RKH Images | Application Preview
RKH Images is seeking government grant funding to sustain its operations in a challenging wedding industry. Despite a perception of increased marriages, the business has only secured nine weddings for 2023, a significant decline compared to previous years. This downturn is echoed by others in the industry, highlighting a collective struggle to remain viable.
The funding will be utilized to enhance marketing efforts, increase word-of-mouth referrals, and engage in collaborations at industry events, aiming to broaden their client reach. With thirteen years of experience and a track record of consistent growth until 2020, RKH Images believes that with proper support, it can navigate the current market slump and maintain its presence against larger, budget-focused competitors like Bellagala and George Street Photography.
These competitors have adopted a low-cost, contracted model, appealing to price-sensitive clients, particularly amid rising inflation. In contrast, RKH Images prides itself on exceptional customer service, offering personalized attention through multiple client meetings and comprehensive service, which clients have consistently valued. The application emphasizes that this commitment to quality service is a key differentiator in a competitive landscape and vital for the business's survival.
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General Information
Business Registration Number: 83-3414531
Location: Burnsville, MN, United States
Length of Operation: 11plus
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
Since 2020, the wedding industry has been hurting exponentially. It looks from the outside that more people are getting married than ever before, but as of now, I have 9 weddings booked for 2023. We haven't had that few in over a decade. After speaking with many people in this industry from different sectors of it, I'm noticing a trend. We are all hurting. I'm looking to keep my business alive. In a few months, I won't be able to afford payroll anymore and the business I have worked so long to build up, not too mention the money saved up, will be gone. So I'm asking for your help.
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Business Plan
We want to be able to reach a larger group of people. Ways that we can do that are as follows: - More advertising - More word of mouth - Participating in events with other people in this industry We have been in this industry for thirteen years as of February 2023. We know what we are doing and up until 2020, the business was growing every single year since 2010. That shows me that we know what we are doing. However, this industry is in a huge slump right now and we simply need funding to stay out there and not get overrun by others who simply have the money to wait until things get better.
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Self Identified Competition
Bellagala George Street Photography These two competitors offer services at an extremely discounted rate because they hire contracted photographers. Think the Costco of the wedding industry. With inflation how it is, a lot of potential clients would rather look to them because it costs them less. When it comes to our competitors mentioned above, they go through more of a contracted approach. I know people that work for them and they say it's easy because they just go to a wedding or event, photograph, and that's it. They don't have to put anything into it. We, on the other hand, are highly customer service based. We meet with clients at least three times throughout an engagement, work with them though any questions they may have, photograph and edit their day, follow up with them, and more. We have a much more personal touch, which our clients over the years have very much appreciated.
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Contact Applicant
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