There are lots of events that are celebrating every day and every and each event needs decorations. Therefore, in most situations the event organizers willing to rent out the decorations instead of hiring an artist. So if you have an idea of starting a rental business, this might become a profitable business idea for you. In order to help you with your startup, “founderactivity.com” loves to share this article with you.
event decoration has a huge demand in the business field. Because with the development of companies they pretend to celebrate each event in the company. Not only that even ordinary people also willing to celebrate their special events.
So as that using the decorations might be a huge cost to the company or household bases. Because it might be a stressful activity or you need to pay more attention and effort to compile such a work.
therefore, most of the event organizers willing to rent out the decorations. So as if you are going to start an event decor rental business, here are the things you want to know and do.
Understand Your Business
As you want to start an event decor rental business, it is not the real method that opens a store with the decorating items. You need to understand the industry that you are going to operate in. And also your business type. Here you need to decide what kind of decorations you are going to rent out. And for what event.
There are many types of events that need different kinds of decorations. So you need to select from them what kind of event you would choose. And what are the decorating items you should use?
Followings are some of the decorations in most of the events
- Food Display
- Table Decorations
- Seating Arrangements
- Decorative Backdrops
- Stage Design
- Goodie Bags
Therefore, select whether you are renting decorations for what type of event and what kind of decorations you need for each kind of events. In addition to that if you are willing to hold many events decorations, what are the things you need?
Conduct market research
Market research is the most important thing in starting all kind of businesses. On the other hand, you need to clearly identify the market that you are going to operate in. Market research is the procedure of collecting relevant information about the business or the industry that you are willing to start. Through market research, you will be able to assemble, evaluate and clarify the relevant data in order to start a new business.
These gatherings include the market, your products and services, about the customers, location of your business, competitors, etc.
About the market
SWOT analysis is the method of analysing the market. You need to go through those key points while you are investigating the market. Through market research, the first thing you identify is the market. On the other hand, background and the features of the market.
So as that you can seek the best event rental companies in the USA.
- A & S Chair and Party Rental, Brooklyn, NY 11205
- Abbott’s Party Rentals, 4238B Bronx Blvd, Bronx, NY 10466
- Acme Event Rentals, Brooklyn, NY 11203
- All Borough Party Rentals, Maspeth, NY 11378
These companies fall into the category of best according to the following selection criteria.
Products and Services
Another thing is the product and the services related to your business. Here, you are going to start an event decor rental business. So you might have the relevant items need to decorate such events. Therefore, your products are the decorators that needed for each occasion.
So as that You need to have all kinds of trendy decorations. And also they must suit to the event. Make sure to use the long-lasting materials for the decorations because you have to maintain them for a long time. And also no matter how many times you use the items, the quality of the service should not go down.
While you making the decorations make sure to make the best choice for the many events. Therefore it might be easy for you to rent out for many events.
Customers and Competitors
through your market research, you will be able to understand who are your customers. Here you are starting a renting business. So you will identify what kind of customers you will have to attract. Then if you offer them a compete perfect work they will be your long term customers.
And also you need to identify clearly about your competitors. That means seek whether that is there any other event decor renting business in your area.
- team of marketing
- marketing strategies
- sales strategies
- business growth
- user personas
And also consider the above facts while you are analyzing your competitors.
Select a suitable location
Selecting a suitable location might be a crucial thing for you. So as that, consider to seek a suitable location for your business while you are researching the market. Because if you just put on your business anywhere, you are more likely to struggle to move forward with the business.
Therefore, while you are selecting a place make sure to select where you can get high traffic. However, consider the following facts.
- Foot traffic
- Accessibility and parking facilities
- Impact of ordinances
- Site’s image and history
- Strong economics
- no corporate income tax
Make a plan
After researching you need to make a plan with the collected data. You can surf on the internet and find a business plan. In your business plan, you might include the following key points.
- Where is your business’s location
- Who are your customers and the competitors
- what are the supplies you need
- Financial projection
- Marketing strategies
As we mentioned above you need to choose a suitable location. Then you have to mention about the customers and the competitors. For instance, follow the key points while you rearranging your collected data.
Find out the needed money
Another thing you need to do is finding your investment. That means you need to collect money to make the decorations or purchase the needed items.
