#2. Opportunity for expansion Once you are an established name in the party rental business, you can further expand your business by offering other party-related services such as special photography, organising a wedding event, or planning a church social. Since you are already a reputable party rental company, you will not have much difficulty finding clients to ask you to manage their event for them. This will give you the option to become an event planner later during your business career. ---------------------------------------------------------------------------------------------------- Are you an Investor looking forward to invest in Africa..? DO you have a copy of this investment tool already..? IF NOT THEN GO RIGHT NOW ON AMAZON KINDLE AND DOWNLOAD...CLICK ON THE LINKS BELOW 1) UNIQUE BUSINESS IDEAS FOR EVERY AFRICAN COUNTRY click here == https://www.amazon.com/dp/B08MKLGTPK 2) AFRICAN BUSINESS STARTUP BRAINBOX: STARTING BUSINESS IN AFRICA, PROCEDURES, COST, TIMELINE click here== https://www.amazon.com/dp/B08MLGRBJQ -------------------------------------------------------------------------------------------------------- FOR MORE INFORMATION & BUSINESS CONSULTANCY, CONTACT US CALL/WHATSAPP: +237-677875662 EMAIL: rombunfur@yahoo.co.uk #3. Home-Based Business The great thing about the party rental business is that you can run it as a home-based business. In fact, most people start this business from home. However, there are a few things you need to keep in mind. For example, you are recommended to have a second phone line, as this will make things much easier for you to work with. Do not let your kids attend these calls. You can definitely get help from other family members who are mature enough to deal with clients, however. If you plan everything well, doing things like this will keep your overheads low and your profits high. #4. Research Investigate whether a party rental business is suitable for the area in which you live and intend to operate your business. Things to consider when doing your research include demographics, other party rental businesses in the area, the specific location in which you intend to open your business and any licensing requirements. #5. Prepare a Business Plan The business plan helps you to properly shape your business. If you cannot prepare a business plan, get an expert in that field to prepare it for you as it will guide you on all areas of your business. It will also help you if you want to secure a loan as the bank or lender will need it to evaluate your business. #6. Start-Up Budget The start-up budget to establish a party rental business will depend upon the type of rental services you are offering. Raise the necessary capital and purchase or lease your equipment. Base your purchase decisions on your market analysis and how much demand you think there will be for your services. Many people start party businesses out of the home and may simply rent equipment. However, having an established location out of the house can also be beneficial because it provides a location for families to have a birthday celebration, hence you can partner with an established event centre. #7. Purchase Select a wholesale table and chair supplier and purchase a supply of chairs and tables to fit the target market you want to reach. Decide whether you want to purchase round, square or rectangular tables and whether you want the chairs with padding or not. Start with enough tables and chairs to seat 300 guests. It may also be beneficial to buy at least one big van, if you can afford it. This is if you will be providing tables and chairs or inflatables. Meet commercial laundries if you anticipate having to wash high volumes of tablecloths and napkins. #8. Pricing Decide how much you plan to charge for table and chair rentals and whether or not you’ll set minimum and maximum quantities for rentals. Take into account every of your cost when figuring out the rates you will charge. Overhead includes utilities, labor costs, rents, supplies, vehicles, fuel and insurance. ria

• published: 17 Feb 2021
• views: 947