After doing some research, we discovered that a complete step by step guide on starting party rental is missing on the internet. Having several years of experience in rental business, we understand the importance of practical guidelines for startups to resolve some of the difficulties and challenges that they may face while managing their rental business.
After reading our “How to Start a Party Rental Business” series, you will learn the following:
1. Developing a business plan
2. Setting up a Budget for Party Rental Business
3. Registering Your Business as a Legal Entity
4. Creating a Business Bank Account
5. Select a Party Rental Software and Creating a Website
6. Protecting Your Business Assets with an Insurance
Developing a Business Plan
Setting Up a Budget for Your Party Rental
Registering as a Legal Entity
Creating a Business Bank Account
Selecting a Party Rental Software and Website
Protecting Your Assets with insurance
Developing a Business Plan
In this section, we are going to discuss the basics of the party rental business and teach you how to:
– Business Location
– Promotion and Marketing
– Pricing Equipment
– Safety and Insurance
– Arranging Funds
– Procurement Planning
– Preparing a Business Model
Setting up Budget for Party Rental Business
Budget is the backbone of every process and operation in Party Rental Business. Without setting aside adequate funds, your business will face a series of hiccups along the way. Considering the importance of finances, we discussed how to set up budgets and how to manage them to achieve sustainable growth in your party rental business:
– Finding loans for your party rental business
– Managing your budget
Registering Your Party Rental Business as a Legal Entity
No matter where you locate, you need to be compliant with state and national rules and regulations if you want to do a party rental business on a long-term basis. Therefore, we dedicated Chapter 3 for the purpose of teaching you how to obtain business licenses, permits, and tax numbers.
Concisely, after reading Chapter 3, you will understand:
– The types of Business Registrations
– Required Paperwork for LLC
– Occupancy Permit of Certificate of Occupancy
– Reseller Permit (Reseller License)
– Certified Event Rental Professional (CERP)
– Occupational (Worksite) Safety Certificates
– Business Insurance
Creating a Business Bank Account for Your Party Rental Business
Your party rental business needs a bank account so you can integrate it with payment solutions or Point-of-Sale (POS) technologies. By separating a business bank account from your personal account, you may protect your personal funds. Additionally, you can accept payments from Visa, MasterCard, and Authorize.net if you have a business account.
– 10 reasons why you need a business bank account.
– Things you need to open a business bank account for your party rental business
– Things you need to consider before opening a business bank account for your party rental business
– Application Process
– Integrating your business bank account with online payment solutions
Selecting a Party Rental Software and Creating a Website
Party rental business involves several micro operations such as inventory management, sales, communications, marketing, accounting, and bookkeeping. All those tasks are too fragmented and it will be costly to hire a specialist for each of those areas. Luckily you can streamline or automate the majority of those tasks by using a reliable Party Rental Software like the one Reservety offers.
Website is also important to showcase your rental products and accept online orders. Plus, the website will represent the face of your business where potential customers will interact with your business.
Thus, Chapter 5 is all about selecting rental software and creating a functional website for your party rental business. The chapter will cover:
– Reasons why Rental Software is important for your party rental business
– Consider the rental software solutions that offer the following features
Protecting Your Business Assets with an Insurance
The primary benefit of having business insurance is that it helps you to minimize costs associated with property damage and liability claims. Therefore, the whole chapter will teach you to recognize different types of business insurance and suggest ways how to avoid selecting a bad business insurance company.
Chapter 6 will cover the following:
- Types of Insurances that your party rental business can use
- Add-on insurance to supplement the primary business insurances
- How to select suitable business insurance for your party rental business
- Four steps to buying a business insurance