Procuring party equipment for your event rental business might seem straightforward. But before you start adding those folding tables, party tents, or stage covers to your shopping cart, there are a few simple strategic steps you should take.
Taking these steps before procuring your party equipment will make all the difference in your short-term and long-term success. They’re the things that so many party rental businesses wish they knew when they were first starting out!
But before we get into it, let’s talk about why it’s such a smart decision to procure party equipment in the first place.
Why Procure Party Equipment?
Everyone loves a good party… but not everyone loves planning one — certainly not without the help of a great party rental business. Of course, event planning can be a lot of fun. But what scares people off is the major cost of buying and storing all the party equipment — especially if they don’t plan to have a similar kind of event anytime soon.
For example, imagine a young couple has a baby shower without using an event rental business. After the party ends, they have to find room to store all of their new and barely used equipment. That means taking up valuable real estate in the garage that they’d rather use to store the new stroller, car seat, and mountains of diapers. It’s just not ideal… Thankfully, that’s where you come in!
Equipment Is Key to Any Event
If you’re in the party rental business, you’re the saving grace for so many people who want to have a fantastic event, without that extra worry after the party ends. Party throwers are much more likely to rent from you than take on the responsibility of buying everything themselves or opting for no equipment at all.
It might not be obvious at first, but the key to any successful event is the equipment! After all, having the right party supplies means:
- Guests are comfortable. They have a place to gather and enjoy the event no matter the weather.
- Guests can enjoy the event. Nobody wants to be squinting or struggling to hear through the entire event. Having the right audio-visual equipment means everyone will be able to see and hear what’s happening!
- The party is memorable. Whether it’s themed decor or gorgeous outdoor canopies, party equipment gives guests a feeling and image of an event that lasts well after it’s over.
So when you decide to procure party equipment, you own the most important pieces to the event-planning puzzle!
Four Strategic Steps Event Rental Businesses Should Take Before Procuring Party Equipment
All party and event rental businesses are not the same, but these four strategic steps are things any party rental business should do before they procure their party equipment.
1. Get to Know Your Competition
Before you buy any party equipment, you have to know your competition. Knowing your competition will help you stand out from them.
Check for Industry Gaps
First, check for what kinds of party rental businesses already exist in your area and which are needed. Then, try to fill the gap.
For example, maybe there are plenty of wedding party rental businesses in your area already. In that case, you can focus your event rental business on corporate events instead.
Ultimately, this will guide what kinds of equipment you need to purchase.
Knowing your competition also means knowing how much they charge for their services. This will help you price your party or event rental services competitively.
Don’t worry — doing market research may sound complicated, but really it can be as simple as a few quick Google searches!
2. Identify Your Target Clients
Next, don’t forget to consider your target clients. Who are they? What is their purchasing power, lifestyle, and buying behavior? What size of events do they typically have?
Answering these questions will help you gauge demand for certain types of equipment and what you can reasonably expect clients to afford. Once you know what clients are willing to pay for, you can invest in the proper supplies.
3. Make a Plan to Buy Smart
Once you know what you want to purchase, you need to plan how to purchase it. Yes, there is a smart way to go about buying equipment for your event rental business! Buying smart comes down to three main things:
- Prioritize necessities over fancy extras. When you’re first starting out, you want to start with the basics and then branch out from there.
- Buy in bulk. Many vendors will give you discounts on bulk purchases. Plus, you’ll likely save on shipping costs too.
- Buy durable multi-use equipment. Don’t be frugal when it comes to durability! Make sure the products you buy will survive many uses. After all, how much profit you make depends on how long your equipment lasts!
4. Have Storage Lined Up
Before you buy your equipment, you’ll also need to make sure you have somewhere to put it all.
If you’re running your party rental business from your home, it is tempting to store equipment in various rooms of your house or the garage. But this can cause more harm than good.
First, you risk damaging your business’s most valuable assets! Accidents happen — especially if you have pets or children around. Garages and sheds won’t protect your equipment from extreme temperatures, either. You don’t want your supplies to melt or shatter.
Second, it can be really difficult to keep track of your inventory when it’s spread out across your home. You can waste money buying things that you already own.
