Kiplinger's spoke with William Harper, 32, co-founder of the Los Angeles-based mobile photo studio The Headshot Truck, about how he and fellow co-founder Brian Confer, 37, started their business. Here's an excerpt from our interview:
What did you learn? We rely on volume to keep our prices low, so we need to get clients comfortable as quickly as possible. We scrapped an industrial color scheme of black and gray in favor of a soothing scheme of pink, orange and white that makes clients feel as if they’re stepping into something special. We need two people on the truck, so the client isn’t alone, and we try to balance the genders. We play music. And we joke that our makeup artists are client whisperers.
How did you finance your start-up? Initially, from our own funds. In 2014, we used a Kickstarter campaign to outfit our first truck and raised $25,920. We’ve had positive cash flow from day one, and we’ve used it to expand. We’re talking with investors.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
How have you grown? We had about $40,000 in gross sales revenue in year one, about $180,000 in year two and $360,000 in year three. We expect to do about $1 million in 2017. We’ll also launch three more trucks.
Are you making a living? Brian and I work full-time for the company and are financially supported by it. All the partners have been living like college students so that we can reinvest our profits in the company, with the hope of growing it as fast as possible.
It’s not all about profit? In L.A., we go to local pet adoption agencies and do glamour shots to help pups that wouldn’t otherwise stand a chance of getting adopted.
-
The Stoic Retirement: Ancient Wisdom for Today's RealityA "Stoic retirement" doesn't mean depriving yourself. It's a character-based approach to life and aging that can bring calm and clarity.
-
My Teen Crashed His Car and Now Our Insurance Has Tripled. What Now?Dealing with the costly aftermath of a teen car accident is stressful. Here are your options for navigating it.
-
11 Outrageous Ways To Spend Money in RetirementWhether you have excess cash to spend or want to pretend, here’s a look at 11 ridiculous ways retirees can splurge.
-
How to Search For Foreclosures Near You: Best Websites for ListingsMaking Your Money Last Searching for a foreclosed home? These top-rated foreclosure websites — including free, paid and government options — can help you find listings near you.
-
Four Tips for Renting Out Your Home on Airbnbreal estate Here's what you should know before listing your home on Airbnb.
-
Is Relief from Shipping Woes Finally in Sight?business After years of supply chain snags, freight shipping is finally returning to something more like normal.
-
Economic Pain at a Food Pantrypersonal finance The manager of this Boston-area nonprofit has had to scramble to find affordable food.
-
The Golden Age of Cinema Enduressmall business About as old as talkies, the Music Box Theater has had to find new ways to attract movie lovers.
-
Pricey Gas Derails This Uber Driversmall business With rising gas prices, one Uber driver struggles to maintain his livelihood.
-
Smart Strategies for Couples Who Run a Business TogetherFinancial Planning Starting an enterprise with a spouse requires balancing two partnerships: the marriage and the business. And the stakes are never higher.
-
Fair Deals in a Tough Marketsmall business When you live and work in a small town, it’s not all about profit.
