How to Start a Party Toy Rental Business
A party toy rental business is an ideal venture for an entrepreneur with an interest in children and events. Children's parties and child-oriented events often provide party toys. Party toys typically include an assortment of large inflatables. A wide selection and competitive prices will allow you to compete within this market. Rental businesses provide a good opportunity because once the initial costs are met, there are few expenses. Occasional maintenance and additional inventory may be necessary, but profits will be high after the initial start-up cost.
Other People Are Reading
Things You'll Need
- Business plan
- Legal/tax documents
- Insurance
- Party toys
- Storefront
- Advertising
Instructions
-
-
1
Research the market in your area for a party toy rental business. Look at the competition, what makes the competition successful, and how you might compete. Research suppliers, possible storefront locations, and potential large clients such as event planners and party planners.
-
2
Write a business plan based on your market research and business inspiration. Clearly outline your business goals in a mission statement. Describe the business in detail. Include your target market, source of party toys, market analysis, competition analysis, marketing strategy, possible storefront locations and financial projections. Detail the first year of the business in the plan. Attach business registration and tax registration forms at the end of the plan.
-
-
3
File a business and tax registration form at the state and federal levels. Contact local and state officials to determine specific permits or licenses for operating a party toy rental business in your area. An inspection of the storefront may be necessary in order to comply with local regulations.
-
4
Meet with an insurance agent to discuss insurance options for your business. A party toy rental business requires liability and property coverage. You could offer a small insurance option to your clients to cover damage while the toys are under their care. Describe your business in detail to ensure that you have full coverage for every aspect of the business.
-
5
Select party toys to rent based on your market research. Inflatable bouncing houses, slides and other theme toys are good choices. In areas with heavy competition, you may want to opt for specialized selections in toys. An example might be party toys with water elements such as a giant inflatable water slide with a pool at the bottom or an inflatable obstacle course with integrated pools.
-
6
Select a storefront to provide check-in and check-out service for your rentals. The storefront should have adequate storage space to house the party toys. Organize the storefront for easy check-in and check-out for customers. Locate the storefront in the vicinity of party stores or large shopping centers.
-
7
Advertise your business in local newspapers and other publications as a new service. Join the local chamber of commerce to take advantage of its collective advertising resources. Advertise in specialty magazines directed at parents in your area.
-
1
Tips & Warnings
Inspect rental equipment prior to checking it in and out to avoid issues with unnoticed damages.
Be sure that you are fully insured prior to opening.
References
Resources
- Photo Credit party cup ctreamers and party banners image by Warren Millar from Fotolia.com