Instead, opt for investing in an outdoor storage unit! WeatherPort® Shelter Systems offers industry-leading fabric structures perfect for all of your equipment storage needs. Using WeatherPort for dedicated storage has several benefits, including the following:
- Bypassing monthly rent payments for another storage location
- Easy access to all your equipment in one organized place
- Easy setup anywhere in a matter of minutes (no builders required!)
- Insulation and year-round weather protection, without costly energy bills
Plus, some WeatherPort storage units can even fit vehicles inside. If your business plans to invest in a vehicle that will bring equipment to and from event locations, you can load and unload right inside the WeatherPort storage structure.
What Equipment Every Party Rental Business Should Procure
Regardless of what industry niche your event rental business falls into, there are some basic kinds of equipment that you’ll need. Here are the equipment purchases that will help you kick-start your business.
Tables and Chairs
Nobody wants to stand around or hold their drink and plate for hours at an event. Have some basic furniture pieces in stock. There are lots to choose from, but here are the most practical options to add to your shopping list:
- 6’ rectangular folding banquet tables
- 48” round folding tables
- 30” round cocktail or “highboy” tables
- White and black plastic folding chairs
Party tables and chairs that fold make them easy to store and transport. These basics are durable, easy to clean, and versatile for different types of events.
Linen table covers are the easiest way to elevate an event from ordinary to extraordinary! This piece of party equipment often goes under the radar for new party rental businesses. But it’s the easiest way to completely transform any event space.
Importantly, by choosing linen instead of plastic table covers, you get added longevity. Plastic tablecloths offer one-time use; however, you can use linens over and over for a maximum return on your investment.
Lighting, Audio, and Visual Equipment
Modern event rental businesses need to keep up with modern industry demands to stay competitive (and that means offering basic tech).
Lots of events are now hybrid since the COVID-19 pandemic. That means, people can come in-person or tune-in virtually. Everything from weddings to corporate events are being live-streamed.
Instead of hiring another company to rent out basic tech, clients will be able to get everything they need from you in one place. What’s easier than that? Keep the following on-hand:
- Portable standing LED lights
- Wireless microphone system
- Loud speakers with stands
- Projector and portable screen
Start with moderately priced but quality tech that you can upgrade later down the line. In addition, consider buying audio-visual equipment as a bundle for extra savings.
Outdoor Event Structures
Last, but certainly not least, every party rental business should have outdoor event structures.
Outdoor events have always been a popular choice. But since the COVID-19 pandemic, outdoor events are also the safest choice for gatherings. As a result, the demand for renting outdoor party tents, outdoor canopies, and stage covers is higher than ever.
As far as outdoor event structures go, party rental businesses should opt for engineered fabric structures. These differ from typical party or wedding tents in one major way… They are designed to last longer.
Typical party tents are fragile. They can’t withstand high wind speeds or heavy snow loads. One bad storm can mean your party tents will be out of commission before you had the chance to break even on the purchase.
On the other hand, engineered fabric structures from WeatherPort are built to withstand even the harshest weather conditions, as well as repeated setup and take-downs. This is fantastic for party rental businesses because the longer your structures last, the more you will earn!
In particular, WeatherPort offers the most versatile and durable options on the market, including:
Why It’s Worth Investing in WeatherPort Outdoor Event Structures for Your Event Rental Business
WeatherPort outdoor event structures are long-lasting, but they also have plenty of other benefits for event rental businesses:
- Easy setup and disassembly. Most WeatherPort party tents and outdoor canopies can be set up and taken down in a matter of minutes, without ladders! And, they can be easily stored away for multiple uses.
- Plug-and-play electrical system. Using lights and AV equipment is a breeze in a WeatherPort fabric structure with optional plug-and-playing electrical systems. You’ll cut down on set up time and won’t need to hire an electrician.
- Brand recognition. Branded canopies are a fantastic way to advertise your party rental business to all the guests at an event. WeatherPort makes this simple with in-house custom branding services.
- Comfort and customization. Choose from a range of custom designs, shapes, and sizes. Your party tents and outdoor canopies can include windows, roll-up or removable side curtains, and much more!
- Versatile for any occasion. Party tents and branded canopies can be used for any event, from weddings and corporate events to concerts.
- Cost-effective shipping. WeatherPort ships outdoor fabric structures directly to your location with low-cube shipping, so you can save on shipping costs.
To learn more about procuring a WeatherPort party tent, wedding canopy, or stage cover for your event rental business, contact one of our friendly building specialists today!