Table of Contents Executive Summary pg. 1 Industry Analysis pg. 3 Target Market pg. 5 Competition... pg. 5 Marketing Plan pg. 6 Operations pg. 8 Management and Staffing pg. 11 Milestones and Exit Plan pg. 12 Contingency Planning pg. 13 Financials Projection pg. 14 Index... pg. 18 Executive Summary About the Company CAMERAPRINT is a start-up company based in New York City, New York that additively manufactures, designs, and sells affordable and durable photography equipment to photographers and camera users. This location is the optimal choice to ensure CAMERAPRINT s greatest potential for growth in the photography and camera industry. Ownership of the company will start sole-ownership from Cameron Miller and develop into a partnership as the organization expands. Mission Statement CAMERAPRINT s mission is to provide photographers and camera owners with efficient, interchangeable, and easy-to-manage camera accessories that fit their photographing needs.
Products and Services CAMERAPRINT plans to produce customizable 3D-printed camera accessories and attachments. These products will be compatible with smartphones, DSLR cameras and higher-quality cameras. 3D printing allows CAMERAPRINT to be flexible in the designs and products it will manufacture. Customizable designs will cater to consumer s specific needs and customer feedback services will be addressed for product optimization. Customer Demographics Owners of smartphones, cameras, and semi-professional photographers will be the focus of CAMERAPRINTS customer demographic. It will primarily target people from 18-35 years of age. College students who are starting out in photography at about 18-23 years of age will be targeted as well. CAMERAPRINT plans to appeal to customers in their late 20s and early 30s who work in the photography industry or have experience in photographing. The annual median wages for photographers and camera operators are $30,490 and $48,080, respectively, according to the U.S. Bureau of Labor Statistics. Marketing Strategy A strategic marketing plan for CAMERAPRINT will employ the use of social media, trade shows, and word of mouth through presentations. Being that the target customers are relatively young professionals, Facebook and Instagram will offer excellent methods for advertising products, services, and events. The accounts on both social mediums will be active throughout the day to promote and explain new products and also to interact with customers for feedback on products. The Instagram account will provide video footage of products in use as a method of advertising. Also, CAMERAPRINT will create its own website to introduce and sell new products. Attending trade shows to promote products will be effective in getting CAMERAPRINT recognized within the photography industry. Financials Initial start-up costs for CAMERAPRINT will require about $155,000. An investment of $45,000 from the owner and supporting investors will go into this initial cost, along with a commercial loan of $110,000 for the remainder. A sum of $50,000 will be required for equipment costs, $30,000 for leasehold improvements, and $75,000 for other expenses will be accounted for in the initial start-up costs.
Industry Analysis Industry outlook for camera stores in the United States The value of the camera stores industry is at $2.2 billion today. E-commerce and consumer electronic stores threaten this industry by two means, competitive pricing and convenience of purchase. Due to this, the number of physical camera stores is decreasing with an estimated 6.5% decline in the industry between 2016 and 2021. The result, a rapid transition by camera stores to online retail. One challenge these stores face is with large retail companies like Amazon and Best Buy who are dominate the market for online retail. CAMERAPRINT plans to manage its sales and business retail through its own website and sites like Best Buy to become acclimated to the growing market.
Industry outlook for photography in the United States The value of the photography industry is placed at $10.5 billion. Consumer disposable income continues to grow with demand for camera equipment. It can be understood from the graph above that revenue in the photography industry dropped by about 10% due to the recession in 2008. Combined with the development and emergence of new digital technologies, the photography industry has struggled to regain stability over the 6 years. With an increase in disposable income and employment, however, photographers and camera will beginning to purchase more photography equipment. The resulting assumption provides that the industry will grow to around $11.2 billion by 2021. CAMERAPRINT has great potential for business growth with these increasing trends.
