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 ➜
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$35||$3,250|
|Employee & Freelancer Expenses||$0||$5,500|
|Equipment & Supply Expenses||$550||$6,000|
|Business Formation Fees||$5,600||$20,400|
|Retail Business Expenses||$0||$16,150|
|Advertising & Marketing Costs||$75||$4,786|
|Total Startup Costs||$6,992||$81,180|
|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|
|Tours for Women||toursforwomen.com.au||#6,762,645|
|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.|
|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)|
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.
The most tried and true way to grow a penny portrait business is through word of mouth - some entrepreneurs would say it's more important than all social media.
Social media advertising is one of the leading ways to get the word out when it comes to penny portrait business.
There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.