Starting any business isn’t exactly easy, but it doesn’t have to be complicated. The most important rule of getting your business idea up and running is to stay focused and organized.
Before you let yourself get carried away with the fun, exciting details of being an entrepreneur, you have to figure out the practical issues that need attention. This includes filing for the company’s tax number and establishing a plan for growth.
This may sound a little overwhelming, and at times, it totally is. However, it’s worth it once you see the pieces of your idea coming together, especially if you’re entering an industry you’re passionate about.
If you love capturing special moments with photography, hosting parties, and bringing joy to others, you need to start thinking about starting a photo booth business.
Here’s the simple 5-step guide you need to get your business up and running!
1. Get Your Paperwork and Funding in Order
You’re not an official business owner until you register your company, so you may as well get this done first. Registering your photo booth business is a lot easier than it sounds, and it actually helps you prepare for paying your taxes at the end of your first year.
Not to mention, most investors will want to see that you have all your ducks in a row. It’s rare to find someone who’s willing to invest in a new business without first looking over the owner’s business plan and checking that they’re in-line with legal requirements. Get this out of the way now to ensure your conversations with potential investors go smoothly.
2. Define Your Audience
Most people love a good photo booth, but “most people” isn’t enough to define your target market. You have to get specific if you want your business to really take off and start reaching the right people.
Think about it: do you want your photo booth services to appear at weddings or children’s birthday parties? Are you interested in putting a unique twist on corporate events or would you like to create photo booth experiences at music festivals?
These are just a few of the niche markets available to you. You may choose to specialize in two or even three markets instead of just one. However, you should have a clear definition of what those are and try to align them as much as possible.
This is also the time to start defining your company’s prices. They should be in-line with the demographics of your audience and the needs they’re looking to fulfill.
3. Start Purchasing Photo Booth Materials
Whether you want to capture a newlywed couple’s special evening or create memorable moments for concert-goers, you need to make sure you have all the necessary photo booth materials.
The most important items to acquire are a high-quality camera, a photo booth backdrop, props, and storage and transportation devices for all your materials. It’s good to have a backup camera and battery on-hand, and if you have the means to purchase a few different backdrops, do so.
Once you have the basics covered, you can start allocating your budget for additional props, an on-site photo printer, and more. There’s no limit to what your photo booth business can become, but it’s better to slowly add on to everything you have rather than trying to purchase it all at once.
4. Invest in Branding and Marketing Tools
Speaking of purchasing items for your business, don’t forget to set aside money for branding and marketing tools. It does you no good to have a bunch of photo booth materials if you’re not able to reach your audience.
In fact, you should start thinking about branding and marketing long before you’re actually ready to start setting up your photo booth at events. This will help you get the word out about your business so you can hit the ground running once everything is in order.
The most important branding and marketing tools to focus on are:
- a custom website and graphic design services
- digital marketing – social media, custom content, SEO, PPC, and/or email
- business cards
- branded attire for working events
Don’t underestimate the value of print marketing or radio ads, either.
5. Work Out the Kinks
Just when you think you’re ready to work your first client event, take a step back for a moment. Check over all the aspects of your business and be honest with yourself about whether you’re prepared to provide a quality experience from start to finish.
It may be worth doing a practice run with friends and family.
Are your parents about to celebrate a big anniversary? Is your best friend’s birthday coming up? These are great opportunities to set up your photo booth and get a feel for working an event!
Doing a practice run helps you get all the nerves out of the way and establish a system for all your future events. It’s your chance to time how long set up and break down will take and to learn what works and what doesn’t when helping customers with their photos.
Starting a Photo Booth Business Made Simple
The main reason most businesses don’t succeed is because they’re just ideas. There’s an endless amount of amazing companies that could have been created if the people who thought of them had just taken a chance!
This is your chance.
Stop thinking about starting a photo booth business and get to work. The sooner you start tackling things like budgeting and market research, the faster your business will be ready to book clients and take photos at all kinds of amazing events.
For help getting your business up and running, click here.