No matter if you’re an entrepreneur or a small business owner, a photo booth can be one of the best investments you can make for your future. A unique photo booth can be a great way to grow your business or an opportunity to run your own photo booth rental business.
If you’re on the fence about taking the leap to start a photo booth rental company of your own, we have some insight into why it’s a good idea.
Of course, one of the first questions that come to mind when starting a photo booth business is the risk involved. The experts at Investopedia explain that entrepreneurs and investors alike should know about the risk/reward ratio which marks the prospective reward you can earn for every dollar you risk on an investment.
You don’t want to spend a lot of money on a business that won’t make you more income in the long run. Luckily, starting a photo booth rental business comes with low risks and major rewards if you put the work in.
As we’ll talk about in more detail next, there are minimal costs associated with running a photo booth business and no need for employees, an office, or excess inventory. Just high-quality booths and photo booth software. And with booths in high demand, you can begin reaping the rewards quickly.
2. Minimal Running Costs
As we said, offering photo booth services comes with minimal running costs and only a few upfront costs. Ultimately, the price to start a photo booth business varies based on the booth you choose and its capabilities. Some higher-tech models will cost more than a smaller Cloee Ring Light photo booth, for example.
Photo booths make a great investment because they come with everything you need to run them and are very user-friendly. Once you have your equipment, there aren’t many operating costs beyond paper and ink to print photos. These low costs pave the way for higher profits!
3. Easy to Market
You want people to know about your photo booth rental business. Luckily, you don’t have to be a marketing wizard to promote this side hustle since it often markets itself!
Many people are already looking to rent a photo booth, meaning you don’t need aggressive marketing to build a customer base. That being said, to run a successful photo booth business you do need to spread the word about your services beyond your traditional business card. Use social media and Google for marketing and share pictures of your photo booths and events.
You can even connect your Google My Business account with your google ads to supercharge your marketing efforts across the board.
4. A Breeze to Scale
Ensuring your business is scalable is the key to long-term success for your photo booth rental company. Business.com explains that “scalability allows a business to grow and generate revenue without being held back by its structure or lack of resources.”
As demand for your photo booth rentals grows, you don’t want to miss out on potential revenue by not having enough booths available. However, you don’t have to let your inventory hold you back since it’s easy to add more photo booths to your rotation when you can afford them and demand is high.
5. Endless Opportunities
With your equipment on hand, the world is your oyster. The beauty of photo booths is that they can be used for a variety of events from bridal showers and trade shows to corporate events and wedding receptions.
While you can certainly find your niche in wedding photo booths and stock up on themed props and backdrops for the big day, you can also cast a wider net. This also affords you the flexibility to focus on events you enjoy attending or have experience with (i.e. if you’re a wedding day photographer who wants to also offer photo booth services) or adapt to the seasons by catering to holiday parties in the winter and weddings in the summer.
No matter the case, there are endless possibilities for your photo booth rental business. You can even offer your services to businesses like restaurants, retailers, and more for longer periods of time or for special events.
6. Flexible Schedules
A photo booth business is a great side hustle because your services are often needed outside the traditional hours of 9-5 during the week. You can focus on your main source of income during the day and turn your attention to your growing business outside of these hours, so there’s little to no overlap.
Just think about when most people host parties and events – after work or on the weekends. This is a great opportunity to maximize your income throughout the year. Plus, you’re always in charge of your schedule. If you’re busy one weekend or on vacation, you don’t need to offer your services.
7. Always in Demand
Finally, we can’t overlook the consistently high demand for photo booths. Research by Straits Research predicts that Photo Booth Market Size is projected to reach USD 719.91 million by 2030, which is great news for entrepreneurs.
This increase in popularity is, in large part, due to the growing adoption of digital photo booths for weddings and other events. Additionally, more and more people are seeking unique ways to capture memorable moments with both printed and digital photos.
Start Your Photo Booth Rental Business Today
With these stats in mind, there’s no denying that a photo booth is a great investment into your future this year. At Photo Booth International, we help entrepreneurs like yourself start your business with our cutting-edge photo booths and world-class customer service.
Our wide variety of models includes convenient portable photo booth options like our mirror booths, iPad kiosk, and more. No matter which you choose, you can rest assured that your equipment is created with expert craftsmanship and is the highest quality money can buy.