Planning Your Inflatable Business
Business Start-Up Requirements
Of all the businesses that get started, many of them fail. Why do you think that is? The main reason is a lack of preparation. Some people just enter into business blindly. While others, know what they are doing and succeed. Starting a party rental business is about many things. One of those things is attitude. If you do not have the right attitude, you will not make it. Some entrepreneurs start their businesses out of necessity. Some start because they love what they do and started it as a hobby. They realized that money could be made in it, so they decided to take it professionally.
Part-Time, Part-Time Going Full-Time or Full-Time
A business in the party event and rental industry can require as much of a time commitment as you are willing to put into it. Keep in mind that the cash generated from your business will also coincide with the amount of time you dedicate. One of the nice things about the party event and rental industry is that much of your work will occur on weekends. This means you have the option of keeping your day job while building your company and establishing clientele.
Before starting your business it is a good idea to know what your ultimate goals will be. Will you start out part-time eventually moving over to full-time as the business and cash flow increase? Is your plan to just jump right in on a full-time basis and give 100% to establish your company? Or perhaps you are only looking for a part-time gig to generate additional cash on the side? Any of these can work for a business in the party event and rental industry. But this is something that you should know beforehand as you draw up your business plan.
Market Research
Before taking the plunge, you have to do market research. You have to know if there is a need in your area. What is the sense in starting a business if there really is no need for it? This is where careful planning and research come together.
You can’t just spend a day or a few days looking for everything. You have to really dig deep to learn everything you need to know in order to take the required steps. Sometimes, market research can take weeks to perform.
As you do market research, you need to know what the costs would be to start the business. How much will you need to invest? Will you have to borrow? What does your family think about you starting the business and working on weekeneds? Will they support you? Will you have the time to run the business? There is a heavy responsibility with starting and running a business. You must have the mindset and the determination, because you will be working many hours. Do you have the stick-to-it attitude?
To conduct market research for the party event and rental industry you will need to identify and analyze your competition. You can find local providers of these services through the internet. The first step is to do some research on all of these companies. It is also a good idea to call them and request more information posing as a customer. This way you can easily determine what they are doing well and where their services may be lacking.
Another step of market research is to determine if there is a need for your services in your geographic area. Try contacting some of your target audience (local schools, churches, fund-raising organizations, mothers’ groups…). You can contact this target audience by emailing a survey, or calling them directly. You will want to gather information about their past experiences with renting inflatables for events, future needs and any specifics that they may be able to share with.
All of this research is time-consuming, but it will be critical to ensuring the success of your business.
Strength, Weaknesses, and Attitude
You will have to look at your strengths and weaknesses. Do you have what it takes to run a business? Are you a person who has the drive to do the job even when things get touch? Can you stick it out and continue to work your business, even if business is slow?
One good way to know what it takes to run a business is to talk to others who started a business and run it on a daily basis. Talk to the owner and ask questions. Let the owner know that you are considering starting your own party rental business and you want to know what is involved and what it takes to get it going. As long as you are not starting a business that coincides with theirs, they will be cooperative.
When asking questions, find out what worked and what failed. Ask an entrepreneur who actually failed and find out why he/she failed. The more you ask the more you will know.
When looking at yourself, evaluate how you act. Are you good with people? Do you treat others with respect? Are you friendly with others? Are you willing to work hard each day you are at work? Are you well-organized? Do you have enough common sense to make the right decisions when one is needed?
Most small business owners wear different hats. Are you capable of doing everything? If you know nothing about accounting or bookkeeping, perhaps you will need to hire someone.
Do you have goals in mind? Most business owners succeed because they have short-term and long-term goals in mind and this guides them. Take time to write down your goals. This way you will have a guide to follow.
When writing down your goals, be realistic. Don’t write down something that will be completely out of your realm to reach. The reason for this is because if you fail to reach it, you will feel bad and think that you can’t reach goals and you’ll give up.
