(443)762-4393 gerald@bmorephotos.com

The strategy of your photo booth rental company should consist of the following:

  • Attract profitable clients who value the quality of service that you provide. Do not try to win new business by being the low price leader.

Charge a fair price and emphasize your quality service and quality equipment.

  • Provide the highest photo booth rental value to your clients. This means the highest quality service at a price clients are willing to pay. Do not try to “nickel and dime” your clients for short term profit.

Instead, focus on pleasing the client to ensure a long term relationship and positive word of mouth. This type of strategy will enable long-term growth and higher profit margins.

  • Grow the business in a smart way. Before spending too much money on purchasing photo booth equipment, be sure there will not be cash flow restraints that may be harmful to the business. If possible,

employ bootstrap financing. Bootstrap financing is a collection of finance methods used to minimize the amount of outside debt and equity financing needed from banks and investors. Bootstrap financing requires the entrepreneur to start the business with as little capital as possible early in the life of the business to generate positive cash flow as soon as possible. Bootstrap financing methods include personal savings, credit cards, second mortgages, and friends/family.

  • Network and create key contacts within the party planning industry.

Create a commission structure of 5% to 10% of revenue for each event that is referred to your company by party planners. This will create an

  • Build the business through word of mouth referrals. Word of mouth is not only the most credible form of marketing, but it is also the least expensive. Subscribe to the Word of Mouth Marketing newsletter to gain insight into word of mouth marketing techniques.

 

 

 

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