How to Start Your Own Party Rentals Business

Be your own boss!

Starting a party rental business requires considerable motivation, a significant amount of start-up capital and some careful planning. For the serious-minded entrepreneur, however, the monetary return of this particular business challenge can prove to be quick and profitable.

Things You'll Need

• A business plan
• Start-up capital
• Party rental inventory
• Licenses and permits
• Business cards
• Business brochures

Instructions

1. Plan the inventory list for your business to determine start-up costs. Consider specializing in one type of party or in one type of rental to keep costs down. Child parties, for example, typically require inflatable jumping castles, slides, balloons, air tanks, game props or costumes. Weddings and small outdoor events require fold-up chairs, tables, carpets and tents. Shop around for second-hand items that can produce a quick profit. A used outdoor party tent, for example, may cost $2,000 initially, but charging a $200 to $400 rental fee per night will quickly cover the start-up cost.

2. Decide where and how you will store, access, and transport your party rental inventory. Consider renting a storage unit from a facility that allows 24-hour access for picking up and dropping off. The unit may cost $100 per month, but one night of rentals will more than cover the expense. To transport inventory, use personal vehicles or negotiate special pricing with a local truck rental company for event nights. Calculate party rental prices accordingly to help cover your expenses.

3. Write a professional business plan to present to banks and creditors when applying for start-up funding or small business loans. Your business plan should include a detailed description of your services, a breakdown of costs, financial forecasts, inventory lists, and a marketing plan. Simplify the process by downloading instructions and a free business plan template from the SBA.gov website.

4. Obtain the proper state licenses and permits. At minimum, you will need a general business license and a Tax ID Number to operate your party rental business. Use the license and permit search tool at the SBA.gov website to find the specific requirements for your state.

5. Market your party rental business to local wedding and event planners. Partner with a busy catering company. Design and produce business cards, brochures and price lists. Create a complete promotional package to leave with prospective clients. Build a simple website. Place ads in local classifieds and distribute flyers. Consider wearing custom shirts and name tags on event days.

Tips & Warnings

• Earn income by sharing fun and excitement-invest in a party rentals business today. One of the best ways to earn quick and constant income is by being a part of the party rentals industry. Let your determination and perseverance help you in such a task and you will be surprised at how easy earning money is in the party rentals industry.

References

• Entrepreneur.com: Business Ideas -- Party Tent Rentals
• SBA.gov: Writing a Business Plan
• SBA.gov: Templates for Writing a Business Plan
• SBA.gov: Search for Business Licenses and Permits