Starting a Photo Booth Hire Business
A photo booth hire or rental business is one of the fastest growing small businesses in the world today. When one is planning to start on this, it is important to be aware of a number of things. As in any type of business, large or small, a plan is important. The business plan defines the goal of the enterprise, it looks at the market where customers and competitors are located and identifies the best location for the business. In addition the plan also identifies the technology to be used in the photo booth business, the cost of setting up the trade, the pre-operational costs and the production costs. All these factors are included in the planning process.
After completing the plan, it is important to register the enterprise in the government agency assigned to the establishment of private businesses. Once registered, the money to be invested in this trade, as specified in the plan, must be prepared. This can be done by opening a checking account with a bank, after which the location where the photo booth hire would be placed have to be finalized. If it has to be done in the heart of the city, the money office rental had to be prepared after negotiating with the building owner.
Once completed, the necessary equipment, technology and materials must be purchased and installed on the selected office or commercial site. A photo booth needs only a small space, and this can be inside a mall. A contract on the rental of office or a space inside a mall is necessary. One must also consider the transporting of the equipment from the technology source supplier to the commercial business site. This might need a special vehicle, or it could be transported by the supplier as part of their extra service. Once transported, the entire system must be installed under the supervision of the technology or equipment source company.
One has to consider also if there is a need to hire a shop assistant. Once the decision is made, the assistant would have to be trained for the job since this is a technology-based business. To save on cost, the assistant can also act as cashier. A bookkeeper is also necessary to record daily transactions. An accountant where one can consult regularly is also a necessary part of the business.
Since this business is computer based, you can offer photo albums, frames, magnet frames as additional service products however you got to have contacts and suppliers so you can add these costs into the total budget.
One must also consider the accessories need such as a tool bag with other related items. If the booth that you have chosen is based on a mobile vehicle, there are extra marketing considerations with additional costs that would have to be considered, such as gasoline expense.
Overall, the profitability of the Photo Booth Hire Business would one would have to continue or not after at least one year of operation. But cost cutting expenses would always add up to greater profits.