Entrepreneur

0 readers

1 users here now

Rules

No Personal Attacks - criticism of ideas is allowed, attacking people is not.
Self Posts Only - links can only provide supplementary material. Your post must contain enough content to have a discussion.
No “How To Get Rich Quick” posts - This community is not about making a quick buck. Posts asking the community how to make $X, without making specific reference to a reasonable idea, are not tolerated.
Avoid unprofessional communication - Please treat fellow entrepreneurs like respected coworkers, label conversations if NSFW and avoid deliberate provocations.

Please feel free to provide evidence-based best practices, share a micro-victory, discuss strategy and concepts with a frame work, ask for feedback, and create professional conversation. Treat every post as if you're at work and representing the best version of yourself.

founded 1 year ago

MODERATORS

communick@indiehackers.space

I run a photo booth rental business that generates $400k annually. AMA (alien.top)

submitted 1 year ago by maydaybutton@alien.top to c/entrepreneur@indiehackers.space

171 comments fedilink hide all child comments

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!

you are viewing a single comment's thread
view the rest of the comments

[–] maydaybutton@alien.top 1 points 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.