Jennifer, a talented photography student, started a corporate photography business. She planned to solicit jobs from large corpo
rations which needed pictures for their annual reports and websites. Although filling a unique niche, Jennifer needed the security that the business would thrive and that she would earn enough to support herself and her child. She also hoped that she would spend less time each day calling on potential clients and more time doing the actual shoots. As her small business consultant, which of the following suggestions would you have for Jennifer? Jennifer should either take the risk necessary to develop a small business, or go to work for someone else.
In the beginning, it's doubtful that Jennifer will realize ease of entry, security, and good profits. She needs to make plans in the event that one or more of these does not materialize quickly.
Photographers can take pictures of a multitude of things. It's probably not good strategy to limit her business to only photographing the needs of large corporations.
Jennifer should definitely make time for herself each day so that she does not experience burn-out. If she plans well, leaping into her own business will provide her with several hours of unstructured time each day where she can perfect her craft even more.
Photographers can take pictures of a multitude of things. It's probably not good strategy to limit her business to only photographing the needs of large corporations.
Explanation:
The specualization on a market niche is the way a company can specialize when it has enough profits or a financial support. However, starting a new business when the economical resources are not big, it is better to start working for all the potential client, in her case she should take different projects, such as parties, movie makers or any job. Then when she has enough capital, she can specialize in the big companies biche.
However, the question should be clear it is a free market where market forces rule, therefore a shortage will cause some consumers to be willing to pay higher prices and producers will see benefit and revenue, thus producing more and resolving the shortage.
Actual spending. It is important to compare the budget, which is expected spending, to actual spending to make adjustments and catch potential problems or figure out what to do extra money.
