Taking a look at how to make money from renting or making 360 photobooths
The 360 photobooth is nothing like a traditional photobooth, it’s designed to capture a 360 high resolution video. It has become quite popular at parties, corporate events, weddings, and pretty much any type of event where you would like to entertain your guests and leave them with a lasting impression.
The rise in popularity of the 360 booth
The growing popularity of the 360 booths has inspired many young and old entrepreneurs to get involved in the business. They can either rent the device or manufacture and sell it. Seeing this trend, I also wanted to get involved. After all, it’s just a stick attached to a spinning motor, and everyone is charging high prices for it(R25K -R45K).
Before diving into the business side of things, I decided to take a short detour and create a larger version of the booth. This would later be used for our YouTube channel where we promote local artists from my hometown. This served as a marketing strategy for both the 360 booth business and our YouTube music channel, while also satisfying my creative ego.
The prototype
The prototype was large and overly complex, incorporating various components like an old PC power supply, an old wiper motor, trolley wheels, and anything that we could use to cut costs. However, it was not just a collection of random items. It also included impressive controls such as speed control, direction change, and a timed sequence that could be activated with a button press. Additionally, it featured a smoke machine, all managed by an Arduino board.
Going for the money
Now that we had launched and had fun creating an entire 360 concert on Youtube, it was time to start focusing on building a product that we would really be proud of and sell. Working on a tight budget we knew that we would have to use anything that we already had in order to reduce the cost, but also we needed to be careful of the trade-offs of using scrap on a product that we would want to market as valuable. After brainstorming, and testing, we finally had our eureka moment……”The office chair”.
The office chair had many similar qualities to the 360 booth, it has a strong and rigid base, a strong metallic shaft that attaches to the top base. All that we would need to do was to drop the seat by reducing the length of the metal shaft, and fitting some sort of a bearing that would spin around the shaft , and attach it to a motor using a timing belt of some sort.
Design challenges
Finding the appropriate parts proved to be both challenging and costly. As a result, we had to seek an alternative solution for the design of all the moving mechanical parts. Eventually, we settled on a regular block bearing which we bought at a hardware store. Nevertheless, this decision necessitated further modifications, including the design and 3D printing of specific components.
Putting it all together
Now that we had dealt with the mechanics, we would go ahead to install the speed controller, power supply, and the wired button that we use for starting and stopping the rotation. We would then go ahead and attach the existing office chair base as our top platform, and test the design.
Testing the prototype
Testing our new product
Now that everything seemed to function well, we would assemble all the other parts such as the wooden top base, ring light, and the rotating arm.
Selling the product
Making money with the 360 booth is an exciting opportunity! You have two fantastic options: selling or renting it. The price range for buying the 360 booth is from R18 000 to R45 000, while renting it for a full day can fetch you about R8 000. What’s even better is that the renting business model seems to be the top choice for many savvy entrepreneurs. With a quick return on investment and a consistent revenue stream, it’s no wonder why people are drawn to it.
To maximize our success, we wasted no time. After completing our remarkable product, we listed it on Facebook Marketplace for R15 000 and ventured into the realm of online sales. Additionally, we eagerly took on a few renting gigs. This dynamic approach allows us to tap into both worlds and seize every opportunity that comes our way. With our outstanding 360 booth and a sprinkle of creativity, we’re ready to conquer the market and make a lucrative impact.
Lessons learned
As a hobbyist or maker, we all aspire to create groundbreaking inventions. However, the reality is often far more challenging than anticipated. To start off on the right foot, it is advisable to pursue readily achievable objectives. Select a concept that aligns with current trends, is within your skillset and available resources, and offers a substantial profit margin.
Equally important is choosing an idea that faces minimal barriers to market entry. A prime illustration of such an idea is the 360 booth, which required no certifications or compliance with regulatory standards. Our sole focus was on producing a functional product and directly reaching out to customers.
What to look out for when considering your next profitable diy project
- The product should be easy to manufacture(this depends on your skills and resources)
- The product should be in high demand, there needs to be a need for the product/service.
- The product should be profitable, ensure that you can make money even if you sell in small quantities, besides this is probably a short-term revenue stream.
- Ensure that you require as little startup capital as possible, avoid starting a project that requires new expensive machinery and equipment, or rent. If you can get away with using your garage, and your existing tools that’s great.
- Make sure that you have access to the market, if you can’t sell it, get someone who can. Don’t make the mistake of thinking that your product will sell like hotcakes.
- Keep it simple, don’t think that by adding more features you can gain more customers.