Welcome to Ghost Business - where mediocre business ideas go to launch or die

This week's agenda:

• The 360 Guy

• What Dall-E Thinks We Meant

• Viability Score

The 360 Guy

I turn down most wedding invitations. Unless I’m in the wedding or being held at gun point, I probably just won’t go. It’s fine. People won’t remember me not being there immediately and I instantly save hundreds to thousands of dollars.

But when I do show up, I REALLY show up:

Dance floor ✅ Speeches ✅ Open Bar ✅✅✅ 

There’s been a trend happening at these weddings: 360 photo booths

They seem like a simple set up; you bring it to the location, have 0 to 1 people manning it, then come pick it up.

So this got the wheels turning, what is the cost of these things and how much can you rent it for?

The numbers look great!

360 Camera Booth Purchase Price: $1,500 to $2,000

360 Camera Booth Rental Price: $200-$300 per event

Break even after your first 10 events, then it’s all positive cash flow baby.

What would this look like?

One of my favorite sayings is KISS; Keep It Simple Stupid.

All you would need is a basic website with images of people having fun with the photo booth, and an inquiry form for people to request quotes.

You can easily integrate a google calendar for people to reserve available times and dates directly while already accepting the payment. All this would leave you with is setting up and taking down the equipment after the event.

Check out this simple form from MemoryBox 👇

How Would You Execute?

•  Before even purchasing one of these, you can set up a landing page (similar to the above form) to offer this service in your city. Something like SEATTLE360CAMERA.COM Add an inquiry form for people to get quotes.

• Post the site in multiple local wedding facebook and events groups and reach out to a bunch of event venues in the area to get more eyeballs on your product.

• Once you purchase the equipment, you can set up at pop-up shops and restaurants, farmers markets, essentially anywhere anyone is gathering.

• Offer people a small discount and referral for using you in the future and you have growth at it’s finest.

Viability:

1 [building spaceships] 🚀 to 5 [easy peasy] 😊 

This business is a 5 ghost viability. Incredibly easy to start up.

The first challenge would be to purchase your first photo booth as you will need either ~$2k to start or afford a ~$100 monthly payment.

The next challenge will be to set up and troubleshoot issues on the fly. For example: pictures come out blurry, not connecting to wifi, a component is damaged or missing, overall all solvable problems.

As usual each business will have it’s own setbacks, and it’s all about the execution and consistency of the idea 😉 

It’s a great day to be great!

Love, Mike

 👋