Though you plan to start your business as a small scale event decor rental business, it does not lots of money to launch the business. On the other hand, if you are willing to start a large scale business it costs you a lot in the startup.
Then you might have earned some money from working part-time. In addition to that, you may have your savings.
So if it is not enough for the startup, ask from your friends or look for a bank loan. Therefore, followings are the best banks for business loans.
|Wells Fargo Business Loan||$10,000 – $100,000||1 – 5 years||7.75%|
|FastFlex small business loan||$10,000 / $35,000||1 year||13.99%|
|Efficiency||Funds can take a while to disburse|
|High borrowing amounts||require a high credit score|
|Multiple types of financing available||Technical Issues|
|Willingness To Work With Small Businesses||Scandals|
|Business Advantage Credit Line||$10,000/$100,000||Revolving with|
|2.99% intro rate|
|Secured business line of credi||$25,000 and up||Revolving with|
|Low-interest rates and APRs||Strict loan qualifications|
|Long repayment terms||Mostly in-person applications|
|Many funding options||High applicant rejection rates|
Explore for Business loan Details in USA: https://www.business.org/finance/loans/best-small-business-loans/
Have some experience
Before starting the business it is better to have some experience before. You need to be detailed-oriented and highly organized. Because you can identify how the businesses flow through. And also you can understand how to make sales.
So as that you can use the following sites
Decide A Name For Your Business
Then you have to decide a name for your business. So as that you should suit the catchy name for your rental business. And also the name that you are going to choose must make a sense and easily memorable in your customers’ minds. Not only that it might be a unique name that there are no other businesses using it.
Register Your Business
Next, you need to register your event decor rental business as required in your state. Therefore, you need to decide the legal entity the business will be. Having a legal entity is the most affordable and least complex way to get into the business.
Therefore, you can choose a general partnership, a limited partnership, an LLC, a C corporation, or an S corporation. And also you can clarify each entity’s pros and cons. And choose the best entity for your rental business.
You should obtain the tax IDs and permits from your state’s revenue agency. Most of the small businesses are registered with the federal government for trademark protection or tax exemption status.
Therefore, if you want to trademark your business, you need to corporate with the United States Patent And Trademark office. On the other hand, if you want to operate a non-profit corporation with tax-exempt status, you need to register your business as a tax-exempt entity with the IRS.
Get the relevant licenses and permits
After you have done the related works for the above-mentioned criteria, then you have to obtain the relevant license and the documents. So as that discuss with an insurance agent for the insurance policies for you. Therefore, followings are some of the normal insurances that you can purchase if you are establishing event decor rental business in the USA.
- General insurance
- Risk insurance
- Workers compensation
- Liability insurance
- Health insurance
Not only that, but it might be beneficial to have the professional certificates related to event decor rental business also. All rental businesses are recognized or considered as businesses that apply individuals to prevent costly breaches.
Therefore, if you are willing to start an event decor rental business you need to have some of the necessary qualifications to ensure that you are at the top in everything you do.
Even in the United States, the most recognized exam to take is the Certified Event Rental Professional (CERP) organized by the American Rental Association (ARA).
And also you need to compile the basic legal documents such as,
- Certificate of Incorporation
- Business License
- Operating Agreement
- Insurance Policy
- Security Clearance Certificate
- Employment Agreement
Promote your Business
Next, you have to market your event decor rental business. As you have included a marketing plan in your business plan, you can launch it successfully.
In fact of guiding you to make an effective marketing plan, we have provided you with an article on how to create a marketing plan. If it is tedious for you to make a marketing plan you can go through this article.
You can use the following tips in order to boost brand awareness and create the identity of your business.
- Advertise your business on local magazines
- Use social media Website, Facebook, Twitter, Instagram, Snapchat.
- engage in direct email marketing
- Use flyers
- Advertise on your vehicle
Running on a Successful Event Decor Renting Business
the final process is to run on a successful business. If you provide your clients with a higher rating service than previously promised, customer support is at a higher level. Therefore, to satisfy your customers, offer a slightly more attractive service than expected. And also consider that in the world of decorating, sticking to perfection is also important.
However, with this ultimate guide, it will be easy for you to handle an event decor rental business as you wished effectively. therefore, keep staying with us furthermore to have more detailed articles related to your business life. So follow us on Facebook, Instagram, YouTube, Linkedin.