How to Successfully Run a Movie Rental Business
If you're a movie lover, you might just love running a movie rental business. Though the big rental chains are being challenged by such movie rental companies as Redbox and Netflix, there are still markets that can support an independent rental shop. As with any business, patience and capital will help your company succeed.
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Things You'll Need
- Capital
- TV Sets
- Inventory
- Shelves
- Counter
- DVD Players
- Movie Posters
- POS Software
- Snacks
- Computers
Instructions
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Creating Your Business
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1
Plan ahead and decide what kind of video store you would like to run. If you would like to focus on more independent films, a trendy location would make the most sense. If you are more geared toward a family audience, pick a location near a high traffic grocery store, shopping mall, or even right next to a movie theater itself. Choosing a good location is key to getting your business off on the right foot.
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Design an attractive storefront. A location with long wall space is helpful, as it can be used to stock lots of movies. Purchase shelving units that can stock your store to the brim.
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3
Determine the maximum number of movies you can fit in your store at one time. Consider your budget and determine how many and which kind of movies you should purchase. Search for wholesalers and video publishers who will give you the best deals on the videos you want and set up a deal with them so that you can get your hands on new releases as well.
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4
Install your Point of Sale (POS) software at a computer terminal behind your counter. Make sure it is easy to use and that it keeps track all your inventory, letting you know what's been checked out and what's been returned. Use a company that provides such programs like ECR software.
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5
Put up movie posters in your store and in the windows and setup the TV sets and DVD players to play movies throughout the day. Often, you can contact the press departments of Hollywood movie studios and they will send you free posters.
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Determine your key policies, such as rental prices and rental agreement. Your prices should be competitive and your late-fee policy should be fair in an attempt to get and keep customers.
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Setup an impulse section near the checkout area with movie snacks so that customers can purchase popcorn and other related items to enjoy with their movies.
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Set up any extra computer terminals around the store to allow customers to look up the movies in your store quickly and efficiently.
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9
Take the time to get to know your regular customers and to understand the customer trends. If there are certain types of movies that are renting more than others, perhaps you can increase those and cut back on the less popular titles. Write down any customer movie suggestions and note any ideas that have been suggested by multiple customers. Don't be afraid to adjust your business plan as things change throughout the life of your store.
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Tips & Warnings
Plan a grand opening event, with fliers and ads if your budget allows for it. Be patient but do not be afraid to drum up some business by taking part in community events. Word of mouth is often the best path to new business.
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References
Resources
- Photo Credit FreeDigitalPhotos.net
