People often think starting a business means it has to be dull and boring. But there are plenty of companies that you can start that are exciting and allow you to have fun and make money at the same time. One of those businesses is a photo booth company.
Social media has made taking amazing pictures into one of the top activities for its users. And with over 4 billion users, there is plenty of potential to grow a thriving company based around this photography.
Keep reading this guide to learn everything about how to start a photo booth side hustle.
Create a Photo Booth Business Plan
The first thing you want to do when it comes to starting a photo booth start-up business is to write out a business plan. The business will be your guide for building and growing your photo booth company from the ground up. It will specify everything you need to be successful.
Your business plan should include the following:
- Business name
- Mission statement
- Company goals
- Unique selling proposition (USP)
- Details of operation
- Financial projections
- Marketing and advertising plans
- Business cards
Each section should be as detailed as possible to give you a clear view of how you can run the company. A business plan will also come in handy if you’d like to pitch your idea and get funding from investors. Keep in mind that your business plan will shift as your company grows.
Map Out a Budget
When it comes to running a company, one of the most important details to pay attention to is its finances. Of course, you want to make money with your business. But if you want to keep business income balanced, then you need to manage it accordingly.
Start by creating a list of all of the items you’ll need to get your business started. Anytime you spend money on your business, it’s an expense. So you want to figure out which expenses you’ll need to cover ─ this includes initial startup costs and everything thereafter.
Creating a budget is helpful when planning out your pricing and packaging. How much should you charge for services and how can you deliver them in value-based packages? It’s important to know how much the business costs to operate so that you can manage cash flow accordingly.
Identify a Target Audience
Now it’s time to think about who your company will be serving. Every business has a specific person, set of people, or type of business that they come to know very well. When you’re starting your business, you want to be able to identify who may need what you have to offer.
You can pinpoint your target market by figuring out where the demand may be coming from and why. For instance, your company might choose to target event planners and managers because they work with clients who need entertainment at their parties and weddings. In this case, you’ll need to know the ins and outs of your ideal client base.
Business owners are able to get the inside scoop on their target audience by conducting market research. This is where you find out about the customers’ demographics (location, occupation, age) and their psychographics (interests, needs, personalities). The more you know about their pain points and desires, the easier it is to market your solution effectively.
Establish Brand Foundations
Companies often have their own personalities that help them stand out in the market. This is referred to as branding. Branding is a set of elements that come together to create a cohesive image of the business in the customer’s mind.
If you were walking down the street and saw a “swoosh” symbol on a billboard, would you recognize that it was Nike? Probably so.
Establishing brand elements is essential for building brand awareness, recognition, and loyalty. You can create the same type of familiarity for your brand by weaving together a few specific foundational components.
Here are some branding basics you should establish for your photo booth business:
- Positioning statement
- Company logo
- Color palette
- Brand voice/tone
Your brand is all these things being consistently at play to share an overall messaging.
Create A Marketing Strategy and Start Promoting
If you want to start getting clients and bookings for your photo booth business, then you have to let people know that you exist. This is done through a solid marketing strategy.
The basics of marketing come down to saying the right things to the right people. You can take the results that you got from your market research and use them to build buyer personas. Then you use these personas to build campaigns that target those customers.
For instance, event managers may struggle with finding unique entertainment to include at youth parties. You could create content around this pain point that highlights your photo booth company as their solution.
Here are a few ways you could consider promoting your company:
- Running paid ads (Google ads, Facebook, TikTok, Instagram, etc)
- Growing an online audience
- Cold emailing ideal prospects
- Creating video content and sharing on social media platforms
- Writing blogs about your solution
- Networking with people in your target market
- Collaborating with relevant businesses in your industry
- Partnering with influencers
- Growing an email list
- Using text message (SMS) campaigns
- Asking for referrals
- Attending promotional events
Choose the marketing methods that make the most sense for your business and keep testing. Remember to set up KPIs (key performance indicators) so you can tell if your efforts are effective.
Learn How to Start a Photo Booth Business
Starting an exciting business can be intimidating at first, but it’s absolutely possible. Learning the steps for how to start a photo booth business is just the beginning. You’ll need to implement everything accordingly and put some work into getting it started.
The great news is that a photo booth company is a fun and profitable business to run. Stay consistent and determined in your efforts and you’ll start to see results. If you’re looking to rent a photo booth, contact us today for assistance.