So you’ve decided to buy a photo booth system and create new income for yourself by starting a business around it? Good for you! But that leaves you with many questions to answer before you can move forward. One of those is simply what business model you will choose. You can choose from various models, but the most common are the franchise and the independent small business.
You have various choices in the photo booth business, such as photo booth packages available to help you get started. This also includes the option of buying a photo booth outright and starting your own business or buying into a franchise. Here’s why buying a photo booth and starting your own business is better than the franchise option.
In a franchise, you are buying into an existing business. The franchisee buys into the business model set up by another, larger company that created and chose every aspect of the business ahead of time. They also have a large amount of capital behind the overarching business. However, the investment will vary depending on the franchise, and your individual franchise may still fail regardless.
Some advantages of buying into a franchise are:
- Every aspect of the business has been planned out for you ahead of time;
- You will have ties to a larger company that can sometimes provide financial, logistical, or other support; and
- You will have access to an “instruction manual” to help you run your business using methods the parent company has tested and approved.
Some disadvantages of buying into a franchise are:
- You may be tied to the parent company and the parent company’s business model and decisions, with little say or ability to change them;
- You may be required to use certain products or subcontracted services from the parent company, such as specific photo editing software; and
You will likely have little say in the way your business is run and little room for creativity and innovation.
Some people appreciate the franchise model and find safety and consistency within it. However, they often realize later that they are selling themselves short. The problems with the franchise model make them stifling to creative entrepreneurs such as photographers and those who desire room for innovation. In addition, any problems with the parent company down the line translate directly into problems for the business owner.
You can do better. Let’s take a look at the primary alternative:
Building your own photo booth business
When you buy your own photo booth system independently of a franchise, you have the chance to run your own business in your own way. However, with more freedom comes more responsibility. You must be willing to put in the time and effort to build the company around your vision and specific needs.
You will essentially be creating your business model from scratch. You will have to handle everything, like business licensing, marketing, and product development.
That can sound intimidating to first-time business owners. However, millions of people worldwide have accomplished this, and you can too. In the long run, the perks of going independent far outweigh the drawbacks.
Some advantages of creating an independent photo booth business are:
- You will have total freedom to create your own business model based on your specific talents, equipment, schedule, ambitions, and needs;
- Your company’s welfare will not be tied to that of a parent company;
- You will not be answerable to a parent company for your business decisions, including what products and services you use or provide;
- You can start small instead of having to pay the upfront costs of a full franchise; and
- You can modify your business in a more agile way to take advantage of current circumstances without waiting on a decision from the parent company.
Some disadvantages of creating an independent photo booth business are:
- There is no “instruction manual” or set policies, so you will have to learn and handle every aspect of starting, building, and maintaining the business yourself; and
- There is less potential for outside support.
In a rapidly changing market, it’s always best to maintain high independence and adaptability, especially when various products that can help grow your business are available, including a line of photo booth backdrops. Of course, owning your own photo booth business will help.