Yes. A photo booth business is profitable when you have a business plan and the right support. A photo booth business is a business like any other. It requires thought, hard work and tenacity.
Why a Photo Booth Business?
Photo booths are no longer a novelty and can prove their popularity. The modern photo booth is compact and provide digital, interactive displays to text or email photos directly to your social circle.
Businesses can now use photo booths to capture contact information in-store and at events.
Corporate businesses love them for their events like product launches, as they are engaging and the product (the photo strip) can be subtly branded.
A photo booth operation offers:
- A low start-up cost
- Regular revenue
- Adaptable to different event types
- It’s scalable (start-up as a side hustle, develop and extend your service area)
- Gives the owner time-flexibility
- Easy to maintain and easy to train staff
Is a Photo Booth Business for You?
First, are you up for a challenge? There’s no such thing as a ‘fire and forget’ business. You’ll need to graft, have an imagination and a business plan. An interest in photography will help. You’ll also have to be confident that you have the hours and be open to working weekends and late nights during the week. Working with people and being willing to engage with customers. So, being a social sort is a must.
The Business Plan
You’ll find many helpful websites for drafting a business plan and support from local business support organisations like Enterprise Centres like STANTA (St Albans, Hertfordshire) or the University of Bedfordshire Business School.
In brief:
- A Unique Selling Proposition (USP)
- Customer Segmentation
- Operation Plan
- Marketing Plan
- Financial Projections
- Pricing
The Keys to Profit
The keys to a profitable photo booth business are knowing your local geography, the likely customers, what makes your offer different and pricing.
Is there a lot of competition for photo booths in the area? What are the types of likely customers, a young crowd, mature with disposable income and families? Considering the audience what makes your photo booth offer stand out?
What makes your offer unique? When you know the area, the customers and your offer you can take a serious look at the pricing. It’s always best to look at the maximum price (you can always offer very short promotions with a saving).
Other Photo Business Costs
It’s not just the booth and print material costs that have to be considered. A prop box is a must as it encourages customers to take more and more pictures. Marketing materials and your business branding have to be taken into consideration. A website is a must, social profile imagery and video is also vital. An advertising budget also has to be taken into account.
Then there’s the need for software to run the business. A scheduling/booking system that runs itself is a must. A Customer Relationship Management (CRM) package is vital and should have the ability to send email or link with an email platform.
All of this is in addition to the normal business software like accounts and expenses. Xero and Dext are two good options, both work as a subscription which can be factored into your Cost of Goods Sold (COGS). Do consult with a financial adviser and work out the margin you will be making, this would include your time at a cost per hour.
We hope that this article gives you a fair overview of starting your photo booth business.
A photo booth business is profitable if you research, plan and put the work in.
The Retro-Me Team
