How to Start a Party Rental Business TRUiC

All of these amenities are visible on the property’s detailed Peerspace listing. If you find need anything extra that the venue does not offer, check with your venue’s host. They are often too happy to help you plan your event and can often recommend caterers, entertainers, and other local services. The nature of the party rental industry gives room for rental companies to network amongst. This is so because the industry is a large one, and to ensure optimal performance and success, the supplier and distribution network must be large enough. As a party rental company, if you have the required expertise and equipment to carry out a contract, then you are likely not going to struggle to compete in the industry.

This chic space is 1,100 square feet and is set in Riquet Stalingrad. It’s party-perfect since it provides food and cocktail service, a spacious outdoor terrace, and customizable features to have the space suit your needs. This nearly 800-square-foot loft boasts an open floor plan and space for about 20 guests.

Review all building codes and zoning requirements for your business’ location to ensure your party rental business will be in compliance and able to obtain a CO. You’ll need to buy all of the equipment to start, and then find a place to house it. Party rentals don’t necessarily need a retail space, but you may need one to establish credibility to would-be customers.

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. A similar price is the Los Angeles venue, which comes to $225 per hour with an eight-hour rental minimum. When you check out its details on its listing page, you can see this is a one-of-a-kind space that attracts huge events and productions, so the price isn;t a huge surprise either.

Type of Event

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.

Yes, wedding rental business is a profitable business venture because weddings happen every weekend and in some cases during the week. One of the major reasons why customer’s source for alternative service provider or product is when there is a drop in quality.

Networking skills.Networking is essential in this industry since connections with event planners, business owners, and event facilities can lead to potential bookings. Peerspace rentals have the price per hour on each listing, as well as details on the minimum amount of time required for rental. Many Peerspace rentals range from $75 per hour to more than $1,200. With Peerspace, you won’t get any unwanted surprises — all costs, rules, and venue descriptions are upfront and fair. Of course, large warehouses will cost much more than a small studio. The price will also depend on the time of year you’re looking to rent and the location of the venue. Penthouses in the heart of a city will cost a lot more to rent than a rural home.

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. Many venues include chair and table rentals or they can be added for a fee. Want a jaw-dropping setting with a view that your apartment doesn’t have? In addition, you’ve got event planners and companies looking for venues for their holiday parties or other large celebrations. Hosting a party outside of the office helps make the occasion an exciting event that leaves room for the imagination. Renting a venue for a party also means you can get help from the venue host regarding logistics and amenities.

Service Area & Transportation Fee

They can be done on the side or taken to the next level as your primary source of income. The amount that these businesses can earn will depend on how far you’re willing to take them. Write up your customer contracts very carefully before you start renting, and ensure they’re iron-clad in case of any legal disputes. And while it may be difficult to do, you’ll need to invest in quality equipment. The only way you’ll become profitable is to get durable goods that can last you through party after party.

You’ll have to consider both your own needs as a business and the market rates for comparable rentals. Whether you can go after the higher-end market depends on the level of inventory that you carry. You can only rent bounce houses to one customer at a time, so expanding your inventory is the quickest way to expand a great side hustle into a full-time business. The average wedding has about $1,000 in equipment rental costs, so your profitability depends on how many weddings you can successfully book. Consider that this figure is the average, and higher-end wedding rentals can involve significantly higher spending. Party rental businesses can consider branching out into everything that an outdoor event may need.

Read more about Chiavari Chair Rentals Las Vegas here.