As with any business, when you set up a photo booth company, it’s best to start organised and with a clear plan in mind. To ensure the success of your future company, follow these steps:
- Write a Business Plan – Write down everything involved in setting up your business, including a financial and marketing plan. Figure out how to pay for your equipment, overheads, and future expenses. Then, calculate potential income, running costs, before you start trying to identify your ideal customer. From weddings to corporate events, knowing who your client is will tell you how to market the business. And this marketing plan is important as it gives you clear instructions on how to reach out to your clients and scale your company. Don’t forget to include possible problems and think of solutions so that you’ll be prepared once those issues come up. You’ll also have to research insurance you need to obtain and tax breaks you could take advantage of. Finally, the fun bit, come up with a name for your business!
- Choose a Business Structure – Many small companies set their business up to be an LLP. A limited liability partnership is limited to the amount of money you invest in the business. The LLP must be registered at Companies House and with HMRC. Annual accounts also have to be prepared and filed.
- Determine Your Photo Booth Business Costs and Purchase Your Equipment – Assuming you don’t have any equipment, software, or supplies yet, setting up a photo booth business may cost around GBP 4,000 – 5,000, this is for either a Magic Mirror or Photobooth .
- Open a Bank Account – Using your business documents, open an official bank account through which you run your company finances.
- Market Your Photo Booth Business – Once you’ve followed all these steps, set up a search engine optimised (SEO) website to reach your audience. Collecting data from potential customers can be incredibly helpful in learning what your target market wants and modifying your business along the way. Next, set up your social media sites (Instagram, Facebook, Pinterest, Youtube and any other site that may be relevant to your business), which are free and help you reach your market more efficiently. And remember, don’t underestimate the power of word-of-mouth. If you consistently provide great services, your clients will surely recommend you to their friends and colleagues, and you will soon find your customer base growing and your business succeeding.
Starting a small business is exciting is for any budding entrepreneur. And, while the outcome may be unknown, you can make sure to prepare as best as possible by writing a business plan and following all the steps above to increase your chances of building and running a successful photo booth company!