event equipment rental business plan

Quality of Products You have to make sure that quality passes the regulatory standards so you can avoid crippling lawsuits in the event of accidents. Plus, quality products last longer and they come with a manufacturer’s warranty. Affordable Pricing There are hundreds of vendors that offer party rental equipment at wholesale prices. You can take your time and visit each one of them to compare their pricing. However, you also need to factor in the transportation costs and shipping time. For example, ordering equipment directly from a manufacturer from a foreign country when the same equipment is available in your area for a slightly higher price may not be a smart idea. Because when you add transportation costs and wait time, you may break even. Line of Credit Some vendors work with party rental companies. Let’s say you bought 10 tables and chairs from a vendor, but do not have enough cash to procure a dance floor. In that case, reliable vendors can give you a line of credit to purchase the equipment at that moment with the option of paying later.

Additionally, you need to determine how much equipment you need for your party, which will directly depend upon your target population.

In other words, with only $25,000, you may not be able to cover mega parties or events. Here is a convenient calculator to determine how much tent or space you need to accommodate a certain number of people.

6. Safety and Insurance

Your business plan must include safety and security procedures before operating as a business.

Safety refers to the safety of your staff and customers, while security refers to keeping and maintaining your party rental assets in good condition.

Let’s talk about safety first. You need to make sure that your party equipment is safe for the public.

For example:

In the United States, the Consumer Product Safety Commission found that inflatables alone caused more than 113,272 injuries in the ten years that required emergency treatments.

So, we suggest you develop strategies to mitigate similar risks while developing a business plan.

In the planning phase, you must consider the following components to ensure the safety of people who come into direct contact with your business: Here is how you can get your party rental business insured.

– Always buy safe and quality equipment and supplies. – Do regular check-ups and maintenance on equipment to avoid potential flaws and risks. – Create safety and user-agreement forms for customers to sign so you can take some of the responsibility off of your shoulders. – Provide user manuals for clients so they could handle the rental equipment properly. This tactic will protect your clients from injuries and your equipment from damage.

Proper insurance is also essential to protect your valuable party rental equipment.

When you purchase a business owner’s policy (BOP), it covers everything from damaged equipment to employee or customer injuries. However, BOP will not cover health and disability insurance, worker’s compensation, professional liability, or auto insurance. Therefore, you need to purchase additional policies to cover those things.

As far as pricing is concerned, the following are the average prices that small businesses in the United States pay for various insurance policies.

General Liability: $50 per month or $600 per year Business Owner’s Policy (BOP): $99 per month or $1,191 per year Commercial Property Insurance: $63 per month or $755 per year Business Interruptions Insurance: between $40 and $130 per month Commercial Auto Insurance : $142 per month Worker’s Compensation Insurance: $47 per month

Please note: We obtain these insurance rates from Insureon.com , and the rates may vary depending on the region or country.

Chapter 5 of the series will discuss the various types of insurance in detail and teach you how to select a reliable insurance company.

7. Preparing a Business Model

We recommend operating your party rental business under a solid framework or business model. Your business plan should outline the key processes and tactics you may use throughout your business.

There are four primary types of business models: Business-to-Business (B2B), Business-to-Consumer (B2C), Consumer-to-Business (C2B), and Consumer-to-Consumer (C2C) business models.

Most party rental businesses utilize hybrid business models, including B2B and B2C models. More specifically, you will be offering your party rentals directly to consumers and businesses.

Tactics for Your Business Model:

Research your competitors.

Some people make mistakes by targeting smaller towns. Because they fear that bigger towns or cities already have several party rental businesses, and it will be tough to compete against already established companies. However, that is the wrong mindset.

First, you should find your competitors and start studying them in detail. To find them, google the keywords such as “Party Rental Businesses in [name of your location].” Once you list them all, you can continue with the following:

Find Weakness of Your Competitor

Please make a list of the party rental companies in your area and read their reviews to study their weaknesses and use the results as leverage to win new customers. For example, if George’s Party Rentals offers outdated inflatables and unattractive decorative items, you should employ your creativity and procure more innovative and creative party rental equipment.

You can take our word for it. Suppose your business offers attractive designs, safe equipment, and creative supplies at an affordable price. In that case, you will easily divert the attention of potential customers to your business by utilizing effective marketing strategies.

Conducting a Cost-Benefit Analysis

The numbers speak for themselves. If your party rental business does not seem to be profitable in the numbers, then it is more likely to be unprofitable in real life. Thus, do a thorough cost-and-benefit analysis in the business plan.

Calculating your costs and subtracting them from your potential revenue will allow you to determine your potentials more accurately. We do not want to price our equipment too low, as it may lead to too much usage without any profits. We also do not want to price our rental equipment too high; it may scare off potential customers.

Incorporating Technology In Your Business Model

It is essential to select party rental software in your business plan. The software will help you get going and achieve optimal growth in a short period by streamlining or automating time-consuming manual processes.

Did you know that online booking systems increase sales by about 37%? Plus, having reliable software solutions will help you manage your inventory more efficiently and track the movement of your party rental equipment.

When you select rental software for your party rental business, make sure that the software solution enhances the following qualities:

Increase User Experience

Reliable party rental software should allow your customers to reserve spots or book party rental equipment in the comfort of their home by paying with popular payment options such as Visa, MasterCard, PayPal, Stripe, Square, Authorize.net, and others.

Boost your Online Presence

We strongly advise focusing on online activities used by 4.66 billion people or 59.5 percent of the world’s population. That means you need to set up your business website and establish reliable online communication channels to serve online traffic needs.

For example, Reservety’s Party Rental Software helps you create professional websites. Even if you already have an existing domain, you can easily connect it to your new website.

Additionally, the software provides a built-in communication system, through which you may send emails to potential buyers, notify customers of due payments, view customer history, and send out surveys and feedback to customers

Stay Productive

Before starting your business, it is essential to know how to organize your equipment and keep track of them.

A handy way is to do is to employ a rental software like Reservety in your technical firepower

We recommend using a system to keep track of your inventory stocks and booking in real-time.

It is where Reservety can be your Powerball! At the end of the day, you want all-around productivity and time saving so make sure you take it as a critical and priority aspect for the success of your rental business.

