The first major aspect of starting a business that needs to be assessed is the cost. We are going to talk about how you can monetize and bring money in with photo booth. While there are some variables that exists, such as how well you market your business to gather clients, we can give you average cost numbers here.
On average, the cost to rent a photo booth is between $600-$900 per event. In major cities where the cost of living is higher, such as New York and San Francisco, it could be as high as double that price. In general, however, the price for a regular photo booth is $200-$250 an hour. An average event lasts 3 hours, bringing you to about $600 on the lower end.
The Features are all for your photo booth business! As many and cooler features you have as much more money you can make. If your photo booth has add-ons, the value increases and you can charge more for rental.
You can easily charge for example:
- GIFs: +$50-$100 extra
- Premium backdrop: $50-$100 extra
- Green Screen: $100-$150 extra
- Branding options: $150-$250 extra
- Custom prints design: $100-$150 extra
- Video recording: $150-$200 extra
- Skin Smoothing filters: $250-$300 extra.
As you can see, more features you have, the more revenue you can attain. Much of your profit can come from the add-ons, such as backdrops, filters, greens screen, and GIFs.
Clients range in a variety of what they have budget wise and what they are willing to spend. While some clients may only have $500-$1000 in the budget-say for a small wedding-others may have deeper pockets. Corporate events that want many features to make their event successful-such as branding and backdrops-could be willing to spend between $1000-$3000.
Having unique options for your photo booth increases the opportunity for higher profits and makes you stand out among other competitors.
The mirror booth is one of the biggest selling points that is rising in demand. As a one-of-a-kind feature, the pricing for a Mirror Booth is different as well. Its average pricing is between $300-$400 per hour, which is up to double the base price. People love the mirror booth and more customers are asking for it. The Selfie Booth is the only photo booth that can do so, simply by replacing the Perspex cover with our bespoke two-way mirror. Get more information here if you are interested to buy and start a photo booth business.
If you market your company well, the average amount of events booked is between 8-12 per month.
During busier times, such as December where there are company holiday parties, you can have up to 20 events easily. However, to round down, we can say that you will have 6 events booked per month, to take into account the beginnings of a business.
The average price per event is around $800. There are various expenses to take into account.
Revenue: $800 per event.
Expanses: $200 per event.
– Paper $25 per event.
– Marketing $100 per event.
– Attendant (optional) $60 per event.
– Other expenses $15 per event.
- Simply put, your net profit is 75%
Annually? Let’s See:
- 3 events per month. (below average)
- $21 600/year
- 8 events per month. (average)
- $57 600/year
- 12 events per month (above average)
- $86 400/year revenue
You will be able to pay off the booth in 15 events or 6 months and only profiting after that.
Investing in the photo booth has a tremendous return on investment (ROI). For such a big trend, it is a great business to start, especially if you are passionate about helping others create memories to look back on and making sure they have a successful event. The Selfie Booth Company have had tremendous success in launching 4 photo booths per year, so that in 2 years, they have 8 photo booths in 5 cities and 2 states.