Been in the photo booth industry for nearly 10 years and generate $400k annually (set to do over half a mil by 2024) in the wedding and events space. I don’t feel like I am the expert by any means in business or entrepreneurship, but I’ve built a couple successful companies on a small scale, and have an MBA, so maybe I can contribute to your success. AMA!

  • maydaybuttonOPBEnglish
    1·
    1 year ago

    Hey congrats on your success, but i get it, margins mean everything. I would say focus on what customers are asking for already, or booking outside of your services that you could offer for little to no added cost (high margin goods). Don’t recommend providing your own ‘high-value’ services like photography, videography, etc. But you might consider other rentals or enhancements to make it easier on your clients too. And as you mentioned, you can rent some things elsewhere, but this would be a separate business in my opinion and wouldn’t help your margins much unless it’s off-season and you can utilize the same labor for this.

    • $60k payroll so far (wages, taxes, etc). This includes my salary, but not the net distributions (or December bonus payrolls). My accountant did mention I should probably be paying myself more salary in the near future…
      Also, I have $72k in 1099’s.
    • $25hr before all payroll fees in general
    • I’m at like $~50k salary
    • 22hrs average focused. I waste a lot of time on personal stuff and getting distracted. Most time consuming is thinking about stuff. Like what to do next, or how to design a new experience, etc. I get caught up in thoughts.
    • I respond to them. So much of our stuff is bespoke that I can’t train 80% of the business (which sucks). Will be looking into VA for remaining 20% but mostly to take personal stuff off plate so I can focus on the business and not shopping for day-beds for my inlaws.