Target Market The aim of CAMERAPRINT is to provide people with specialized 3D-printed photography accessories. Its products will be customizable accessories that can attach to a variety of cameras including smartphones, DSLR cameras, and cameras of high quality. With that being said the target demographic will be primarily amateur or semi-professional photographers aged 18-35. Most amateur photographers are college students typically 18-23 years of age and just getting into photography. CAMERAPRINT will aim to cater to experienced photographers around their late 20s and early 30s as well as these people will have obtained experience in the photography industry. Owners of smartphones that have cameras will also be targeted as many people have smartphones and use them for taking photos. Keeping the door open to new demographics will be a strong consideration for the growing company as product designs are developed and optimized. An example of a new demographic would be film makers. Competition There are a several companies like Canon Inc. and GoPro that CAMERAPRINT will have competition with in the camera equipment and accessories industry. These companies own large shares in the photography market. Each companies is addressed below. CAMERAPRINT will have the advantage of inexpensive production costs which will bode well for competing with these industry leaders. Its products will be made from 3D printed materials which is a method both companies have not yet employed. Canon Inc. is a well-established provider for consumer and industrial digital imaging that has existed since 1955. It produces a variety of cameras that many people use today. A few of its products include the Canon EOS Rebel T3 used by beginners and priced at $250 and the DSLR camera used more by professionals and priced at about $2,000. Though it makes many of its
own accessories like straps, monopods, and tripods, CAMERPRINT plans to design attachments that will fit Canon cameras and satisfy its customers. A more recently established company, GoPro, having gone public in 2014, is an industry leader in digital imaging. Its products are small compact cameras that are extremely efficient with durable casings. Many of their products are used in athletic events but more and more people have been using them for other purposes like in concert shows, police training, or documenting travel. Similar to Canon Inc., GoPro also produces its own accessories. These are things like monopods, chest straps, camera fixtures and attachments to headwear. Being so new, GoPro s products are used by many young adults and athletes. To compete with this company, CAMERAPRINT plans to design accessories that fit the dimensions and desires of GoPro cameras and their users. Marketing Plan The main platforms that CAMERAPRINT will use to market its products will be trade shows, social media, and word of mouth. For younger consumers, the company will advertise its brand through Instagram. There are two purposes for using this app. First, many young people use Instagram to check out photographs and video footage, and second, users with smartphones will see that they too can make use of the smartphone accessories produced by CAMERAPRINT when they find out people are using them. CAMERAPRINT will use its own Instagram profile to promote its products and their various uses. Video instruction on how to use the attachments and accessories will also be provided on the CAMERAPRINT page. By utilizing Facebook, CAMERAPRINT will be able to display its designs and products to its target consumers. It will also be able to post and invite consumers to promotion events and to update users about information on their products. Also, Facebook will be used as a means of
communication by which users can ask the CAMERPRINT page about new products and designs. Customers will also be able to submit their own custom made design drawings to give feedback to the company about its products and what is working well. Gauging for what posts on Facebook attract the most attention will give CAMERAPRINT a better idea for which products are selling the best. A website will also be established for CAMERAPRINT for providing information to its customers and also for selling its products. The base design of the website will be an efficient and easy to follow layout with contact information and a shopping interface. There will also be a submission drop box in which customers can submit CAD files for recommended accessory design ideas. Of these submissions, buyers will be able to vote on the types of accessories and attachments that they view as the most useful. The designers will then examine the designs and adjust them accordingly to fit product budgeting requirements. In this way, CAMERPRINT is taking into consideration the preferences of their customers and allowing for an open ended idea generation from camera users interested in new accessories. CAMERAPRINT will get its products recognized by word of mouth through presentations and by showing its camera accessories and attachments at photography trade shows. Sales representatives of CAMERAPRINT will propose deals to ecommerce organizations for selling CAMERAPRINTS products. The PDN PhotoPlus International Conference + Expo held in New York, NY offers an excellent opportunity to showcase products to professional photographers, filmmakers, and educators from around the world. Marketing through this means, CAMERAPRINT will gain recognition and a reputation for innovative camera accessories and attachments.
