by Malinda Winkle
Starting a party toy rental business involves finding customers and then providing for their needs with quality products and excellent service. Word of mouth works well because every family at every party will find out about your fine business. Operate it hands-on. Or, if you prefer, hire employees for the delivery and operation of the products. Employees can also help with set up and tear downs of the rental equipment. Whether you run the business as an individual or make it a family affair, you will have lots of fun in this business.
Things You'll Need
- Business License
- Calendar software or an appointment book
- Party toys for rental
- Financial software
- Moderately Challenging
Get some hands-on experience setting up and tearing down bounce toys by working for a party toy business for a few years. Know what the business requires of you before you invest.
Obtain a business or occupational license as required by your state and local officials. Requirements vary by state, county and city. Visit your county courthouse and you can determine the requirements and secure the license.
Find a prime location with excellent visibility from the road, and you maximize walk-in traffic. The best location should have adequate storage space for your rental equipment, office space, a showroom for your walk-in customers and enough room to inflate, clean and deflate your rentals outside. Office/warehouse spaces serve these sorts of needs well and sometimes are located on a highway.
Register for state sales tax so your business can buy tax-free. Your state's department of revenue assist you with registration and provides the necessary forms you will need to file sale tax returns.
Visit your insurance representative, and determine the coverages for your business. Business liability insurance requirements vary from state to state. Know whether any specific toys increase your business liability insurance premiums before you invest in rental inventory.
Buy the rental equipment you believe will be the most in-demand toy items for party rentals in your area. Learn your options from toy vendors. One large order from a single vendor may be less expensive than several smaller orders from different vendors, for instance. Have a pickup truck or trailer for transporting this equipment to and from events.
Know your competition and your best prospective customers well.
Advertise for a quick start. Target communities having block parties, event planners (especially schools) and homeowners throwing backyard parties. Some of them may become regular customers. Let word-of-mouth work for you. Over time, your advertising budget may actually shrink if customers begin to search for you when they need your rentals.
Purchase calendar software or a quality appointment book for keeping track of each event you book. Note the customer contact information, where the event will be held, what rentals are required and the time frame it will be needed.
Allow ample time for setting up and taking down your equipment. Also allow plenty of time for travel to and from one event to the next if they are booked back-to-back.
Monitor your finances, and determine whether profits exist. Adjust your plan accordingly.
- Assure that your equipment remains clean and well-maintained.It helps if you enjoy spending time with kids.
- Arriving late for an event you have booked creates bad press for your business.
The weather might not always cooperate.