party rental business plan sample

Party Rental Business Plan Template

Written by Dave Lavinsky

Party Rental Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their party rental companies. 

If you’re unfamiliar with creating a party rental business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a party rental business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What is a Party Rental Business Plan?

A business plan provides a snapshot of your party rental business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan for a Party Rental Business

If you’re looking to start a party rental business or grow your existing party rental company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your party rental business to improve your chances of success. Your party rental business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Party Rental Businesses

With regards to funding, the main sources of funding for a party rental business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan (hand it to them in person or email to them as a PDF file) and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for party rental companies.

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How to write a business plan for a party rental business.

If you want to start a party rental business or expand your current one, you need a business plan. The guide and sample below details the necessary information for how to write each essential component of your party rental business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of party rental business you are running and the status. For example, are you a startup, do you have a party rental business that you would like to grow, or are you operating a chain of party rental businesses?

Next, provide an overview of each of the subsequent sections of your plan. 

• Give a brief overv iew of the party rental industry. 
• Discuss the type of party rental business you are operating. 
• Detail your direct competitors. Give an overview of your target customers. 
• Provide a snapshot of your marketing strategy. Identify the key members of your team. 
• Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of party rental business you are operating.

For example, you m ight specialize in one of the following types of party rental businesses:

• Full-service party rental retail store : This is the store to visit when you need everything from A to Z for your next party. Whether it’s chairs and tables, linens, or special cooking equipment, this store delivers your items and picks them up after your party.
• Partial-service party rental store : You may choose everything you need for your party at this type of party rental store; however, you will need to provide transport to pick up and return all party rental items the next day. 
• Online party rental business: An online party rental store generally has excellent pricing; however, you will need to go to various locations to pick up and return party items. This may involve visiting more than one location for various items, as the online store doesn’t have a brick and mortar store location. 

In addition to explaining the type of party rental business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

• When and why did you start the business?
• What milestones have you achieved to date? Milestones could include the number of rentals serviced, the number of positive social media reviews, reaching X number of customers served, etc.
• Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the party rental industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the party rental industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your party rental business plan:

• How big is the party rental industry (in dollars)?
• Is the market declining or increasing?
• Who are the key competitors in the market?
• Who are the key suppliers in the market?
• What trends are affecting the industry?
• What is the industry’s growth forecast over the next 5 – 10 years?
• What is the relevant market size? That is, how big is the potential target market for your party rental business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your party rental business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, families, party groups and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of party rental business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers. Ideally you can speak with a sample of your target customers before writing your plan to better understand their needs.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are othe r party rental businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes stores that sell tables, chairs, linens, etc., online stores that sell party items, and DIY services for parties. You need to mention direct competition, as well.

For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

• What types of customers do they serve?
• What type of party rental business are they?
• What is their pricing (premium, low, etc.)?
• What are they good at?
• What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

• Will you provide options for delivery and pick up of party supplies?
• Will you offer products or services that your competition doesn’t?
• Will you provide better customer service?
• Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a party rental business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type o f party rental company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide a petting zoo experience, a holiday-themed party setup and take down, or a casino or bingo fundraiser setup and take down?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of yo ur plan, yo u are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your party rental company. Document where your company is situated and mention how the site will impact your success. For example, is your party rental business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your party rental marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

• Advertise in local papers, radio stations and/or magazines
• Reach out to websites 
• Distribute flyers
• Engage in email marketing
• Advertise on social media platforms
• Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your party rental business, including answering calls, planning and providing rental equipment, linens, furnishings, etc.  

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth party rental delivery, or when you hope to reach $X in revenue. It could also be when you expect to expand your party rental business to a second location.

Management Team

To demonstrate your party rental business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally, you and/or your team members have direct experience in managing party rental businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a party rental business or successfully working in an equipment rental store.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance s heet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you see 25 customers per week, and/or offer large-group rental discounts ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your party rental business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a party rental business:

• Cost of rental furnishings, linens and equipment
• Payroll or salaries paid to staff
• Business insurance
• Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of contracted parties booked six months ahead. 

Writing a business plan for your party rental business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert and know everything you need about how to start a party rental business. You will understand the party rental industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful party rental business.

Party Rental Business Plan FAQs

What is the easiest way to complete my party rental business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your party rental business plan.

How Do You Start a Party Rental Business?

Starting a party rental business is easy with these 14 steps:

• Choose the Name for Your Party Rental Business
• Create Your Party Rental Business Plan
• Choose the Legal Structure for Your Party Rental Business
• Secure Startup Funding for Your Party Rental Business (If Needed)
• Secure a Location for Your Business
• Register Your Party Rental Business with the IRS
• Open a Business Bank Account
• Get a Business Credit Card
• Get the Required Business Licenses and Permits
• Get Business Insurance for Your Party Rental Business
• Buy or Lease the Right Party Rental Business Equipment
• Develop Your Party Rental Business Marketing Materials
• Purchase and Setup the Software Needed to Run Your Party Rental Business
• Open for Business

Where Can I Download a Free Business Plan Template PDF?

Click here to download the pdf version of our basic business plan template.

Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.

We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.

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OR, Let Us Develop Your Plan For You

Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business planning advisor can create your business plan for you.

Other Helpful Business Plan Articles & Templates

Party Like a Pro: How to Start a Party Rental Business

Parties: not just fun, but profitable, too.

That is if you own a party rental business.

Okay, we get it: renting out tables, chairs, and tents doesn’t sound like the sexiest business proposition ever.

But the party rental industry is worth over $6 billion .

And these companies have an enduring business model. You buy something once and then rent it out for profit over time. You end up making far more than the original purchase price of the item after a few rentals.

Here’s another bonus: These companies are not that hard to operate once you get the equipment, marketing, and software in place.

But getting to that point is challenging for new business owners. Finding someone else who worked out all the kinks makes it much easier.

Here are the steps to follow if you want to start a party rental business and why buying one is a much better way to cash in on the demand.

Why Buy a Party Rental Business Instead?

One of the biggest challenges of starting a party rental business is getting the perfect balance of equipment that people want while maximizing your budget. You don’t want to invest dollars in things people never rent or get phone calls asking you for items you didn’t buy.

Party rental businesses face multiple challenges beyond finding the right type of equipment, including:

• Wear and tear/maintenance on the items
• Safety and liability concerns
• Some items are more seasonal than others
• Storing the equipment and transporting it to events

If you find someone else with the equipment on hand and operations on autopilot, you can start making money a lot faster. An established business is a proven one.

An existing business owner has already figured out how to deal with the unique recurring challenges of the business and has brand awareness you can build on once you take over.

If you scope it out online, you’ll find party rental businesses for sale on marketplaces like BizBuySell or Dealstream . You can also use networking or BizScout , a tool we own, to find off-market deals. 

Even better, you can use seller financing to get behind the wheel of one of these businesses on better terms than most bank loans.

But if your heart’s set on starting your own party rental business, the steps below will show you how.

1. Chart Your Course with Market Research

Any new business owner should start by defining their customers and service offerings before launching. Ask yourself 2 questions to start with:

• Will you rent out to mostly residential or commercial clients?
• Will you niche down on one event type or serve a variety?

Then, look at all the party rental companies in your area or nearby areas. Make lists of what they rent out and any target markets. As you do this, look for gaps that they don’t serve.

Here are some things to look for:

• What party items aren’t available from competitors?
• How much do they cost to rent?
• Which companies struggle with digital marketing?
• Which ones seem hard to get a hold of from a customer’s perspective?
• What do reviews from past customers have to say about them?

Looking at these factors will give you an idea of market demand. It’ll also show you any potential underserved needs and ways you can improve upon the competition’s offers.

Buying an established party rental business is a shortcut through the market research process. An ideal business to buy has already answered all of these questions.

When you take the reins, you can compare the business’s performance to what the market wants. Then, you can develop a plan to make the existing business a better fit for the market.

2. Craft a Winning Business Plan

It’s well worth writing a thorough business plan to cover all aspects of your new startup, including:

• A summary of the target market you will serve
• A list of the equipment you need (including your plan for storage and transportation)
• Your cost estimates for starting and ongoing operations
• Your pricing structure and service offering
• Your marketing plan

Don’t skimp on your business plan. This is the guiding document for your business, so put real thought into it. Plus, you’ll need to present it to banks or investors if you need outside financing.

Buying an established business means you take over their business plan, too. You can take a look at what’s working for them and modify the business plan to suit your goals for the company.

3. Navigate Legal and Regulatory Hurdles

Any new business must at least register as a company with the secretary of state. You may also need a business license depending on where and how you operate your business.

When you register, you’ll declare your business structure and claim your business name.

The simplest structure option is to register as a sole proprietorship. But sole offers no liability or tax benefits.

Since you’ll join an industry with some liability concerns, forming an LLC or a corporation is a better way to protect your personal assets.

Your state or local government might require special licensing and permits, too. Check out a reseller’s ID if you’ll buy any items that potential customers may purchase.

While you’re setting up all your licenses and registration, buy insurance to protect yourself from unforeseen events.

At a minimum, get policies for:

• General liability insurance
• Car insurance for any company vehicles
• Business interruption insurance (if you experience a sudden halt in business)
• Workers’ compensation insurance for any employees

Jumping through legal hurdles is important for a business. You can cut down on regulatory downtime by buying a business that already has its ducks in a row.

4. Determine What You Need in Your Inventory and Secure Financing

You need things to rent, so plan for your startup budget carefully.

What you choose depends on your niche.

You may start small and grow over time, so consider going with basics like tables, chairs, linens, and decor. If you’re doing kids’ parties, you might want to go with inflatables and games instead.

You’re looking for functional and durable materials when you buy for a party rental business. This holds true no matter what niche you go into.

These items may get a lot of use indoors or outdoors, so you want something that stands the test of time.

When you order your inventory, make sure you have sufficient space to store them. If you don’t have a vehicle to move the rental items from your storage to a party’s location, you’ll need to plan for that, too.

In the interim, you could always rent a truck on the day of until you make enough money to get your own.

Don’t forget to include things like your rental space and any salaries you’ll pay in your startup budget, too.

Once you know what you need, secure financing for your new business. That may include a mix of:

• Personal funds like loans, credit cards, or savings
• Business or bank loans, such as from the SBA
• Investor funds

Each of these comes with their own pros and cons.

