Adding a photo booth to your photography business can increase your overall profit by up to 49% percent. That's crazy!
But we here at Photobooth Supply Co don't like to give you numbers without reasoning. We want you to understand exactly how you can increase your profit so that you're able to get out there and make that money!
So, let's break it down.
Cost of Wedding Photography
For these examples we're going to assume that you're shooting engagement photos and then, later, the actual wedding. We're also going to be assuming that you charge $35 per hour for your services.
After all, you have to think of yourself as an employee at your own business.
|Initial Meeting / Consultation||2 hours||$70|
|Engagement Shoot||3 hours||$105|
|Post-Processing Engagement Shoot||3 hours||$105|
|Wedding Shoot||10 hours||$350|
|Post-Processing Wedding Shoot||10 hours||$350|
|Total Cost||28 hours||$980|
These numbers also don't include your other possible costs. Things like:
As you can see, the total cost of shooting a wedding, in this example, is $1,680.
Remember this number, it'll all make sense in a minute!
Cost of a Photo Booth
Now, let's take a look at the cost of a photo booth at the event ...
|Paper and Ink||$15|
As you can see, a photo booth costs next to nothing to run. But, thanks to its perceived value, you can charge a pretty penny!
Alright, so now it's time to make sense of all of these numbers.
So, for the engagement and wedding photography shoot, the total cost was $1,680. But, you charge $3,000 for your engagement and wedding package.
Engagement / Wedding Shoot Profit: $1,320
Now, if you're able to add a photo booth as an add-on for your engagement / wedding shoot package, that's an additional $800 (minimum) that you can charge. But, as we saw above, the cost of running a photo booth is much lower. So, what would your profit be if you were able to sell your normal wedding package PLUS the photo booth?
Engagement / Wedding Shoot + Photobooth Profit: $1,970
That's a 49% increase in PROFIT. Not, revenue, but profit! If we assume that you shoot 30 weddings per year and you're able to add a photo booth to each of them, you'd be looking at an additional $19,500 in profit every single year.
What would you do with an extra $20k each year? New equipment? Pay off debt? Buy a new car?
Regardless of what you would do, it's clear to see how a photo booth can increase both your profit and revenue and allow you to grow your business even more.
Should I Create a Separate Business for My Photo Booth?
By offering your photo booth as a separate business, it's non-limiting. Sometimes customers will think that in order to book a photo booth that they must also book a photography package as well. By having them as separate businesses, those clients who are looking for just a photo booth won't be confused by you also offering other services.
Additionally, it allows you to look specialized. Customers love specialized services.
It makes you look like an expert in the field because it's the only thing that you do (even though we know you do more).
Now, with that said, you can also offer your photo booth on your photography website as an add-on. By having it as an add-on for your existing services and offering it as a standalone business, you're able to double-dip.
And who doesn't love more bookings!?
We hope this article will help you to begin offering photo booths as part of your services. And even more so, we hope that this article will help you grow your business and make more money!
Want to learn more tips and tricks on how to have a successful photo booth business?