Rental business involves leasing out plastic tables and chairs, at an agreed fee, to people organizing ceremonies. It is one business that generates steady passive income. Passive income means that the business continues to generate income for the business owner with no other capital input after the first. It is a set-it-up-and-lean-back kind of business.
Rental business is most suited for workers and employees, people who have little time to commit to their business. It is very easy to keep track of your income without worrying about anyone stealing from you, plus you have enough time to do other stuff while your business grows.
Many ceremonies like traditional weddings, white weddings, birthday parties, child dedication and many others are organised every week, and the organizers always have need to rent chairs and tables for the event, thus there is and will always be a high demand for the table and chair rentals.
Benefits of the chairs and tables rental business:
- It is a Source of Passive Income: This form of business is a good source of passive income. Besides the first capital invested for setting up the business, you will not have to invest any other funds except for regular maintenance.
- It is Very Easy to Start: You don’t need to go through any special training; you just need to have a basic management and accounting skill to start up this business.
- It is Very Easy to Maintain: After the initial setup, this business does not require much in terms of maintenance. You only need to focus on marketing your business.
How to start
Buy Tables and Chairs
You need to buy big plastic chairs, the stronger the better. Instead of making your purchase from the market, you can visit a plastic manufacturing industry for a bulk purchase which would be cheaper than buying in the market at retail prices. You can start by purchasing about 500 chairs or more (depending on your capital). You also need tables to go with the chairs.
Again, depending on your capital, you may want to buy some canopies. Naturally, your customers may need canopies for outdoor events. Canopies are very expensive to build so you may skip this if you don’t have enough funds. You can make do with renting out chairs and tables until you build a consistency and income.
Find a parking space
If you have a free space where you can keep your chairs, then skip this step. If you don’t have a free space, then you should find somewhere to park the chairs and tables. Look for a cool space, free from sun and rain. Your chairs and tables are your investment so it makes sense to take proper care of them.
You need a vehicle
This is 2017; business competition is fierce. To stay relevant in this business, you need a system that makes things easier and faster for your customers. Back in the day, the customer would find a vehicle to transport the chairs/tables to the event venue and back to you after the event. Those days are long gone. You will convey the chairs/tables to the event venue, set them up, and come for them when the event is over.
Even with the extra cost of buying a vehicle, this business is still very lucrative.
Spread the word
One of the best benefits of the chairs and tables rental business is you don’t need to have a large advertising budget. The business spreads faster through word of mouth. Think about it, if you need more chairs at an event, you don’t go looking for posters or complimentary cards, do you? You simply ask people for the nearest place with best services.
That is how it goes if you keep up a good business policy and take care of your customers – they will spread the word about your business. So you simply sit back and supply orders when they come.
Other Ways To Market Your Business And Drive Traffic:
- You can connect with event planners in your location and inform them of your rental business. You may have to give them a little discount to persuade them to use your chairs.
- You can also network with popular event hall owners and network with them. They can refer you to event organizers that use their halls for events.
- You can print and share your complimentary cards to your friends.
It is standard practice to print indelible marks on your chairs, tables and canopies. This serves many purposes: it is part of branding, to let more people know about your business. It is also a way to prevent theft and ensure accountability.
Also, if you have a vehicle, make sure to brand it with your business name and logo. This will further drive your brand across town which will ensure you get more business.
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