(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-TCRH3MG'); { "@context": "https://schema.org/", "@type": "Product", "name": "Sharefox", "aggregateRating": { "@type": "AggregateRating", "ratingValue": "5.0", "reviewCount": "15" }, "review": [ { "@type": "Review", "name": "Review by Luis Gutierrez", "author": { "@type": "Person", "name": "Luis Gutierrez" }, "reviewRating": { "@type": "Rating", "ratingValue": "5" }, "datePublished": "2022-11-09", "description": "Great service, great software. I can recommend it :))" }, { "@type": "Review", "name": "Review by Henry Holmes", "author": { "@type": "Person", "name": "Henry Holmes" }, "reviewRating": { "@type": "Rating", "ratingValue": "5" }, "datePublished": "2022-11-09", "description": "Great service! Great software" }, { "@type": "Review", "name": "Review by Antoni Dudek", "author": { "@type": "Person", "name": "Antoni Dudek" }, "reviewRating": { "@type": "Rating", "ratingValue": "5" }, "datePublished": "2022-11-09", "description": "This software is much nicer and more convenient than WordPress. It makes running an online rental shop much easier." }, { "@type": "Review", "name": "Review by Amelia Owen", "author": { "@type": "Person", "name": "Amelia Owen" }, "reviewRating": { "@type": "Rating", "ratingValue": "5" }, "datePublished": "2022-10-26", "description": "Great service. They always lend their help if you don't know what to do with this software" } // Additional reviews can be added here ] } How to Start an Event Rental Business - Sharefox.co - Official Site % (function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0], j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src= 'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer','GTM-TCRH3MG'); Skip to main content

How to Start an Event Rental Business

By Christian Wilkens 

Why start a Event rental business?

The event rental industry has been in chaos these last two years. Since lockdowns and social distancing were enforced, it became nearly impossible to find someone willing or able to host your event without being uncomfortable at best. But now that restrictions have eased up, people seem eager enough as they gather together not just because an opportunity arises but also out of necessity.

The event rental industry is booming as the global economy slowly recovers and people are throwing more events. You might want to start your own event rental business because of this demand for rooms and spaces, equipment like chairs, tables, tents, cooking, and sound equipment. These equipment are either rented by organizations or individuals for the success of their event. With the newest technology in rental software, the launch time and cost has been reduced considerably.

 

Read: How to start a Party rental business 

 

Contents

Industry size and growth

The event planning industry is booming. Allied Market Research suggests it will be worth $1.5 trillion by 2028 and the party-planning market is over 3 billion in the US annually as well. 

The demand for event design and planning is growing. The skills needed to pull off successful events are often outside the scope of most businesses or individuals, which has led many companies in today’s marketplace outsourcing this aspect of their business plan altogether with third party professionals who can handle everything from coordinating all ticket sales right down until after-hours clean up. 

Trends and challenges

Trends in the event rental industry include:

  • Two trends that are visible now are customization or themed events and serviced events. People want unique experiences and demand more from event rentals than never before. Customers also want the whole package where it is not only inventory that is important, but service staff as well. For many events, there is a need to designate certain spaces as lounge areas where couples can go and talk quietly. This way the whole space doesn’t feel too huge for them.

Challenges in the event industry include:

  • The event rental business is still coping with the pandemic aftermath and now the inflation is hitting hard making everything more expensive. Events would be nice to have and not a need to have down the line, meaning that people would rather spend their money on something else. 

Pros and Cons Of Starting An Event Rental Business

Pros and cons

There are many pros and cons to consider before deciding if starting an Event rental business is right for you.

Pros

  • You can create memories for people that they will remember for a lifetime.
  • Corporate events can be very lucrative.

Cons

  • The high demand for uniqueness creates a huge strain on workload and staff requirement. Corporate events can be both time consuming and very expensive. Make sure you do your math properly to get that profit that you have earned. 

Factors to consider and the cost of starting an Event rental business

Whether you are looking to start your own wedding rental business, an all-inclusive party planning company that does everything from providing food and drinks setup/takedown services for events held at the venue as well organizing photo opportunities with guests during their visit; there’s a lot of steps involved in putting together any type if event rental business. I would recommend doing some research on what others offer before taking this final step so they can give valuable advice based on experience which will save time both now (when starting out) or down road when growing into bigger projects.

Listed below are some of the most common Event rental businesses:

GENERAL EVENT RENTALS

Companies that specialize in tents, tables, and chairs rentals do well with all types of events.

DESIGN AND DECOR

A custom design and decor event company specializes in providing unique event services, such as vintage rentals, tabletop items, and custom pieces.

A/V, LIGHTING, AND PRODUCTION

An event design and production company may be perfect for you if you have a background in or passion for event technology.

PARTY RENTALS AND GAMES, ENTERTAINMENT, AND INFLATABLES

These businesses bring the fun by providing arcade games, backyard games, and inflatables.

PHOTO BOOTHS

A photo booth rental company is perfect for giving clients a memorable event.

CASINO RENTALS 

Casino-themed events are popular and can be a great opportunity for corporate clients.

 

Business plan

Now that you have a handle on what to do when starting up your own rental business, the next step is figuring out how much time and money will be required. This can vary depending upon whether or not there are any existing buildings in need of repair and if they’re being divested from their original use as well! But don’t worry – we’ve got everything covered here at Sharefox so just start by writing down the listed subjects. For a full breakdown of what a business plan is, please just click the link below. 

  1. Write an executive summary
  2. Company description
  3. List your products and services
  4. Perform a market analysis
  5. Organization overview
  6. Who is your customer?
  7. Make a marketing plan
  8. Provide a logistics and operations plan
  9. Make a financial plan

 

READ: ”How to create a business plan for rental business”

 

Essential software and tools for a rental business

Rental companies need to think about how they can provide great service and make sure customers feel valued so that repeat business comes easily. If potential customers aren’t having an enjoyable time using your platform or website then chances are high someone else will be taking their money instead. Find out what makes for a great rental software below.

A good rental software must contain these two functions:

  • Online booking system: What your customer can actually see and experience on the website. Choosing, booking and paying.
  • Management system: The part of the software that you use for handling orders, control inventory and have an efficient admin operation.

 

READ: ”Essential software and tools for a rental business”

Marketing Strategy

Marketing strategies, like the rest of your business plan should be well thought out and give you everything needed to succeed in today’s competitive market. They’re crucial because they make up one major component that attracts new consumers who will turn into customers after being attracted by what it is about their product/service offerings stops them dead on arrival – aka branding!

 

 

 

READ: ‘’How to create a marketing strategy for rental businesses’’

Start your Event rental business idea today!

There are rental business ideas for nearly every niche. If you’re interested in starting a profitable business in the rental industry, find your ideal match in the list above and then invest in the items needed to provide quality rental services to your community. We at Sharefox can help you get started with the rental software that you need.

What are you going to do now?

  1. Do you want to grow your business today? Try Sharefox rental system for free – or book a demo and get a personal expert to analyze your company’s situation, come up with solutions on how you can streamline your methods and create a more profitable company.
  2. To learn more about the Sharefox rental system, read about trends and news for free, visit our blog or visit our resources section in the main menu. Here you can download guides and e-books that we also share with our customers.
  3. If you want to work with the circular economy and Saas and want to be part of the Sharefox team or find out why we are one of the fastest growing rental platforms in the rental industry, see our job postings here.
  4. If you have a good friend or know someone who would have found this article interesting, then feel free to share it with them via email, Linkedin or Facebook .