Assistance with Marketing

Good marketing is a gateway to business success. Therefore, the right software should have the tools to create coupons, promotions, and discounts. It should also help develop marketing programs with precise reporting tools, website popups with special offers, social media integration, and upselling and cross-selling abilities.

This is all we have in planing the party rental business.

Go Read Our Part2 of the Series of How to Start a Party Rental Business.

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How to Start a Party Rental Business

If you’ve ever thrown a large-scale party, planned a wedding, or been in charge of a large corporate event, then you may already have experience in renting party equipment, like tents and tables. Starting a party rental business of your own will mean you can help other party hosts find the equipment they need. If you have great organization skills and an awareness of the types of equipment needed, you’ll be well-suited to running this type of business. Plus, if you love throwing parties and have creative ideas, you can make suggestions to increase your sales while helping hosts create unforgettable parties.

Business Overview

Party rental businesses offer a large volume of expensive supplies that are must-haves for larger parties. These are supplies that occasional party hosts couldn’t justify buying themselves, like tents, bounce houses, inflatable slides, chairs, tables, lighting, decorations, linens, and more. These businesses often have a comprehensive inventory of items for a host to choose from, allowing a customer to do nearly all of their supply shopping from one business.

As part of the rental service, a business will deliver and often set up the equipment. After the event, pickup is also included in the rental cost, though some customers may choose to pick up and drop off smaller pieces of equipment.

Industry Summary

From 2013 to 2018, the party supply rental industry has undergone steady growth. According to IBIS World, the industry experienced an annual growth of 4.5 percent during that time, and the number of businesses increased to 12,583. Industry employment also increased to 54,606, and in 2018, the industry brought in $6 billion in revenue.

The industry’s growth correlates with the increase in disposable income and corporate profit from 2013 to 2018. With more disposable income and profit, more people and corporations host parties and events, and they’re more likely to make those events larger and rent more party equipment as a result.

Industry Trends

According to Current, several major trends are currently shaping the event rental business industry . Event hosts are increasingly turning to new, creative, and non-traditional venues. These non-traditional venues can include barns, warehouses, lofts, and different outdoor settings. They give rental businesses a chance to create setups that are unique and work with these different settings.

Party hosts are also increasingly focused on sustainability. Party rental businesses can embrace this trend by replacing plastic tablecloths with cloth ones, supplying energy-saving lights, and even using electric delivery vehicles to cut back on fuel use.

With the constant development of technology, there’s always a demand for the latest technological party equipment, like lighting and AV supplies. Rental businesses that can clear out old equipment and invest in new technological equipment will probably see more bookings than companies that have outdated equipment.

Related Industries

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Target Market

The target market for a party rental business will depend on the business’s area of specialty if there is one. Businesses may specialize in wedding, birthday party, or corporate event rentals, and each will have a different target market. Some businesses take a more general approach or choose to offer products for each specialty area to appeal to a wider potential market. Businesses may market directly to people who are throwing these parties or market to event venues and event planners or managers.

Checklist for Starting a Party Rental Business

If you’re thinking about starting your own party rental business, there are a few things you should keep in mind. Here is a checklist of the essentials to get started.

Step 1: Write a Business Plan

After coming up with the idea, the next step in starting your business should be to write a business plan. Writing the plan forces you to consider and research important aspects of the business, such as who the competitors are and what makes your business different, pricing, and whether the business can be profitable. Not only will a bank require you to have a business plan, but multiple studies have shown that a business plan helps increase the odds of starting a successful business.

Related: How to write a business plan

Step 2: Form a Business Entity

A business entity (also referred to as a business structure) refers to how a business is legally organized to operate. There are four primary business structures to choose from, which include the sole proprietorship, partnership, corporation, and Limited Liability Company (LLC). Each type of entity has its own pros and cons, such as liability exposure, costs, and administrative requirements.

When deciding on which business entity is best for a party rental business, it normally comes down to the sole proprietorship and Limited Liability Company.

A partnership opens the owners up to unnecessary personal liability because if a partner does something to get the business sued, or runs off with cash from the business, the other partners are personally liable to repay. The corporation can be a good choice to minimize liability risk because it separates the business assets from the owner’s assets. If the corporation is sued or certain business debts can’t be paid back, the owners aren’t personally responsible to repay them. The downside to the corporation is that it is more complicated than all the other entities and requires more administration than the LLC. If you plan on raising a lot of investment though, the corporation is usually the better choice.

That leaves the sole proprietorship and LLC.

The sole proprietorship is the least expensive and easiest entity to start which is appealing. The downside is that the owner is personally liable should anything happen to the business, which is an important consideration. The LLC offers the ability to operate as a sole proprietorship with the liability protection of a corporation. Depending on the state, the cost to form an LLC runs from $40 – $500, which is pretty inexpensive for protecting the owners from business-related lawsuits and certain debts.

Related: Guide to forming your LLC

Forming an LLC sounds complicated and expensive, but using an entity formation service guides you through the process so you know it was done right.

IncFile - $0 plus state fees & free registered agent for 1 year!

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Step 3: Name the Business

Finding the perfect business name can be challenging. Not only does the name have to resonate with your customers, but it also has to be available to use.

Step 4: Select your Location

A rental business will need a physical location to store equipment, and customers may also place orders or even pick up smaller supplies at this location. Because of the size and volume of a business’s inventory, it may be necessary to rent a large building or even a small warehouse, expensive. Exact rental costs will depend on the building’s size and location.

Related: Choosing a business location

Step 5: Register for Business Licenses and Permits

There are no licenses required specifically for party rental businesses; however, there are general business registrations, such as a business license, sales tax permit, Employer Identification Number (EIN), and Occupancy Permit, among others.

Step 6: Find Financing

Coming up with a good business idea and having the skills to run it are one thing, but getting the funding to start a party rental business is another. Funding to start a party rental business can be difficult. In order to get a loan, the borrower(s) will need to have good credit and be able to personally invest 15-25% towards total start-up costs.

Step 7: Open a Business Bank Account

Keeping your small business and personal finances in separate bank accounts is important to track the income and expenses of your business and identify trends. Many banks offer free business checking accounts, so be sure to find a cost-effective option for your business.

