the CV, business cards and MRF.
Websites that helped:
Hmrc website. Business plan.
https://www.gov.uk/set-up-business
https://www.gov.uk/search?q=business+pan&show_organisations_filter=true
Business finance explained:
https://www.gov.uk/business-finance-explained
2016 Govt Creative industries – sector worth of Creative Industries:
https://www.gov.uk/government/news/creative-industries-worth-almost-10-million-an-hour-to-economy
Full report:
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/362253/Creative_Industries_Strategy_2013-16.pdf
Guardian article: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/362253/Creative_Industries_Strategy_2013-16.pdf
We had a lot of help with these parts as they were the most heavy going and the most intensive. It all started when we had to think about what sort of business we wanted to run, what sort of photography we wanted to sell. For me it had to be something based around animals and my love for them. Two possibilities crossed my mind; one being pet photography/portraits and the other being wildlife for educational purposes.
In the end I decided that I would do both as it couldn't be guaranteed that I would always have a job in both of them. This would allow me more opportunities and to also switch over to the one that I most enjoy or the one that ends up being a higher demand/more profitable. It acts as a good starting point if I were to start my own business. It also allows me the diversity I need and can be built up upon over time.
The financial forecasting was difficult as it is all prediction, there was no way of telling where I would be in 3 years and how I'd get there and stay on track. I gave it my best shot however and tried to stay as realistic as possible with it.
I have learnt a lot of skills from this unit, and I can see a lot of ways that I have improved already. I am feeling more confident than I did before and I am proud of what I have produced. the business plan goes into a lot more detail than I have here.