At , we work with various rental businesses across various rental niches. In recent years, the party rental industry has gone from strength to strength, and we have learned much more about how this exciting and dynamic industry works. Party rental businesses have the potential to be incredibly successful, and we’d like to help anyone considering starting a business in this vibrant and lucrative sector. This guide will cover some of the basic considerations, such as costs, location, marketing, and software, and if you’d like to talk to one of our rental software experts about what can do for your new party rental business, please don’t hesitate to get in touch.
You may not need the answer to this question if you’re further down the development process. Still, some readers are perhaps weighing up a few different types of business and need to know the benefits of opting for a party rental business over some of the other rental options. If you’re at this stage, you may like to check out our 15 Rental Business Ideas .
First, the main benefit of starting a party rental business is the sheer number of options within the sector. You can lean into ‘party’ in the most literal sense, but you can also rent out equipment for business events and conferences. You can specialize in children’s parties and special events or pivot your business completely towards wedding rentals with furniture, decorations, and photo booths. The sheer variety of directions you can take a party/event rental business offers flexibility and options few other industries enjoy.
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The costs of starting up and running a party rental business will, of course, vary depending on the size of your business. Still, the main expense at the beginning is primarily inventory. After all, you need to have a good selection of rental inventory for prospective customers. There are ways of mitigating this initial expense by buying new stock as and when required, but you must ensure you will receive this new stock quickly enough to deliver to your customers.
Another way to manage the cost of your initial investment is by focusing your party rental business on an even more specific niche without choosing a brand name that restricts you from expanding later. For instance, you can specialize in weddings first of all, then move into other events later once revenue flow is consistent enough to allow you to invest in even more inventory.
We will discuss software in more detail later, but it’s worth discussing one aspect of here. We have created a feature that can help reduce inventory costs as our software effortlessly tracks how much money each of your assets has generated. When your inventory earns a certain amount of revenue over its initial cost, you can flag it on our system and sell it while it is still in decent condition. Selling stock at the right time is a fantastic way to reduce inventory costs radically.
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Your business’s location and delivery logistics are another big factor in the cost of starting a party rental business — so much so that it deserves its own section in this guide. Depending on the size, shape, and function of your inventory, picking it up or dropping it off could prove to be one of your larger expenses. It’s important to carefully factor delivery into your overheads when you set your prices, and this is also where your business’s location comes in…
Choosing the right location means something different to different kinds of rental businesses. If you operate completely online, with no need to attract foot traffic to any kind of store, then you should find a cheap, warehouse-style property with great transport links. Suppose you rely on people coming into your store. Unfortunately, you will have to pay higher rent premiums while not benefitting from the better transport links associated with industrial estates and most premises outside big cities. And if you’re unsure which kind of property to go for at this stage, consider how you plan to market your party rental business…
We are using the term marketing very generally here. Consider how exactly your business can or will appeal to potential customers. If you imagine people popping into a store before making a purchase, you must have the right location. However, suppose you suspect your audience will be found online via Google, Facebook, and other digital platforms. In that case, your market and marketing channel have helped you determine the best location for your business.
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Whether you’re planning to attract new customers on social media or by competing on search engines, your website functions as your shop window and your shop. You need to use clear language to tell online users quickly that they have found the perfect website for their needs (the shop window). Then you need to ensure that your website is easy to navigate so that users find what they need quickly and effortlessly (the shop). This whole experience needs to work well before you should even worry about digital marketing. There’s no sense in spending time and money bringing people to a website that will never convert visitors into customers.
If search engines seem to be the best possible source of customers for your business, make sure you optimize your website for search. This is something we’ve touched on in previous blogs. While this topic can get a little complex, the principles are simple: Google only wants to direct users to high-quality sites (load quickly, with good images and well-written content), so going the extra mile to ensure every page looks good and reads well will make a huge difference. Also, remember that Google needs a little text on a page for it to understand what that page is about. Read this guide to basic SEO if you’d like to learn more.
With social media, it’s difficult to generalize as most brands need to experiment if they want to discover the best way to promote themselves. However, one thing that seems to hold across all niches and businesses is that images and videos are much more successful than plain text. So, even if you aren’t sure how to write about your brand, start taking quality photos and videos, as these assets will make a huge difference to your marketing efforts.
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Lastly, we’d like to look at our party rental software . As we have developed specialist rental software, we feel we are uniquely positioned to offer advice on this topic. However, we are most certainly biased, so please feel free to ask us questions and compare us to other rental software before you make any decisions.
Using the right software can make a huge difference to your party rental business. Not only can dedicated rental software saves you time, but it can also lower costs and even help you generate more revenue. In this sense, beware of ‘free software’ as it’s usually free for a reason. Rather than generally talk about rental software features you might find interesting, we decided to describe some of the best features here at simply:
There are many other features and functions, but we don’t want them to take up too much space in this guide. We serve various rental businesses, including wedding venue hire, party & event hire, apartment rental, and more. is the software that all of these businesses need to help them manage their inventory and grow their revenue. We are confident you won’t find any other rental software as comprehensive as .
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We hope we’ve offered inspiration and information to anyone considering starting a party rental business. Please feel free to schedule a free software demo if you’d like a one-on-one demonstration from one of our experts. Otherwise, we’d like to wish you the best of luck with your new rental business!
The coronavirus pandemic has been hard on the equipment and event rental industry and it's still a struggle for this sector, but hopefully, 2022 will bring some relief.Can you start a party rental business with just $500? If you plan it properly, you certainly can. Lee Jones recently shared his guide on creating a party rental business for only $500. He goes through every step he would take if he were to start over and makes it sound straightforward. You can view his video below and read on for our detailed breakdown.
Before you start buying equipment, the very minimum you need is somewhere to store equipment like a shed or garage and something to transport the equipment like an SUV or van. You also need $500 that you can afford to invest in your new business venture and Facebook as you will be starting on the marketplace. With the basics out of the way, let’s get started.
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For aggressive growth, Lee recommends investing in a party package. This consists of tables, chairs and a tent. As a rough estimate, he says you can get 18 chairs for $230, three 6ft tables for $50 each, and a 10ft x 20ft tent for $145. If you’re counting, that comes out at $525, just slightly
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