Starting an inflatable rental business can allow you to be your own boss, set your own hours, make a significant income, and have fun. However, there is a lot of work that goes into starting an inflatable rental company. You need to think things through carefully, create a plan, and make the right decisions early on to help your business succeed. These are some of the most common mistakes that people make when starting an inflatable rental business and what you should do instead.
Not Creating a Business Plan
One of the most common mistakes people make when starting an inflatable rental company is not having a business plan. You need a solid plan to guide your decisions, budget, purchases, and advertising. This will help you set goals and let you know if you have attained them.
Not Getting Help
Many people who start their own businesses are very independent and don’t like to ask for help. That is a mistake. You will need help from other people to make decisions; advertise; transport, set up, and care for inflatables; and handle other aspects of your business. If you don’t have enough money to hire employees, you can ask for help from family and friends.
Choosing the Wrong Number and Type of Inflatables
Another mistake people make is starting out too small. It makes sense to begin with a small number of inflatables since you don’t know how much demand you will have and you don’t want to overextend yourself, but on the other hand you don’t want to limit your opportunity to earn money. If you have a very small inventory, customers may decide to go with a business that has more of a selection. You should have a good enough variety of inflatables to appeal to a range of customers. If you are not sure what types of inflatables to buy, bounce houses are always popular.
When starting an inflatable rental business, people sometimes buy the cheapest inflatables they can find. This might save you money up front, but it can cost you in the long run. Having quality inflatables can help you create a good first impression. Customers will be more likely to recommend your business if you have inflatables that are durable and attractive and if your business appears professional. It is worthwhile to invest more money in better inflatables because you will get a better return on your investment in the long run.
Not Understanding the Market and the Competition
Some inflatable rental company owners do not do enough research to fully understand their local market, which can limit opportunities. Familiarize yourself with the areas you serve. Know where schools, parks, churches, and other places where children gather are located so you can advertise in those areas.
You also need to understand your competition. Learn what types of inflatables they offer and how much they charge for them. This can help you choose inflatables that will make you stand out and can also help you price your rentals competitively.
Making the Wrong Financial Decisions
Some inflatable rental companies try to undercut their competition by charging much less. This can backfire by reducing your profits and making people question the quality of your inflatables and your company. You should price your inflatables competitively, but don’t make them so cheap that you wind up hurting your business.
You will have startup costs that you will need to pay before you start generating a profit from inflatable rentals. Make sure you have enough money to cover your initial expenses and keep the business running until you start to earn a profit.
Not Devoting Enough Resources to Advertising
A lot of your inflatable rental company’s business will come from referrals, but that doesn’t mean you don’t need to advertise. You should have a website to draw in customers who will start their search online. You can also advertise on TV or the radio, in newspapers and magazines, and through brochures, fliers, and business cards.
Where to Order Inflatables for Your Rental Business
i2k sells a wide range of quality inflatable bounce houses, slides, obstacle courses, and other attractions that are popular with kids. They are perfect for birthday parties, fairs, carnivals, and other events for children. If you are starting an inflatable rental business, look through our inventory and order inflatables today.