Hey there photo enthusiasts and lovers.
Today, we are going to talk about what will be in store for the photo booth business 5 years from today.
A lot of us may worry as technology will change and the possibility of even more competition entering into the business making it that much harder to become successful at it.
Should these things worry you? We can’t tell for sure since a time the machine has not been invented yet, it would be nice, however, to get a little glimpse of how things will work in the future.
From what we can see trending in the business world and how it applies to our photo booth business, we can make some decent and accurate guesses of what the future will look like.
Advancement In Technology:
As we have already seen the trend of phones and tablets on the rise and continues to rise, we know that this is one benefit that will take the photo booth business on to the next level.
Imagine the quality of pictures 5 years from now. Since most the quality of cameras are so advanced nowadays (even on smartphones offering some of the best quality for images), we can only wonder how much more vibrant the colors and details will be.
Of course, the downside to this is that it will be harder to differentiate your quality of work from your competitors. But, that’s okay, because building your brand and offering great customer service will still beat even the best quality of work.
More on the advance of technology are in the software that will be used to offer your customers more variety of options to choose from.
If you’ve noticed the growing markets for apps on both the apple store and google play, you can see many developers are coming up with better and more responsive software application that can edit images just as good as expensive software like Adobe Photoshop.
Competition On The Rise
When something becomes popular and lucrative, you bet that there will be more people rushing into the business hoping to earn a nice side income or a full living. It will be just like the gold rush days.
Competition shouldn’t be discouraged and should be welcomed with open arms because it will test those who truly love the passion and weed out those that are just looking to make a quick buck or two.
With the rise of competition, you should take into the consideration of using the latest technology and software available to have one of the many few advantages over your competitors. Of course, this is a business and you should focus on everything and anything that can put you on top.
If you have passion and love for this business, it will truly shine, and people will know your brand. You’re the go-to photo booth business that they will trust and be a part of their life.
As more people join the photo booth market, there will be more diversification of which events your services will focus on.
There are many various types of events such as weddings, bachelorette parties, graduation, birthdays, and many more. You want to choose a few events that you want to focus your photo booth business on.
It also helps to know your location and what the people in those location celebrate more of. For more of a country style type of bachelorette parties, one may suggest focusing their photo booth business more on the southern states that offers more of a country-like atmosphere.
There will be a whole lot of diversification, and it may branch out to new types of photo booth businesses and what they are willing offer.
Keep an eye out for this trend in diversity of the photo booth business.
Moving Towards Online:
If you take a good look at online businesses nowadays, you will see a rise in people owning their own online businesses.
Online business allows people to automate a lot of what they have to do, and it also makes a lot more money too.
“But wait is it even possible to automate the photo booth business?”
It may not be when you first start out the business, but eventually you can setup your own website and have a service that is online.
Most likely by that time, it will not be just you who is working, but you will have employees that will do the physical part, and you’re the one behind the website selling your services and managing your website.
It is a possibility, but you never know who’s doing this, and it could become an advantage to have over your competitors.
It also comes down to what your goal for the business.
● Are you going to be the only one managing the entire business?
● Are you going to eventually expand your business and make it a big thing where you have to outsource some of the work?
It really comes down to what you want your end goal to be for your business and how it will work for you.
Five years can change a business quite a bit especially as it gets more popular and well known.
If you have the passion and drive for it, it will, no doubt, work in your favor.
We can only make guesses about what will happen in five years from what we see happening today. As entrepreneurs, we must adapt to changes and make it work for us.
That’s it for today folks!