Starting Your Own Photo Booth Rental Business – Part 1
By Rod Gabriel | Fotograpiya.com
Photo booths are popular in the Philippines and they are in most parties and events today. They have become a must have in weddings, birthday parties, anniversaries, festivals and even corporate events.
For the photography enthusiast, photo booths are fast becoming the go to business and gives you incredible earnings doing something that is fun and requiring not so much capital, basically around P 70,000 to P 85,000.
Just as with any business, you must start with a business plan. which will be your “guide” to the business direction, opportunities and overall business scope. Your plan should include business goals and targets so that you are working toward a measured baseline.
A business plan is a formal statement of business goals, reasons they are attainable, and plans for reaching them. It may also contain background information about the organization or team attempting to reach those goals.
Business plans may target changes in perception and branding by the customer, client, taxpayer, or larger community. When the existing business is to assume a major change or when planning a new venture, a 3 to 5 year business plan is required, since investors will look for their annual return in that timeframe.
The photo booth business start-up can be divided into four parts:
1. Hardware (equipment) and software (applications) needed
2. The business model
2. Your target clients
3. Your market and pricing
The Hardware and Software – The photo booth hardware essentials are as follows
- Software application
- Photo printer
- Internet connection (in some cases, wherein you are adding value by instantly uploading the digital photos on social media.
The Business Model – You have two choices, you can acquire a photo booth business franchise or set-up your own. However, with franchises, you end up spending a lot upfront and share a portion of your profit with the photo booth company. Investing on your own photo booth business might only mean that you get your ROI after 10 to 15 bookings.
The Target Customer – The photo booth customer can be found any number of ways. Getting customers for a photo booth business is usually done through social media marketing or referrals. Social media sites should showcase fun photos of your photobooth being used so the client knows what it will look like. A website, although not that extremely necessary might help, but you have to learn a lot about SEO to get a wider reach of your customers. A Facebook page however, should have enough information to get customers interested and tell them how to get in touch with you if they want to book for an event. Since weddings and corporate events are such an important on-going client base for photo booth gigs, the best way to get a constant stream of business is to network with wedding coordinators and corporate event planners in your geographic area.
The Pricing – The average Philippines photo booth gig for a 3-4 hour event is around P 3,000 to P 5,000. It’s a good idea to be priced competitively, but undercutting pricing is not the best business practice for a long and sustainable business. Remember, there are hard costs and they should be outlined in your business plan. Those hard costs go beyond the cost of the hardware and prints supplies. There is the attendant helper, gas, website hosting fees (optional) which all add up. Remember that clients love photo booths and the value can be sustained as long as you present your business well. It is most helpful to have good relationships with wedding and party planners and venues. Business referrals will go a long way.