With your personal funds, you take on all of the risks. With loans, you need to start making money fast to pay down your debt. And with investors, you end up sacrificing some of your profit to a partner.

But you can use seller financing to get the deal done if you buy a party rental business from someone else.

That may come with better terms than the other options. And you get all the equipment you need to start. That eliminates a lot of work and risk upfront.

5. Streamline Your Business Operations

Smooth operations make an enjoyable business. And operationalizing also turns your business into something you can hand off to a full-time employee to run the day-to-day.

A few things you need to get regular bookings and keep things running:

• A website with photos of all your equipment and the specs/sizes of each
• A maintenance plan to ensure you get the maximum life out of your materials
• Software to organize inventory flow (like Booqable and GoodShuffle )
• Software for invoicing and accounting purposes
• Training for staff on customer service, equipment handling, and safety

Renting out party equipment seems simple, but you really need staff to help you run at scale. Even one full-time operator could handle scheduling, transport, and customer service for you.

You may also need contractors to help load/unload at each site to speed things up.

As you book gigs, listen to feedback and incorporate comments from customers. Encourage happy customers to leave reviews, too.

When you buy a business, you get the operations infrastructure, too. Some businesses might be behind the times and require modernizing. But, even then, you’ll start out with something that’s already operational.

6. Market and Promote Your Rental Business

View this post on Instagram A post shared by Party! Dallas (@partydallasrentals)

A memorable brand makes it so much easier to generate new and repeat business in the party rental world. Start with a good name and a clear business logo.

But “build it and they will come” doesn’t work in any business. Invest in local advertising and online marketing to let people know who you are and what you do.

For your online presence, set up a business website that:

• Showcases what you have to offer with reviews and photos
• Makes it easy to contact you (or even book things directly)
• Answers common questions from customers

Your website should also touch on the event types for SEO purposes. Make it clear who you serve on your home page and create a service landing page for each event type you cater to. 

For example, you might create a page for graduation parties, weddings, birthdays, or retirement parties, depending on your service offerings.

You can also use social media and a Google Business profile to share a lot of the same information while also capturing reviews.

Local advertising is key, too.

Community events like concerts, parties, or festivals need equipment, and forming a relationship with these event planners could lead to repeat business.

You might even partner with other related business owners, such as caterers, to win gigs together.

If you buy the party rental company from a successful business owner, you can leverage their existing marketing and customer awareness. The business that existing marketing efforts bring in will buy you space to try out new ideas.

Next Steps: Tips for Growing Your Party Rental Business

After you book gigs frequently, it’s time to think about scaling. There are a few ways to do that with your party rental company, including:

• Diversifying into new equipment like tents or bounce houses
• Getting into new niches, like kid’s parties
• Expanding your business to new locations or franchising out

In order to do this, make sure you’re on solid operational ground with staff who can handle most issues and software that streamlines most of the logistics.

If you buy into the party rental business instead of starting your own, you’ll focus on this step at the very beginning, looking for ways to optimize.

If you buy good materials and maintain them, purchasing things once to rent out over and over again is a great business idea. You’ll earn back your investment and more in a high-demand business.

Since party rental business owners face some challenges in the early days, you can boost your chances of success by buying into someone else’s established company. Using seller financing to secure all the equipment, vehicles, and staff, you can earn revenue from day one.

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Party Rental Business Plan Template & Guidebook

Are you ready to take the plunge into the world of party rental services? Starting a business in this field can be an exciting and rewarding experience - but it also requires careful planning and preparation. The #1 Party Rental Business Plan Template & Guidebook can help you create an airtight plan that takes into account all aspects of the party rental industry and gives your business the best chance at success. With this guide, learn how to maximize profits and make sure your operation is totally on track.

Get worry-free services and support to launch your business starting at $0 plus state fees.

• How to Start a Profitable Party Rental Business [11 Steps]
• 10+ Best & Profitable Party Rental Business Ideas [2023]
• 25 Catchy Party Rental Business Names:
• List of the Best Marketing Ideas For Your Party Rental Service:

How to Write a Party Rental Business Plan in 7 Steps:

1. describe the purpose of your party rental business..

The first step to writing your business plan is to describe the purpose of your party rental business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry.

It also helps to include a vision statement so that readers can understand what type of company you want to build.

Here is an example of a purpose mission statement for a party rental business:

Our mission at [Party Rental Business Name] is to provide the highest quality of rental products and services in the industry. We strive to offer a wide variety of items while maintaining a safe and enjoyable atmosphere for all our customers, fostering relationships with our partners, and creating a memorable experience for every event.

2. Products & Services Offered by Your Party Rental Business.

The next step is to outline your products and services for your party rental business. 

When you think about the products and services that you offer, it's helpful to ask yourself the following questions:

• What is my business?
• What are the products and/or services that I offer?
• Why am I offering these particular products and/or services?
• How do I differentiate myself from competitors with similar offerings?
• How will I market my products and services?

You may want to do a comparison of your business plan against those of other competitors in the area, or even with online reviews. This way, you can find out what people like about them and what they don’t like, so that you can either improve upon their offerings or avoid doing so altogether.

3. Build a Creative Marketing Stratgey.

If you don't have a marketing plan for your party rental business, it's time to write one. Your marketing plan should be part of your business plan and be a roadmap to your goals. 

A good marketing plan for your party rental business includes the following elements:

Target market

• Who is your target market?
• What do these customers have in common?
• How many of them are there?
• How can you best reach them with your message or product?

Customer base 

• Who are your current customers? 
• Where did they come from (i.e., referrals)?
• How can their experience with your party rental business help make them repeat customers, consumers, visitors, subscribers, or advocates for other people in their network or industry who might also benefit from using this service, product, or brand?

Product or service description

• How does it work, what features does it have, and what are its benefits?
• Can anyone use this product or service regardless of age or gender?
• Can anyone visually see themselves using this product or service?
• How will they feel when they do so? If so, how long will the feeling last after purchasing (or trying) the product/service for the first time?

Competitive analysis

• Which companies are competing with yours today (and why)? 
• Which ones may enter into competition with yours tomorrow if they find out about it now through word-of-mouth advertising; social media networks; friends' recommendations; etc.)
• What specific advantages does each competitor offer over yours currently?

Marketing channels

• Which marketing channel do you intend to leverage to attract new customers?
• What is your estimated marketing budget needed?
• What is the projected cost to acquire a new customer?
• How many of your customers do you instead will return?

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4. Write Your Operational Plan.

Next, you'll need to build your operational plan. This section describes the type of business you'll be running, and includes the steps involved in your operations. 

In it, you should list:

• The equipment and facilities needed
• Who will be involved in the business (employees, contractors)
• Financial requirements for each step
• Milestones & KPIs
• Location of your business
• Zoning & permits required for the business

What equipment, supplies, or permits are needed to run a party rental business?

• Tables and Chairs
• Tents and Canopies
• Party Accessories (dishes, glasses, cutlery, etc.)
• Barbecues, Grills, and Smokers
• Catering Equipment (linens, chafing dishes, serving platters)
• Coolers or Beverage Dispensers
• Lighting and Sound Equipment
• Inflatables (games and rides)
• Amusements (carnival rides)
• Permits (if required by local regulations)

5. Management & Organization of Your Party Rental Business.

The second part of your party rental business plan is to develop a management and organization section.

This section will cover all of the following:

• How many employees you need in order to run your party rental business. This should include the roles they will play (for example, one person may be responsible for managing administrative duties while another might be in charge of customer service).
• The structure of your management team. The higher-ups like yourself should be able to delegate tasks through lower-level managers who are directly responsible for their given department (inventory and sales, etc.).
• How you’re going to make sure that everyone on board is doing their job well. You’ll want check-ins with employees regularly so they have time to ask questions or voice concerns if needed; this also gives you time to offer support where necessary while staying informed on how things are going within individual departments too!

6. Party Rental Business Startup Expenses & Captial Needed.

This section should be broken down by month and year. If you are still in the planning stage of your business, it may be helpful to estimate how much money will be needed each month until you reach profitability.

Typically, expenses for your business can be broken into a few basic categories:

Startup Costs

Startup costs are typically the first expenses you will incur when beginning an enterprise. These include legal fees, accounting expenses, and other costs associated with getting your business off the ground. The amount of money needed to start a party rental business varies based on many different variables, but below are a few different types of startup costs for a party rental business.

Running & Operating Costs

Running costs refer to ongoing expenses related directly with operating your business over time like electricity bills or salaries paid out each month. These types of expenses will vary greatly depending on multiple variables such as location, team size, utility costs, etc.

Marketing & Sales Expenses

You should include any costs associated with marketing and sales, such as advertising and promotions, website design or maintenance. Also, consider any additional expenses that may be incurred if you decide to launch a new product or service line. For example, if your party rental business has an existing website that needs an upgrade in order to sell more products or services, then this should be listed here.

7. Financial Plan & Projections

A financial plan is an important part of any business plan, as it outlines how the business will generate revenue and profit, and how it will use that profit to grow and sustain itself. To devise a financial plan for your party rental business, you will need to consider a number of factors, including your start-up costs, operating costs, projected revenue, and expenses. 

Here are some steps you can follow to devise a financial plan for your party rental business plan:

• Determine your start-up costs: This will include the cost of purchasing or leasing the space where you will operate your business, as well as the cost of buying or leasing any equipment or supplies that you need to start the business.
• Estimate your operating costs: Operating costs will include utilities, such as electricity, gas, and water, as well as labor costs for employees, if any, and the cost of purchasing any materials or supplies that you will need to run your business.
• Project your revenue: To project your revenue, you will need to consider the number of customers you expect to have and the average amount they will spend on each visit. You can use this information to estimate how much money you will make from selling your products or services.
• Estimate your expenses: In addition to your operating costs, you will need to consider other expenses, such as insurance, marketing, and maintenance. You will also need to set aside money for taxes and other fees.
• Create a budget: Once you have estimated your start-up costs, operating costs, revenue, and expenses, you can use this information to create a budget for your business. This will help you to see how much money you will need to start the business, and how much profit you can expect to make.
• Develop a plan for using your profit: Finally, you will need to decide how you will use your profit to grow and sustain your business. This might include investing in new equipment, expanding the business, or saving for a rainy day.

