How to start an inflatable rental business
Planning to Start an Inflatable Rental Business? Here’s What You Need to Know
Having an inflatable rental business can be a rewarding idea, given their ever-growing popularity in pretty much all kinds of parties.
Here’s how you can start your own rental business.
1. Business Structure
Choosing a business structure must be the first decision you make. An inflatable rental business can go from starting in the backyard or garage (a weekend business for extra income on the side) to a larger service operating in a carnival or a corporate event (a full-time business).
This decision will be influenced by the capital, time and effort you intend to invest.
2. Legal Deliberation
It is vital that the set-up is effectuated in accordance with the legal framework and obligations. If your business operates in a bigger market, 2 important considerations come into play:
(a) Liability waiver: the renters must sign a liability waiver. Essentially, it means they take responsibility in case of a mishappening while using your bounce house. This will save the business from medical bills or potential lawsuit in the circumstance of an accident.
(b) Insurance: the business must acquire a liability insurance. Just like any other insurance, the business-owner is required to pay a premium. In the matter of any damage to the bounce house, the insurance company takes care of the damages thereby relieving the owner of the liability.
3. Choice and establishment of the name and place for operating
Choose a unique and catchy name for your rental business will always work wonders. You will want something that is fun, quirky and upbeat so the customers remember it.
The next action is setting up the workstation, a place of storage that is spacious and doesn’t require overhead expenses. As a new business, you would want to keep these expenditures close to minimal.
This is one thing on which lies the true success of your business. Enlist the inflatables and quantity you wish to rent out.
Bounce houses, inflatable jumpers, small and large jump houses, etc., for example, should be on your list. It is advisable you choose commercial grade products. Excellent quality means less wear and tear expenses. In addition to that, they enable you to rent out the product more than a few times. Also, pay attention to the designs. You would want to buy bounce houses that are captivating.
For instance, check out the T-Rex jumper bounce house from Ginflatables. Other than being of fine quality, this bounce house gives a chance to dive into the fascination with dinosaurs.
5. Pricing and Finances
A business owner must come up with an effective pricing policy and modes of accepting payments. Renting out by the hour or day along with the asking price will need to be determined. The prices must be fixed after careful deliberation. The bank accounts and other necessary accounts for reception and payments must be in place and working.
Marketing, just like for any other business, is of key importance. It’s crucial to spread the word around. Social media these days is an excellent source of doing just that.
The business owner must have a properly planned strategy to sell and promote their services. This will give the business a fighting chance in the highly competitive market.