An inflatable rental business offers the opportunity to have a successful career and generate a substantial income, if it is done right. There are many things that people who are new to the industry overlook when starting out that can mean the difference between success and failure. Here are some tips to help you get your business up and running and make it successful.
Create a Business Plan and Budget for Expenses
You should have a solid business plan. Think about how much money you have to invest, how you plan to spend it, how many people you will need to hire, how much your startup and monthly expenses will be, and how you will advertise. Set monthly and yearly goals for the business that are realistic and attainable.
Make sure you have enough money for all of your startup costs. You will need to pay for the inflatables themselves, transportation, advertising, support staff, and legal and insurance fees. Take all of these factors into account and make a list of how much each will cost to be sure you are financially prepared and will not have any surprises.
Choose the Right Inflatables
One common mistake people make is choosing the wrong inflatables or not buying enough. Figure out what age group you want to target and choose your inflatables accordingly. Bounce houses are always popular with younger kids and can help you get a good return on your investment. Look at what your competitors are offering and buy inflatables that will help you stand out. You don’t need a lot of inflatables to get started, but you the more you buy, the sooner you can begin to make a profit.
Buy quality inflatables. Often when people are starting out and funds are limited, they go with the cheapest option. The inflatables are the most important part of your business and what people will think about when they remember your company and decide whether or not to recommend it to their family and friends. It makes sense to pay a little more for quality inflatables that look good and will last.
Research Your Community and Competitors
You need to know the market where your business will be operating. Familiarize yourself with local neighborhoods, schools, community organizations, parks, and churches. All of these are potential locations that could host parties with inflatables. Let them know that you are opening up a business in their area. They could become your first customers.
You also need to know your competition. Do research to find out what types of inflatables they are offering and how much they charge so you can choose products that are different and offer competitive rates.
Hire Staff to Help
If you want to grow your business, you will need help. You can start out with a small team of trusted and reliable employees to help you transport, set up, take down, and care for the inflatables. You will also need someone to handle reservations, billing, payroll, and other financial aspects of the business.
Promote Your Business
You will need to advertise your business. Word of mouth can be the most effective form of advertising, but that doesn’t mean you should neglect traditional forms of promotion. You can create a website, use social media, and take out ads in newspapers, magazines, television, or the radio to promote your company.
Order Inflatables from i2k
If you need new inflatables to get your business up and running, you can buy them from i2k. We offer an impressive selection of colorful and quality inflatable bounce houses, slides, obstacle courses, and other attractions that are popular with kids. Contact us today to learn more or to place your order.