Frequently Asked Questions About Party Rental Business Plans:

Why do you need a business plan for a party rental business.

A business plan for a party rental business is important to outline goals, assess available resources, create strategies for success, and provide a roadmap for the future of the business. It can be used to determine the financial needs of the business, including start-up expenses, necessary equipment and supplies, projected income, cost of operations, and desired profits. Additionally, it is important to consider marketing strategies for the party rental business and create a budget to ensure that expenses are realistic and profits achievable.

Who should you ask for help with your party rental business plan?

An experienced business consultant or mentor would be a great resource for help with creating a party rental business plan. A business consultant can provide guidance on developing a plan, researching the industry and the market, and creating a realistic financial forecast. In addition, there are online resources with templates to help you create a customized plan for your business.

Can you write a party rental business plan yourself?

Yes, you can write a party rental business plan yourself. However, the process may be complicated and time-consuming, so it is recommended that you seek professional help from a business consultant or accountant. A well-written business plan should include an executive summary, market analysis, competitive analysis, financial projections, operations plan and marketing strategy. Additionally, you should research the local industry and trends to better understand the potential risks and opportunities involved with launching your party rental business.

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I'm Nick, co-founder of newfoundr.com, dedicated to helping aspiring entrepreneurs succeed. As a small business owner with over five years of experience, I have garnered valuable knowledge and insights across a diverse range of industries. My passion for entrepreneurship drives me to share my expertise with aspiring entrepreneurs, empowering them to turn their business dreams into reality.

Through meticulous research and firsthand experience, I uncover the essential steps, software, tools, and costs associated with launching and maintaining a successful business. By demystifying the complexities of entrepreneurship, I provide the guidance and support needed for others to embark on their journey with confidence.

From assessing market viability and formulating business plans to selecting the right technology and navigating the financial landscape, I am dedicated to helping fellow entrepreneurs overcome challenges and unlock their full potential. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world.

How to Start a Party Rental Business

A party rental service helps people add a little more spice to their events. Children’s birthday parties are made more fun with a bouncy house, fundraisers make more of a splash with a dunk tank, and weddings get more elegant with a styled tent. Party rental businesses help hosts and hostesses everywhere create lasting memories for themselves and their guests.

Learn how to start your own Party Rental Business and whether it is the right fit for you.

Ready to form your LLC? Check out the Top LLC Formation Services .

Start a party rental business by following these 10 steps:

• Plan your Party Rental Business
• Form your Party Rental Business into a Legal Entity
• Register your Party Rental Business for Taxes
• Open a Business Bank Account & Credit Card
• Set up Accounting for your Party Rental Business
• Get the Necessary Permits & Licenses for your Party Rental Business
• Get Party Rental Business Insurance
• Define your Party Rental Business Brand
• Create your Party Rental Business Website
• Set up your Business Phone System

We have put together this simple guide to starting your party rental business. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas .

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

What will you name your business?

• What are the startup and ongoing costs?
• Who is your target market?

How much can you charge customers?

Luckily we have done a lot of this research for you.

Choosing the right name is important and challenging. If you don’t already have a name in mind, visit our How to Name a Business guide or get help brainstorming a name with our Party Rental Business Name Generator

If you operate a sole proprietorship , you might want to operate under a business name other than your own name. Visit our DBA guide to learn more.

When registering a business name , we recommend researching your business name by checking:

• Your state's business records
• Federal and state trademark records
• Social media platforms
• Web domain availability .

It's very important to secure your domain name before someone else does.

Want some help naming your party rental business?

Business name generator, what are the costs involved in opening a party rental business.

Costs can be quite high. You’ll need to buy all of the equipment to start, and then find a place to house it. Just a single tent can cost thousands of dollars. Party rentals don’t necessarily need a retail space, but you may need one to establish credibility to would-be customers. If you can’t afford to rent a retail space, you can store the equipment in a storage facility, and then have appointment-only showings to potential renters.

What are the ongoing expenses for a party rental business?

You can expect the following ongoing expenses if you own a party rental business:

• Equipment maintenance/replacement costs
• Rent/storage fees
• Employee salaries
• Website maintenance/advertising costs

Who is the target market?

The target market depends on where you’re located. If you’re operating in or near a high-income neighborhood, then your clients will likely be homeowners who throw elaborate events for themselves and their loved ones. If you’re in a middle-class neighborhood, you may find that your clientele are the larger organizations (e.g., schools, the VA, community boards, etc.) holding major gatherings from fundraisers to festivals.

How does a party rental business make money?

Party rentals make money by purchasing equipment at wholesale prices and then renting that equipment out for a set fee. Renters will normally pay a deposit or leave their credit card information to cover any accidental or intentional damage the equipment may suffer while the renter has it in their possession.

This is heavily dependent on where you work. Check rates in your area to see what other businesses are charging before you set your fees in stone. In Michigan, a 20 x 20 foot wedding tent costs $3500 dollars to start and rents for about $225 per weekend. In a wealthier city, you may be able to charge double this amount.

How much profit can a party rental business make?

Your profit is determined by how long your equipment lasts, and how much you charge for each rental. In the case of the wedding tent, you would need to rent a $3500 tent (at $225 a weekend) for at least 16 weekends before you started seeing a profit. However, seeing as how a wedding tent can handle far more than 17 weekends, then you enjoy practically unlimited profit after that.

How can you make your business more profitable?

Party rental businesses can consider branching out into everything that an outdoor event may need. From portable toilets to caterers/bartenders, there's a lot of needs to be met for the many party throwers of the world.

Want a more guided approach? Access TRUiC's free Small Business Startup Guide - a step-by-step course for turning your business idea into reality. Get started today!

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship , partnership , limited liability company (LLC) , and corporation .

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your party rental business is sued.

Form Your LLC

Read our Guide to Form Your Own LLC

Have a Professional Service Form your LLC for You

Two such reliable services:

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

Recommended: You will need to elect a registered agent for your LLC. LLC formation packages usually include a free year of registered agent services . You can choose to hire a registered agent or act as your own.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

You can acquire your EIN through the IRS website . If you would like to learn more about EINs, read our article, What is an EIN?

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil .

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history , which can be useful to raise money later on.

Recommended: Apply for an easy approval business credit card from BILL and build your business credit quickly.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

State & Local Business Licensing Requirements

Certain state permits and licenses may be needed to operate a party rental business. Learn more about licensing requirements in your state by visiting SBA’s reference to state licenses and permits .

Most businesses are required to collect sales tax on the goods or services they provide. To learn more about how sales tax will affect your business, read our article, Sales Tax for Small Businesses .

Certificate of Occupancy

Businesses operating out of a physical location typically require a Certificate of Occupancy (CO).  A CO confirms that all building codes, zoning laws and government regulations have been met.

• If you plan to lease a location :
• It is generally the landlord’s responsibility to obtain a CO.
• Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a party rental business.
• After a major renovation, a new CO often needs to be issued. If your place of business will be renovated before opening, it is recommended to include language in your lease agreement stating that lease payments will not commence until a valid CO is issued.
• If you plan to purchase or build a location :
• You will be responsible for obtaining a valid CO from a local government authority.
• 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.

Services Contract

Party rental businesses should require clients to sign a services agreement before starting a new project.  This agreement should clarify client expectations and minimize risk of legal disputes by setting out payment terms and conditions, service level expectations, and intellectual property ownership.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance . This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance . If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

FInd out what types of insurance your Party Rental Business needs and how much it will cost you by reading our guide Business Insurance for Party Rental Business.

STEP 8: Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

If you aren't feeling confident about designing your small business logo, then check out our Design Guides for Beginners , we'll give you helpful tips and advice for creating the best unique logo for your business.

Recommended : Get a logo using Truic's free logo Generator no email or sign up required, or use a Premium Logo Maker .

If you already have a logo, you can also add it to a QR code with our Free QR Code Generator . Choose from 13 QR code types to create a code for your business cards and publications, or to help spread awareness for your new website.

How to promote & market a party rental business

The best way to promote yourself is to start networking with the major organizations—even if your primary market is personal parties. The more you make yourself well known to the party planners of the major events, the more likely it is your name will start to trickle down to the home planners in the area. In addition to forming personal relationships, create a professional website built with the most popular search terms in mind. Once you know what the big draws are in your area (e.g., sporting equipment, luxury toys, etc.), then you can feature those items prominently on your website to hook more people to your services.

How to keep customers coming back

Excellent customer service and quality equipment will attract people back to you. Ensure all deliveries are on time, and that each item is delivered as promised.

STEP 9: Create your business website

After defining your brand and creating your logo the next step is to create a website for your business .

While creating a website is an essential step, some may fear that it’s out of their reach because they don’t have any website-building experience. While this may have been a reasonable fear back in 2015, web technology has seen huge advancements in the past few years that makes the lives of small business owners much simpler.

Here are the main reasons why you shouldn’t delay building your website:

• All legitimate businesses have websites - full stop. The size or industry of your business does not matter when it comes to getting your business online.
• Social media accounts like Facebook pages or LinkedIn business profiles are not a replacement for a business website that you own.
• Website builder tools like the GoDaddy Website Builder have made creating a basic website extremely simple. You don’t need to hire a web developer or designer to create a website that you can be proud of.

Recommended : Get started today using our recommended website builder or check out our review of the Best Website Builders .

Other popular website builders are: WordPress , WIX , Weebly , Squarespace , and Shopify .

STEP 10: Set up your business phone system

Getting a phone set up for your business is one of the best ways to help keep your personal life and business life separate and private. That’s not the only benefit; it also helps you make your business more automated, gives your business legitimacy, and makes it easier for potential customers to find and contact you.

There are many services available to entrepreneurs who want to set up a business phone system. We’ve reviewed the top companies and rated them based on price, features, and ease of use. Check out our review of the Best Business Phone Systems 2023 to find the best phone service for your small business.

Recommended Business Phone Service: Phone.com

Phone.com is our top choice for small business phone numbers because of all the features it offers for small businesses and it's fair pricing.

Is this Business Right For You?

This business is excellent for people who enjoy event planning, and who have an appreciation for and understanding of the party equipment that’s on the market today.

Want to know if you are cut out to be an entrepreneur?

Take our Entrepreneurship Quiz to find out!

