GM. This is Work "After" Work, the newsletter that hunts down the best side hustles for you to start. Call us the Nicholas Cage of money.
It’s Friday, let’s boogie:
📸 The photo booth business
😂 Meme of the day
STRIKE A POSE
Graduation season is coming up, and you know what that means… it's party time!
Wanna take a guess at how many people are set to graduate this year? If you said 3 million… double it!
That’s right, across America over 6M people will graduate this year from high school to college to graduate school.
If you’re a parent or recent grad, you know how big an occasion this is for families. If your house can comfortably fit 10 people, rest assured your family invited 40. Heck, I met people I never even knew were related to me when I graduated 😂
And that’s because these celebrations usually only occur twice in someone’s life - after high school and after college. This is why families are willing to shell out an average of $1,100 for the party.
And as they say, “pics or it didn’t happen”. And boy do you take a lot of pictures. It’s like your 4 hours of fame.
What better way to take them than with a photo booth? The thing that allows everyone to act silly and gives you the best memories you can keep forever :)
If you haven’t guessed by now, renting out these photo booths is also a killer side hustle!
You can charge $100 an hour like this company in Tennessee and make $700 to $1200 per event on average. Book a corporate event and you’re easily looking at $3,000.
Top-of-the-line photo booths like the Mior Mirror costs up to $8.5k but if you’re making $600 - $3,000 an event, you can cover the cost after just 3 or 13 parties.
You can start to see how lucrative this really is when you have two photo booths each making you $900 an event. That's $1,800 for just one day and chances are you'll get two rentals per week - one on Friday and one on Saturday.
That means 2 events a week with one photo booth makes you $7,200/mo! Two photo booths? $14,400/mo!
Want to get in on this?
HERE'S HOW TO GET STARTED:
1. Buy your photo booth
There are numerous photo booths available, but you want a high-quality one. Your equipment will speak for your brand. A cheap and half-working one won’t go over well.
The better the experience your customers have, the more likely they are to refer you to others, which means more money in the future.
You don’t have to get the Mior Mirror booth. There are cheaper options. Check out HootBooth for ones ranging from $2500 - $7500. Just make sure it looks nice enough to impress your customers.
Pro-tip: Buy funny glasses, crowns, hats, and hawaiian leis... any props that make the experience more fun!
You can also rent these out in the beginning but your margins will be slim. The real money will come from buying one and paying it off as you do events then making pure profit once it's paid off.
2. Market your business
There’s three big ways to do this.
Spread the word about your new business to others
Someone in your immediate circle may plan a graduation party in the coming months, tell them you can get them a discount on a photo booth.
This helps you get your business going and pays off a portion of the booth.
Throw a fake party
Rent out a photo booth, throw a fake party, videotape it, and make it into a TikTok, Instagram reel, or YouTube short. Mention you know someone who gives discounts on photo booths and see if you get any DM's about it.
Run ads to your website
Don’t sleep on the power of the internet. Set up a website and get some traffic through ads.
Who are you going to target? Let’s say 40-60 year olds on Facebook aka parents most likely with graduating kids. A fun picture of kids laughing in a photo booth should do the trick.
You don’t even need to know how to build a website. You can simply hire someone off Upwork or Fiverr to do this for you at an affordable price.
Pro-tip: Make sure you run Facebook Ads for your area. Since you're gonna need to transport these things around town, you might as well keep business close.
3. Hire an hourly employee
After a while, consider adding a second photo booth in order to be at two places at once - making you double a night.
Of course, you can’t be in two places at once unless you’ve got superpowers you haven’t told me about.
You’ll need some help. Hire someone to set up and transport the booths from wherever they’re stored to the party. On average, a photo booth operator charges $17 per hour.
Look for someone who:
Has amazing customer service
Is extremely nice and positive
And is willing to work hard! You can teach them the rest
Your workers will after all be the face of your business and determine if your photo booths get recommended for other parties.
That's all I got for ya! Get out there and make some serious money by making others happy 👊
Have you always wanted to start investing in real estate, but don’t have $100k lying around… Don’t worry you’re not alone.
Introducing Arrived! Arrived lets you invest in real estate for a fraction of the cost.
They do all the work on finding profitable properties
They deal with all the upkeep, cleaning, etc.
They deal with the tenant issues
All you have to do is buy shares of a home…kinda like a stock. And every quarter they’ll pay you on your investment depending on how the property did.
It’s a great way to get exposure to real estate without having to put a lot of money down.
You can check out some of the homes that are available for investments here. (boii are they nice 👀)
MEME OF THE DAY
If your CFO wears any of these shoes, you will survive the recession. https://t.co/jQTL7aa8Ja
— Trung Phan (@TrungTPhan)
May 4, 2023
That's a wrap ladies & gents! Enjoy the weekend :)
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.