Event Rental Industry Trends
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.
- You can create memories for people that they will remember for a lifetime.
- Corporate events can be very lucrative.
- 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.
A photo booth rental company is perfect for giving clients a memorable event.
Casino-themed events are popular and can be a great opportunity for corporate clients.
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.
- Write an executive summary
- Company description
- List your products and services
- Perform a market analysis
- Organization overview
- Who is your customer?
- Make a marketing plan
- Provide a logistics and operations plan
- Make a financial plan
READ: ”How to create a business plan for 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 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’’