Entrepreneurship Quiz

What happens during a typical day at a party rental business?

Party rental owner can expect the following to-do list on any given day.

• Researching equipment
• Preparing rental contracts
• Selling rentals to customers
• Repairing and replacing equipment
• Advertising and marketing the business

What are some skills and experiences that will help you build a successful party rental business?

It helps to have some experience with party planning before you go into this business. You’ll also need to be detail-oriented and highly organized. Party rentals can get messy when equipment is damaged, so your verbal communication and written contracts need to address potential problems before they have a chance to become full-blown catastrophes.

What is the growth potential for a party rental business?

Growth is highly dependent on the area you serve. If you’re catering more to larger organizations in your area, there may be only a few events they throw a year around the holidays. On the other hand, birthdays, retirement parties, and promotions are everyday occurrences, meaning you’ll have a larger business if you service the full neighborhood.

TRUiC's YouTube Channel

For fun informative videos about starting a business visit the TRUiC YouTube Channel or subscribe to view later.

Take the Next Step

Find a business mentor.

One of the greatest resources an entrepreneur can have is quality mentorship. As you start planning your business, connect with a free business resource near you to get the help you need.

Having a support network in place to turn to during tough times is a major factor of success for new business owners.

Learn from other business owners

Want to learn more about starting a business from entrepreneurs themselves? Visit Startup Savant’s startup founder series to gain entrepreneurial insights, lessons, and advice from founders themselves.

Resources to Help Women in Business

There are many resources out there specifically for women entrepreneurs. We’ve gathered necessary and useful information to help you succeed both professionally and personally:

If you’re a woman looking for some guidance in entrepreneurship, check out this great new series Women in Business created by the women of our partner Startup Savant.

What are some insider tips for jump starting a party rental business?

The best advice for party rentals is to start thinking outside the box. Maybe the people in your area can't afford to spend $100 an hour on an expensive jet ski for a water-themed birthday party, but they can afford to pool their money together to rent a boat to go tubing on the lake. You can rent the boat to party goers, and safety equipment to each person attending. If you live near a ski resort, consider renting skis at group rates for ski parties.

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. If you don't have a lot of start-up capital, you can even consider 'renting out' party characters rather than physical equipment. Hire a few talented actors in your area to dress up for children's birthday parties, and then use the profits to start saving money for more physical equipment. Just remember that there are plenty of things that people love to do for the day, but won’t necessarily do again for another year.

Everyone knows what it's like to buy something expensive and then never use it. Your job is to show potential customers that it makes far mores sense to rent equipment for parties than to buy. Being flexible and persuasive are two of the best ways you'll get your business off the ground.

How and when to build a team

You’ll likely only need a team if you’re planning on being open 7 days a week in a big rental space. Generally, you can consider doing limited hours or appointment-only rentals to start, so you can save yourself the cost of employees salaries. Just ensure that if you do appointment only, your customers can count on you to get back to them quickly and to schedule an appointment on their schedule and not yours.

Useful Links

Industry opportunities.

• American Party Rental Association
• True Value Company (Rental Franchise)
• Party Princess Productions (Franchise)

Real World Examples

• Party Perfect -- Richmond, Virginia
• Party Rental Ltd. -- Teterboro, New Jersey
• Colorado Party Rentals -- Denver, Colorado

Further Reading

• Should I Start My Own Party Rental Company

Have a Question? Leave a Comment!

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Published on Nov 26, 2021

A full guide on how to start a party rental business

16 min read

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 business 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 utensil, 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:

researching the market

getting contacts for wholesalers and other people in the industry

figuring out where to acquire the necessary supplies

You can't forget that no successful party rental business can fly without a solid business plan and go-to-market strategy .

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.

A complete guide on creating a stunning party rental website →

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 Twice 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 building beautiful 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 circles back and forth rather than moving linearly (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 and acquire new customers . 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 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 future-proof? 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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Video Production Business Plan

Michael's Video Service is a start-up company providing video production services on a freelance basis to television stations, companies, high schools, and families.

Do you love to see when a plan comes together? Are you an expert at throwing killer parties? You may want to consider becoming an event planner. And while you have it all together when it comes to coordinating a delicious seafood spread and booking the hottest alternative rock entertainment, you may need a bit of guidance when putting together a business plan.

Check out our selection of event planning sample plans to easily create your own business plan. Having a solid business plan in place ensures that you can worry less about the state of your own business, and focus on developing innovative events for your clients.

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How to Create a Business Plan for Your Party and Events Rental Business

When it comes to starting a new business endeavor , you need to make sure that you have a firm foundation to build upon. An event rental business plan is an essential document that you can refer back to as the company grows or shifts over time.

However, it is also a key piece of the puzzle if you are attempting to get a small business loan from the bank. You need to prove that your party and events rental business can turn a profit so that the lender can rest easy about their investment in you. With a party rental business plan in hand, you can make a great first impression.

Let’s look at the different sections your business plan should include:

Industry Overview

The foundation of your business plan begins with the industry overview. This overview doesn’t have to be a long section of your plan, but it should be enough to give lenders an idea of why your particular business could be profitable.

In this section, you will list specific statistics about the industry as a whole, revenue expectations, and growth percentages for your particular area.

Executive Summary

In your party tent rental business plan, you will want to have a small section for an executive summary. This key component of the business plan details why you want to start this business, a short biography about why you are the best person to run the company, and a brief description of the services you plan to provide.

Keep in mind that this is meant to be just a summary and does not need to be too lengthy. You may have the best success writing this section last. Once you have a firm idea of what else is included in the business plan, summarizing it should be simple.

Service List

If you want to make a great impression with your business plan, you need to have a clear idea of what services your company will provide. Most party and event rental companies offer tents and other items that are easily rented by customers. However, you may want to consider renting out additional items such as:

• Tablecloths, napkins, and other linens
• Centerpieces
• Tables and chairs
• Audio or visual equipment

In a tent rental business model, you might have an extensive list of equipment that you need to purchase to get your company off the ground. Make sure to thoroughly list all of the rental services you intend to offer to potential customers in this section of your business plan.

This list also gives the lender some idea of how much initial capital you will need to get the company off the ground.

Mission Statement and Vision

While the other parts of your event rental business plan are likely to be focused on the services and bottom line, you also need a clear idea of where your business is headed. Relaying your vision and mission statement clearly is essential. This section is the area where you will set long-term goals for the company.

Keep in mind that you are here to run a business, so this section can focus on the growth you hope to see in the market and how you can become a leader in the event and party rental industries.

Structure and Roles

Who is going to help you run your business? Even if you are the sole employee, you need to be very clear on what roles you will play within the company. You might be the CEO but also be in charge of the day-to-day operations. However, if your organization isn’t limited to just you, then you will need to define the roles within your company.

SWOT Analysis

The chances are that you have heard of the SWOT analysis before, even if you haven’t done one for your event rental business plan. It stands for strengths, weaknesses, opportunities, and threats. The primary goal of this section of the party rental business plan is to demonstrate how your company will fare in the marketplace.

Where will your business shine, and where will you face more struggles? It is a good idea to be as specific as possible about the strengths of your business. However, you may want to be a little vague about the potential weaknesses of the company. For example, you might cite more competition as the major weakness for your company.

Marketing Strategies

How will your business get in front of more people? There should be a dedicated section in your tent rental business plan about your marketing strategies.

In this section, you can include print materials or advertisements in local publications. You might also include the costs of creating a website, investing in search engine optimization, and paid social media advertisements.

Under this section, you should also identify who you are marketing to. Does your event rental business cater to party-planning professionals, wedding planners, or a unique section of the local population? Narrowing down who you are marketing to helps you to spend your advertising budget wisely.

Sales Forecast

When it comes to securing a loan for your tent rental business model, the lender wants to know how you plan to make money. If you haven’t yet opened the doors to your business, predicting this can be a bit of a challenge. You may have to base your sales forecast numbers on the industry averages for your local area.

Of course, your business will hopefully grow over the first years of operation. As a result, most business owners will want to include separate sections for their first, second, and even third year in business.

This segmented approach allows you to account for the initial investment in equipment such as tents and tables so that you can demonstrate how much more profit you will make in subsequent years of operation.

Pricing Strategy

Whether you have to purchase all new equipment or already own some of the materials, it is crucial to outline how your business will make money. Compare how much you will rent out your party supplies with how much of an investment you must make in them.

This section is also the place to sort out the details regarding additional fees you might charge and how deposits for your rentals will be handled.

Business Expenses

No business plan would be complete without a closer look at how much money you will spend on your expenses. This assessment can include the initial startup costs of purchasing tents, tables, and chairs. It also includes any month-to-month expenses such as storage rentals or operational costs such as rental management software.

Once you know what you expect to spend on your business, it can be easier to justify a business loan to the bank and prove that your events rental business will start to turn a profit quickly. Take your time filling out this section making sure that everything you need is included.

Software for Success in Your Rental Business with Quipli

A business plan for your party and events rental business is essential, but you will also need something to help you manage on a day-to-day basis. Quipli provides software that makes it easier than ever before to manage your inventory online, accept customer payments, and track your equipment rentals.

Learn more about the best features Quipli has to offer your rental business by scheduling a demo of our software today!

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About the author

Kyle Clements is the Founder & CEO of Quipli, a provider of modern software for independent equipment rental companies. Kyle has a decade of software startup experience and has been part of several successful ventures that have become publicly traded or been privately acquired, such as Uber and Clutch Technologies. In the past few years, Kyle has completed thousands of customer interviews understanding needs and trends in the growing equipment rental market. Kyle brings a unique perspective to the equipment rental industry and is passionate about partnering with independent equipment rental companies to run their operations more effectively and assist them in creating an impactful experience for their customers.

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Event Venue Business Plan Template

Written by Dave Lavinsky

Business Plan Outline

• Event Venue Business Plan Home
• 1. Executive Summary
• 2. Company Overview
• 3. Industry Analysis
• 4. Customer Analysis
• 5. Competitive Analysis
• 6. Marketing Plan
• 7. Operations Plan
• 8. Management Team
• 9. Financial Plan

Start Your Event Venue Plan Here

Event Venue Business Plan

You’ve come to the right place to create your business plan.

We have helped over 100,000 entrepreneurs and business owners create business plans and many have used them to start or grow their event venues.

