About 50% of all small businesses will fail in the first five years of being open. Most of the time, these failed businesses are caused by not doing a lot of research, and bad planning. In the last few years, more photo booth hire businesses have been opening, as the cost of buying the photo booth hire equipment is not very expensive, depending on the style of booth you use. However, the problem with opening a photo booth hire is that you are going to have a tough time getting customers, unless you already have a track record in wedding photography. Here are some reasons why opening a photo booth hire business is a bad industry to try to get into.
Very Limited Work
If you are looking to turn a photo booth business into a full time job, you are going to have a tough time doing this. Most photo booths are booked about 90% of the time on Saturday nights. When if you are charging $1000 per event, every Saturday for the whole year, you would only be making $52,000 a year. This is rare to be able to charge this amount, and you still need to account for bills, repairs costs, and other costs, so you are not making anywhere near $52,000 a year.
The average small business owner should be ready to pay around $10,000 to start-up this style of business. The amount will change depending on the camera, printer, paper, computer and touch screen that you choose to buy for your company. Once you have all the items you need it will take a long time to get a return on your money that you invested. Provided, of course, that you are able to get work.
Trade Shows and Weddings
You may think that most trade shows and weddings are going to rent a booth, so you will be able to make good money. You may also think that you are going to get good leads at these places for more business. This is both true and false. You should definitely be able to get some leads when you are at the more popular wedding and trade shows; however, the cost to book a spot at one of these shows is really high. The cost of the spot will depend on the show and the size of the photo booth hire Perth that you want. You also need to spend money on literature, signs, and business cards. You could let people test out the photo booth, but you are going to most likely have a long line, which most people will walk away from.