Start a Party Rental Business

How do I start a Party Rental Business?

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Looking for more? Often, starting a party rental business is easier said than done. The planning and the details involved can be quite complex, and many wannabe business owners never manage to take the party rental business plunge successfully. Fortunately, while it’s easy to lose yourself in the details, taking care of the planning makes the process relatively simple and easy to execute. Then once you have grasped the fundamentals, you can divert your attention providing excellent customer services and make money. Have you always dreamed of renting out party equipment?  Maybe doing chair rentals, tent rentals or other party equipment? Are you on the fence? If so here’s a guide that can help you to pull that trigger finally:

1. Commit to Beginning with a Plan. 

You already have a great party rental business idea, but an idea is just that – an idea. Without full commitment or the conviction that you can actualize your ideas and overcome challenges and come out on top, chances are you won’t be able to launch your business. Starting an event rental business is a big commitment. Many people often fail or are intimidated by the significant amount of energy, resources and time required to start and ultimately grow a business. When starting a business, it is imperative that you commit your time, finances and everything else in order to help you realize your dream and help your plan come to fruition. You need to give your all and go above and beyond and keep going even when things seem harsh. Only through sheer commitment can you take a step forward and successfully start your party rental business.

2. Research Your Industry.

Without understanding the market, you can’t fully understand the customer’s needs and preferences. Tent rental business are different from chair rentals business and plate rentals business.  You can do all three if you like! Thorough research will be the foundation for your idea. An investigation will help you come up with a plan that provides a real-world solution to wedding and event rentals problems. For instance, if you find that many people want weddings that are outdoors, you can come up with the idea of starting a garden or outdoor party rental business.

3. Pick A Great Name. 

Choosing the right name when launching your party rental business can have a significant impact on your event rental business. Remember that you are dealing with weddings and wedding are all about love and fun. Therefore, you need a name that speaks to those positive feelings; a name that makes people remember the best day of their life. The right name could give you a competitive edge! Here are tips to help you name a party rental business:

• It needs to be catchy, fun and enticing.
• Avoid using a name that is hard to spell. You want people to quickly identify your business and share its name without having to struggle to spell it.
• Make sure your name is unique. Research on the name you want to make sure there won’t be any legal or trademark issues. Plus you don’t want to be guilty by association by picking a name that is associated with sleazy or weird stuff.
• Pick a name that you and your friends, family, and staff will be happy saying the name.
• Test the name you pick with prospective clients.
• It’s not taken already, use your city or area name in the business name.  That helps folks connect with you and improves your visibility online when people search locally.

4. Develop a Business Plan.

At this point, you may be looking to put together a party rental business plan.  While not necessary if you’re starting small you’ll find it useful to have clear direction as you scale up.  A business plan gives you an objective, a marketing plan, an idea of how you’ll manage your finances and even projections on when you plan on hiring more employees.   We recommend checking out Profitable Venture to see their recommendations for putting together a solid plan.

5. Insurance, Liability & Licenses. 

This is where many wannabe entrepreneurs often throw in the towel.  If you’re starting small then you probably won’t need much other than your equipment and, eventually, perhaps an insurance policy.However, as you grow larger and become more profitable the legalities of a growing business can be a pain. You need to get an Employee Identification Number, a business license and register your trade name. Note that legalities will vary from one locality to another as well as from one state to the next. Consider doing your due diligence on legalities in your locality and state to help you make the process less daunting. Ask your locality on the legalities required to start a party rental business.

6. Purchasing Equipment. 

It is better to under-buy your equipment than to over-buy. It is good to be ambitious, and there is nothing wrong with it, but your budget is the most important thing here. You should stick to it. Get the basics which include the folding tables and chairs and, if you can afford it, a party tent. With this, you are ready to go!  These are the most rented items. When starting an event rental business, you need to provide top-tier products and services in order to make a statement and give your startup a head start. The wedding industry is ever-evolving with different styles, and it is imperative that you provide products and services that are up to date or are timeless.

7. Marketing to the Public. 

To start a successful party rental business, you need to attract clients and make sure to leave a great impression. Therefore, you need to work on your marketing to continually attract and retain your clients. A great marketing strategy will even convert your clients to salespeople. Here are tips to help you market your event rental business:

• Make sure you keep your Eventlyst profile up to date, with plenty of details, and lengthy descriptions.
• Create a great website and learn as much as possible regarding search engine optimization. SEO has the power to put your business in front of people searching for party rentals online.
• Go on all social media platforms to promote your business. Social media is an excellent tool for marketing a party rental business. Moreover, it is also an excellent way to connect and engage with your current and prospective customers. You will be surprised by the level of loyal clients you can gain from social media marketing.
• Write a blog. Write engaging and informative content to help your target audience.  You can even post your photo shoots here for wedding inspiration and to drive traffic to your rentals!

8. Going Above and Beyond. 

Sounds easy right? It can be. Starting a party rental business shouldn’t cause you sleepless nights. However, your approach and attitude can be critical towards successfully launching your business. Are you stalling because you find it intimidating? Or are you just afraid of the unknown? Either way, you don’t have to feel overwhelmed. With the right tips and strategy, the road to starting your event rental business can be smooth and exciting. By combining a clear-minded approach with great products and services, you can start your business. Bottom line, never lose sight of why you want to start your business.