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The $100k Business of Selfies
Is it worth it?
Jen “Odd” Glantz here! Last week I was in a mall in Florida for the first time in 2-years.
I walked by a store called “Selfie WRLD” and stopped for a moment to soak it all in.
Inside a storefront where a GAP used to be, was this selfie spot where you could pay money and take photos of yourself in front of different cool looking back drops.
They had so many backdrops that anyone who was on a mission to capture content could take enough photos to last them a month (or more).
I couldn’t stop thinking about this business and how it’s not only an odd one but it does have the potential to make some money.
First of all, would you pay $25 for access to a place you could take cool selfies for 1-hour? At first I thought “Me? No way.” But after writing this newsletter, I’ve changed my mind. I’ll share why later on.
What about you?
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How Does the Selfie WRLD Make Money?
Get this: 95 million photos and videos are shared on Instagram every single day. That’s a lot of content. Some people post pictures of their food or favorite quotes. Other people post pictures of themselves.
So what do you do if you can’t shell out cash for a professional photoshoot so you have new content for all the days you post on social media? You find ways to take pictures of yourself.
That’s why selfie museums and storefronts are popping up everywhere.
Not only do they attract an audience of all ages to stop by and take a ton of photos in one hour but these places switch up the backdrops often so that it encourages people to come back.
So how do they make cash?
To franchise a Selfie WRLD, it costs $100k (+ $15,000 in fees). That includes a build out of the space. Rent is probably extra so you want to pick a spot that has high traffic or is easy to get to, but doesn’t cost a ton of capital.
Then you set the price. How much do you want to charge each person to come into your space and take selfies for an hour? Most places charge $20-$25 a person. If overall operating costs per month, you’d need to have 750+ people a month to break even. That’s A LOT! So promoting this space for birthday parts and events is another way to help generate the cash.
You can do this way cheaper too if you rent out a cheap space, don’t franchise and operate this yourself, and charge a little bit more, you could make 6-figures a year.
Sound like something you’re thinking of doing?
If you don’t have the capital to shell out to make this a semi-perm spot in your local town, do a pop-up somewhere where you can just invest $1k and charge $20-$25 a person. Get scrappy and you’d only need 50+ people to break even, which sound do able, especially as a summer side hustle.
Here are some articles that can help you wrap around this fad, which right now could be a money generator or maybe even help you spark your own sort of idea around…SELFIES!
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Until next week,