Step 8: Get your Marketing Plan in Place

Party rental businesses rely on active marketing to bring in new customers, especially since customers may only throw occasional parties, so repeat customers result in only occasional repeat business. Marketing can include print marketing, direct mail, radio, online marketing, social media platforms like Pinterest, Instagram, and Facebook.

Networking is an important element in a party rental business’ success. Establishing and maintaining connections with local event planners and event venues can bring in new business and open up new opportunities

Every business is going to need a logo. Make a professional logo in no time with the free logo makers from BrandCrowd and Canva .

Step 9: Get Business Insurance

There are several types of insurance to consider when starting a party rental business. A few of these include: – General liability insurance protects the business if customers or event attendees are ever injured because of the rental equipment. This insurance can cover costs like legal fees and will generally be required when setting up events for corporate and municipal customers. – Commercial auto insurance covers the expenses, like legal fees and medical bills, that can occur if a company-owned vehicle is ever in an accident. – Worker’s compensation insurance helps to cover expenses like medical bills or lost wages if an employee is ever hurt while on the job.

The cost of insuring a party rental business will vary depending on many factors like the location of the business, the value of its inventory, and the number of employees. To get the most accurate idea of what insurance will cost, request quotes from multiple insurance companies. When comparing the quotes, be sure to think about factors like coverage limits and exclusions, premiums, and deductibles.

Step 10: Hire Employees

A business will need at least a few employees to take and prepare orders and to deliver and pick up equipment. According to Payscale, sales clerks make a median rate of $10.27 per hour, with some clerks earning up to $14.82 per hour. Payscale also reports that delivery drivers earn a median income of $14.32 per hour, with some earning up to $21.58 per hour.

In addition to budgeting for salary expenses, a store’s budget also needs to include worker’s compensation insurance, paid time off, and health insurance contributions for employees.

Related: Hiring your first employee

Step 11: Set up an Accounting System

Setting up an accounting system is critical to the long-term success of your business.

Staying on top of taxes not only keeps the business out of trouble with the government, but the numbers can be used to track and monitor trends and cash flow in the business and maximize profits.

The thought of accounting can be intimidating for a lot of new entrepreneurs. There are a number of ways of handling bookkeeping, from DIY to hiring a bookkeeper. These include: - Pen and paper - Low expense, but difficult to track. - Spreadsheet - Low expense, but easy to make errors. - Accounting software - Medium expense, but owner typically inputs expenses. Some great accounting software programs include Freshbooks or Wave Accounting. - Hire a bookkeeper - Higher expense, though very affordable at $100-$200 per month in most cases. A dedicated bookkeeper will probably save money because, in addition to handling all of the bookkeeping (so you can focus on the business), they also provide personalized tax advice and ensure the business is in compliance. Find bookkeepers in your local area or use a service like 800Accountant .

How much does it cost to start a party rental business?

Because party rental businesses require large amounts of inventory, starting these businesses requires a significant initial investment. To keep costs down, try focusing on a certain specialty, like inflatable toys for parties or supplying just decorations for weddings. Expect to spend about $25,000 to start up a smaller, specialized business, and as much as $300,000 or more for a more extensive and comprehensive supply business.

Some common startup costs include: – Rental inventory such as party tents, chairs, tables, etc. – Delivery truck – Tables and chairs – Party rental software – Supplies, like cleaning equipment – Signage – Working capital to cover the first few months of payroll, lease, insurance, marketing, etc.

How much can a party rental business owner make?

Data on the specific income you could expect with a party rental business isn’t available, but keep in mind that your income will depend on many factors. A smaller business intended for backyard parties won’t bring in the same income that a larger business that caters to weddings and corporate events might see.

It’s important to realize that the party rental business can fluctuate, especially since it’s closely tied to disposable income and overall economics. This can also be a very seasonal business, with events occurring more frequently around the holidays or during times of good weather. Branching out into multiple event types, such as corporate holiday parties and weddings, can increase your bookings, but it also means that you’ll need to invest in and store more equipment.

What skills are needed to run a party rental business?

While you won’t need a business degree to start a party rental company, certain skills and experiences are useful and can increase your business’s chances of success.

Understanding of party and event trends. A party rental business owner needs to have their finger on the pulse of party and event trends. This awareness can help to keep a business’ inventory current and appealing to potential customers.

Party planning experience. While not a requirement, a business owner with party planning experience can better understand the target audience and the challenges and pain points they face.

Knowledge of party equipment. Strong knowledge of party equipment, from AV technology to tents to folding chairs, will allow a business owner to identify the types of equipment that will be most in demand and to wisely make inventory purchases.

Customer service skills. Great customer service skills are important, especially since emotions can run high around special events. A business owner needs to be able to communicate clearly and quickly solve problems.

Organization skills. With large volumes of inventory, being organized is important in keeping track of supplies and in preparing orders. Attention to detail is also highly important.

Networking skills. Networking is essential in this industry since connections with event planners, business owners, and event facilities can lead to potential bookings.

Management experience. Nearly any party rental business will require multiple employees, so experience in hiring, training, and managing staff is valuable.

Are there grants to start a party rental business?

It’s extremely rare to find a grant to start a party rental business. If you search for business grants, you will come across a lot of scams and misinformation. Occasionally an organization will offer grants to start a business, however, be skeptical and don’t provide any sensitive personal information or pay money to get more information.

Legitimate federal grants can be found at Grants.gov , and you can check on your state’s economic development office to see if they have any grants available.

What is the NAICS code for a party rental business?

The NAICS code for a party rental business is 532299.

The NAICS code (North American Industry Classification System) is a federal system to classify different types of businesses for the collection and reporting of statistical data.

Related: What is a NAICS code?

Resources: American Rental Association

131 Cool Party Rental Business Name Ideas

What Types of Insurance Does a Party Rental Business Need?

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Published on Nov 26, 2021

A full guide on how to start a party rental business

Written by Eliisa L.

The party rental industry has been a whirlwind these last two years. Since lockdowns and social distancing were enforced, the whole party scene disappeared overnight.

But now that restrictions have eased up, people have begun to embrace partying again as they gather together to socialize or converse. It's easy to see why: parties have existed since the dawn of man, and people will always seek to gather together when an opportunity for celebration arises. Whether it's a wedding, a birthday party, or a corporate event — there's always a good reason to throw a party!

