The most important question is “Can you justify your price point?”
First of all, yes, you can net 120.000 € from this venture.
Secondly, your ability to achieve this goal depends strongly on some vital factors:
- How much time is ‘part time’? If ‘part time’ means that you won’t be able to do all of the operational work yourself all the time, that’s fine. You can always hire/franchise/outsource. But if you are sure that you want to do this all on your own, then you will have to take the time to prepare your workshops, reserve some follow-up time after the workshops and – most important of all – reserve a lot of time for marketing efforts. You might want to drop the thought of ‘part time’ and incorporate the thought of ‘enough time’.
- How many workshops will you really be able to do in a year? You stated above that you will be able to do two 5-day workshops each month, all year long. But the weather on Malta isn’t all sandy toes and cocktails with tiny umbrellas. The climate can be pretty unattractive from January to April. Depending on the number of workshops you can accomplish (be it alone or with partners) you will have to set your price point to reach your goal.
- What price point makes sense? Example 1: You are able to do the full 24 workshops per year. Then 5.000 € per workshop will be enough (remember, that you will not always be able to perform the workshops because of illness or other problems, so charging a bit more might make sense). Example 2: You are only able to do workshops from may till december because the demand in the other months is too low. That makes for 16 workshops, for which you’d have to charge 7.500 € at least. But finding an accurate price is more than just the division of time and monetary goal. What you might want to do is a market check on premium one-on-one photography workshop holidays to find a reasonable price point that people will certainly be willing to pay.
- Will your product justify the price point? If your product is as premium as you say, you may be able to do that. This depends on the demand (which I have no idea of) and the pricing in your market (niche).
- Will your brand justify the price point? I have no idea how famous you are. If your personal brand is good enough and if you are able to market your premium solution authentically to the correct audience, then price becomes a less important factor, which makes this probably the most important factor in this whole equasion.
You might want to consider franchise/outsourcing/hiring to scale your business right from the start. If you are successful at placing it in some well-known magazines for photographers, then you should take some time ahead of the placement (How about now?) and think about the economies of scale. Since your concept is constant throughout the workshops, almost everything you do becomes cheaper if you can serve more people. And trust me: It will hurt you if you cannot satisfy demand right out of the door and loose that demand in the longterm.
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