How to Start a Photo Booth Business (Part 1)
Starting a photo booth business, or any business for that matter, is never just a walk in the park.
Everything needs to be planned - from a specific type of photo booth you want; activations you need to acquire (still photos, GIFs, boomerang etc.); do you want to cater to private events or corporate events or both?; within what range from your place do you want your booth to be rented from?.... Etc.
These are just a FEW of the questions you need to consider. Overwhelming? Of course!
But fret not, let us help you with coping these obstacles and enlighten you further.
Firstly, let us show and convince you why photo booth rental is a great business for you.
Let’s dig into the facts, shall we?
Is there a demand for photo booths? If yes, to what extent is its demand?
As seen on this table below, “photo booth” itself is being searched by people 74,000 times within a month.
According to the research conducted by Orbis Research (https://www.orbisresearch.com/aboutus), “ In terms of year 2016, Europe holds the largest market share, with about 151.07 Million USD sales revenue, followed by North America, with about 22.05% market share in 2016. United States will keep playing important role in Global market.”.
Moreover, Orbis Research concluded, “The worldwide market for Photo Booth is expected to grow at a CAGR of roughly xx% over the next five years, will reach xx million US$ in 2024, from xx million US$ in 2019, according to a new GIR (Global Info Research) study.”.
Clearly, photo booth’s demand for parties and events is steadily growing. With this potential, many have invested their time, effort and money into the photo booth business making the market saturated and competitive.
Question is: How can you worm your way in this competitive niche and still be profitable?
If you’re interested to know, then please read on.
Obviously, a PLAN should be in place. So what factors should you consider when buying a photo booth?
KNOW YOUR NICHE & TARGET
Knowing the market you want to target will give you a better idea on what kind of photo booth rental business you’d like to establish. It’s important to know exactly who you’re looking to reach
You can cater only weddings, private events or even go high to corporate events and red carpets.
You must do an extensive market research in your local areas on which of these events are mostly held.
Basically, what you need to know are:
- What types of events are popular in your area? Say, you may be living in a busy city where there are a lot of corporates where formal events are a constant
- Who are your competitions? It could be a possibility that the existing photo booth rental business in your area does not still offer Boomerang or 360 GIFs. These activations can be your edge and will stand you out among your competition.
Having a greater and deep knowledge in this part will help you to the next step.
FINDING THE OPTIMAL PHOTOBOOTH THAT FITS YOUR CRITERIA
Having being able to narrow down your target market, next would be knowing the perfect photo booth that will cater to the market.
As an example mentioned above, if you are based in a city where it’s industrialized, then you would opt for high-end and professional-looking photo booths. If you would like to target fancy market like red carpets then you would lean on to Boomerangs, GIFs or 360-GIFs.
Other questions to keep in mind are:
- Do you want to have an open or closed photo booth?
Closed photo booths are the conventional photo booth kiosks you usually see in the malls where only about 4 people can fit in.
Open photo booths, on the other hand, provide flexibility as to capacity and customization. You have more room to add backdrops, customize your lightings.
- Photo booth Activations
This will have to do more on the heart of the photo booth - your software. Obtaining the latest one that provides a wide variety of options would be great. A lot of guests would like to have the ability to share their photos on social media. You, as a business owner, would also like to collect email address for your future marketing purposes.
Activations or features can include:
- Static Photos
- 360 GIFs
- Slow Motions
Budget also plays an essential role in finding your photo booth. Whilst high-end photo booths do offer a lot and would be ideal to purchase, this does not mean simpler photo booths cannot do the job or match those high-end photo booths. There are a lot of photo booth companies now that also offer financing to help you out in starting up your photobooth business.
FINANCE YOUR FIRST PHOTOBOOTH PACKAGE WITH PHOTO BOOTH PLACE - https://photoboothplace.com/collections/photo-booth-complete-package
BONUS: YOUR PHOTOBOOTH MUST BE PORTABLE.
The ability to assemble and transport your photo booth easily would make a big role in your events.