The image represented above is the basis of the design format that CAMERAPRINT will utilize for the creation of its website. Customers will be able to view the company profile, company products, shop for products, and contact CAMERAPRINT representatives. SWOT Analysis Strengths Customizability Usefulness of Product Quick Production Inexpensive 3D Printing Materials Variety of Marketing Platforms Weaknesses Variety of Marketing Platforms Developing Prototypes Opportunities Based in California Room for New Designs Obtaining Consumer Desires Threats People could produce their own products with CAMERPRINT s designs Drastically changing industry with new products Operations The main facility for CAMERAPRINT s operations will be located in New York, NY and will take up about 2,700 square feet in total. It will cost around $15,000 a year. The office will be renovated to make room for four Makerbot and four Deltabot 3D printers. The purpose of having two different printers is to allow for a variety of dimensions in the printed product designs. An estimated $30,000 will be considered in the budget for renovation costs. Most of the raw materials required to manufacture CAMERAPRINT s products will be ordered online and shipped via UPS or FedEx. Polymer filament can be obtained from Orb Polymer or 3D Universe and will be purchased in bulk. Product design patents are estimated to cost around $9,000 and will increase as the company patents more of its unique accessories. An amount of
$10,000 will be held in the budget for any repairs needed for the eight 3D printers or for the purchase and installations of any new printers. With the rapid advancement in additive manufacturing, CAMERAPRINT plans to replace its 3D printer every 4 years. Insurance costs for equipment, setup, employees, and unanticipated damages will require $12,000 a year. There will be a variety of designs created and manufactured by CAMERAPRINT s 3D printers. Through additive manufacturing, the company will be able to cater to specific clients and customers to achieve and produce the camera accessories they desire. The varying degree of customizability that CAMERAPRINT will produce will stand out in the products. Below are some examples of products similar to what CAMERAPRINT will focus on creating. Above are three designs of 3D-printed a camera lens protectors. Each protector has different color, shape, and texture. CAMERAPRINT plans to cover these aspects in their camera accessory and attachment designs. Camera lens protectors are simple shapes that can be tailored to suit the photographer s needs in terms of lighting and protection. A product of this sort will have plenty of room for design optimization and customizability in additive manufacturing.
The camera fixtures depicted above are specific for GoPro cameras, however, changes in these designs will make them suitable for other high-end cameras as well. CAMERAPRINT plans to produce camera fixtures and mounts of this sort but with a greater degree of variety. Tripod mounts, clip on fixtures, and products like the Circle grip will be created for customers that desire mounting fixtures in their photographing.
Another product CAMERAPRINT will manufacture is a camera slider. This device is comprised of two parallel beams attached to bracketed legs. Design considerations like beam length, leg height, and camera attach ability will be taken into account for the generation of CAMERAPRINT s camera slider products. Various product designs will also be attainable as the device has flexibility of use. Management and Staffing The founder of CAMERAPRINT, Cameron Miller, plans to hire professionals in the areas of 3D printing, sales, marketing and advertising, and manufacturing. Being a recent graduate of The Pennsylvania State University, he will search for recent graduates interested in experiencing the thrill of working for a new startup company and begin hiring from there. With a B.S. in Materials Science and Engineering, 3D printing experience, and experience as a manufacturing engineer Cameron will take the position of engineering manager and director of operations. In spite of these attributes, other employees will be required to manage, run and grow CAMERAPRINT into a prospering business while working toward achieving the goals set forth by the company CAMERAPRINT s leaders will establish an environment conducive to growth, innovation, and managing of CAMERAPRINT operations. Hiring of individuals will be based on their qualification, level of motivation, adequacy, and amount of interest in the organization. Employees such as salesmen, programmers, engineers, marketing strategists, and product managers are among the positions that the company will first hire for to get business underway. The people occupying these positions will be trained initially by the founder and later by established higher-ups who have demonstrated quality leadership and management skills. Persistent and hard-working people with a winning attitude will be desired to be CAMERAPRINT s sales representatives. These people need to be confident when talking to new customers and explaining details about products. A strong work ethic is needed to push through rough periods that the business will endure. Creative programmers who display excellent knowledge and skills in computer science will be strongly encouraged to join CAMERAPRINT. An easy to follow website design will be required for customers to find and purchase CAMERAPRINT s products so design oriented individuals with the proper qualifications will be considered for this position as well. Engineers with good communication skills, an innovative mindset, and sufficient experience will be desired to assist with production of CAMERPRINT s products. Marketing strategists will be required to promote and advertise the products and services that CAMERPRINT has to offer. These two positions are essential to the business. Engineers will be responsible for manufacturing and creating products to be sold. They will also be tasked with optimizing designs to fit the consumer s demand. Marketing strategists will be responsible for
