Is a Photo Booth Rental Business Worth It?
Many aspiring and existing entrepreneurs and business owners wonder whether starting a photo booth rental business is a lucrative idea. What would be the amount of required capital? Would it offer great returns? What would be the staff or office requirements? Would it be promising in terms of growth?
All things considered, a photo booth rental business is extremely profitable. It requires relatively minimum investment as compared to other types of businesses. The cost of photo booth equipment is quite affordable and the other types of miscellaneous expenses for each event are almost negligible. Despite its inexpensive initiation costs, a photo booth rental business is highly lucrative, allowing savvy business owners to earn even six figure revenues.
Another benefit that a photo booth rental business offers is that it doesn’t require dedicated office space to operate. Business owners can operate from their home offices. All they would need is storage space for the equipment. Depending on the number and types of photo booths, they can easily make room for them in their home, basement, or garage.
However the best part about a photo booth rental business is that photo booths are always in great demand! They are needed for anniversary parties, quinceanera, promotion bashes, bar mitzvahs, corporate events, and of course weddings! With a high demand and a handsome rental price for each event, a photo booth rental business can definitely be flourishing!
Many business owners have immensely profited from operating a photo booth business from the comfort of their home. You can too!
My Secret to Get More Bookings for Your Photo Booth Rental Business
Photo Booth International (PBI) and our photo booth rental business may be at its glory days, but little do most people know our ultra humble beginnings. It’s no understatement that we started from scratch! I had no degree, didn’t even go to college. I absolutely knew nothing about marketing or other technical aspects of entrepreneurship.
If you told me then that we’d be able to rake in six figures in our first year and seven figures by PBI’s third year, I’d think you’re downright crazy.
Join me in this article as I let you in my secret strategy for growing our business in such a short amount of time. Perhaps your dream income isn’t that far-fetched after all!
Beware of this common mistake!
You probably had your fair share of searching for and hopping on different marketing trends. You post daily on social media. You’re an active member of online communities for your niche. Perhaps you even allotted a budget for a perfect attendance in all local expos and trade shows.
All that time and energy invested, but why is it that you’re still far from your target results?
Well, that’s because you’re not the only one doing it! These platforms are swarming with competition. It’s difficult enough to grab your audience’s attention with all the noise, and it’s even more challenging to actually close a deal.
Oftentimes, you’d be forced to settle with rates that are far less than what you want to charge just to land a single client.
Not a very pretty road towards your envisioned empire, huh?
How should you hunt for more bookings then?
Instead of going into war with fiercest competitors, look for strategic allies instead!
Let’s have a quick trip down to memory lane as to how we secured our first ever partner..
Five years ago, we were also trapped in the old, boring marketing strategies I’ve just bashed. So we’re at this exhibit and we were assigned a spot in front of a couple of venue coordinators. We went over to them, introduced ourselves, and asked if they needed any help.
They turned out really nice, and we just began chatting about our businesses. That’s when we discovered that they were not working with any partner companies then.
We saw it as an opportunity, and I proposed a partnership right then and there. That was pretty bold, but quite unstrategic too. The venue coordinators were obviously hesitant. After all, people seldom approach them with these kinds of talks right off the bat.
We followed up with them a couple of weeks later – gave them a visit, unloaded our photo booth, and showed them our set up.
After seeing our service firsthand, they were impressed!
We created an agreement for our partnership. Basically, they included us in their offered package and we became their contractor. Every time a customer wanted a photo booth in their event, they just emailed us.
How effective is this strategy?
Over the years, our income from that ally alone piled up. Within our six years of partnership, we were able to secure with our Photo Booth Rental Business – USD 200,000 worth of bookings!
What’s amazing about this strategy is the time, money, and effort it saves you than your usual lead generation schemes.
By securing another business to recommend you to their customers, you reap the following benefits:
- No marketing costs
- No competition
- No lengthy negotiations with customers
Instead of relentlessly chasing your quotas, you can better focus on other aspects of your business that matters!
Let’s get you started NOW
Interested in building your own network of allies so you can grow your photo booth rental business? Get that game face on and let’s get to work!
Step One: Create a list of potential allies
With just the internet alone, you’d be able to scout for possible allies. Try to search “event venues + your area” on Google, visit their websites or social media accounts, and jot down their contact details.
Stay alert for those who have just opened! Usually, these freshly popped businesses are the most willing to form partnerships.
And remember the common marketing battlefields we’ve mentioned earlier? Exhibits, expos, networking events, and niche communities can be a goldmine for contacts too.
Step Two: Make at least one phone call each day
I highly recommend to spend at least 1% of your day calling prospect allies. That amounts to just 14 minutes, but I swear that it could go a long way.
Try not to get so optimistic though, it’s unreasonable to expect that every single call will lead to a closed deal. That’s the nature of cold calling after all. Prepare for tons of rejections!
As a start, you can set the goal of securing one partner each month.
I did a quick math. If one ally could get you three booked events every month and you charge $600 for each, that’s an added $1800 to your revenue! Just imagine how much those numbers could grow along with your network of partners.
Step Three: Get your pitch ready and pay your prospects a visit
When leaving a first impression, remember that you’re dealing with a real person who you’re asking to put their name on the line just to recommend you. Take time in establishing your integrity as a service provider.
Keep this checklist of tips in mind as you try to forge partnerships:
- Don’t just settle with calls! Go out, visit, and meet your prospects in person
- Dress up appropriately and express your commitment to strict work ethics
- Demonstrate your service and differentiate your business
Your goal is to convince them that a partnership with you would be a great asset to their company.
There might not be a single formula for growing from a humble startup to a six or seven-figure business, but there are smart ways you can adapt to fast track your entrepreneurial journey. I sure hope this one would help.
Let me know if you’ve tried it out! We’d love to hear your success stories and chat about other unconventional strategies for propelling companies.
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