So, starting a party rental business isn't a bad idea since the global economy is recovering and events are popping up left and right.

The party supply rental industry deals with providing the necessary resources for a particular party to be successful. This can include the rental of event venues such as a building or room space, chairs, tables, tents, cooking, and sound equipment. These equipment are either rented by organizations or individuals for the success of their event.

This detailed article will provide a complete guide on starting a party rental business and running it. Keep reading and start your company in this massive and trending industry.

Create a party rental business plan

When starting a party rental business, it would be wise to go with what you know. So, if you, for example, worked as a wedding receptionist at one point, maybe you should start a wedding rental business as you already know how the industry operates.

Let's go over what starting a party rental business requires, a few different business types, and then explore some of the essential steps to launching your business – including understanding the market, identifying competitors, and forecasting inventory costs.

Different types of party rental businesses

Before we get into how to start a party rental business or an event rental business, we understand that a bit of inspiration would be helpful. There are as many party rental business niches for every type of event and need out there. A few of these include:

Event planning and production companies

While the core business might be on the event planning and design side of things, an equipment rental business can provide a solid secondary income source.

There are several types of event production companies, some focusing on corporate events and some on private parties. Either way, if you have found it difficult to find equipment suppliers to match your needs, you might be on the verge of something. There are likely more people who have struggled with the same issues.

So, why not expand to the rental business?

Wedding rental business

Many consider a wedding the most important day in a romantic couple's life. So, it's no surprise they need some help making it all happen. Don't get all lovey-dovey on us, though; this is a seriously lucrative market that new business owners always try to break into.

To be in the wedding rental industry, you don't necessarily have to be able to offer hundreds of seats and tables. It could be as simple as providing decorations for different styles, including boho decor, lighting, dry flowers, table centerpieces, and all that stuff that might seem pointless to buy for that one day.

You can quickly start building your business up from there by doing a little research on the most popular wedding styles and venues.

AV Equipment rental business

Yet another profitable rental business you can start. One advantage of this business is that people will always need your services as long as there are events. Since AV equipment is so expensive and only necessary once in a blue moon, local event planners and individuals prefer to rent than buy.

Again, this is one of those industries that doesn't necessarily mean that you have to have the biggest sound systems or latest camera equipment; you can also start small and offer smaller speakers, mic setups, and smoke machines and build your way up.

This is also an ideal business model if you already own many of these things, whether because of your hobbies or something else. So while you're not using your equipment, you can just rent it out and ensure you're getting your money's worth of your investment.

Bounce house rental business

Bounce house rental businesses are becoming increasingly popular, especially among parents of young children. These businesses provide inflatable bounce houses for rent, often for birthday parties or other events — private or public.

They are usually staffed by one or more people who set up the bounce house and supervise it during use. Many bounce house rental businesses also offer other inflatable products, such as slides and obstacle courses.

Whether you're looking to add some excitement to a kids' birthday party or want to relive your childhood at a variety of events, a bounce house rental business can provide hours of fun for all ages.

Kitchen equipment rental business

It isn't a party without any food, right? One key tip to keep in mind with this particular business is that less is more. Rather than buying every kitchen equipment and utensils, only buy the essentials that most clients are asking for. Otherwise, you risk collecting useless inventory.

These are just a few different party rental business types. Other ones that have been gaining popularity recently:

Event venues

Catering companies

Photobooth rentals

Glamping and tent rental services

Seasonal event rentals (e.g., Christmas decorum)

Birthday decoration rental services

Do market research

A party rental business is a simple business idea that can make good money, especially when done full-time. As much as you can dive in headfirst by buying equipment and advertising your party rental company, it would be wise to understand how the industry works. This includes:

You can't forget that no successful party rental business can operate without a solid business plan.

Despite a lucrative industry, you might not get the best out of it without proper market research. The best way to do this is to determine who requires event rental services and define your target audience.

Since this is a diverse industry, your target market might be found in the most unexpected places like sports organizations, prominent business people, religious organizations, and cultural centers, to mention a few. Market research will help you establish clients' different preferences and needs and offer the best services for your potential customers.

→ Get started with our guide to financial planning and budgeting .

Identify your main competitors

As mentioned earlier, this is a fast-growing industry with a lot of demand. It will have an influx of rental businesses that operate in your area. Find out who your main competitors are, what they're doing, and what makes them successful – this will also give a pretty good idea of what kind of demand there is for different services.

If you're just starting and there's a prominent competitor in your area, don't be discouraged! Having already successful rental companies within reach can prove to be beneficial for you. Since they're already attracting potential customers to your area, or if people are already searching for similar services online, you can almost piggyback off of their visibility, so identify what's missing in their offering or services and do it better.

Establish a legal entity for your business

You've four main choices when deciding how to run your business legally. They are listed below. Note that there are differences in the business entity legislation from country to country. So, consider these more general guidelines, and at the end of the day, always rely on your local authorities. That being said, let's move on.

Partnership

Corporation

Sole proprietorship

Limited Liability Company (LLC)

Each of these structures has its pros and cons. But which business structure is best for a party rental business?

A business partnership is a good choice if you start a business with someone else. However, this form of a company makes you financially responsible for your partner's actions.

A corporation can be a good choice for some businesses because they separate your business assets from your personal property and assets. However, this business structure is far more complex to set up and maintain.

So, this leaves you with two of the more common options that party rental business owners typically choose: sole proprietorship or LLC.

Setting up as a sole proprietor is easy and inexpensive. However, if anything happens to the business, you are personally liable. So think this through carefully.

However, setting up a limited liability company (LLC) protects your personal assets in the event of any business problems or debts. This liability protection makes LLCs a good choice for party rental businesses.

Register for taxes

Before opening your own party rental business, you must register for state and federal taxes. You'll need an Employer Identification Number (EIN) to do this. These are easy to access through the IRS, via their website, phone, or mail.

Otherwise, it's essential to register your details because running a business in some states means you'll need to pay sales tax.

Depending on which legal entity you choose, you may have some options about how you are taxed. You can read more about this on the IRS website.

Set up a business bank account

You should always have separate bank accounts for your business and personal spending. There are a few good reasons for this, but primarily it:

keeps your personal assets protected

helps you accurately track your business account

doing your taxes is much easier

Some new business owners make the mistake of not having a separate bank account. But it's vital to do, especially if you want to build up business credit to help with cash flow or eventually secure expansion loans with low-interest rates.