Event Venue Business Plan Sample & Template

Below are links to each section of a sample plan that can be used as a template for your own plan:

Next Section: Executive Summary >

Event Space Business Plan FAQs

What is an event venue business plan.

A business plan is used to start and/or grow your venue. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan, and details your financial projections.

You can  easily complete your event venue business plan using our Event Venue Business Plan Template here .

What Are the Main Types of Event Venues?

There are many types of event venues. Some own one venue and rent it out for wedding receptions, corporate events, and other parties. Others have relationships with and rent out hotels, sports arenas, restaurants, and other venues which are desirable to their clientele.

What Are the Main Sources of Revenues and Expenses for an Event Space?

The primary source of revenue for event venues is booking fees paid by clients. Sometimes event spaces also generate revenue from catering events and providing entertainment at them.

The key expenses for event venues are the cost of leasing the venue(s) and staffing costs, particularly if they provide services during the events.

Read more about how to get funding: Seeking Funding from Angel Investors vs Venture Capitalists .

How Do You Get Funding for Your Event Venue Business Plan?

Event venues are most likely to receive funding from banks. Typically you will find a local bank and present your plan to them. Angel investors and credit card financing are other common funding sources.

What are the Steps To Start an Event Venue Business?

Starting an event venue business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.

1. Develop An Event Venue Business Plan - The first step in starting a business is to create a detailed event venue business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.  

2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your event venue business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your event venue business is in compliance with local laws.

3. Register Your Event Venue Business - Once you have chosen a legal structure, the next step is to register your event venue business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws. 

4. Identify Financing Options - It’s likely that you’ll need some capital to start your event venue business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms. 

5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations. 

6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events. 

7. Acquire Necessary Event Venue Equipment & Supplies - In order to start your event venue business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation. 

8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your event venue business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising. 

Learn more about how to start a successful event venue business:

• How to Start an Event Venue Business

Where Can I Get an Event Venue Business Plan PDF?

You can download our free  event venue business plan template PDF here . This is a sample event venue business plan template you can use in PDF format.

Other Business Plan Templates

Catering Business Plan Template

Bakery Business Plan Template

Coffee Shop Business Plan Template

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Home » Sample Business Plans » Real Estate

How to Write a Banquet Hall Rental Business Plan [Sample Template]

Are you about starting a banquet hall rental business? If YES, here is a complete sample banquet hall rental business plan template & feasibility study you can use for FREE . One good thing about banquet hall rental business is that more often than not, your presence may not be needed, as long as you have competent team handling the business for you.

Besides a good percent of events such as wedding ceremonies, parties et al are done during weekends and if you are lucky not to be working during weekends, you can successfully test run a banquet hall rental business. On the average, it is the practice for most standard banquet hall rental companies to also engage in other forms of rental business as it relates to party and events. Some even go as far as engaging in event planning and catering services.

However, if you do not have the capacity to start big, you can decide to just build a banquet hall, equip the hall with sound system / public address system and then put it up for rentals.

A Sample Banquet Hall Rental Business Plan Template

1. industry overview.

Starting a banquet hall rental business is indeed a capital intensive business, reason being that the cost of securing or building a standard and well equipped banquet hall is on the high side and it is not what an aspiring entrepreneur with low financial strength can venture into. It is a business that investors with huge cash base can easily start, not just in any part of the city, but in choice areas that can attract high profile corporate and individual clients.

Banquet halls are halls that are rented for the purpose of hosting events such as professional seminars, corporate award ceremonies, weddings, family reunions, church benefits, association fund-raisers and any other events. Aside from the fact that the owners of banquet halls rent their halls and make money, most of them as also engaged in other complimentary services such as party rental services and event planning services.

The Banquet Hall Rental / Party Rental Industry is indeed a large and vibrant industry not only in the united states of America and in most countries of the world. Statistics has it that the Banquet Hall Rental / Party Rental industry in the United States of America, is worth $5 billion, with an estimated growth rate of 2.3 percent.

There are about 9,645 registered and licensed party rental / banquet hall rental businesses in the United States and they are responsible for employing about 50,470 people. Only Classic Party Rental Company can boast of having a lion market share in the industry. Despite that, the industry is still very much open for competitions from aspiring investors.

In the United States, the regions that have the greatest concentration of banquet hall rental / party supply rental companies are the Southeast, the West, the Great Lakes and the Mid-Atlantic. The distribution of companies is based mainly on the number of households and median income levels by region.

Besides, banquet hall rental / party rental companies tend to locate near major metropolitan areas, which generate a steady stream of demand for corporate and social events. The Southeast region has the greatest concentration of industry establishments, estimated at 31.9% of the total in 2015.

The Southeast is the most populated region of the United States; therefore, given the high proportion of households, there is a greater demand for rental supplies for social events and corporate events.

No doubt the banquet hall rental / party rental industry is indeed a profitable venture despite the fact that that the entry bar for starting a banquet hall rental business is on the high side. The truth is that, if a banquet hall is well positioned and equipped, they will sure attract regular clients and the hall can be well booked all through the year.

Some of the factors that encourage entrepreneurs to start their own banquet hall rental / party rental business could be that the business is easy to set up despite the fact that the start – up capital is not affordable and the running cost can be put at the minimum level.

2. Executive Summary

T & T Banquet Hall Rentals, LLC is a first – class and licensed banquet hall rental and event planning company that will be based in Las Vegas – Nevada.

Aside from running a banquet hall rental business, the company will also handle all aspect of event planning such as wedding planning, children’s party, sports tournaments / competitions, annual general meetings (AGM), to corporate events, trade fairs and exhibitions, end of year party, party rental services, event planning trainings and event planning consulting and advisory services et al.

We are aware that to run a banquet hall rental business and an all – round event planning outfit can be demanding which is why we are well trained and equipped to perform excellently well. T & T Banquet Hall Rentals, LLC is a client-focused and result driven banquet hall rentals and event planning outfit that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients.

We will offer a standard and professional event planning services to all to our individual clients, and corporate clients at local, state, national, and international level. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they contract their events to our organization.

At T & T Banquet Hall Rentals, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in a wide variety of rental services and event planning et al.

T & T Banquet Hall Rentals, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.

We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.

Our plan is to position the business to become the leading brand in the banquet hall rental cum event planning line of business in the whole of Nevada, and also to be amongst the top 20 banquet hall rental outfits in the United States of America within the first 10 years of operations.

This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Las Vegas is the right place to launch our banquet hall rental cum event planning business before spreading to other parts of The United States.

T & T Banquet Hall Rentals, LLC is founded by Mr. Tony Angelo and his wife Tammy Angelo. The organization will be managed by both of them since they both have tangible experience working at various capacities within the real estate and event planning industry in the United States.

As a matter of fact, Mr. Tony Angelo who is the Chief Executive Officer of the organization was part of the team that organized Atlanta 96® Olympics and the wife in time past has worked with the team responsible for organizing Grammy Awards.  Mr. Tony Angelo graduated from both The University of California – Berkley (First Degree), and University of Harvard (MSc.).

3. Our Products and Services

T & T Banquet Hall Rentals, LLC is going to offer varieties of services within the scope of banquet hall rental services and the event planning industry in the United States of America. Our intention of starting our banquet hall rental and event planning outfit is to make profits from the industry and we will do all that is permitted by the law in the US to achieve our aim and ambition.

Our business offering are listed below;

• Wedding Planning
• Corporate Event Planning
• Outdoor Party Planning
• Annual General Meetings
• Sports Tournaments / Competitions Planning
• Children’s Party and Birthdays Party Planning
• Party supply rental
• Corporate party and banquet equipment rental
• Wedding supply rental
• Birthday rentals
• Corporate event rentals
• Other event rentals

4. Our Mission and Vision Statement

• Our vision is to build a banquet hall rental and event planning brand that will become the number one choice for both individual clients and corporate clients in the whole of Las Vegas – Nevada. Our vision reflects our values: integrity, service, excellence and teamwork.
• Our mission is to rent a well – equipped and standard banquet hall, and to provide professional and trusted event planning services that assist individuals, businesses and non-profit organizations in organizing all of their events.
• We are to position the business to become the leading brand in the banquet hall rental and event planning line of business in the whole of Nevada, and also to be amongst the top 20 banquet hall rental and event planning outfits in the United States of America within the first 10 years of operations.

Our Business Structure

T & T Banquet Hall Rentals, LLC is a banquet hall rental and event planning outfit that intend starting small in Las – Vegas, Nevada, but hope to grow big in order to compete favorably with leading banquet hall rental and event planning outfits both in the United States and on a global stage.

We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hire the best hands within our area of operations.

At T & T Banquet Hall Rentals, LLC, we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).

As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;

• Chief Executive Officer

Banquet Manager

Event Planning Consultant

Admin and HR Manager

• Business Developer
• Customer Services Executive

5. Job Roles and Responsibilities

Chief Executive Office:

• Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
• Responsible for providing direction for the business
• Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
• Responsible for signing checks and documents on behalf of the company
• Evaluates the success of the organization
• Achieves maximum profitability and over-all success by controlling costs and quality of service.
• Controls of Banquet China, cutlery, glassware, linen and equipment.
• Completion of forecast and actual budget function sheets, Function Summary Sheets and weekly payroll input.
• Completion of weekly schedules. Schedule staff as necessary to ensure adequate and consistent levels of service.
• Follow-up each function by completing a Function Critique and submit to the Sales & Food and Beverage Manager.
• Supervision of weekly schedules. Schedule staff as necessary to ensure adequate and consistent levels of service
• Supervision of Banquet Bar Requisitions.16.Responsible for Hotel Bar control policies and completion of necessary forms.
• Following of proper purchasing and requisitioning procedures.
• Liaise on an on-going basis with the Food and Beverage Manager to ensure all client needs and requirements will be met.
• Works with the Chef and Head Server to ensure all arrangements and details are dealt with.
• Inspection of Meeting Room prior to guest arrival ensuring that client specifications have been met.
• Co-ordinates the general housekeeping of the Ballroom, Lower Lobby, Lower public washrooms, kitchen, storage areas, entrance areas, etc.
• Responsible for interviewing and hiring vendors, selecting and ordering materials, negotiating rates, coordinating the sequence of events, following up with guests and vendors and producing full-scale events.
• Plans, designs and produces events while managing all project delivery elements within time limits
• Liaises with clients to identify their needs and to ensure customer satisfaction
• Conduct market research, gather information and negotiate contracts prior to closing any deals
• Provides feedback and periodic reports to stakeholders
• Proposes ideas to improve provided services and event quality
• Organizes facilities and manage all event’s details such as decor, catering, entertainment, transportation, location, invitee list, special guests, equipment, promotional material etc
• Ensures compliance with insurance, legal, health and safety obligations
• Specifies staff requirements and coordinate their activities
• Cooperates with marketing and PR to promote and publicize event
• Proactively handle any arising issues and troubleshoot any emerging problems on the event day
• Conducts pre- and post – event evaluations and report on outcomes
• Researches market, identify event opportunities and generate interest
• Responsible for overseeing the smooth running of HR and administrative tasks for the organization
• Designs job descriptions with KPI to drive performance management for clients
• Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
• Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
• Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
• Defining job positions for recruitment and managing interviewing process
• Carries out staff induction for new team members
• Responsible for training, evaluation and assessment of employees
• Responsible for arranging travel, meetings and appointments
• Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
• Oversees the smooth running of the daily office activities.

