9 Steps To Become a Party Rental Business

5 Reasons to Start a Party Rental Business

There is no much stress involved.
This business presents you with the opportunity of being your own boss.
Party rental business is a source of income
It is a business that can get one connected
You can run the business part-time.

how to start a Party Rental Business – Sample Business Plan Template

Step 1 – Buy the Needed Equipment

Buy enough equipment to be able to comfortably plan for many parties at once. Create an inventory for each kind of party and the equipment you require for it. Paper, tablecloths, plastic utensils and napkins are appropriate for some gatherings. Others require cloth, tablecloths, flatware and real glassware.

Step 2

Provide catering services or maintain a list of preferred caterers to recommend. Catering options would include all from birthday cake and soft drinks to pizza and beer for a bachelor’s party, so ensure that you have kitchen facilities that are capable of handling all request.

Step 3

Have a variety of entertainment options. Clowns and magicians are in demands at children parties while a string quartet would be more suitable for an elegant dinner party. Ponies were the initial entertainment of choice at children parties, but nowadays children expect a moon bounce.

Step 4

Consider offering a banquet room on your premises for individuals and businesses who do not desire to host their parties on their living premises.

Step 5

Engage in negotiation with vendors for the best prices on supplies. Learn where the farmer’s markets are, speak to the wholesalers concerning bulk discounts and be aware of sales or special offers on items you use regularly.

Step 6

Take into account every of your cost when figuring out the rates you will charge. Overhead includes utilities, labour costs, rents, supplies, vehicles, fuel and insurance.

Step 7

Purchase at least one big van. This is if you will be providing tables and chairs or inflatables. Meet commercial laundries if you anticipate having to wash high volumes of tablecloths and napkins.

Step 8

Hire wait staff, labourers to establish and take note of tables and tents, kitchen assistants and office staff such as a bookkeeper and someone that will be keeping a record of orders and inventory. Work out details like the way the tips will be distributed.

Step 9

Market your party rental business. Create a website. Run an ad in local newspapers every week. Get the business generated by offering discounts in order to repeat customers. Word of mouth canvassing is highly essential in party rentals, so create incentives for your customers to dispatch the word like special offers.

How to obtain a business license for your party rental business

A party rental business is also among the business that requires license and permits in order to operate legally. The owner is expected to get the business registered at the Corporate Affairs Commission (CAC).

Things to put into consideration when estimating the cost for your business

One of the most common causes of new business failures is not having huge cash in order to meet expenses, especially in the first 6-12 months of starting. But rather it the failure of the new business owner to have concrete planning before going into the business. You can use this guide to assist in calculating the start-up cost so that you will be able to avoid as many surprises as possible.

There are several costs associated with starting a business. These may include:

Market research
Preliminary accounting and legal advice
Stamp duty, tenancy/lease and lease agreement advice
Telephone/internet installation
Statutory requirements like licenses
Power connection and bond
Power connection and bond
Signage and initial marketing
Equipment, fixture and fittings purchases
Staffing and wages
Initial raw materials and/or stock purchases

when you might have correctly calculated the cost of the above, then you can know how much you actually need to start this business.

The best areas/places to start a party rental business

A combination of factors makes certain metropolitan areas more attractive than others.
Areas with strong economics.
Areas with expanding populations.
Areas that have access to an educated and talented workforce.
Areas that are densely packed with like-minded entrepreneurs.
Areas with no corporate income tax.
Areas that have a relatively low cost of living and available office space.

Party rental business should be located near residential areas
It should be located close to schools, both primary, secondary and tertiary institutions.

Party Rental Equipments
Games-outdoor equipment
Baby high chairs
Bar glassware
Barstools
Bar trays and tray stands
Bar-tending supplies
Beverage dispensers
Beverage tubs
Booster seats
Candelabras, lamps, candles
Carafes and serving pitchers
Carts and caddies
Catering baskets
Catering trays
Chafing dishes
Chair washers
Charger plates
Chill party tables
Commercial cooking equipment
Food delivery bags etc.

Marketing ideas for Party Rental Business

Partner with other businesses
Put your logo on your products
Make use of promotions etc.
social media advert
through the mass media
granting discounts

Challenges of Starting a Party Rental Business

Establishing a business can encompass a variety of tasks. Beginning the legal and financial operations is usually the initial phase in establishing a business. Other steps may involve developing the daily processes or functions for completing tasks and creating business relationships to acquire economic resources or business inputs.
Business owners are as well responsible for ensuring that the business meets all operational government rules and regulations requirements. Below are the problems/challenges encountered or likely to be encountered in the party rental business.
It requires much capital.
Unfavourable weather.
Dealing with damages
Handling consumers behaviours etc

The above points are the various steps in starting a party rental business, its benefits, equipment, challenges encountered etc. it was carefully written to feed you with all the information you need before venturing into party rental business.