From Precious
April 10, 2008
Toyin Oghoetuoma | Media
Pictures4print | Photographic Studio
Precious: How and when did you come up with your business idea?
The idea came up about three years ago; I was still at university and used to get courtesy calls from a photography studio called Olan Mills to come in and have some pictures done. The first time I went in to their studio to take pictures I really liked the outcome.
After my degree studying Business Information Technology, I couldn’t get a job in my field so I ended up working for one of the high street banks as a customer service adviser which I never liked but had to make money to survive. I was always complaining to my husband about how much I didn’t like my job and one day, he said to me that perhaps I should consider starting my own business. I had never considered it until then and the first thing that came to my mind was a photographic studio. I did some research and found out that there were not that many studios owned by black people. That’s how it started.
Precious: What did you do before you launched your business?
I was working for a high street bank; when I finally decided to launch my own business, so I knew that it was vital to be properly prepared and so I did loads of market research; this was to help me decide my location, my target audience and my pricing.
Precious: Tell us about the business planning stage
The business plan was not difficult; I tried as much as I could to incorporate my ideas into the plan and when I needed help, I contacted an accountant to work out my costs and contribute to the business plan based on our discussions and all my ideas. The funding was from family savings.
Precious: Where did you go for advice and support on getting started?
My main source of advice and support was from my family and then I used the internet a lot; it was a lifesaver.
There were so many sites I found useful; off the top of my head, Business Link was very comprehensive. I think it’s important for businesses to seek advice from professional bodies because it helps to put things in perspective, you know. For example, I learned that as a business you should always seek professional advice the first time things start to look like they might be going wrong.
Seek help when you owe £50 and cannot pay; not when you’ve now received a letter from the bank that you owe £250,000. It’s always better to ask for help from the very beginning, it could save the life of a business.
Precious: What setbacks did you encounter?
It was very daunting launching out on my own and actually hiring staff to work for me. I found it hard to get people into the studio and had to employ a lot of marketing and public relations strategies to get our name known. It is getting much better but I am still working extra hard to get more people in to the studio because we are not on the high street.
Precious: Did you start off working at home or in premises?
I started off working on the premises with two staff, an operational manager/photographer and a marketing coordinator.
Precious: Has your business developed the way you thought it would?
I was not a romantic and knew that it would take time for any new business to begin to yield profit. So to an extent the business has developed in the way I thought it would. I think that there is a great room for improvement and I would love to have all slots booked everyday.
Precious: Do you belong to any networking groups?
Not at the moment, no, but it is something I’d be looking into for the future as I think networking is a great way to meet people who can be of help to you and who you can be of help to.
Precious: What do you love most about what you do?
Meeting different people and seeing them transformed during their photo sessions; it’s always nice to see them happy.
Precious: Are your family supportive of you?
They are very supportive; I don’t think I’d have been brave enough to launch out on my own without their support.
Precious: How do you see your business progressing over the next five years?
I see it growing well; I’ve got lots of new ideas to engage customers and plan to spend some time strengthening my marketing strategies. I think that with proper planning, I could make a real go of it.
Precious: What do you do to relax?
Visiting friends, playing with my daughter, spending quality time with my husband.
Precious: What's your advice to potential female entrepreneurs?
Don’t be scared to follow your instinct; they do work, and believe in yourself that you can make it. No matter what you do in life you will always face challenges, its how you deal with it that matters. Take the step; it’s nice to be your own boss.
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