If you plan to start a photo booth hire business, it is only logical to ask yourself how much you can make.
First of all, if you are on your own you can make a profit, but thinks change when you have employees. It also depends on the type of market you are in. For example, if you are if you are in a mid sized market you can charge $500 -$1,000 for photo booth hire. You also have to consider the expenses per event (print paper, ink, gas, props, etc.).
So let’s imagine some common scenarios to see how much you would make starting this business.
The first scenario is for those who run one booth, part-time, during the weekends. If you work in the summer, with one photo booth hire in the weekends, and you do it all by yourself, you will have 26 weekends (26 Fridays and 26 Saturdays). Let’s say you book all these weekends which means you will make $600 per event x 52 = $31,200 for half a year. This is quite nice, especially if you do not have to travel long distances for the events. So if you’d book the whole year, you would make $62,000.
Now deduct from this total the insurance (a few hundred dollars per year) and vehicle wear and tear.
In the second scenario, we include multiple booths hire and several employees. You already have to spend $100 in variable costs, and now you also have to pay $100 per event for each employee. This means that the profit will drop from $600 to $500 per event.
If you have two booths and only the employees to work at the events for half a year, you can get $52,000 or more than $100,000 for a year. To make a profit of $100,000, you will need to run both photo booths and have at least 150 events. Add to this also the time spent talking to the clients and planning the event.
So if you want to make money in the photo booth hire business, you need to find a way to charge more than the given examples or cut the other expenses. You also need to claim all your business income and pay taxes.
All in all starting a photo booth hire business can be profitable as long as you know how to manage it and if you can find enough customers. You should also take into consideration that it is a very competitive market, do you will need to cash out some dollars for marketing plans, creating a website, host it, Google Adwords, running promotions on Groupon and other sites, etc.
If you can do all these by yourself, it would be great, but if you need to hire someone to do this, it can get quite expensive. So you’d better consider these examples, do a research on your own depending on the area where you live, and you will figure out if it is worth starting such as business.