When it comes to a party equipment rental business, the equipment options are never ending for lots of types of events! I owned a balloon business that started out as just balloon garlands… but when you give a mouse a cookie the options are endless.
Over the years I’ve worked with:
- Tablecloth rentals
- Table & chair rentals
- Silk floral rentals
- Tent rentals
- Inflatable rentals
- Toddler party rentals
- Backdrop rentals
- Vintage furniture rentals
- Photo booth rentals
So, the one thing I learned with absolute certainty, is that there’s a massive market for party rental equipment. Most people don’t want to purchase items that they only need one or two times per year.
I didn’t own each of these equipment pieces or operate each of these business models, but I made sure to befriend anyone who dabbled in these items. You just never know when you’re going to need a vintage 1970’s wicker peacock chair within the next 30 days.
The advantages of a party rental business:
- Recurring revenue
- Once your asset (rental equipment) is paid for, it’s a really profitable business model!
- You control your schedule!
- A lot of party rental businesses work predominantly weekends.
- When possible, some business models use a Friday through Monday approach to protect their quality of life.
What you need to create a successful equipment rental business:
- The equipment you will be renting
- Method of communication
- A listing or page for marketing & visual purposes
- A CRM to organize your calendar and clients (I recommend honeybook)
- Transportation- if you will be delivering
- A positive attitude
If you’re thinking of starting a service focused business, I recommend creating a business plan with goals for yourself. Understanding how you want the business to work, what income goals you need to achieve in order to scale effectively, and what your work-life balance should look like will help you avoid a lot of problems later on.
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Have you owned a party equipment rental business? Share your tips in the comments!
Product I LOVE
This book shares crucial lessons for ANY business: teaching foundational accounting principles to ensure you’re making money.
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