Essentially, a side hustle is a great way to earn some extra income in addition to your full-time job; Plus, it lets you explore your passion and expand your professional network. If you are fond of photography, then you can think of starting a photo booth business to run on the side. In this article, let’s dive in to learn why a photo booth is a good side hustle you can invest in.
Due to the ever-increasing interest in creating experiences and making memories, you will witness a large crowd gathering at the booth corner. This business idea indeed offers a lucrative opportunity to earn a substantial amount.
5 Reasons Why This Business Idea is the Best Side Hustle
- Low startup costs involved
This side hustle requires low capital investment as you do not need to hire employees, buy any software, rent an office space, or purchase and store any stock. All you must have is the best-in-market photo booth, some fascinating props, custom backdrops, and a few dollars for business marketing purposes.
Out of all the options, there are very few business ideas that you can quickly set up and run with minimal expenses, and the photo booth business is one of them. In addition, numerous photo booths are available in the market, so you are sure to discover one that fulfills your needs and budget.
- High profitability
Owing to the boom and bright prospects, this business is worth investing in. It is a profitable venture that will help you earn a lot and increase your income manifolds. However, profitability depends on several factors, like your business location, pricing strategy, and marketing efforts.
- Fewer technical skills are required
Unlike traditional photography, which requires an assortment of expensive equipment to capture mindblowing shots, running a photo booth doesn’t require as many tech skills or equipment as the former one. In fact, no prior experience is required; or if needed, you can hire an attendant to manage the technical aspects thoroughly.
It takes your dedication and a robust business plan to get off the ground. In addition, purchase a photo booth that is simple to set up with tech-advanced software and a high-grade DSLR camera to produce studio-quality pictures.
- The abundance of earning opportunity
Instead of choosing any specific niche (i.e., wedding or corporate booth rental), it is best to cast a wide net to increase profitability and make new connections.
These days, photo booths are popular additions to a wide variety of events and occasions, including weddings, corporate affairs, birthdays and parties, family reunions, retail openings, festivals and fairs, club promotions, school and graduation events, etc. This equipment lets your guests capture memories with loved ones and take home fun photos as souvenirs.
Indeed, events are held throughout the year; You can rest assured that there will be no slowdown in the industry, and you are sure to make good profits.
- Be your own boss
Starting a photo booth business can be an exciting way to be your own boss and work for yourself – imagine not having anyone above you to give you work instructions. Choose your own working hours or organize events even on holidays. You can set your own prices and design packages to cater to the requirements of different people.
How to begin with this business idea?
Commencing a photo booth business can be easier said than done. It requires adequate research and building strategies to stand out in the fierce competition. If you have decided to embark on this new journey, here are some helpful tips for you.
- Conduct market research: Market research is crucial to determine the demand for photo booth services in your vicinity. Examine competition, competitors’ pricing strategies, and what they are offering. Identify if there is sufficient demand to sustain a new business.
- Finalize your business model: Whether to run this business full time or part time – decide this aspect of the business after considering your current schedule. Also, determine your target market, be it just weddings, corporate events, or any event or occasion you are ready to take on.
- Get Your Photo Booth: You can either buy a photo booth from a huge range of models available for sale at a supplier’s place or have one custom-designed for you. In the second option, you can include the features you want and get an exclusive booth for your business.
- Purchase the necessary equipment: With a photo booth, you may need lighting equipment, props, and backdrops to let your guests fully enjoy the moment and capture amazing photographs that they will cherish forever.
- Decide your pricing: Identify the pricing of your competitors as it can help you set tempting packages to grab more deals. Make sure to consider every cost incurred so you are on the profitable side.
- Establish your business: Obtain the necessary permits and licenses (if required) to operate your business legally. Also, open a business bank account and set up an accounting system to keep track of your finances.
- Promote your business: Build a captivating website to showcase your services and set up Google My Business (GMB) account to promote your business online. You can create marketing materials, such as brochures, business cards, flyers, etc., to drive public attention at large. Plus, promote your business through social media, word-of-mouth, and advertising.
This business idea requires some investment, time, and effort, and with the right strategy and execution, it can be a fun and profitable venture.
The photo booth business is one of the best side hustles of 2023, as there are few entry barriers, and you require minimal set-up costs while having plenty of earning opportunities. It is and will be the most admired entertainment option for events, ranging from weddings, anniversaries, and birthdays to retail openings, family reunions, etc.