The Pics Place is a DIY photography studio and party venue where customers come to explore and take photos in large photo booths constructed with oversized props, colorful backdrops, and optical illusions. We will be located in Lake Mary, Florida, United States, focusing on providing visually outstanding and top-notch photo booths of artistic or cultural interest. Our studio will predominantly feature customers taking photos and videos in the photo booths for the purpose of personal photo opportunities and/or posting them on their respective social media accounts such as Instagram and TikTok. We will also allow private parties and events. We choose Lake Mary, Florida, because of the opportunities it currently carries; there is no Selfie Museum in the Lake Mary environment and a wide range of customers to provide these services to. According to World Population Review, Lake Mary is a city located in Seminole County, Florida. Lake Mary has a 2020 population of 18,058. Lake Mary is growing at a rate of 1.08% annually, and its population has increased by 30.83% since the most recent census, which recorded a population of 13,803 in 2010
[1].
The average household income in Lake Mary is $121,969, with a poverty rate of 4.20%. The median rental costs in recent years have come to $1,684 per month, and the median house value is $329,700. The median age in Lake Mary is 45.4 years, 45.2 years for males and 45.8 years for females.
This information shows how wide our target audience is and our readiness to take our share of the market.
[1] https://worldpopulationreview.com/us-cities/lake-mary-fl-population Our studio will consist of rooms with different themes. Each room provides unique backdrops and oversized props. We will provide each customer with a ring light and camera upon entrance to the museum. Customers can enjoy the service by purchasing a ticket on our website or in person at the door subject to capacity.
To enhance our competitiveness and add novelty value to existing customers, we will regularly change the theme of our booths in accordance with seasons and trends.
According to the American Alliance of Museums (AAM), in the United States, museums contributed 50 billion U.S. dollars to the economy and generated approximately 850 million visitors in 2019. That year, the Metropolitan Museum of Art in New York was the most visited U.S. Museum, ranking among the 20 most visited museums worldwide.
The above understanding assures our business will be produced as a selfie museum and that the industry will not plummet soon.
Our services are unique and transcend beyond what is obtainable in the local market. Our service sales will be offline and online although we seek to predominantly do sales via our website.
The Pics Place's website will be customer-focused, interactive, quick, convenient, user-friendly, and able to transfer funds online. We will have a built-in ticketing platform for ease of transaction. It is easy to use and an intuitive platform that even the most technologically challenged people can access.
We will be dedicated to establishing good business relationships with our clients, giving them value for their money and reasons for them to patronize us repeatedly. We will leverage online marketing to keep our clients informed about our products and the latest studio information while ensuring excellent delivery services. Without a doubt, there are many direct and indirect competitors. Still, we will map out a unique business model that will help us gain market acceptance and oust competitors in the market.
We will major in online and offline advertisements and collaborate with quality advertising firms and influencers. We will also feature brilliant marketing programs using electronic and print media to reach our potential customers. We are confident in developing The Pics Place as a brand to reckon with.
Our workers will be selected from a pool of talented and highly creative people in and around Lake Mary, Florida. We will ensure that we take all the members of our workforce through the required training that will position them to meet the expectation of the company.
The following are the aims and objectives of the company:
· Maintain a steady growth in purchase volume that will sustain the business long-term.
· To promote and enhance our business in every ramification through premium quality and well-structured service measures
· To provide a space for families, influencers, photographers, and art enthusiasts to express themselves and have a great time.
· To establish and maintain profitability and cash flow
· To create a memorable brand
· To establish community involvement
o Working with local artists to design sets and help them gain exposure
o Working with local schools in the county
· Creating a marketing strategy that supersedes our competitors
· To establish The Pics Place as a viable crafting event company
· To ensure productivity by
o Reusing props as needed to be sustainable
o Designing sets 2-3 months in advance
· Attracting and maintaining our customer base
o incentives for returning customers
§ establish an email & text subscriber list early on
o incentives for referrals
· Planning for growth
o Franchising
o Mobile bus experience
· To generate $152,000 in our first year of business operation
· To launch a laser-focused marketing campaign in a controllable and measurable market that will drive customers toward the company's website
· To build a good reputation and connection in the industry.
· Establish a minimum 96% clients satisfaction rate to establish long-term relationships with our clients and create word-of-mouth marketing
· To achieve a consistently increasing marginal profit
· To achieve a payback on investment within two years
· Exceed client expectations with superior pricing
· To always increase our profit margin by increasing sales and the frequency of sales.
A critical success factor that is pertinent to the growth of our company is the number of clients we can attract with our standard service. Our effort as a company will continually focus on increasing and improving our client base.
This would easily be achieved through ascertaining the following:
· Fluid Transition: We will ensure that we flow with the trends, stay relevant, and promote our business practices by integrating more innovative and creative service methods.
· Budget Adherence: The most critical success factor faced by the company is proper management of its budget and successful completion of the company's initial funding
· Improvements: To earn and maintain an impeccable image, we will always look for innovative and creative methods for improving our services. We will not slow down in our pursuit to always satisfy our clients with new, modern, and innovative techniques to deliver quality services.
· Knowledge about the Industry: We aim to update our knowledge with the latest and most profitable industry techniques and ideas that comply with local and international industry standards by keenly following the trends, learning from established players, and bringing about new ideologies.
· Communication: We will adopt a flawless communication channel for all clients, enabling excellent business transactions and a platform to make inquiries and provide solutions to them instantly.
· Social Media Footprint: It will be necessary for the company to create and maintain a solid social media plan with experienced professionals to execute the plan.
· Continually learn from customer's feedback
About Faiza --
My name is Faiza and I'm a 2nd generation Pakistani American. I graduated from Southern Connecticut State University in 2012 with my B.S. in Marketing. I've gone on to work in several marketing roles for large and small companies such as Marketing Coordinator, Marketing Specialist, and Marketing Manager. I got married in 2013 and we have 4 small children - an 8-year-old boy, 4-year-old identical twin girls, and a 3-year-old girl. I worked my way through college and all of my pregnancies full-time. I've been a small business owner for the last 2 years. Amidst the pandemic, we started Maskwalla, LLC and sold hundreds of thousands of face masks globally to consumers and businesses. We hired employees, rented office space, and outfitted it with commercial-grade equipment such as sewing machines and a 15-needle embroidery machine. I designed all of our products and created/managed our website, Etsy shop, and social media channels. I've gone on to create other small businesses as well - B&F Events, specializing in organic balloon decor for weddings and parties, and Mamahood in Progress, a lifestyle and clothing brand geared towards moms.
Most recently I started The Pics Place, an exciting new venture that combines all of my small business experience into one. DIY photography studios AKA Selfie Museums are extremely popular and profitable right now, with many companies franchising out within the last 2 years. Examples would be Selfie Wrld or The Museum of Ice Cream. I have a full business plan available upon request.
I'm a born entrepreneur, ready to pour my blood, sweat, and tears into every business and project I do. I'm hardworking and determined and I'm ready to take the next step to get funded for The Pics Place. Our services are unique and will transcend beyond what is obtainable in the local market.