Party rental business insurance

To ensure long-term party rental business success is to get insurance.

General liability insurance : This type of insurance helps protect you and your business from third-party claims of bodily injury or property damage. Accidents can happen due to the typical environment and risks involved in party rentals. So, general liability insurance is essential.

Worker's compensation insurance : Setting up parties and building event venues happens in an environment where something can always go wrong – no matter how careful you and your employees are. Therefore, you will need an insurance policy that protects your workers in case of accidents.

Create a party rental website

Having a website is essential to reaching your target audience effectively. Without an online presence, you miss the opportunity for local search and digital marketing opportunities, which are some of the best ways to boost brand awareness.

Unlike selling and the linear business model, the rental industry requires tools and processes to support the business with bookings, inventory management, and payment-related aspects, like deposits.

Luckily, these days there are user-friendly website builders with all the features you need to build a professional-looking website via drag-and-drop interfaces. You don't necessarily even need a separate website builder and hosting because Rentle provides small businesses with a ready-made rental website . It's easy to customize, SEO optimized, and comes with an integrated online booking calendar and payment processing – everything in one platform.

However, if you prefer another website builder, check out Squarespace —it makes beautiful building party rental websites super easy.

What makes a great website?

A good party rental website must deliver relevant information effectively, be visually appealing, and function flawlessly. Your website should have straightforward navigation and structure , as these aspects lay the foundation for an overall good user experience .

Furthermore, ensure your website has high-quality photos to give your customers a sense of feeling of the events you have arranged, compelling copywriting , transparent pricing details, and clear contact information. To increase online sales, you should also keep the checkout of online bookings as straightforward as possible.

→ What makes a good eCommerce website

Because the inventory moves circularly, rather than linear like in retail, it's a more complex process that requires rental-specific tools, which usually cannot be found in traditional e-commerce platforms.

You can start by integrating party rental software into your website to make managing your bookings easier. In the long run, investing in software that is made specifically for renting will ensure that you can have a real-time inventory management tool that will help avoid double-bookings, have inventory-related analytics, offer your customers the option to pay in advance, set up deposits to prevent monetary loss, and so on.

Marketing plan

You'll need to plan your marketing efforts and advertising strategies to get your business off the ground and running. Party rental businesses can take several approaches here, but below, you'll get some ideas of the most cost-effective tactics to acquire new customers.

Pay-per-click (PPC) ads are a great and cost-effective way for small businesses to promote their products and services. With a little effort, you get a massive reach, and the best part is that you don't need to spend a ton of money to get great results.

Different ad platforms offer various possibilities to reach your customers when and where they are ready to do business with your company. These platforms use their knowledge of your audience's demographics, interests, and geographical location to deliver your ads to the people they think are the most interested in your products and services.

You can, for example, deliver ads on search engines when people type in specific keywords you target or create custom audiences on social media platforms whom to target with more creative messaging.

→ Here's why and how you can get started with Facebook ads

Partnerships

Partnerships are a great way to find synergies between companies that complement each other's offerings. For example, a party rental business can partner up with a catering company to extend the offering and make it more convenient for the customers as they can book everything they need from one place.

Social media marketing

We live in the day and age of social media. Whether advertising on different platforms or generally just sharing your customers' experiences and what your business has been up to, it's the easiest way to stay in touch with your current and potential customers.

Having a community in business means that your brand is already established, and you have loyal customers who will buy your services anytime they need to. However, the main challenge is building that community.

One excellent way is by making the best out of your social media platforms. Using social media to connect with your customers or share experiences from your work is bound to attract followers and potential customers.

At the end of the day, people want to know the people behind the brand and are interested in seeing how everything works behind the scenes, so don't be afraid to get up close and personal with your content.

Search Engine Optimization

People search for information about local businesses, services, sights, and experiences online. The key to success in SEO is to understand people's search intent.

Search engines are likely the first place where people start finding information about companies that offer event planning and rental services in their area. As party rentals are local companies by nature, you must optimize your website and other online touchpoints for local searches .

If you need more ideas and inspiration to market your business, check out the 12 digital marketing strategies that every business owner should know .

How to choose the right rental equipment for your party rental company

No one gets into this business with expectations of closing it down shortly. We all hope our businesses will keep climbing to greater heights.

And it is for this reason you should be keen when selecting the equipment you will be renting, whether it's chairs, tables, sound, or cooking equipment. Remember: It's an investment. You don't want to go back and buy the same thing just a few months after you initially bought it.

While there are many things you should consider before investing in a piece of equipment, here are some main factors you should keep in mind.

Product demand and fit

This is the first thing you have to mind. Since this is a business venture, you should only buy equipment that will increase your party rental business's profitability.

Depending on what kind of party or event rental business you're running, your products' demand might highly depend on trends and seasonality.

The location also has a lot to do with your offering. If your customer base is located in the heart of the city and needs to rent out a space for an event, they'll most likely need basics like matching chairs and table sets, canopies, cutlery, and decoration.

If you operate in the suburbs, your customer base is more likely to own some of the things they might need but still be on the lookout for something special, like themed decorations, inflatables, sound systems that fit a festival, and so on.

As mentioned earlier, you are in business to stay, so whatever equipment you need in the company should be durable. You don't want to buy chairs and tables that will break during the first party and disappoint your customer's guests.

Since, occasionally, parties tend to get rough, you'll need equipment that can withstand day-to-day wear and tear. Ask yourself: will this equipment handle the test of time and grow with you? Is it futureproof? These questions will help you pick gear that will serve you for a long time and give a lot of value for your money.

Maintenance cost

An essential part of running a rental business, especially if we're talking about small companies just getting started in the party rental industry, is managing the inventory. Purchasing equipment is one part of inventory management and getting started, and the other is maintenance.

To put it short: the longer your products last and can be utilized, the more profit you will get.

So, in addition to making sure that you're purchasing equipment relevant to your target market, make sure that they're high-quality and serve you a long time. Consider also the spare parts that you might need for them.

Let's say you have a luxurious, high-tech sound system up for rent, and something happens to it. Repairing costs and replacing some parts can become extremely costly and a loss-making product for your business. For example, having products from the same brand often makes finding spare parts much easier and cheaper.

