Some bouncy house makers say it’s simple to set up a party rental company and that you can “earn easy money” by renting only one or two inflatables during the weekend. Many have been successful, while others have failed. A party rental business requires commitment and good judgment. It is not uncommon for new companies to disappear as quickly as they are founded because their owners make the same mistakes. This business is profitable, and we assure you if it’s still something you want to do. To grow your business over the years, you should avoid making these common mistakes – click this link!
1. Keep doing your paperwork
It’s not true that a smaller company doesn’t require the same attention as a larger one. It is important to have a solid business plan in place before purchasing inflatables. As soon as you receive your first order, start a client database. Also keep an eye on inventory. These paperwork tasks may appear tedious, but they are necessary in order to remain organized. You can also use it to track your company’s growth.
2. Always prioritize safety
For all companies that rent party rentals and amusements rides, safety is their number one concern. Injury or accidents can cause lawsuits. They may even lead to the closure of a business. Negative reviews are damaging to your business, regardless of whether they’re positive. The reviews may lead potential customers from you towards your competitors.
3. A must-have is liability insurance
The cost of bounce houses is a major reason why insurers are reluctant to provide coverage. This may lead to business failure. It is important to be ready for any accident, no matter how hard you work at preventing them. You might not be able to legally operate your company in certain states or cities if you don’t have liability insurance. A company with insurance is more trusted by potential clients.
4. Register Your Business as LLC
A LLC can help you protect and safeguard your assets, finances, and other financial resources. You can legitimize any business that you do with your customers by forming an LLC. It is your company that would be sued in the case of legal actions arising out of your business.
5. Your family and close friends may be able to assist you.
If you’re trying to cut costs, don’t try doing everything yourself. They can be heavy to move on your own. Each unit can be hundreds of lbs. It’s important to have help in all aspects of the work. It may turn out that your friend is able to assist you in creating a website. Or, your relative will gladly answer your phone calls. Don’t be afraid to ask someone for help.