Interested in setting up a successful wedding rental business but don’t know how to?
Getting started in this industry can be difficult.
There are certain steps to take and a lot of effort that should be put into it if you are serious about your success.
If done the right way, wedding rental businesses can be a profitable source of income for you.
If you prepare a business plan that includes a comprehensive list of your ideas and know what you need in order for you to rent out the required wedding rental equipment to customers at their weddings, your business can eventually thrive.
Towards the end of this article we will answer some of the most frequently asked questions on how to start a wedding rental business…
So let’s get started…
The first step is to determine the market you’ll be catering to, whether it’s consumers or businesses.
Products are typically sold to B2C (business-to-consumer) markets in this industry.
The following are some of its implications to your wedding rental business:
Business-to-consumer (B2C) refers to a transaction in which businesses directly sell their products to consumers.
Your business decisions in this market are predominantly influenced by consumer behavior, so it is crucial that you identify who your target customer is and what their buying habits are before developing your products or services.
You are able to target many different customers when doing business with B2C. You might be able to attract a wide audience, or you might target a specific niche.
Customers hold the power in B2C, so if your website isn’t easy to navigate, or doesn’t rank on Google’s first page, most likely your customer will shop somewhere else.
Building a wedding rental business requires focus on how well you target customer’s needs and how much better you cater to those needs that your competitors do.
Starting a wedding rental company requires having a certain amount of cash on hand to cover expenses including startup costs, business permits, licenses, and inventory.
Most people haven’t had time to save money to get their businesses off the ground, while some have already saved a good amount of money.
Having no money saved does not prevent you from starting a profitable rental business. You just need to figure out other ways to get it elsewhere.
Wedding rental businesses have relatively low startup costs. You will have to decide whether you will run the business with minimal expenses or if you will bring in a large team and spend more money.
Following are two typical scenarios covering the “pre-opening” costs of a wedding rental business and how much each should cost:
You will need a license if you want to run a business legally. With the Small Business Administration, you can apply for a license and permit for your business.
Filing out an application involves a fee, which differs from city to city, so there isn’t a standard price.
Filing fees can range from $50 to $400, depending on the type of business.
The business you run, in this case, is a wedding rental service. The business name that you choose at this point will be the name you use while registering the business.
You need to decide where your business will be located. Before selecting a specific location, you should first consider several factors.
Even though you may want to open up business in an area not too far from your home, you should put your main focus on choosing a neighborhood where plenty of people are in relationships or engaged to each other because it’s likely that they will require your services eventually.
In addition to opening the business in an area where your target audience is located, you also want it to be in a place where there is little or no competition.
You will need to determine where exactly you are going to open your store even after deciding on a neighborhood.
Browse online or in person to see what’s currently for rent. To attract customers, you could rent an area that is frequently visited by shoppers.
A facility close to a bridal gown retailer will be even more useful, since it will attract brides who are just a few months or weeks away from getting married.
The right location can dramatically impact your ability to bring in customers each week.
Starting A Wedding Rental: Get More Details On The Competition You Will Have.
Find out about your competition in advance by doing a thorough market research.
Other businesses may also offer wedding rental services within the city, even if they do not operate in the same neighborhood. Pay attention to how they advertise and what they are doing.
When you want to get ahead of your competitors, you don’t have to copy their business model.
Instead, you should constantly be looking for ways to offer more to the customers and provide them with better value than your competitors.
Although your competitor has been around for some time, you might end up with some of their customers if you have better prices and services to offer.
Your business needs a unique and creative name… something catchy and memorable would be the best choice.
When it is too difficult to remember or sounds too strange, people will probably forget it pretty quickly, and that is bad for your business.
Consider asking your friends or family members to help you come up with name suggestions for your wedding rental business if you are stuck and are unable to come up with one.
Your loved ones might also be able to help you narrow down your options as you consider business names before deciding on a specific name for your venture.
You will need to prepare a list of all the products that you will be offering your customers. As a person who is starting a wedding rental business, it is important to pay attention to wedding trends because you need to know what is popular among majority of the brides and grooms.
By offering a large selection of items for customers to choose from and use during their wedding ceremonies and receptions, you will be able to cater to the needs of all types of customers.
You could buy these great items and have them rented out:
While this list is great, there are hundreds of other great wedding rental items that you might consider investing in for your business.