→ Check out our guide on choosing the perfect products for your rental business .

How to grow your party rental business

If you've already got some wins, you might be wondering where to go from there. Here are a few ideas on how to give your party rental business the boost it needs to grow to the next level.

Additional services

There are many options for complementing party rental equipment with services. Some relevant examples include offering delivery, building, and dismantling services. You can choose to have the cost of the work to the price of the rental equipment, but it might be a good idea to offer it as an extra service. It depends obviously on the type of equipment you rent.

Other possibilities include offering design services, catering, program planning, etc. You need to pay great attention to the quality of these services as they determine your business reputation and customer retention. Nothing puts a customer off more than a late delivery or an event that didn't match expectations.

The biggest tragedy in any business is not telling a client about all your services. And this is a mistake that most people in the party rental business make. Upselling is a powerful business technique for generating more revenue.

Upselling confirms how well your company understands your customers' needs. Do they know that décor services are also a package you can provide?

Sometimes, up-selling might even be where the real money is made in your business. Aside from increasing revenue, upselling also increases customer loyalty since people buy more from you.

Give your customers real-life examples

This is another upselling trick. Most customers only believe in you after seeing what you can do. So use photos and reviews from other clients to give your clients a picture of what they can expect from you.

For example, if you have a décor package, show them photos of previous décor themes that you used and left your clients pleased. Pro tip: social media is also an excellent channel for this.

Build a strong customer care team

The most significant resource in your business is your workers. This is why you should continuously invest in them since they are the face of your business to the world. They are the ones who deal directly with your clients both in-person and online.

Teach them how to spot upselling opportunities and tie them back to solving the customer's problems. You can even arm them with tools that help them convince customers of your upsell offer. For example, a tablet to show off your portfolio. Lastly, offer incentives (for example, a sales commission) to your employees to keep them excited and motivated about upselling.

New Locations

Opening second locations is one of the best ways to scale the business. Finding new locations will, in turn, help you reach more people. However, don't forget to do some geographical research to see whether your services are needed in a given region.

The demand for party supplies is increasing in all cities across the globe. However, the competition is also stiff. But don't let that scare you. The market could always use a new perspective.

If you treat your customers with care and conveniently offer what they need for their parties at reasonable prices, you'll have a hard time keeping up with the demand!

Article written by Eliisa L.

The storyteller that spends her time in the studio, outdoors, or creating the best, most relevant content for rental shops.

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Starting an equipment rental business makes a ton of sense in today’s world. With a trend towards minimalism and reducing environmental impact, allowing customers to rent the equipment they need versus purchasing outright is a win-win for both you and your customers. You might be wondering how much inventory should I take in, and how long should rental terms be, and the like.

The only want to determine these scenarios is putting the effort into creating a business plan that will unpack and optimize your equipment rental business opportunity. Get started today by perusing our selection of equipment rental business plans.

If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.

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How to Start an Event and Party Rental Business - Part I

Part I - Welcome to the World of Event and Party Rentals!

Making dreams come true with an event and party rental business.

Safe, memorable, and fun . Those are the three goals of any great event. Whether it’s a birthday party, a wedding, a graduation party, or a corporate retreat, organizers are almost always after those three qualities. And as an event and party rental professional, it will be your job to deliver all three.

Party tents are a stable investment in the party rental business

Not everyone is cut out for this line of work. You’ll need to commit to lots of exhausting physical labor. You’ll need sizable investments or good credit to get the equipment you’ll need. And to be successful in party rentals, you’ll need to possess a willingness and a desire to make other people smile. Because at the end of the day, this is an industry where joy is a key commodity.

Did we scare you off? No? Great! The world of party rentals is an exciting one, and it can be highly rewarding (financially and otherwise) for those willing to put the work in. And in this series of guides brought to you by Tent and Table , we’re going to walk you through the process of starting your very own event and party rental business from scratch, with useful links and tips to help you at each step of the process. And yes, before you ask … this full guide is free.

The Day to Day Work of a Rental Operator

We already mentioned exhausting physical labor. What exactly do we mean by that? Well, event and party rental professionals tend to start early and finish late each day, and a lot of their daily work tasks require lifting and moving heavy equipment, some of which can weigh hundreds of pounds or even more. The business is highly profitable, but the work can at times be grueling.

On a given day, you’ll need to …

The good news? This physical labor is usually split up as morning tasks and evening tasks, leaving you most of the rest of the day to manage your business and take care of other rental units that aren’t actively in service.

Much of the physical labor can be largely mitigated using carts, dollies , hand trucks , and other equipment. But still, you’re going to need to either enlist the help of a friend or family member, or hire someone to help you get the job done. We’ll discuss that more in depth as the tutorial progresses.

Understanding the Costs

Owning an event and party rental business seems pretty straightforward, right? You buy some bounce houses or party tents , rent them out to clients, and that’s that. But the job is considerably more involved than just that. And you’re going to need some equipment in order to do the job correctly.

Tropical and rainbow bounce houses, inflatable slides, and bounce houses with slides are sound investments as they're gender neutral

As we mentioned a few moments ago, you’re going to need help with the physical aspects of the work. You may need to hire one or two people, or see if friends or family would be willing to help out for a fair cut of your profits.

After you’ve acquired your equipment (which we’ll discuss shortly), you’re also going to want to invest in support items for that equipment. Dollies and hand trucks are essential, as are sledge hammers , tent stake drivers , and spare stakes . If you’re working with frame tents, you’re going to need tent jacks as well.

All of these items are reasonably priced on their own, but the startup costs do pile up, and these items aren’t corners anyone should be trying to cut. You’ll want to sit down and carefully plot out what items you hope to rent and what other items you’ll want and need in support of those items.

Be Sure to Choose the Right Equipment

As much as we’d love to be your only choice for buying rental equipment, we’re sure many of you are going to shop around and see what other vendors have to offer. Whether you go that route or stick with TNT, be sure to remember that you’re not just looking for any old rental equipment. You need to buy the right rental equipment.

Many vendors sell licensed bounce houses, which at first glance look pretty appealing. Buying a Disney bounce house, or a comic book bouncer with Marvel or DC characters, seems like a smart choice at first. But your equipment purchases are going to be limited at first, and you want rental units that will appeal to as many potential customers as possible.

