How to Start a Wedding Rental Business

What are the steps to start a wedding rental business?

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Starting a wedding rental business and want to set yourself up to have complete success? The industry is booming and there is plenty of money available for you to make, but you do need to follow certain steps and put a lot of effort into getting things started from scratch. If you develop a business plan that contains a list of ideas that you have and you are fully aware of what you will need to do to get all the equipment you plan to rent out to customers that are getting married, your business can eventually take off and do exceptionally well.

1. Get the Funding Needed to Get Started

When you are starting a wedding rental business, you need to have a certain amount of money available to pay for different expenses, including business permit/license applications, inventory, and other startup costs. While some people already have a decent amount of cash set aside to get their businesses started, not everyone has had the chance to save money. If you do not have any money saved, it does not mean that you cannot start a successful business. It simply means you will need to find other ways to get the funding you desire.

Several funding options are available. You can apply for a loan with the Small Business Administration. They offer various programs for entrepreneurs looking to do something they love. However, you can apply for working capital and loans from different lenders. There is even the possibility of applying for business credit cards with low-interest rates to purchase some of the equipment you are going to need to have to run your business and keep the customers happy. After you have figured out how you will get the funding needed to get things started, you may then move forward.

2. Obtain a Business License

If you want to legally run a business, you do need to have a license to do so. You can complete an application for a business license and permit with the Small Business Administration. There is a filing fee when filling out the application and the fee varies from city to city, so there is not one set price for everyone in the country. You can expect to pay as low as $50 or as much as $400 in filing fees. The amount will also depend on the type of business you are running. In this case, you are running a wedding rental business. You can register your business at this time with the specific name that you end up selecting.

3. Decide Where to Open Your Business

Figure out where you are going to open your business. There are a few things you need to consider before you choose a specific location. While you may want to open up shop in an area that is not too far from where you live, your main priority should be to open the business in an area that is highly populated with plenty of people that are in relationships or even engaged to one another because those are the people that are going to need to use your services at some point. Not only do you want to open the business in an area where you can easily reach your targeted audience, but you also want to open up in an area where you do not have to deal with a lot of competition.

If there are already a few wedding rental businesses in the area, you should try to look elsewhere. Running a business is challenging enough and the last thing you should have to deal with is a lot of competition that keeps you from bringing in a lot of the customers. When you have less competition, you can get more customers, make more profit, and eventually reach the business goals that you are setting for yourself.

4. Find the Right Location to Open Your Store

Even after you have decided on the right neighborhood to open your store, you will need to think about where you want to put it. Look online or in person at different properties that are currently available for rent. You could lease a space in an area that is frequented by shoppers to grab the attention of potential customers. It is even more convenient if you can lease a building that is not too far from a bridal gown shop because then you can attract women that are getting married in the coming weeks or months. The right location can make such a difference for you when it comes to bringing in a steady number of customers each week.

5. Get More Details on the Competition You Will Have

Find out what kind of competition you are dealing with ahead of time. You may find out that there are a few other wedding rental businesses operating within the city, even if they are not in the same neighborhood. You want to pay attention to what they are doing and how they are advertising. You should never copy the competition, but you should want to make sure you are offering more to the customers and providing them with better rates because that is how you are going to get several steps ahead of the competitors. Even if a business has been around for a while, you could end up with some of their customers simply because you have more to offer and your prices are great.

5. Come Up With a Creative Name For the Business

You do need to come up with a creative and unique name for your business. Think of something that sounds good and is memorable enough. If you choose something that sounds a bit off or is simply too long to remember, people are going to forget it too quickly, and that is going to work as a disservice for you. If you feel a bit stumped and are not sure of a good name for the wedding rental business, ask some of your loved ones to help you come up with suggestions. After coming up with a few good ideas, you may then want to ask your loved ones to help you choose between those different options before settling on a specific name for the business that you are going to start.

6. Decide What Types of Items to Rent Out to Customers

You are going to need to create a list of all the different products you are going to offer to your customers. Pay attention to wedding trends now that you are starting a wedding rental business because you need to know what is in and what is not currently in for most brides and grooms. You should cater to the needs of all different types of customers by offering a huge selection of items for them to rent from you and use during their wedding receptions and ceremonies.

Some of the great items to consider purchasing and then renting out to your customers for their special moments include:

• Protective party tents
• Various wedding arches
• Artificial flower vines
• Floral backdrops
• Chairs in different colors and materials
• Tables
• Chair sashes in different colors and styles
• Assorted table centerpieces
• Plastic decorative plates
• Ceramic decorative plates
• Assorted cutlery
• Balloon arches
• Pedestals

While these are some great items to have available for brides and grooms to rent, there are hundreds of other great items to consider investing in for your wedding rental business. The more options that you have to offer, the better chance you have of getting a lot of customers because they want to rent out certain items that you can offer them.

7. Buy Inventory in Bulk to Save Money

If you want to save money and get the best possible return on the investment you are going to make, you should buy most of your products in bulk. Of course, this does require finding certain wholesale suppliers that provide high-quality products at great discounts. It can take a few days of researching these different companies before you find the one that you are going to go with, but you should know that there are many great wholesale suppliers out there that are willing to work with their customers. If you build a good relationship with these suppliers, they are often even more willing to provide some deep discounts to keep you coming back for more items.

8. Get the Necessary Insurance

If you are going to have a business where you are renting out different types of equipment, you should certainly have insurance just in case something happens. You do want to make sure that customers understand they will be held responsible for damages that occur to the items that you rent out to them because you do not want those items to come back damaged. However, having additional insurance is a great way to protect yourself and your business.

Different types of insurance are available. You can look into the options that will fit your needs best, such as risk insurance or even liability insurance. It is going to take some time to do research on different insurance companies and the plans they offer, so do not feel like you need to rush into making any major decisions. Simply spend some time researching the policies and the premiums to figure out which plan is best for you to have for your business.

9. Start Advertising in Different Ways

Advertising is the key to getting people to know your business is open. You want people to know when you are opening, but you also want them to know what you have to offer because they might need something from you. There are plenty of couples that are going to get married and they could come to you to rent certain items out instead of paying for those items. They will come to you when they want to save money and get great deals on the things that they truly need to have for their wedding ceremony and reception.

You should advertise both online and offline. When marketing your bwedding rental usiness online, you can pay for advertisements to appear on sites like that Facebook that bring in millions of users each day. However, there are free ways to get more exposure online, too. You can simply create accounts on Instagram, Facebook, Twitter, and other social sites and begin posting content here and there while explaining what your business is all about and what you currently have available for people to rent out. You can include images of the rentals, price lists, and more. Simply being active on social media and engaging with followers could help you get the exposure you are looking for.

Using social media is not the only ways to successfully get more traffic. You should have a site that is optimized with fresh content, includes great photos of products you have for rent, and details about the services. If your site is optimized, it will show up higher on the search engines and people will find the site a lot quicker.

When advertising offline, you can hand out business cards, attend bridal tradeshow events, pass out flyers, and even purchase a print advertisement in the local paper. Think of different ways to advertise your business because it is important for you to attempt to reach as many people as you possibly can. Even if someone sees an advertisement and does not need the services you provide, they might know someone who could use those services, thus referring that person to you for assistance.

10. Get Your Startup Going

Starting a wedding rental business may be something you have wanted to do for a long time. If you feel like it is the right time to start your own business, you can follow the various steps mentioned above to get things started. Always make sure to create a business plan outline that you can follow to keep track of what you have done so far and what you will still need to do before officially opening your business to the public. When you put forth the effort each day and work toward reaching each of your personal goals, you will eventually have a wonderful business that does well.