Marketing Executive

• Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
• Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
• Writes winning proposal documents, negotiate fees and rates in line with company policy
• Responsible for handling business research, marker surveys and feasibility studies for clients
• Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
• Develops, executes and evaluates new plans for expanding increase sales
• Documents all customer contact and information
• Represents the company in strategic meetings
• Helps to increase sales and growth for the company
• Responsible for preparing financial reports, budgets, and financial statements for the organization
• Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
• Responsible for financial forecasting and risks analysis.
• Performs cash management, general ledger accounting, and financial reporting for one or more properties.
• Responsible for developing and managing financial systems and policies
• Responsible for administering payrolls
• Ensures compliance with taxation legislation
• Handles all financial transactions for the company
• Serves as internal auditor for the company

Client Service Executive

• Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
• Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
• Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
• Manages administrative duties assigned by the manager in an effective and timely manner
• Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries

6. SWOT Analysis

T & T Banquet Hall Rentals, LLC engaged the services of a core professional in the area of business consulting and structuring to assist the firm in building a well – structured banquet hall and event planning outfit that can favorably compete in the highly competitive party rental and event planning industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for T & T Banquet Hall Rentals, LLC. Here is a summary from the result of the SWOT analysis that was conducted on behalf of T & T Banquet Hall Rentals, LLC;

Aside from the fact that our banquet hall is well positioned and well – equipped to meet the 21 st century demand of both high profile corporate and individual clients, we have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.

As a new banquet hall rental and event planning outfit, it might take some time for our organization to break into the market and gain acceptance in the already saturated event planning and party rental industry; that is perhaps our major weakness.

• Opportunities:

The opportunities in the event planning and party rental industry is massive considering the number of corporate events, weddings, parties and other events that takes places on a daily basis in the United States. As an all – round banquet hall rental and event planning outfit, we are ready to take advantage of any opportunity that comes our way.

Some of the threats that we are likely going to face as a banquet hall rental and event planning outfit operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.

7. MARKET ANALYSIS

• Market Trends

One thing is certain; it is difficult to find a business that is strictly into just banquet hall rentals. This is so because such business will find it difficult to maintain its overhead and operational cost or generate enough income needed for business expansion.

In recent time, it is common to find banquet hall rental companies engage in other complimentary services such as party rentals and event planning services et al.

The event planning and party rental industry is in a continuous state of evolution and as such, ground breaking strategies and ideas that are once highly successful are no longer as productive as they were in time past. Close observation of the trend in the industry reveals that the past few years have seen the rise and proliferation of social media and new tech tools.

The trend also extends to increased attention paid to engagement and new market segments, adopting eco-friendly measures and sustainability when planning events, and of course increase in demands from event sponsors.

As a matter of fact, social media has now become one of the most important tools event planners leverage on to disseminate information about their events, interact with attendees, solicit feedback, and create year-round engagement with their target audience.

Furthermore, new software apps and emerging technology have made it easier for event and wedding planners to gather all the needed data and information that will help them plan and project for the future.

In recent time, mobile event apps are becoming more popular; event planner can now successfully host events via social media platforms / online platforms. In the United States for example, there several vendors providing mobile apps with more event planners patronizing the apps.

Over and above, with the invention of event apps, it is now compulsory for event planners and venue owners (banquet halls) to offer Wi-Fi throughout the event, in all meeting rooms. The truth is that it will no longer be acceptable to not have Wi-Fi accessible at events; people will hardly rent halls without Wi-Fi facility.

8. Our Target Market

Although T & T Banquet Hall Rentals, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading event planning and banquet hall / party rental companies in the United States.

As an all – round event planning and banquet hall rental outfits, T & T Banquet Hall Rentals, LLC offers a wide range of services hence we are well trained and equipped to services a wide range of clientele base.

Our target market cuts across people of different class and people from all walks of life, local and international organizations as well. We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses.

Below is a list of the people and organizations that we have specifically design our products and services for;

• Potential Couples / Young Adults
• Blue Chips Companies
• Corporate Organizations
• Religious Organizations
• Political Parties / Politicians
• Households / Families
• The Government (Public Sector)
• Schools (High Schools, Colleges and Universities)
• Sport Organizations
• Entrepreneurs and Start – Ups

Our Competitive Advantage

We are quite aware that to be highly competitive in the event planning and party rental industry means that your banquet hall must be well – positioned and well – equipped with enough parking space and security, you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference cum improvement and you should be able to meet the expectations of both participants and organizers of events.

T & T Banquet Hall Rentals, LLC might be a new entrant into the event planning and party rental industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified event planners / managers and wedding planners in the United States.

Our banquet hall must be well – positioned and well – equipped with enough parking space and security. These are part of what will count as a competitive advantage for us.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category ( startups event planning and party rental companies ) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.

9. SALES AND MARKETING STRATEGY

• Sources of Income

T & T Banquet Hall Rentals, LLC is established with the aim of maximizing profits in the event planning and party rental industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.

T & T Banquet Hall Rentals, LLC will generate income by offering the following event planning / rental services for individuals and for corporate organizations;

10. Sales Forecast

One thing is certain, there would always be parties and events in the United States of America and as such the services of event planning and banquet hall / party rental companies will always be needed.

We are well positioned to take on the available market in Las Vegas – Nevada and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Las Vegas to other cities in Nevada and other states in the U.S.

We have been able to critically examine the event planning and party rental market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Las Vegas – Nevada.

Below is the sales projection for T & T Banquet Hall Rentals, LLC, it is based on the location of our business consulting firm and the wide range of consulting services that we will be offering;

• First Fiscal Year-: $250,000
• Second Fiscal Year-: $600,000
• Third Fiscal Year-: $900,000

N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

• Marketing Strategy and Sales Strategy

We are mindful of the fact that there is stiffer competition amongst event planning and party rental companies in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent job deliveries speaks for us in the market place; we want to build a standard banquet hall rental and event planning business that will leverage on word of mouth advertisement from satisfied clients ( both individuals and corporate organizations ).

Our goal is to grow our banquet hall rental and event planning company to become one of the top 20 banquet hall rental and event planning companies in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Las Vegas but also in other cities in the United States of America.

T & T Banquet Hall Rentals, LLC is set to make use of the following marketing and sales strategies to attract clients;

• Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households and key stake holders in Las Vegas and other cities in Nevada.
• Promptness in bidding for event planning / event management contracts from the government and other cooperate organizations
• Advertise our business in relevant business magazines, newspapers, TV stations, and radio station.
• List our business on yellow pages ads (local directories)
• Attend relevant international and local expos, seminars, and business fairs et al
• Create different packages for different category of clients in order to work with their budgets and still deliver quality event planning services to them
• Leverage on the internet to promote our business
• Engage direct marketing approach
• Encourage word of mouth marketing from loyal and satisfied clients

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the event planning and party rental industry by storm which is why we have made provisions for effective publicity and advertisement of our event planning outfit.

Below are the platforms we intend to leverage on to promote and advertise T & T Banquet Hall Rentals, LLC;

• Place adverts on both print (community based newspapers and magazines) and electronic media platforms
• Sponsor relevant community based events / programs
• Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
• Install our Bill Boards on strategic locations all around Las Vegas – Nevada.
• Engage in road show from time to time in target neighborhoods
• Distribute our fliers and handbills in target areas
• Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.

12. Our Pricing Strategy

Just like in rental and consulting business, hourly billing for event planning / event management and rental services is also a long – time tradition in the industry.  However, for some types of event planning / management services, flat fees make more sense because they allow clients to better predict the overall service charges.  As a result of this, T & T Banquet Hall Rentals, LLC will charge our clients both flat fee and hourly billing as long as it favors both parties.

At T & T Banquet Hall Rentals, Lice will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.  In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.

We are aware that there are some clients that would need regular access to event planning consultancy and party / banquet hall rental services, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.

• Payment Options

At T & T Banquet Hall Rentals, LLC, our payment policy will be all inclusive because we are quite aware that different people prefer different payment options as it suits them. Here are the payment options that we will make available to our clients;

• Payment by via bank transfer
• Payment via online bank transfer
• Payment via check
• Payment via bank draft
• Payment with cash

In view of the above, we have chosen banking platforms that will help us achieve our plans with little or no itches.

13. Startup Expenditure (Budget)

Starting a banquet hall and event planning business can be capital intensive; this is so because on the average, you would need enough capital to build a well – positioned and well – equipped banquet hall. When it comes to starting a medium scale but standard banquet hall and event planning company, the following expenditure should guide you;

• The Total Fee for incorporating the Business – $750.
• The budget for basic insurance policy covers, permits and business license – $2,500
• The Amount needed to acquire a suitable facility that will accommodate a well – equipped and well – positioned banquet hall in a good location (Re – Construction of the facility inclusive) – $500,000.
• The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $ 5,000
• The Cost of Launching an official Website – $600
• Budget for paying  at least 4 employees for 2 months plus utility bills – $200,000
• Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
• Miscellaneous: $1,000

Going by the report from the market research and feasibility studies conducted, we will need about seven hundred and fifty thousand (750,000) U.S. dollars to successfully set – up a medium scale but standard event planning business firm in the United States of America.