We suggest starting out with gender neutral bounce houses . Our rainbow and tropical themed products are amongst our most popular for this very reason. A rainbow bounce house appeals to both girls and boys. You can always add those gender-specific themed bounce houses and inflatable water slides down the road.

We also recommend starting with bounce house slide combos . Combos require a bigger investment, but they also rent for more and generally tend to be more popular with consumers. Adding at least one or two bounce houses with slides can improve your profitability right out of the gate.

If you’re working with party tents , we suggest focusing on popular sizes that are easier to work with. A 20x20 frame tent or a 10x10 pop up tent has a higher chance of getting booked than most other tent sizes or styles. You should also consider focusing on white tents at first, rather than going for colorful ones, since white tents can be used at just about any type of event.

Investments with Incredible ROI

All of those investments probably seem overwhelming, but only until you realize just how profitable this line of work can be. And if your business is successful, it’ll only be a matter of time before you’re hiring a full staff and leaving all of the backbreaking stuff to them.

Rental equipment pays for itself in 10 rentals or less , provided you price each unit accordingly. If you rent out your $2,000 bounce house for $200 per day one day per week, it’ll have paid for itself fully and will be earning profit after just 10 weeks. And most of our customers will tell you they’ve hit or exceeded that mark with each rental unit they’ve purchased.

Planning your small business is mission critical

Of course, a company that sells rental equipment is going to tell you how profitable this business can be. And it’s not like you can phone up your future local competitors and ask them about it.

What you can do, however, is head onto social media and search for groups of rental professionals. They’ll be very quick to tell you that yes, this industry is extremely profitable. Many companies were still booking gigs during the big 2020 social distancing months.

Starting a Party Rental Business is Challenging, but Worth It

Now that you have a basic understanding of what goes into the day to day tasks and general expenses of owning an event and party rental business, it’s time to start talking about what’s involved in actually starting the business.

In this five part series, we’re going to discuss just about everything we can think of. From writing a business plan, to marketing your company locally and regionally, to expansion and growing your staff and inventory, we’re hoping this guide will walk you through it all.

If you have any questions while reading this guide, please leave us a comment below or visit us on Facebook. If your question is about equipment specifically, give us a call at 1-716-832-8368 and our customer service and sales teams will be happy to help you out. We hope this guide is useful and we’re looking forward to hearing your success stories!

Up Next: Part II - Officially Creating your Rental Business

Welcome to the world of event and party rentals (part i), creating your rental business from scratch (part ii), marketing essentials for rental professionals (part iii), managing your new event and party rental company (part iv), party rental business growth and expansion (part v).

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It should be noted that there is no special software required to use these templates. All business plans come in Microsoft Word and Microsoft Excel format. Each business plan features:

1.0 Executive Summary

The purpose of this business plan is to raise $110,000 for the development of a party equipment rental business while showcasing the expected financials and operations over the next three years. Party Equipment Rental, Inc. (“the Company”) is a New York based corporation that will provide for the rental of party equipment for children’s parties, weddings, and other events to customers in its targeted market. The Company was founded by John Doe.

1.1 Products and Services

The Party Equipment Rental is primarily in the business of renting equipment in conjunction with large scale events such as weddings, Bar/Bat Mitzvahs, children’s parties, Sweet Sixteen parties, and corporate events. The Company will provide for the delivery, set up, and pickup of rented equipment for each event. The Company will maintain an expansive inventory of tables, chairs, inflatable children’s playgrounds, and other products that are commonly used in conjunction with party equipment rental businesses. Currently, Mr. Doe is sourcing a number of vendors from which the business can acquire large inventories of rentable products. The third section of the business plan will further describe the services offered by Party Equipment Rental, Inc.

1.2 The Financing

Mr. Doe is seeking to raise $100,000 from as a bank loan. The interest rate and loan agreement are to be further discussed during negotiation. This business plan assumes that the business will receive a 10 year loan with a 9% fixed interest rate.

1.3 Mission Statement

Party Equipment Rental, Inc.’s mission is to become the recognized local leader in its targeted market for rental of party equipment.

1.4 Mangement Team

The Company was founded by John Doe. Mr. Doe has more than 10 years of experience as an entrepreneur. Through his expertise, he will be able to bring the operations of the business to profitability within its first year of operations.

1.5 Sales Forecasts

Mr. Doe expects a strong rate of growth at the start of operations. Below are the expected financials over the next three years.

1.6 Expansion Plan

The Founder expects that the business will aggressively expand during the first three years of operation. Mr. Doe intends to implement marketing campaigns that will effectively target individuals and event planners within the target market.

2.0 Company and Financing Summary

2.1 Registered Name and Corporate Structure

Party Equipment Rental, Inc. The Company is registered as a corporation in the State of New York.

2.2 Required Funds

At this time, Party Equipment Rental, Inc. requires $110,000 of debt funds. Below is a breakdown of how these funds will be used:

2.3 Investor Equity

Mr. Doe is not seeking an investment from a third party at this time.

2.4 Management Equity

John Doe owns 100% of the Party Equipment Rental, Inc.

2.5 Exit Strategy

If the business is very successful, Mr. Doe may seek to sell the business to a third party for a significant earnings multiple. Most likely, the Company will hire a qualified business broker to sell the business on behalf of Party Equipment Rental, Inc. Based on historical numbers, the business could fetch a sales premium of up to 4 times earnings.

3.0 Products and Services

Below is a description of the party equipment rental services offered by the Company.

3.1 Rental of Party Equipment

The primary revenue center for the business will be the rental of equipment for parties such as weddings, Bar/Bat Mitzvahs, Sweet Sixteen parties, corporate events, and children’s birthday parties.

3.2 Ancillary Services

The Company will generate secondary streams of revenues from other services related to renting party equipment such as delivery of items, setup, onsite management (especially important for events that involve children’s inflatable party equipment), and cleanup/pickup of equipment. Management expects 20% of the Company’s aggregate revenues will come from these services.

4.0 Strategic and Market Analysis

4.1 Economic Outlook

This section of the analysis will detail the economic climate, the party equipment rental industry, the customer profile, and the competition that the business will face as it progresses through its business operations. Currently, the economic market condition in the United States is in recession. This slowdown in the economy has also greatly impacted real estate sales, which has halted to historical lows. Many economists expect that this recession will continue until mid-2010, at which point the economy will begin a prolonged recovery period.

