Looking for an easy way to make extra money with little investment? A party rental business may be for you!
Things You'll Need
- A party item to rent
- A good plan
Research party rentals on the web. Write down things you might be interested in carrying and visit different websites to compare prices.
Decide which party rental items you will purchase. Ideas include: folding chairs, food service items, tables, linens, children's bouncy houses, snow cone machines, cotton candy machines, popcorn machines, the list can go on and on.
Decide how much you are willing to spend to start off. If you don't want to make a large investment, start with just one type of item. For example, you can buy a few of the children's blow up bouncers and start by renting those out.
Set the rental prices. Search the web to see what other people are charging. This prices can always be changed as you see what prices work the best in your area.
Map out an advertising plan. Flyers, business cards, a web page, e-mails, direct mail pieces, these are all options to get the word out about your new rental business.
Start taking reservations for rental of your items. Be sure you are using a good organization system so that you never overbook. It's a good idea to require payment at the time of pick-up, that way you do not have to set up an invoicing system.
It's also a good idea to put together a simple contract to have people sign. In case they don't return your items or they damage them. You can find these types of documents on the web, or consult with a lawyer.
Here is an example of how much you can make: Sue lives in a small community. She decides to start a party rental business for children's blow-up bouncy houses. She spends $250 on a bouncy castle. She starts to spread the word in her community and books 8 parties (children's birthdays and fundraisers) in the first two months. She decided to charge a straight $50 for a day of use. She has already made back the initial investment of $250 and made a profit of $150. In one month!
The rental business is a great way to make money if you continue to grow your business and provide excellent customer service.