2018 is winding down to a close (where did it go?!) Let's get ready to create and execute your 2019 resolutions! One way to start is think of how you could have improved your 2018 year. Another way is think of your aspirations -- how far you want to reach? Do you picture your event rental business as growing into something huge with new offerings and a big staff? Or is your primary goal to stay afloat but carve out more time for yourself? Whatever the end goal, here are some resolutions that can help all event rental companies.
Resolution #1: Raise Your Prices And Know Your Worth
Rental costs never go down as your grow or as time marches on. Clients must understand, just like with any business, the new year signals a jump in price (don't worry you can still raise your pricing during the year depending on demand, or other factors). Be sure to utilize your Profit & Loss statements from your accounting software like QuickBooks Online as a guide to making educated decisions, identifying your expenses and what you need to make based on each piece of inventory or service.
Are you charging too little? It is time to make the change and earn more money? As an event rental company, we have high overhead costs and, as such, need to charge fair pricing. A business is not sustainable without profits. Don't fall into the trap that offering unnecessary discounts, or grossly undercutting competition, is the way to go. You are hurting your business, other customers, and yourself, and you end up making less and suffering from burnout. For more on event rental pricing guidelines, check out this post.
Resolution #2: Streamline And Get Organized
Inefficiency is a surefire way to stymie success and create a "leaky faucet" of cash loss. At the end of December and into January most event rental companies experience at least some down time. This is optimal time to get streamlined and organized.
• Take stock of your warehouse. Knowing where things are, how your inventory is organized, and if something needs repair or replacement is critical. Goodshuffle Pro is here to put your mind at ease and streamline your process. All of your inventory, services, ancillary items, and logistics are easily organized and tracked using features like custom attributes, item accessories, and more.
• Rotate any items that are not selling. This slows down your operations, ties up capital, and blocks space for new inventory to be stored. Check to see what categories and items are selling best v. worst. Double down on the top ones, and toss the bottom.
• Make any necessary repairs on equipment. Equipment such as vehicles, and any other equipment that helps your warehouse run, are critical to be safe and in good working order. Even items as simple as wagons, dollies, ladders, or more sophisticated items like scissor lifts, pallet jacks, or forklifts need to be checked that they are properly working. Check in your Set Asides in your inventory panel and find time to work your way through to true up any resolved repairs vs. items you simply cannot fix.
Resolution #3: Work With The Right People
This resolution applies internally and externally. Your organization needs to run smoothly and a large part of it rests on who works for you. You need to hire trustworthy, reliable, and invested people. They will make the difference in your events. Clients notice when staff is unhelpful, unfriendly, or unsure how things work. Your business will suffer if you do not hire the right staff.
Additionally, who do you want to be your clients? Are you working towards ideal clients, or are you just accepting anyone? Take time to evaluate the type of client you want. Say no to the wrong type of business; it allows you to be more efficient and effective in how your run your party rental business. Bad clients cost you more in the long run. They usually eat up more time, you might lose money, and it impacts your internal business and other clients.
Resolution #4: Strive For Quality and Being Unique
Sure you hear it all the time, "Anyone can rent things." Well, maybe; maybe not. It is not a business for the faint of heart. You do need to shoot for quality: whether that is the product you offer; the service you offer; or the message you transmit. Do you want to be looked at as the discount, sloppy event rental company? Probably not--so you need to offer good quality items and services.
Your event rental company also needs to find its niche. What sets you apart? What do you do differently? Why are you unique? It can one, or hopefully, many things like putting the personal touch on your service, or you go out of your way to custom build items in your collection, or maybe you are full-service, or can offer many kids of services? Whatever it is hone in on that and incorporate that in your pitch and marketing. Keep finding ways to innovate and stand out. People will take notice.
Anna is a wife, mother of two of the smartest and loving boys, and the lead designer and creator of Provenance Rentals, a boutique vintage & specialty rentals company in Gardena in the Los Angeles area decorating for the romantic, unique, timeless, and chic client whether the event is corporate, or personal, all over Southern California.