Photography is the hype of the 21st century. Cameras have become more and more affordable, and social media platforms like Pinterest, Instagram, and Tumblr further embrace this hobby by providing the enthusiasts a means to publish their photos. But if you are a business-oriented person, you must have thought how to profit from this trend.
Among all business ideas that are related to photography, have you ever thought of renting a photo booth? Those booths you see in wedding parties and gathering events bring at least $100 per hour to the owner.
Now, here are four essential factors to think about before you decide to buy some booths and rent them.
Consider Buying Secondhand Booths
This suggestion may surprise you because you may have thought that buying new booths is necessary to compete with your competitors, but not in this business. Most photo booths require DSLR cameras to work, and you should spend your budget on investing in that device instead of the booths.
You should check Craiglist for secondhand booth sellers in your area. However, it would be safer to check the condition of the unit by yourself before you buy it. You need to make sure that all features are functional and no parts are jammed or broken.
Invest in Quality Photo Booth Devices
Some photo booths come with a built-in printer and touch screen, but you can save more money if you get the booth only. The idea here is to cut the budget for the booth and allocate most of it for the camera, printer, and laptop. For instance, two DSLR Canon T2i or Canon 40d cameras, a printer DNP DS-RX1, and a MacBook will cost you approximately $ 4000, which is a price that will get covered up after 8 or 10 gigs. It’s pretty much profitable, isn’t it?
Advertise Your Business Effectively
As mentioned in the opening paragraph, social media platforms are a powerful tool to market your product. At least, you must have an account on the three most prominent social media for pictures and photos: Instagram, Pinterest, and Tumblr. If you can afford more content, you should consider documenting the process of your work in a video format and post it on YouTube.
As your business grows, you should also think about expanding your audience. If you can cover only your district for this year, you must plan to sell your service to two or three nearby regions next year.
Estimate and Plan Your Transportation Cost
Transportation cost is often an undermined topic that will catch you off-guard. As an example, let’s assume your gigs will require you to drive 200 miles round trip, then your expense for the gas will be approximately $ 75. Multiply this number by five days a week, and you’ll see that the transportation cost for your business alone is around $ 375 per week. Therefore, if your car is not fuel-efficient, you will have to think twice before accepting clients who live far away from you.