promoting and capturing consumers into purchasing the company s products. They will be held accountable for relaying customer feedback to the rest of the company in order that the requirements of the customers are met. Finally, product managers will be critical to keep operations running throughout the organization. They will oversee projects, organize meetings, and make decisions based on how well business is being carried out within the company. Communication, organization, and respect are extremely important aspects of managing a successful business. CAMERPRINT will instill these characteristics by motivating employee workethic and encouraging individuals to achieve their own goals within the company. Milestones and Exit Plan Goals CAMERAPRINT s primary objective is to develop and provide high quality camera equipment and accessories for photographers. The 3D printers that the company possesses will allow for interchangeable and efficient product designs to be created and sold. Customers of CAMERAPRINT will experience easy-to-use and organized camera attachments and accessories. Licensing of interchangeable camera parts is an underlying goal of CAMERAPRINT s business plan. Milestones Establish an office and manufacturing location Hire personnel; i.e. sales representatives, manufacturing engineers, project and product managers, programmers, material scientists, maintenance workers, and secretaries Acquire equipment and supplies; 3D printers, polymer film, computers, office furniture Create a company website and online store Trademark brand, logo, and slogan Establish marketing plan, financial plan, and business structure Go International Further Development Advance camera designs Cut down on production costs Expand company overseas bringing products to world market
Risks If a fault occurs in the financial or market planning, there will be a downfall to CAMERAPRINT causing it to go out of business before taking off Lacking in resources and operators could cause production and eventually sales to plummet 3D printing is risky in itself with printers malfunctioning Exit Plan There is great potential that exists for CAMERAPRINT to become a top competitor in the photography and camera accessories industry. Once the company develops a reputation for making quality products it will be well off as long as management keeps things running efficiently and profitably. In the occurrence that the owner moves onto a different job or new company, CAMERAPRINT will be sold to a well-established individual or company capable of keeping the business alive. Contingency Planning Since CAMERAPRINT will be using expensive technologies like 3D printers and website design software, it will need to have securities in the case of any unforeseen complications. Implementation of CAMERAPRINT s safety measures will be as follows: Flooding, fire, and theft insurance will be purchased for all technological devices and business equipment Hard copies of important business documents will be kept in filing cabinets and electronic copies in external hard drives at a separate location from operating facilities Several bank accounts will be set up for CAMERPRINT to avoid monetary disasters and to keep funds separate if fraud or theft occurs Backup servers will be run to protect significant business information CAMERAPRINT will update any critical information pertaining to business to its website as necessary Backup power generators will be installed in facility locations if a power outage occurs A database will be created for prospective employees. This ensures potential candidates for hire if CAMERAPRINT experiences diminishing numbers in personnel
Financial Projections Source and Use of Funds
Cash Flow for 12 Months Estimated Break-Even Point Revenues Per Product $95 Variable Expenses Per Product 29 Contribution Margin Per Product $66 Contribution Margin Ratio 69.5% Total Fixed Expenses Per Week $32,750 Break-even Point in Sales $55,511 Estimated Long-Term Profit Potential Annual Sales $2,566,114 Variable Expenses $1,703,000 Contribution Margin $863,114 Contribution Margin Ratio 33.6% Break-even Point in Sales Per Week $43,754 Annual Profit $732,114
Assumptions for Financials Equipment Needs 10 Computers - 1,300 x 10 = $13,000 8 Plastic 3D Printers - 3,000 x 8 = $24,000 Furniture = $10,000 Other office supplies = $1,000 Leasehold Improvements Construction, paint, carpet, misc. = $30,000 Other Start-up Expenses Tradeshow Fees = $5,500 Website costs = $2,500 Patents = $8,000 Endorsement Budget = $10,000 Employee numbers 2 Programmers - $70,000 x 2 = $140,000/12 = $11,666.67 per month 2 Engineers - $55,000 x 2 = $110,000/12 = 9,166.67 per month 2 Marketing Strategists - $50,000 x 2 = $100,000/12 = $8,333.33 per month 3 Product managers - $55,000 x 3 = 165,000/12 = $13,750 per month 5 Total Salespeople - $40,000 x 5 = $200,000/12 = $16,666.66 per month 3 Salespeople from Jan. to Jun. - $10,000 x 6 = $60,000/6 = $10,000 per month 2 more Salespeople from Jul. to Dec. - ($10,000 x 6) + ($6,600 x 6) = $100,000/6 = $16,666.67 per month
Index https://www.usa.canon.com/internet/portal/us/home/about/about-canon/corporate-profile http://www.photoplusexpo.com/ http://clients1.ibisworld.com/reports/us/industry/ataglance.aspx?entid=1028 http://clients1.ibisworld.com/reports/us/industry/ataglance.aspx?entid=1443