You will have more clients if you have a broad selection of items to rent out, since customers will look for certain items that you can provide.
Bulk purchases can save you a lot of money and provide the best return on investment possible. You would need to find wholesalers who can supply you with high-quality but discounted items.
It may take a few days of research to find the wholesale supplier that works best for you, but you should know that there’s a lot of them who are eager to partner with you.
You might even be able to get some deep discounts if you form a good relationship with these suppliers.
If you want to really start a wedding event rental business, buying inventory in bulk is one of the important things you should keep in mind.
Renting different types of equipment is a business that should have insurance just in case something goes wrong.
When renting items from you, be sure customers understand that they are liable for any damages that may occur to those items should they return them damaged.
The best way to protect yourself as well as your business is to get additional insurance.
There are different types of insurance. You can choose options that will suit your needs best, such as liability insurance or risk insurance.
It will take some time to do your research if you are looking at different insurance companies and their plans, so do not feel obligated to make any decisions right away.
Just make some time to research to determine which policy is right for your business.
Your business must advertise in order for people to know it is open. In addition to telling people when you open, you also want to tell them what you have to offer because they might need your services.
The best way to advertise is to do it both online and offline. You can run advertisements on sites such as Facebook, which attracts millions of users every day, to market your wedding rental business online. Other social media platforms include Instagram, Twitter, Pinterest, to name a few.
There are other ways to increase traffic besides social media. Having an optimized website that includes fresh content, high-quality photos of the equipment you rent out, and details of the services is another great way to do it. Search engines will rank your site higher if it is optimized, which means more people will find your site.
You can advertise offline by handing out business cards, showing up at bridal tradeshows, handing out flyers, or even buying a print advertisement.
Consider a variety of advertising methods for your business since it is important that you reach as many customers as possible.
People who see an advertisement but do not need your services may know someone who does. They might refer that person to you.
You may have been thinking about starting a wedding rental business for a long time. Start your own business if you think now is the right time. The various steps outlined above will help you get things moving.
Be sure to create an outline of your business plan so you can keep track of what you’ve accomplished so far and what needs to happen before you open your doors to the public.
Working on your goals each day and putting forth the effort you need to achieve them will ultimately lead to a successful and profitable business.
The fact is, any business involving rentals for weddings, parties, and events is a potential lucrative business opportunity. It’s a chance for you to set up a business unlike any other and be your own boss.
This guide should be able to help you get started with a wedding event rental business. Remember, if all goes well, wedding rental businesses can be a profitable source of income.
It may take a lot of hard work initially, but when you get the hang of it and master the entire operation, it would a rewarding experience – both financially and personally.
If you feel you are ready to venture in this business after reading this guide, by all means go ahead and start a wedding rental business!
Our review team has come across a program in the real estate industry that is next level!
Although it’s not real estate in the traditional sense, it’s all digital.
With this digital real estate program, you can have the ability to completely walk away from you 9-5.
Sound too good to be true?
Of course it does!
But it isn’t…in fact, business owners wish they had this skill!
All you have to do is build and rank a website and forward the jobs off to a business owner in town, you could even email it to them!
This works for literally any service based business:
Simple, after you forward the jobs off to a business owner and he makes some money off of them, you simply ask to make the deal beneficial for each other.
A fair price to charge per lead, depending on the industry is 10-20%…let’s just use the tree service industry for example and go by worst case scenario.
Let’s say you build and rank the site and only 20 jobs a month come in. The average tree service job is anywhere from $500-$2000!
That means at bare minimum you have an asset worth $1000 a month!
See why they call it digital real estate now?
That’s a rent payment.
The great thing is how easy it is to scale. You don’t have to answer the phone…all you have to do is get the phone to ring.
Unlike the passive income ideas we mentioned earlier…
This one actually allows you to collect that without working in a brick and mortar business all day.
Truly passive income!
The training program takes making money online to a whole other level. The owner of the program walks you through how to build and rank a site hand in hand, with the occasional voice over when he is sharing his screen.
You will learn the importance of keywords, website name, how to send call notifications via email, backlinking, etc.
Once the training program is completed you will also have access to a Facebook group where you can ask questions and be in a community with others on the same journey as you.
Digital real estate allows you to have passive income with most of your day being spent OUT of the brick and mortar landscape.
Now, we know you probably have tons of questions… So, check this out to learn more.