HOW TO START A PHOTO RESTORATION SERVICE.
Are you a master of digital photo editing? Do you have a passion for history and family stories? A photo restoration service combines all your passions while helping your customers rediscover and preserve their past through transferring beloved snapshots, photo albums, and old wedding images into a digital format and repairing damage caused by time and light.
Plan your Business
A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:
What are the startup and ongoing costs?
Who is your target market?
How long it will take you to break even?
What will you name your business?
Luckily we have done a lot of this research for you.
What are the costs involved in opening a photo restoration service?
Your office and computers will be the backbone of your ability to conduct business. You will need a professional-grade digital scanner that is capable of transferring slides, negatives, film stock, and print photographs into a digital file. You may need a scanner able to handle large format prints. Your computer will work best with dual monitors of the highest resolution available and the latest processors able to work long hours with graphics intensive programs. Expect to invest up to $50,000 for your hardware, professional software and workstation. There will be additional expenses for operating your website and marketing your business. A start-up investment for the first year of $100,000 is a reasonable expectation.
What are the ongoing expenses for a photo restoration service?
Your operating costs will pertain to maintaining your computers, scanners, printers, and software. You will want to stay current on the application of new imaging software. When you set aside $5,000 to $10,000 a year for capital expenditures, you should be in good shape.
Who is the target market?
The most likely person who decides they should spend money on restoring old photos is an empty nester. Their children have left the house and their parents are aging. They have extra income that is ready to be used to bring back some fading memories while building some new ones for the next generation to cherish. Libraries, historical societies, and newspapers are also good contacts to cultivate that may provide extra work from time to time.
How does a photo restoration service make money?
You are charging your customers for your expertise in the use of photo editing software. Most of your services will be flat rate and may include scanning images onto disc, retouching each picture, transferring video to new file format, printing to create a new keepsake, and production of slideshows saved on disc or jump drive.
How much can you charge customers?
You will be able to charge about $2 for transferring a single print photo onto a digital file. Should they wish for the image to be restored, you will charge between $15 and $30 depending on the size of the original and the time it will take to complete the job. You may wish to create bundled packages that scan entire albums for a flat rate with a few special images receiving retouching.
How much profit can a photo restoration service make?
You can expect to earn about $60,000 a year above your costs for income when you have a steady stream of paying clients.
How can you make your business more profitable?
Scanning images can be time consuming. Adding an automated feeder for your scanner designed for photography could save you many hours of grunt work, leaving you free to work on the more profitable restoration work while the machine takes care of business.
What will you name your business?
Choosing the right name is very important. Read our detailed guide on how to name your business. We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.