This is the summary of the SWOT analysis that was conducted for Classic Pictures Photo Booth Company; The strategic locations we intend installing our photo booths, the business model we will be operating on, ease of payment, wide range of products and our excellent customer service culture will definitely count as a strong strength for Classic Pictures Photo Booth Company. Your final option is to import your items from overseas either by going overseas or through a domestic importer. There are well established photography businesses / photographers in New York City who may not need much stress to convince new clients to patronize them. This is the key areas where we will spend our start up capital; We would need an estimate of $200,000 to successfully set up our photo booth business in Bay Orleans, Massachusetts. Easily write a business plan, secure funding, and gain insights. You will also need to identify the certain areas through which you would want to source for your startup funds. They offer exclusive distribution of uniquely created items that will help your museum stand out from the rest. We are aware that there are several large and small photo booth businesses all around Bay Orleans, Massachusetts which is why we spent time and resources to conduct our feasibility studies and market survey so as to position our photo booths in strategic places in and around Massachusetts and also to offer much more than our competitors will be offering in terms of products and of course customer service. We have conducted our market research and we have ideas of what our target market would be expecting from us. We do not intend to welcome any external business partners, which is why he has decided to restrict the sourcing of the start up capital to 3 major sources. Cost for hiring Business Consultant $2,500. Direct selling is popular in sectors where sellers communicate with their clientele personally. It's important that you're able to offer great incentives and a good work environment for your employees. Museum Of Dream Space. Instead I would rent a box truck for storage and delivery of props, focus on building specialized props that malls and other venues could rent, and put scanner codes near these to print coupons for deals at the venue if they sign up at your site. Responsible for financial forecasting and risks analysis. Build Your Selfie Museum. You should also be ready for delays. Home Business ideas Art & Craft Industry Photography Business. It's the coolest Modern Art Museum you've ever visited with unique and authentic Instagram Walls created for ultimate fun, long lasting memories and amazing pictures! The funding envisioned in this plan is projected to result in a comfortablehealthy business by the third year. Description. $(window).scroll(function() { Office Administrator. You need an idea of how your selfie museum is going to look because not all selfie museums are the same. 5. We will also be involved in the sales of photographing digital cameras, lenses, camera stands, photography software, as well as other consultancy services. One of the advantages we are bringing to the fore is excellent customers service. Most people use professional photo studios onlyon rare occasions, such as weddings, yearbook pictures, or baby portraits. to design our sets. 100% Success rate. Competitor X is an award-winning, highly creative photographer with a style that one would expect to find in a national magazine. Utilities and Deposits $500. At less than $3/week, Starter Story is a no-brainer investment in your business. The competitive environment is divided between luxury magazine-quality photographers, moderate professional photographers who mostly pose their subjects, and same-day photo studios. Place your museum amongst the local shops that already draw in foot traffic and people will take notice and want to check your place out! If the business proceeds according to plan, we will have about half of the $50K family loan paid off within three years. Rent costs for your 3D selfie studio very much depends on your location. This step involves finding the perfect building or space for your selfie museum to be located in. They opened a photo booth store at the mall where I live. After interviewing 4,403 founders, heres my biggest takeaway: Building a business is simple, but its not easy. Starter Story: Learn How People Are Starting Successful Businesses. Once you decide on the type you want to open, then you can get creative with how it will differ from museums that also fall into that category. As such, we intend spending the first 5 years of the business in building and communicating our brand. The Eugene-Springfield metropolitan area has a total population of 330,527. Actually unicorn vomit was part of my vision board. } These are families who are generally without the means to hire professional photographers on a regular basis. Here's a detailed list of a 3D selfie studio startup costs: Learn more about starting a 3D selfie studio : -> Other 3D selfie studio success stories $20,000 Up Front. This can have a positive impact on energy levels and your overall health. Web. TheMuseum of Selfiesin Vegas utilizes this approach with its number of creative rooms filled with interactive props. wS = $(this).scrollTop(); Web. Amazon.co.uk: Low Prices in Electronics, Books, Sports Equipment & more. if (wS > (hT+hH-wH) && $(".subscribe-page").is(":visible")) { We will offer discounts to loyal and repeat customers. In addition, we will ensure that we invest in regular training and development of our work force.We will work hard to stay abreast with the latest technology in the photography industry and the changing trends as well. Aug 20, 2021 | Website Development | 7 comments. All of them would make great locations for a selfie museum since they generally have the highest amount of foot traffic year-round. [citation needed] However, photos are not taken by skilled photographers but by the customers themselves. However, this document can hopefully give you some guidelines and ask some thought- provoking questions to get you on the right track. 2319 Metairie Road, Metairie, LA 70001. We will target female professionals and wives of professionals, because women make the majority of purchasing decisions in these families. Hence, we need to be on the top of our game if we must grow our photography business to profitability. Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects. Call today and we can go over the details to help you with an awesome business that is fun and allows you to be a leader in the Selfie Museum world! Phoebes will grow at a healthy annual rate by targeting families of professionals with newborn babies for baby pictures and thendeveloping a relationship with the client over the years for ongoing photographs. Opening a successful selfie museum doesnt happen overnight. Unique & Inspiring interiors - famous Rain Room, Jungle Room, Light wall and a lot more! His strategy appears to be to capture the high-end market, where a magazine look is a luxury that people can afford. The studio is located in Metaire, Louisiana. I'm Pat Walls, the founder of Starter Story. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients. You also need to find a reputable contractor that can build your gallery up to your standards. Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs. Cost of purchase and installation of CCTVs: $10,000. Every day, youll find new, interesting businesses that are taking off right now. Part of the marketing and sales strategies that we will adopt are; No doubt the target market for the photography industry is pretty wide, but in order to easily stay focused and pursue our target, we have clearly defined our target market as; We are fully aware that there are several top notch photographers in New York City who already have their own loyal clientele base, but we are have done our due diligence and we are ready to give them a run for their money. Needless to say that one of our dreams is to run the best photography studio in the whole of New York district. Ft.: 4,500 Lease Expiration: 8/14/2022 Facilities: Over the last year we have purchased furniture, LED signs, props, paint, etc. The cost for the purchase of photo booths, furniture and gadgets for the office (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $80,000. Some photo booths can also produce stickers, postcards, or other items with the photographs on them, rather or as well as simply a strip of pictures. Be sure to add lots of cool props or projections in the storefront windows to capture their attention and make them want to come inside. And we get the lowdown on the most essential, hard-hitting parts of building their business: (1) How exactly did you find this opportunity? Another excellent consideration is on a main street that has lots of local shops already on it. As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. For these reasons, most photo studios are rarely used by families as a whole. Now that you have a location, the next step is to bring your museum to life! We have been able to critically examine the photo booth / photography industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. According to that, the budget will be decided. Competitor Y is a more typical photographer with more staged photographs and wedding packages running up to $5,000. 8% of Gross Sales. Part of our marketing process is to get the contacts (phone numbers or email addresses) of leads, then send them introductory mails or call them to introduce our businesses to them.After a week or thereabout, we should follow up with another call or email and try as much as possible to book an appointment to see them. After all, you are solving an immediate issue for your customer and you're working on something you truly care about. In view of this, it has been observed that people only engage the services of professional photographers on rare occasions. We will ensure that we reduce our overhead, and we are ready to run on low profit margin for the first six months of launching the business just for the purpose of attracting loyal clients and build our clientele base. The photography industry of which photo booth business belongs to is indeed a very large industry and pretty much active in all the parts of the world. Achieve your business funding goals with a proven plan format. Learn from founders and find your next idea. However, they may be limited in the type of products they can supply you. This is easier to accomplish with digital processing for a studio organized around speed, but the quality is necessarily sacrificed. If I cant find a vendor for certain stuff Ill just do it myself with my giant printing machine Im gonna buy. When you join us, youll get access to over $1,000,000 in software savings - weve exclusively negotiated discounts on 240+ tools that are proven to grow your business. Get this complete sample business plan as a free text document. If you need an example Just google selfie museum. The Cost of Computer, Software and Computer Accessories: 1,504 USD. }); You might get too inspired when you actually see the answers behind thousands of successful, ordinary entrepreneurs. There are always people taking selfies there. Once the payment is made by the client, the photo booth will take a series of photographs, although most modern booths may only take a single photograph and print out a series of identical pictures. It is a fact that economic downturn affects purchasing / spending power. Choosing the right techniques for your business can help to maximize the number of people who visit your website and ultimately buy tickets to your event. All rights reserved. Interesting idea. For some bigger influencers though, you may have to pay them to post about you. What better opportunity than at a selfie museum! Classic Pictures Photo Booth Company is launching a standard photo booth business that will indeed become the preferred choice of residence of Bay Orleans, Massachusetts and in every other location where our photo booth will be installed. His strategy appears to be to occupy the middle-ground of quality and price where most of the market is likely to be. Going by the report from our research and feasibility studies, we will need an average $10,000 to set up a standard photography business in New York City. Virtual props, placed intelligently on the persons eyes or shoulders etc. Because the client has to initiate the call, many special moments are lost and the studio loses potential business. These hard-to-reach, low-key, founders are in the trenches building real businesses right now. Most Lane County residents are accustomed to doing occasional business in Eugene. For a person such as myself thats going to open a Selfie Museum, this information was extremely informative and knowledgeable. The Cost of 2 or more Standard Cameras (Nikon D7100 and Nikon D610): 3,200 USD. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams. If you need any consulting feel free to email Despite the fact that we are new in town, we have been able to critically study the existing photography businesses around our location and we were able to identify some lapses on their part and we plan to work towards making their lapses our strong selling points. Independent craftspeople are a great option if you need very unique props for different parts of your museum. We will make it affordable and easy for them to disseminate their photos electronically. To place an order, pay N10,000 to. My wife and daughter go every time one pops up in Chicago, once. Learn from founders and find your next idea. job delivery to clients, purchase of supplies and stationeries et al), Responsible for transporting cameras and other equipment to and fro event locations, Ensures that the office and environment is kept clean at all times, Any other duty as assigned by the Chief Operating officer, Mouthwatering promos for the first 12 months and then subsequently when the need arises, Participate in photography exhibitions and expos, Neighborhood, door to door and mouth to ear adverts to introduce our business, Engage in roadshows to introduce our business, Leverage on social media platforms cum online marketing to source for clients, Create a loyalty program that will help us convert leads to loyal customers, Revenue Sharing Business Partners (Event Planners and Contractors), Leverage on the internet and social media platforms like Instagram, Facebook et al, Attend photography exhibitions and conferences, Distribute our fliers and handbills to targeted areas from time to time, Door to door and word of mouth promotions. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.