One of the main pieces of advice for any rental business idea and for any event rental business is to think about how you are going to scale your business. Every business starts out small, but with careful planning and some well-defined goals, you can start to take things to the next level.
Find the Best Way to Promote Your Event Rental Business
Businesses rely on various types of marketing and promotion to get the word out there to potential customers. This isn’t something that you should approach without an effective plan. You need to identify who your core customers are and find a way to reach out to them effectively.
Some businesses might rely on flyers or word of mouth, which can work in some situations. However, the main focus for how to grow an event rental business today is on social media. Your business should have accounts on major platforms like Facebook and Instagram, and you can even consider using their paid promotion programs.
Build an Event Rental Business Email List
You might think that using an email list is how to grow a party rental business the old-fashioned way, but email lists are some of the most powerful tools that businesses have. They provide a direct line to people who have been customers in the past or are interested in your business, giving you high-quality leads.
You should always try to get customers to sign up for your email list. You can frame it as signing up for a newsletter or future discounts and offers. In either case, you’re accomplishing the same task. Your email list is a promotion resource that puts you in complete control rather than relying on the whims of social media algorithms.
Maximize Your Profits by Buying More Inventory
So let’s say you’ve done a great job promoting your business, and now you have more customers. Do you have the inventory to meet that demand? An important part of how to expand your event rental business is to continuously reinvest in your business, building up a larger inventory to serve more customers.
You should have a concrete plan for inventory acquisition. Identify which of your rentals are being rented the most. If you’re at low or no available inventory for some items, focus on that area rather than something you always have available.
Focus on Leveraging Yourself When Hiring Event Rental Help
As your business continues to grow, you’re going to need more event rental help to keep up with the increased work. Being able to delegate and let someone else handle certain tasks is one area where many business owners struggle. They hold on too tightly to the adage that if you want something done right, you need to do it yourself.
When finding help, you’re looking for people that let you leverage your unique skills. Don’t try to find someone exactly like you, but someone who complements you. That way, you can focus on what you do best and how to improve your party rental business.
Maintain Great Relationships with Local Event Planners and Venues
Having an extended network of event planners and venues will make the job of figuring out how to market your party rental business a lot easier. By working with these individuals, you’re expanding your opportunities and putting yourself at the forefront of their minds when they need anything that you can provide.
These kinds of referrals can make a huge difference in how quickly you can grow your business. They can have a snowball effect; the word can rapidly spread about your event rentals, providing you with a steady stream of new customers.
Create a Customer Loyalty Program for Your Event Rental Business
Finding new customers is one of the most challenging aspects of growing any business. In most cases, it’s better to devote time and resources to driving repeat customers. You could consider implementing a customer loyalty program to incentivize customers to keep coming back for your event rentals.
By keeping track of your customers, you can provide discounts or other benefits as they continue to return. This is a great opportunity to get them on your email list, too!
Grow Your Event Rental Business Using Technology
Having the right tools for the job will make growing your business that much easier. Quipli has the tools and resources you need to do just that. With seamless rental inventory software, online equipment rental checkout software, straightforward payment processing, and messaging, every interaction with your customers is that much easier. Reach out to Quipli today to get a quote on our solution for your business.