Generating Funding / Startup Capital for T & T Banquet Hall Rentals, LLC

T & T Banquet Hall Rentals, LLC is a family business that will be owned by Mr. Tony Angelo and his wife Tammy Angelo. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.

These are the areas we intend generating our start – up capital;

• Generate part of the start – up capital from personal savings
• Source for soft loans from family members and friends
• Apply for loan from my Bank

N.B: We have been able to generate about $250,000 (Personal savings $200,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $500,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to offer a wide range of event planning and other related services to both individual and corporate clients.

We know that if we continue to deliver excellent event planning services, and our banquet hall is always in tip – top shape and highly secured, there will be steady flow of income for the organization. Our key sustainability and expansion strategy is to ensure that we only hire competent employees, create a conducive working environment and employee benefits for our staff members.

In the nearest future, we will explore the options of either selling out franchise or expanding our scope beyond Las Vegas – Nevada to other major cities in the United States of America. We know that if we implement our business strategies, we will achieve our business goals and objectives in record time.

Check List / Milestone

• Business Name Availability Check:>Completed
• Business Incorporation: Completed
• Opening of Corporate Bank Accounts various banks in the United States: Completed
• Opening Online Payment Platforms: Completed
• Application and Obtaining Tax Payer’s ID: In Progress
• Application for business license and permit: Completed
• Purchase of All form of Insurance for the Business: Completed
• Securing a standard facility and construction of a standard banquet hall: In Progress
• Conducting Feasibility Studies: Completed
• Generating part of the start – up capital from the founder: Completed
• Applications for Loan from our Bankers: In Progress
• Writing of Business Plan: Completed
• Drafting of Employee’s Handbook: Completed
• Drafting of Contract Documents: In Progress
• Design of The Company’s Logo: Completed
• Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
• Recruitment of employees: In Progress
• Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In Progress
• Creating Official Website for the Company: In Progress
• Creating Awareness for the business (Business PR): In Progress
• Health and Safety and Fire Safety Arrangement: In Progress
• Establishing business relationship with vendors and key players in the industry: In Progress

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Developing a Party Rental Business Plan

Starting a party rental business is not a complicated process when employing the right strategies and utilizing effective technological solutions.

No matter what type of business you are trying to start, you should always start with a well-defined business plan. If you do not plan, you will get lost in the process.

Generally speaking, starting your party rental business without a plan will not be a smooth process, and you will face a series of challenges along the way.

To prevent some of those challenges and limitations, we have created an in-depth business plan creation process, which we will share below.

Note: This chapter is not a step-by-step guide; it provides you with the complete information needed to develop your business plan.

Components of a Party Rental Business Plan

1. setting up your business location.

  Large Cities vs. Small Towns

We recommend you start your party rental business plan by determining the areas you want to serve. It is ideal to set up our party rental business in areas with larger populations. The higher the people, the higher your chances of getting clients.

However, it does not mean we should avoid small towns. Because small towns usually lack the party rental business. As a result, those areas may have greater demand for your rental equipment. 

Throughout our experience, we noticed that most rental businesses face difficulties in the party rental business because of their inconvenient location.

If you are trying to rent a large warehouse or rent your party equipment right from your home, you need to establish your business location closer to your service area.

For example, some businesses open their warehouses too far from their target areas. As a result, they spend high transportation costs and valuable time delivering their party equipment.

Equipment Storage

Before you start procuring valuable equipment and supplies, you must have a proper place to store them. Keeping them in unprotected areas or the open air will be prone to damage from weathering or possible theft.

Also, it would help if you made sure that the storage area had enough room to store all of your equipment. Stacking everything on top of each other will not be convenient nor secure.

For example, packing everything in a tight room may lead to equipment damage, inconveniences in finding what you need, and extra effort and time in putting things back.

Surveillance Cameras

Additionally, your storage area has to be secured with surveillance cameras so you can view the activities taking place in your area and have peace of mind at all times.

We strongly recommend installing remote surveillance cameras, and they can be monitored using a smartphone or PC from any location. That method adds an extra layer of security to your party rental business, plus you will be monitoring the activities of your business while you are away from your office. 

2. Setting a Price for Your Rental Equipment

Before starting your business, you should create several packages depending on the size of the parties you want to serve.

For instance, you may create a package for household parties such as birthdays and family reunions and assign affordable pricing for each. Then, you may make more extensive packages for commercial promotions, community events, and weddings.

Generally speaking, creating your rental packages will help you organize your business and make the selection process more convenient for your customers.

Pricing for your packages should be relevant to the value of the equipment. Higher-quality equipment with a high price tag should not be priced at the same rate as cheaper, low-quality equipment.

Here are the steps to consider when pricing your equipment:

Using a Simple “Cost Plus Margin” Formula

The formula works in the following pattern: First, you need to write down the original cost of procurement. Then, you need to add the cost of ownership, which includes things like depreciation, maintenance, storage, and other miscellaneous expenses you may accumulate while owning the equipment.

For example, let’s say you purchased a large tent for $1000 and spent $100 on its transportation.

There is a depreciation of 2% per usage after spending $50/ month on its storage and maintenance, which equates to another $20.

Since we have come up with a cost, you need to determine the margin of profit you are attempting to get.

For example, if you rent it 50 times per year, your total annual depreciation cost for a single tent will be $2,700 (1000+100+50 (x12) + plus 50 x $20 for maintenance).

In the United States, a large tent that covers more than 20 people costs between $350 and $500 (or $.75 and $1.50 per sq. ft.) per day.

That means that even if you rent your tent for $350, an annual total of 50 rentals will net you $17,500 (50 x 350). Now you need to subtract the $2,700 yearly depreciation cost of the tent from the generated $17,500 revenue, which equates to a $14,800 profit.

Note that depreciation is the sum of depreciation fees exceeding a tent’s original cost.

For example, after charging $20 for 50 times, the value of the tent gets nullified. After that, you decide to keep renting it or replace it with a newer tent version.

We strongly advise you to replace worn-out party equipment regularly because old, rugged items are neither attractive nor safe for parties.

Research Your Competitors’ Prices

Pricing your costs using the provided formula is not enough to make your party rental business profitable. You will also need to beat your competitors’ prices to increase the volume of rentals. 

First, you have to find and list all party rental businesses in your area.

The simple way to do it is to google phrases such as

“party rental business near me” or “party rental businesses in [area]” in the search engine.

Then, visit their websites to learn their pricing options for each item so that you can price yours a little lower than those.

The Advantages of Competitive Pricing :

Every beginner should focus more on building a reputation than making money. Have you heard about the first impression theory ? First impressions last a lifetime. So, start with an outstanding performance to leave an exceptional appearance in your community. Unstable beginnings usually lead to quick failures.

Conducting Surveys and Making Your Prices Suitable for Your Audience

Pricing is the first thing your clients will notice. That means you need to know your target population and study their financial conditions so you can make your prices affordable for them.

For example, offering high-end equipment or luxurious furnishings to middle-income communities may not be ideal. So, consider the average household income in your community to come up with attractive pricing.

Suppose you are unsure how to check the average income of your target population. In that case, you can use government websites such as data , or you may search for the following keyword on Google: “Median Household Income in (name of your city, county, or district).”

Additionally, you can learn what your community wants in pricing by distributing surveys. Learning about your community’s needs does not only help you to come up with reasonable pricing but also enables you to determine what type of equipment will generate greater profits in that specific area. Generally speaking, the method will help you prevent procuring equipment that will perform poorly in your area.

Creating surveys may be challenging without appropriate software. However, now you can use Reservety’s Party Rental Software to create customizable surveys and distribute them to large numbers of potential customers with bulk email or SMS campaigns.

Read this post to read completely to find out more on how to calculate equipment pricing

3.     Promotions and Marketing  

Identifying your target market.

Knowing your target audience is another essential part of developing a business plan and developing effective marketing strategies. Most party rental businesses target companies, the general public, or organizations depending on their capacity.

For example, companies usually organize promotional activities, holiday celebrations, and other events that may need your business. The general public needs your rental equipment to celebrate birthdays, holidays, and special events such as weddings and homecoming parties. Organizations use party rentals to organize advocacy events, promotional activities, or public awareness programs.

Even public schools may need to rent your party equipment to mark special occasions or organize sporting events.

You need to know your target audience before procuring appropriate equipment and supplies and developing promotions and marketing strategies. It is okay to target all of these three groups as long as you have enough funds to purchase equipment to meet the three groups’ demands.

In one of our previous articles, we mentioned that serving the bigger parties with a limited number of or poor-quality equipment will ruin your reputation and hinder your progress as the quality of your rental equipment will not meet the customer’s expectations.

The Primary Ways to Reach Out to Potential Customers

Currently, we are living in a technological era where 4.66 billion people have access to the internet. Therefore, you can utilize internet marketing and promotions to grab your customers’ attention.

Here is how you can do it:

Being Active on Social Media

Social media is effective in showcasing your party rental business to millions of people. Globally, internet users spend 145 minutes per day on social media platforms, and this figure is steadily rising year after year. That indicates that you need to be active on social media by posting fun and engaging content.

For example, sharing beautiful moments from somebody’s wedding or videos from festive parties may attract viewers to your social media pages and may gain you an army of loyal fans through the process.

Special Discounts for New Customers

Promotions are a common marketing strategy to attract customers to a new business. Plus, you may create a loyalty program to gather a group of returning customers.

We noticed that some party rental businesses offer free rentals to their community in the first few days following their grand opening. The promotion may sound like a loss of money and time. But when you consider its long-term impact, the strategy is worth the effort.

For example, when Mr. Luke offered free rentals to organize a Christmas celebration in a local children’s hospital, the community reacted well and got to know the new business in their community. Simple and good promotions like these build long-term impressions and foundations for the future of the party rental business.

Establishing Partnerships and Affiliations

Most successful businesses establish partnerships with other successful companies. For example, since you are new to the party rental business, you may not have a customer base in the beginning. However, you can establish a partnership with successful event organizers and offer these companies special discounts or monetary incentives to use your rental services in their operations.

For instance, let’s say Joan owns an event organizing business, and she won a contract to hold a special event in a local park. If Joan does not have her equipment, she may rent the equipment from you under the conditions of your partnership. You will give Joan 5% of her total income as an appreciation for her referral. This type of partnership creates a win-win situation for both sides. 

