Starting an event rental business can be a great way to make money by providing equipment and supplies for corporate events, weddings, parties and other special occasions. Here are some tips on how to build a successful event rental company.
Research the Market
Before launching your business, research the local event rental market. Find out how much competition there is, what services and products they offer, and what their prices are. This will help you identify gaps or niches you could fill with your own event rental offerings. Examine event trends and identify the types of equipment and services that will be in high demand.
Develop Your Product/Service Offerings
Based on your market research, decide what types of party and event rentals you will provide. Typical offerings include tables, chairs, linens, tents, stages, audio/visual equipment, dishes, glassware, cooking/serving equipment and more. Consider niche rentals like photo booths, games, inflatables or specialty lighting to differentiate yourself. Provide complete packages and à la carte options to accommodate different customer needs and budgets.
Source Rental Inventory
Outfit your inventory by purchasing high-quality event rental products at wholesale prices. Sources include specialty rental supply companies, used equipment auctions and manufacturer overstock sales. Buy products that are durable, easy to clean and transport, and align with current décor trends. Look for the latest designs from commercial inflatable manufacturers to add to your inventory and keep customers returning. Focus your initial purchases on versatile, generic items with broad appeal.
Secure Adequate Storage Space
You’ll need ample secure storage space for your rental inventory when it’s not rented out. Options include large rented warehouse spaces, portable storage containers or an outdoor fenced lot. The space should allow room for organizing, cleaning and maintaining the rental items when not in use.
Offer Delivery and Setup Services
Provide delivery of rented items to customer event locations as part of your offerings. You’ll need box trucks, vans or trailers large enough to transport bulky items. Staff should be available to set up and install the items on site. These services provide added convenience for your customers.
Market Your Rental Business
Promote your new event rental business through online and print advertising. Reach out to corporate event planners, wedding vendors and party hosts. Attend local bridal shows and events for small businesses. Partner with complementary vendors like caterers and event venues. Use social media and your website to showcase photos of your rental inventory and past event set ups.
Establish Efficient Operations
Create systems and procedures to keep your business operations running smoothly. Maintain organized rental inventory with a database and tracking methods. Institute cleaning, maintenance and restocking processes. Implement online or software systems to manage reservations, billing and scheduling. Hire reliable and professional staff to handle client interactions and day-to-day operations.
By following these key steps, you can build an event rental company to profitably serve the equipment and décor needs of special event planners and hosts in your area. With hard work and smart business practices, you’ll be on your way to success in this industry.