Many people dream of starting their own business, working for themselves and living life on their own terms. However, time and time again, obstacles such as setup costs, expensive marketing and the lack of a feasible, lucrative idea hinder their plans. Nowadays, starting your own small business is more straightforward than ever and there are some exciting opportunities out there with potential for real growth.
One such opportunity, is starting a photo booth business. Photo booths are found at every major event these days. From weddings to corporate events, to birthday parties, photo booths fit into just about every event imaginable and they are becoming more and more popular every year.
More than 60% of Australian small businesses fail to survive their first three years in operation. So, why not start a business that is destined for success in a niche that is growing and gaining popularity. Here are four reasons that starting a photoshop business is a very sensible business.
- Low Costs to Entry
Getting started with your new business doesn’t have to cost a fortune. Buying a photo booth is one option, or alternatively you can lease a booth until you have the funds to commit to buying. Once you have your first photo booth purchased, you can acquire more over time, as you need them, and grow your business steadily without risking a huge upfront investment. The costs to setting up are minimal which makes this a very attractive business model to get started with.
- Use Online Marketing
These days, online marketing is everything. You need to have a presence online in order to interact with your customers and get the word out about your new venture. Designing an attractive website will be key and there are loads of great resources such as Wix, Squarespace and Weebly to get you started. Of course, setting up social media accounts will be another key factor in the success of your business. You can use Facebook marketing, feature your business on Yelp and create a Google My Business page to boost your local presence. Having a large marketing budget is not vital to your success and by using some of the resources mentioned above, you can start seeing results faster than you might think.
- Growing Market Sector
The photo booth market is booming right now. Keep your eyes peeled when you’re out and about and you will see photo booths everywhere! Shopping malls, charity events, corporate meetings, kids birthday parties, work-dos; these are just some of the places you will see people saying cheese. Photo booth rentals have been gaining popularity since 2005, when they began to regularly feature at weddings. And their popularity is still on the rise. In fact, in 2016, more people have been searching online for photo booth rentals than DJ rentals, now that says something.
- Opportunities for Growth
It’s important to realise that there is huge scope for growing your new business. Think outside the box and you will discover that there are more lucrative markets for photo booths than you might have ever realised. While the obvious places like weddings and parties can be very lucrative, the key here is to think big. Consider other options such as cruise ships or adult clubs. How about setting up a photo booth at music festivals or other local festivals in your area? Once you start racking your brain, you’ll be blown away at the opportunities that exist to grow your business and enter lucrative market spaces.
Start Your Photo booth Business
If you have ever dreamed of setting up your very own small business, working in a fun, rewarding environment and being your own boss then a photo booth business could be the answer. With low costs of entry, straightforward online marketing options and endless opportunities for growth, a photo booth business is undoubtedly a sensible investment for you and your future.