Generally, referral programs work in two ways: firstly, they increase the number of returning customers; secondly, they increase word-of-mouth advertising in the community. 

Organizing Charity and Awareness Events

The best way to make your party rental business known is to show it in action

. By organizing charity events in your community, you are increasing your business visibility and gaining a good first impression in the eyes of your community.

4.     Ensuring Adequate Funds

To start a successful party rental business, you need to plan your finances ahead of time. There are two popular methods used in business planning.

In the first method, you can develop a workable plan and start looking for various sources to fund those plans. In the second method, you can create a business plan based on your available funds. These are both methods employed around the world.

If you decide to take the first route, you can start looking for loans from banks, financial agencies, and alternative lenders. Your local banks will be more reliable and transparent than third-party lenders as far as transparency is concerned. However, most startups cannot take loans from local banks as they require records of a minimum of three years of business. 

How to Get Funding for Party Rental Business:

Private sponsors or investors.

They can be angel investors, wealthy individuals willing to provide funding for startups in exchange for an ownership stake in the company.

Venture capitalists can also provide funding in exchange for an equity stake, but you have to demonstrate the potential for significant revenue to convince them.

Personal Investors

They can be one of your family members, friends, wealthy acquaintances, or a mixture of all. We recommend signing a contractual agreement when dealing with an investor. So you won’t face disagreements once the business takes off.

Peer to Peer Lenders

They can be either individuals or companies. Did you know that peer-to-peer lenders can approve your funding requests faster but with a higher interest rate? So, it would help if you were extra careful when dealing with lenders. Reading their contracts, discussing conditions, or even trying smaller loans at first may save you from unexpected costs and issues.

We already mentioned that some banks are not willing to give loans unless your party rental business has shown some positive performance in the past. Nevertheless, some private banks may negotiate a deal under certain conditions if you convince them with a great business plan.

Also, some banks may give out loans if you put your valuables, such as your home or property, as collateral. It obviously should be the last resort because of the risk of losing the house.

Small and Medium-sized Enterprises (SMEs) Funding from the Government

Some countries have adopted policies to ensure that small and medium-sized businesses have an opportunity to grow and compete with large and wealthy corporations. Depending on your country, you may qualify for government funds for SMEs. You can find out about it by either going to the local commerce chamber of your government or doing a quick internet search on Google.

For more information about securing sufficient funds for your party rental business, you may visit Chapter 2.

5.     Procurement Planning

Procurement planning should be an integral part of your business plan.

First and foremost, to obtain equipment, you must locate reputable wholesalers or vendors who can provide the equipment at a reasonable price.

We have already shared a list of vendors to purchase party rental equipment.

You need to consider three things when you select a vendor to procure party rental equipment.

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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Party Rentals Business Plan

Party rental companies can learn successful business operations and achieve financial projections with this free, printable business plan.

Sample text from Party Rentals Business Plan:

1.0 Executive Summary

Introduction

The purpose of this Business Plan is to:

1. Set a course for the Company management to successfully manage, operate, and administer the business.

2. Inform grant providers, lenders and/or investors of the capital requirements being requested by the Company as well as its history, its projected future, and how the requested funding would give the Company the ability to add value to the local economy, generate tax revenues for local and federal government, and help put people back to work.

The Company

[COMPANY NAME] (herein also referred to as the "Company") is a start-up business that was founded by [NAME] and [NAME] who have structured the business as a partnership. The management of the Company possesses the skills, talent, education, and employment background required to effectively direct the Company.

The Company's vision is to provide the best possible combination of customer service quality, product quality, and price so that every customer feels they have received excellent value and is delighted to continue to purchase from the Company in the future, to be able to offer something for everyone, and to provide for the families of the Company owners.

Based on the financial projections contained within this Business Plan, the future of [COMPANY NAME] appears bright. With the diligent efforts of management, the Company is projected to experience sales growth, profitability, and positive cash flow over the three-year projection period.

Management has adopted a marketing strategy that is guided by the cost effectiveness of each advertising method and campaign. The Company's sales strategy is guided by statistical data which will be gathered on every sale and purchasing customer. A comprehensive financial plan that includes close monitoring of financial data, the use of professionals for legal, accounting and tax preparation needs, commitment in developing a strong banking relationship, and an exit strategy has also been adopted. By following this Business Plan, [COMPANY NAME] has the opportunity for continued growth and profitability for many years into the future.

Products and Services

The Company goal is to provide the finest in service quality relative to the price that the customer pays so that added value is realized each and every time. Its offerings include a gift shop, a coffee shop with baked goods, party rental items, fresh and silk flower arrangements, and candles.

The Company will provide its offerings to the general public in [CITY], [STATE] and the surrounding residents of [COUNTY], [STATE].

Financial Considerations

In addition to diligently following this Business Plan to maintain the safeguards for successful business operations and achieving the financial projections herein, the current financial plan of [COMPANY NAME] includes obtaining a capital injection through one of many government and/or private grant programs in the amount of $450,000 sometime in the second quarter of 2011. The funding will be utilized for the following purposes and acquisitions:

• $150,000 for inventory

• $ 50,000 for shelving and displays

• $ 50,000 for leasehold improvements

• $ 50,000 for coffee shop equipment

• $ 50,000 for customer seating, office furniture and equipment

• $100,000 for start up expenses and working capital

The major focus for grant programs appropriate for [COMPANY NAME] would include those programs being offered to businesses that are 100% women owned and business that are expanding that will hire the unemployed.

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Bay County Fire & Life Safety Inspections

Short-Term Rentals

To access the Payment Portal, click here .

On Aug. 1, 2023, the Bay County Board of County Commissioners passed Ordinance 23-18 concerning registration, reporting, and inspection requirements for vacation rentals operating in the unincorporated areas of the county. In many cases, the ordinance simply solidifies the rules and regulations under which short-term rentals were already operating.

High-rise condominium units and apartment complexes are currently exempt from the requirements of the short-term rental ordinance. Only one, two, three and four-family unit structures are included.

The ordinance mandates that any transient public lodging establishment, defined by state statute as a single-, two-, three-, or four-family house or dwelling, recreational vehicle or mobile home, maintain a Short-Term Vacation Rental Certificate issued by Bay County.

1. Registration (required annually):

• Complete and submit the application packet via email to [email protected] .
• Application Form
• Notarized Affidavit
• Fire Safety Self-Inspection Checklist
• Registration for Tourist Development Tax payments with the Bay County Clerk of Court .
• Licensure as a Vacation Rental with the Florida Department of Business and Professional Regulation
• Pool inspection certificate from the Bay County Department of Health, if applicable; certificates are required when five (5) or more properties share a pool.
• A DBPR HR 7020 Balcony Inspection Certificate for any rentals over two stories, if applicable.
• Submit payment on the Payment Portal using the rental property's Parcel ID.

3. Inspection

• The property owner or manager is encouraged to be present during the inspection. If not possible, a door code should be provided. Rental units should not be occupied by guests during the inspection.
• The Inspection Bureau will issue a Vacation Rental Certificate after the unit passes inspection.
• Post certificate number issued by Bay County when advertising on any platforms.
• Address of short-term rental
• Name and phone number of managing party
• Maximum occupancy based on the Fire Inspector’s evaluation of the dwelling’s floor plan
• Notice of Bay County's Noise Ordinance
• A trash pickup schedule with the locations of trash containers
• Sea turtle nesting season and restrictions information
• Location of the nearest hospitals with statement: “Call 911 in case of emergency”
• Beach safety flag notification instructions with penalties for violations
• Name of managing agent and 24-hour emergency contact number
• Short-term vacation rental certification number
• Signage must be placed on the wall or window to be legible as viewed from the public right-of-way
• Signage must be no larger than 18 x 12 inches

A Vacation Rental must be recertified annually, or in the event of a change of ownership, recertified at the time of transfer. Interior inspections shall be performed at the discretion of the Bay County Fire Inspector. The property owner must comply with all posting and signage requirements for Short‐Term Vacation Rentals and is responsible for designating and keeping current the name and contact information for the Rental Responsible Party.

NOTE: Rentals over two stories in height must include an evacuation floor plan on each bedroom door indicating primary egress and secondary escape routes.

Fire and Life Safety Inspection Bureau

Forms and documents.

• Vacation Rental Registration Application (fillable)
• Vacation Rental Registration Affidavit
• Bay County Fire Self Checklist
• Short-Term Vacation Rental Pre-Inspection Survey
• DBPR Vacation Rental Brochure
• Ordinance_ 23-18 _ VACATION RENTAL INSPECTION
• Sample Short-Term Rental Signage

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Geographic coordinates of Elektrostal, Moscow Oblast, Russia

City coordinates

Coordinates of Elektrostal in decimal degrees

Coordinates of elektrostal in degrees and decimal minutes, utm coordinates of elektrostal, geographic coordinate systems.

WGS 84 coordinate reference system is the latest revision of the World Geodetic System, which is used in mapping and navigation, including GPS satellite navigation system (the Global Positioning System).

Geographic coordinates (latitude and longitude) define a position on the Earth’s surface. Coordinates are angular units. The canonical form of latitude and longitude representation uses degrees (°), minutes (′), and seconds (″). GPS systems widely use coordinates in degrees and decimal minutes, or in decimal degrees.

Latitude varies from −90° to 90°. The latitude of the Equator is 0°; the latitude of the South Pole is −90°; the latitude of the North Pole is 90°. Positive latitude values correspond to the geographic locations north of the Equator (abbrev. N). Negative latitude values correspond to the geographic locations south of the Equator (abbrev. S).

Longitude is counted from the prime meridian ( IERS Reference Meridian for WGS 84) and varies from −180° to 180°. Positive longitude values correspond to the geographic locations east of the prime meridian (abbrev. E). Negative longitude values correspond to the geographic locations west of the prime meridian (abbrev. W).

UTM or Universal Transverse Mercator coordinate system divides the Earth’s surface into 60 longitudinal zones. The coordinates of a location within each zone are defined as a planar coordinate pair related to the intersection of the equator and the zone’s central meridian, and measured in meters.

Elevation above sea level is a measure of a geographic location’s height. We are using the global digital elevation model GTOPO30 .

Elektrostal , Moscow Oblast, Russia