4.2 Industry Analysis

The party equipment rental and supply business consists of 3,500 suppliers across the Untied States that rent inflatable party equipment, grills, stoves, party tents, tables, chairs, and other items normally associated with large scale parties and events. Among these market agents, aggregate yearly revenues are approximately $3.5 billion dollars per year. The industry employs more than 26,000 people, and provides annual payrolls in excess of $750 million dollars. The growth of this industry has remained on par with the growth of the economy in general, and is expected to remain as such as time continues.

4.3 Customer Profile

Management has developed two categories of customer: individual and corporate. Among individuals, the Company expects that people that are hosting weddings, birthday parties, Sweet Sixteen parties, Bar/Bat Mitzvahs, block parties, and other events will contract with Company to provide an extensive variety and party equipment. Among these users, Management has outlined the following demographics: • Household income exceeding $35,000 • Is willing to spend up to $200 to $1,500 for rental of party equipment. The second demographic targeted by the Company are corporate event planners and independent event planning businesses. These companies will directly contract with the Company to provide equipment for large scale events. Among these businesses, Management has outlined the following demographics: • Event has a budget of at least $7,500. • Event will have an attendance of at least 50 people. • Event will a budget of $500 to $2,000 for party equipment rentals

4.4 Competitive Analysis

This is one of the sections of the business plan that you must write completely on your own. The key to writing a strong competitive analysis is that you do your research on the local competition. Find out who your competitors are by searching online directories and searching in your local Yellow Pages. If there are a number of competitors in the same industry (meaning that it is not feasible to describe each one) then showcase the number of businesses that compete with you, and why your business will provide customers with service/products that are of better quality or less expensive than your competition.

5.0 Marketing Plan

Party Equipment Rental, Inc. intends to maintain an extensive marketing campaign that will ensure maximum visibility for the business in its targeted market. Below is an overview of the marketing strategies and objectives of the Company.

5.1 Marketing Objectives

• Establish relationships with event planners within the targeted market.

• Implement a local campaign with the Company’s targeted market via the use of flyers, local newspaper advertisements, and word of mouth advertising.

• Develop an online presence by developing a website and placing the Company’s name and contact information with online directories.

5.2 Marketing Strategies

Mr. Doe intends on using a number of marketing strategies that will allow Party Equipment Rental, Inc. to easily target individuals and businesses within the target market. These strategies include traditional print advertisements and ads placed on search engines on the Internet. Below is a description of how the business intends to market its services to the general public. The Company will maintain a sizable amount of print and traditional advertising methods within local markets to promote the party equipment rental services that the Company is selling. Party Equipment Rental, Inc. will also use an internet based strategy. This is very important as many people seeking local services, such as renters of party equipment, now the Internet to conduct their preliminary searches. Mr. Doe will register Party Equipment Rental, Inc. with online portals so that potential customers can easily reach the business. The Company will also develop its own online website showcasing the services offered by the business, relevant contact information, and preliminary pricing information. Finally, the business will develop ongoing relationships with event planners that will subcontract the rental of party equipment to the Company.

5.3 Pricing

In this section, describe the pricing of your services and products. You should provide as much information as possible about your pricing as possible in this section. However, if you have hundreds of items, condense your product list categorically. This section of the business plan should not span more than 1 page.

6.0 Organizational Plan and Personnel Summary

6.1 Corporate Organization

6.2 Organizational Budget

6.3 Management Biographies

In this section of the business plan, you should write a two to four paragraph biography about your work experience, your education, and your skill set. For each owner or key employee, you should provide a brief biography in this section.

7.0 Financial Plan

7.1 Underlying Assumptions

• Party Equipment Rental, Inc. will have an annual revenue growth rate of 16% per year.

• The Owner will acquire $110,000 of debt funds to develop the business.

• The loan will have a 10 year term with a 9% interest rate.

7.2 Sensitivity Analysis

In the event of an economic downturn, the business may have a decline in its revenues. In the event of an economic recession, the Company may have issues with top line income as individuals and businesses scale down the size of their hosted events. However, despite decreases in revenues, Party Equipment Rental, Inc. will be able to remain profitable due to the very high gross margins generated by the business.

7.3 Source of Funds

7.4 General Assumptions

7.5 Profit and Loss Statements

7.6 Cash Flow Analysis

7.7 Balance Sheet

7.8 General Assumptions

7.9 Business Ratios

Expanded Profit and Loss Statements

Expanded Cash Flow Analysis

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COMMENTS

Party Rental Business Plan Template [Updated 2023]
Executive Summary · Give a brief overview of the party rental industry. · Discuss the type of party rental business you are operating. · Detail your direct
How to start a party rental business in 10 steps
Step 1: Study your market · Step 2: Write your business plan · Step 3: Register for business licenses and permits · Step 4: Purchase the right equipment · Step 5:
How to Start an Event or Party Rental Company
Whether you're specializing in table and chair rentals, wedding rentals, party games and inflatables, ... HOW TO DEVELOP AN EVENT RENTAL BUSINESS PLAN.
Party Rental Business Plan [Sample Template for 2022]
The party supply rental business are basically involved in renting out tables, chairs, flatware, linens, centerpieces, stages, tents, canopies, public address
Developing a Party Rental Business Plan
Developing a Party Rental Business Plan.
How to Start a Party Rental Business
Checklist for Starting a Party Rental Business · Step 1: Write a Business Plan · Step 2: Form a Business Entity · Step 3: Name the Business · Step 4
A full guide on how to start a party rental business
The party supply rental industry deals with providing the necessary resources for a particular party to be successful. This can include the
Equipment Rental Business Plans
Starting an equipment rental business makes a ton of sense in today's world. With a trend towards minimalism and reducing environmental impact
How to Start an Event and Party Rental Business
The Day to Day Work of a Rental Operator · Inspect your equipment thoroughly · Load it into a truck or a van · Drive it to the event site · Remove
Free Party Equipment Rental Business Plan
The Company will provide for the delivery, set up, and pickup of rented equipment for each event. The Company will maintain an expansive inventory of tables