A Collection of Resources Related To Starting A Party Rental Business
With any business opportunity you’re considering, you need to find out what the market is like in the area you’re planning to open in. If there is no demand then there is no use opening in that area.
If the market is saturated you’ll need to bring something to the market that will help you compete. One point about market saturation is everyone may compete on price. If the price becomes too low, there won’t be any profit left to run a successful business.
Another important point about running a business is you want to get into something you have an interest in. If you have no interest you won’t “give it your all” and if a problem shows up, you’ll end up looking for ways to quit instead of finding solutions.
With this type of business, you could offer a free setup especially if you are renting out large tents, because of liability and making sure your products aren’t damaged during the setup and removal process. You also want to make sure you have the proper insurance to protect you against damage and liability.
You need to decide where you are going to start. Will you specialize in; tent, table, chair, rentals or will you be supplying bounce houses focusing on children’s parties?
You can start off small and expand as demand increases. You don’t want to start off with everything under the sun until you can get established and find out what’s in demand.
One very important aspect of this business is being on time. This may seem obvious, but imagine someone having a party and your 3 hours late because of a breakdown. Or you didn’t show up the day you were supposed to because your installer didn’t show up. Deadlines are important. Miss one and you have tarnished your reputation.
This is a fairly low-cost operation to run once you have purchased your inventory to rent out, and vehicles for transporting your customers. You can expand as the demand grows. You can get into booths for trade shows, themed party rentals, etc.
One type of marketing you want to look into is to market your products while they are rented. You can have cards, brochures where attendees can take one at the event. Naturally, you want to run it by your customer to make sure they are okay with it. Make sure this marketing is done in a tasteful manner.
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