Business Idea

Start A Penny Portrait Business

About

Starting a penny portrait business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell penny portrait, or selling penny portrait online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start a penny portrait business ➜

Key stats

market size
$64.1B
revenue (monthly)
$1.25K
starting costs
$44.1K
gross margin
50%
avg product price
$50
time to build
6 months
growth
SEO
business model
E-Commerce
time investment
Side project
work from home?
Yes

About

Starting a penny portrait business requires a great deal of effort, dedication, and most importantly passion.

If you're interested in how to sell penny portrait, or selling penny portrait online, you can use this page as a guide for everything you'll need to know.

Want to learn more? You can check out our full guide on how to start a penny portrait business ➜

Key stats

market size
$64.1B
revenue (monthly)
$1.25K
starting costs
$44.1K
gross margin
50%
avg product price
$50

 

time to build
6 months
growth
SEO
business model
E-Commerce
time investment
Side project
work from home?
Yes

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $750 $7,000
Employee & Freelancer Expenses $151 $352
Equipment & Supply Expenses $566 $5,700
Website Costs $303 $7,215
Business Formation Fees $5,600 $20,400
Retail Business Expenses $1,250 $11,650
Inventory Expenses $350 $14,750
Software Expenses $162 $3,094
Advertising & Marketing Costs $75 $4,786
Other Expenses $0 $800
Total Startup Costs $9,207 $75,747

Successful Businesses

Business URL Rank
MCA Denver mcadenver.org #826,037
National Portrait Gallery portrait.gov.au #1,719,107
Connie Mintz- Vancouver WA Photographer conniemintzphotography.com #3,805,287
Jay Soriano – Photographer jaysoriano.com #6,752,975
Penny Portrait pennyportrait.com #7,116,385
kgs-studios kgsstudios.com #7,456,687

Pros & Cons

Pros Description
Flexibility You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
Ability to start your business from home It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
Scalable With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.
Meaningful business connections You never know who you will meet as a penny portrait business. This could be the start of an incredible business opportunity!
High customer retention rates Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.
High margins The gross margins for your penny portrait business are typically around 50%, which is considerably high and allows you to grow your business and manage costs easily.
Cons Description
Motivation of employees If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
Longer Sales Process A penny portrait business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.
High employee turnover In the penny portrait business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.
Taxes As a penny portrait business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.
High overhead expenses With starting a penny portrait business, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below.
You may need to charge sales tax If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out [this article](https://www.thebalancesmb.com/do-i-need-to-collect-sales-taxes-in-my-state-398913)

Marketing Ideas

  • 1

    Affiliate program

    Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.

    Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.

    The affiliate typically gets a unique link where clicks and conversions can be tracked.

  • 2

    Word of mouth

    Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.

    Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.

    According to Nielsen, 92% of people trust recommendations from friends and family.

    Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.

  • 3

    Social Media Advertising

    Social media advertising is the use of social media platforms to connect with your audience with the objective to build your brand, increase sales, and drive website traffic.

    According to Oberlo, approximately 48% of the global population use social media, and the number is ever-growing.

    Therefore, social media allows brands access to cost-effective advertising by enabling them to interact with a large audience.