Before you buy equipment or print up your business cards (more on that later), it’s vitally important to have answers to three key questions:
▪Who are my potential customers?
• Start by understanding the demographics in your business area. Does it look like corporate and large events will be your niche, or is the area better suited for parties and weddings? By knowing who you will be selling to, you can tailor your business accordingly.
▪ How will I promote myself and convince people to work with me?
• Do you have a solid marketing plan to get your name out there and encourage people to choose your service? Find out if people and businesses in your area respond better to direct mail, social media, video, or a combination of them all. Having multiple ways to reach your audience is essential.
▪ What are my competitors like, and how can I provide better service?
• Knowing your competition is essential. Call them up and ask about their services. Do they ‘own’ a particular portion of the market? Talk to people to find out what they want from a photo booth rental company. By offering (and delivering) more than your competition, you’ll ensure that more business flows your way.
▪ How much can/should I charge?
• While every business will be different, you can certainly do your research into average costs of similar services in your area. Remember, the more value you can offer your customers, the more you’ll be able to charge. It’s all about finding the ‘sweet spot’ between affordability and value for your customers, and a reasonable profit for your time.