Run your event rental business like a dance

The event or party rental industry consists of several sub-categories, of which event rental companies are one. There are also companies specializing in planning, program services, catering, and full-service event production companies that offer the whole package under one roof. Event and party rental companies rent out furniture, AV equipment, cutlery, and everything else you need to organize an event. Often the rental services are complemented by additional services such as planning and design services, building and dismantling services, and catering.

Starting an event rental business requires a lot of planning, preparation, and setting up processes. First, you need to make a business plan. Your business plan includes a description of your business, market and competitor analysis, financial plan, and marketing plan. It is also important to consider how you manage inventory, process orders, and arrange logistics. For more information, read our complete guide on how to start a party rental business →

You need a website and online booking system to start selling event and party rental services online. With Twice, your event rental company gets a ready-made online rental store that allows your clients to book equipment and services online. Add the products and services you want to rent and sell to Twice and determine the quantities in Twice's inventory management system. That way, your availabilities are always up to date, and you don't get overbooked. Next, set up your online payment options so your customers can book and pay their rentals in advance. Once everything is set up, you can embed Twice to your existing website or use Twiceas a standalone website.

In general, party rentals can be very profitable and enjoy high profit margins. Still, just like with any business, profitability comes down to your business's income and expenditure structure. Incomes are primarily determined by whether there is a demand for an event and party rental service in your area. Inventory and material purchases, warehouse rent, vehicles, insurance, and staff salaries are typically the most significant expenses. To better understand your financial estimates, we recommend taking a look at ourguide to financial planning and budgeting →

It is strongly recommended that you start using event rental software from the early days of your business. Event and party rental software allows you to manage your whole business in one place instead of several apps and spreadsheets. This gives you a real-time overview of your business, helps you save time, and streamline rental operations.