Contrary to popular assumption, it is very feasible to begin event planning without any money. Most individuals overestimate the necessity of having money while starting, and in this article, we’ll show you how to start an event space business with no money. The venue rental industry is a fascinating one that has the potential to be quite lucrative for many people. It calls for perseverance, a flair for design, friendliness, and organization. These past two years have been a frenzy for the party rental sector. Lockdowns and social seclusion were mandated, and as a result, the whole party scene vanished overnight.
But as people congregate to socialize or speak, they have started to enjoy partying once more as limits have been relaxed.
It is simple to understand why: humans have been celebrating since the beginning of time, and they will always try to come together when the chance presents itself. There’s always a good reason to have a party, whether it’s a wedding, a birthday celebration, or a corporate function! Here are the guidelines on how to start a venue rental business with no money before you hold the first event in what will hopefully grow into a full-fledged business.
Various Kinds of Venue Rental Businesses
We realize that some motivation would be useful before we discuss how to launch a party rental business or an event rental business. Every type of occasion and necessity has its own specific party rental business specialty.
Some examples of these are:
# Event production and planning firms
Even though the event planning and design aspect of the company may be the main focus, renting out equipment can be a reliable additional source of money. There are various kinds of event production firms, some of which concentrate on private parties and others on corporate events. In either case, if you have had trouble locating equipment suppliers who can meet your needs, something could be about to happen. There are probably more folks who have experienced the same difficulties.
So why not diversify into the rental industry and get to know how to start an event space rental business?
# Wedding Rentals
Most people view a love couple’s wedding as the most significant event in their lives. It follows that it is not surprising that they require assistance in getting everything done.
Don’t get too sentimental, though; new business owners always strive to break into this industry because it is quite profitable.
You don’t absolutely need to have access to thousands of chairs and tables to work in the wedding rental business. Providing various decorations, such as boho decor, lighting, dried flowers, table centrepieces, and other items that can seem meaningless to purchase for a single occasion, could be as easy as that.
By researching the most well-liked wedding styles and locations, you can rapidly start growing your business from there.
# Rental companies for AV equipment
You can create yet another lucrative renting business. People will always require your services as long as there are events, which is a benefit of your line of work. Local event planners and individuals prefer to rent rather than own AV equipment because it is so expensive and only seldom essential.
Once more, this is one of those professions where having the most advanced camera technology or the largest sound system isn’t a need; you can start small by providing more modest speakers, mic settings, and smoke machines and work your way up. If you already own a lot of these items—whether as a result of your hobbies or something else entirely—this is also an excellent business concept. Therefore, you can simply rent out your equipment when you’re not using it to make sure you’re making the most out of your investment.
# Bounce House Rentals
Businesses that rent bounce houses are growing more and more well-liked, especially with young child’s parents. These companies rent out inflatable bounce houses, frequently for private or public events like birthday celebrations.
They typically have one or more employees who set up the bounce house and keep an eye on it while it is in use. Numerous companies that hire bounce houses also provide additional inflatables like slides and obstacle courses. A bounce house rental company can offer hours of entertainment for all ages, whether you’re trying to spice up a child’s birthday party or want to relive your childhood at a number of events.
How to Start an Event Space Business With No Money in 5 Easy Steps?
The process of starting your own event planning company need not be complex. You can even get started and close your first client without spending a dollar if you have the correct tools.This section will demonstrate how to launch an event organising company on a somewhat tight budget. We’ll discuss how to start an event space rental business:
Step 1: Determine Your Market
The first thing you must do is choose if you want to focus on a general niche market for events or start with general event organizing.
It’s a good idea to choose a special niche market for events if you don’t have much expertise or are just getting started so that you may expand to other types of events once you’ve established a portfolio for yourself. Start with a type, or at the very least, an area of the events industry, that you are familiar with. Attend such events if you are unfamiliar with them and see how things are carried out.
The main advantage of targeting a certain segment of the event industry is that you’ll be able to serve more clients and cover more ground while making better use of your resources (time, effort, and talents). The next step is to conduct research and determine your target market once you’ve decided on the kind of specialty events you want to host. Consider reaching out to regional non-profits and charities, for instance, if you want to organise fundraising activities. Check out the organization’s social media pages, event website, and competitor research, or just get in touch with them and request an interview to find out this information.
Step 2: Pricing Your Event Planning Services
You’ll need to make a decision on how much to charge for your event planning service(s) after you’ve chosen a niche and done some research. Even though the customer’s needs may cause your costs to change from one event to the next, you should still be aware of certain general pricing information. For instance, you should choose an hourly rate for contacting vendors, meeting with clients, etc.
How much your proposals and other materials that you give the potential client will cost. Making a decision regarding your entire price approach is also crucial. Will you only bill per hour or will you take a cut of the overall event budget? Will you charge a fee for reserving locations or hiring caterers? Event planners typically use a cost-plus pricing model that allows them to remain operational while turning a profit (on average, it’s 15% of the entire cost of the event).
Consider developing service bundles and providing event planning packages at various price points once you’ve decided on individual costs and pricing tactics.
Step 3: Resources and Marketing: We aim to launch a low-budget event planning firm.
Your initial marketing efforts will be modest. You can set aside monthly money for marketing after your event planning business takes off. The following marketing techniques can be used when you’re first starting out to sell your event planning services:
Social media marketing
Inform your loved ones, coworkers, and friends that you are in business! Give out your business card, which contains the name of your company. Look for chances to organize gatherings for family and friends. This is a fantastic method to develop your portfolio, get experience, and publicize your event planning company. Visit or speak with companies who require your services to learn more about their requirements.
Establish a company presence on social media platforms and promote your events to your target demographic. For the greatest reach, choose the appropriate hashtags and post frequently.
Using your event website
With Event Smart, you can make a free event website that you can use to advertise your event planning services. Make time to write blog entries, FAQs, services pages, pricing tables, landing pages, and a FAQ section. Use Event Smart’s Custom Pages & Blogging in conjunction with your event registration pages.
Build an email list by searching for customers interested in using your event planning services in local business directories. Send them details about your event planning offerings and costs.
See the Places
Learn about the places in your community that can be rented out for events. Speaking with event planners who can bring them clients for their space is something that venues should be very open to doing. You will be forming connections with new companies that can support you and your clientele while you converse with the venue owners. Connecting to their network may also be a successful strategy for attracting new clients like small company owners.
Step 4: Create a business plan
A crucial component of launching any business is creating a business plan. It contains details about your business, objectives, services, and to whom you are providing your services. An effective business plan keeps you on course and acts as a guide for important company choices. Your event planning business strategy must at the very least contain the following:
An Executive Summation
- Industry Research
- Customer & Competitor Analysis
- Plan for Operations and Logistics Marketing Strategy
- Fiscal Strategy
Step 5: Register for taxes
You must register for both state and federal taxes prior to starting your own party rental company. To achieve this, you will require an Employer Identification Number (EIN). These can be easily accessed through the IRS by phone, mail, or their website.
If not, you must register your information because, in some states, operating a business entails paying sales tax.
You can have a few alternatives on how you are taxed depending on the legal entity you select.
Start event planning right away with no money!
Now that you know how to start an event space business with no money, its time to act! You must begin, whether you choose to organise your own activities or assist someone else with their planning. The greatest approach to get good at something is to practise and stay informed. That calls for taking chances and trying things that are uncomfortable for you. Every city on earth has a rising demand for party supplies.
However, there is also fierce competition. But don’t be alarmed by that. The market is always in need of fresh eyes. You’ll struggle to meet demand if you treat your consumers well and readily provide what they need for their events at affordable pricing.
This was everything about how to start a venue rental business!