Party Equipment Rental Service Business Plan, Marketing Plan, How To Guide, and Funding Directory
The Party Equipment Rental Service Business Plan and Business Development toolkit features 18 different documents that you can use for capital raising or general business planning purposes. Our product line also features comprehensive information regarding to how to start a Party Equipment Rental Service business. All business planning packages come with easy-to-use instructions so that you can reduce the time needed to create a professional business plan and presentation.
Your Business Planning Package will be available for download after your purchase.
Product Specifications (please see images below):
- Bank/Investor Ready!
- Complete Industry Research
- 3 Year Excel Financial Model
- Business Plan (26 to 30 pages)
- Loan Amortization and ROI Tools
- Three SWOT Analysis Templates
- Easy to Use Instructions
- All Documents Delivered in Word, Excel, and PDF Format
- Meets SBA Requirements
Party equipment rental services are popular businesses given that they have moderately low barriers to entry and very high gross margins from the ongoing rental of tables, chairs, cutlery sets, and tablecloths. Many party equipment rental services offer a diverse line of items that are frequently used at large-scale offense. These companies exist given the high upfront cost for law these items. Generally, the startup costs associated with a new party equipment rental service ranges anywhere from $30,000 to $100,000 depending on the items being purchased as well as whether or not the company will purchase a vehicle to be used for delivery services. Competition within this industry is considered moderate in most local and regional markets. Most banks, financial institutions, and investors are happy to place capital with party equipment rental services given their high gross margins and large tangible asset base of inventory.
A party equipment rental service business plan should include a three-year profit and loss statement, cash flow analysis, balance sheet, breakeven analysis, and business ratios page. Special attention should be paid to developing a demographic profile that examines the target market statistics including population size, population density, median household income, median family income, number of event planners operating within the market, and the number of banquet halls operating within the target market. It is of special importance to develop ongoing relationships with these event planners and banquet hall businesses in order to ensure that rentals occur on a weekly basis.
Beyond the business plan, a party equipment service marketing plan should focus heavily – again – on developing ongoing relationships with event planners as well as banquet halls. As many people actually source their party equipment rental needs through an event planner it is imperative that these relationships are developed and maintained. Additionally, a online website is needed in order to potentially attract third parties that will become interested in using the service on an ongoing basis. This website should have information pertaining to the types of equipment available for rent, pricing, hours of operation, and information relating to booking with the business. It is also important to maintain profiles on social networking platforms including FaceBook, Google, twitter, and Instagram. Instagram has become a popular means for party equipment rental services to showcase their equipment to the general public. As such, social networking platforms that focus heavily on images should be used in order to increase the brand visibility of the business.
A party equipment rental service SWOT analysis should also be developed. As it relates the strengths, the barriers to entry for these types of businesses are low while the gross margins range anywhere from 80% to 90% on each dollar of revenue generated. For weaknesses, these businesses often face competition not only from other equipment rental services but event planners that maintain their own inventories as well. Pertaining to opportunities, party equipment rental services frequently expand their operations by developing satellite locations while concurrently expanding their inventory of rental equipment. For threats, the biggest threat faced by these companies are economic recessions. During these times revenues often decline given that people do not want to spend as much for a large-scale event.
In closing, a party equipment rental service can be a highly lucrative business if it is operated properly and with an inventory that is in demand among people hosting parties as well as event planners. This industry is very stable and will continue to be in demand in perpetuity. This is due the fact that many people do not want to purchase these items for one-time usage and as such they turned to party equipment rental service for their specialized equipment needs.