In Australia’s lucrative party hire industry, there are many opportunities to be found. Parties are happening every day, whether it’s a holiday or not, and because of this, many businesses and individuals alike need good party equipment.
Buying party equipment is already a chore, but once the party is over, those who purchase this equipment are simply stuck with them until they need them again, which could be never.
This is why party hire businesses, also called party hire equipment businesses, are becoming very popular. Customers just need to hire the party items for the event and then return them afterwards—it’s a very cost-effective solution.
Therefore, if you’re planning to enter the party hire business, you need to be aware of the competition. As mentioned before, it’s a very lucrative market and many businesses are striving to get a piece of it.
So let’s explore how you can kick off a small party equipment hire business in Australia’s bustling hire industry.
Understand the market
Before diving into the party equipment hire industry, you need to understand what’s in store for your fledgling business. First, you need to carry out thorough market research to identify your target audience. For example, are you targeting businesses that hold major events or families that need party equipment for small parties, like birthdays and anniversaries?
Also, you need to identify which kinds of events are popular in your area. This will help you decide what types of party equipment you’ll be offering to customers. For instance, if outdoor parties are popular in your area, you could include tents in your portfolio. Either way, this research will help you plan out your services so that you can separate yourself from the competition.
Develop a business plan
After you’ve done the necessary market research, you need to develop a business plan. Plan out the objective of your party hire business, come up with a marketing and sales strategy, and flesh out your financial projections for the future.
This business plan will act like a road map for your business to navigate through the party hire industry. Keep in mind, however, the hire industry can change rapidly, so you may need to make adjustments to your business plan occasionally.
Secure the equipment
Now that you have a clear understanding of the hire industry along with a solid business plan, it’s time to build your inventory. You’ll need to look for reliable suppliers of hire equipment. Make sure to look for suppliers who are reputed for supplying the best-quality party equipment. Good-quality party equipment can withstand repeated use, making them suitable for multiple hires.
Additionally, depending on your budget, you should consider buying in bulk. This may get you discounts and having a large inventory can help you attract multiple customers.
Create a strong brand presence
Your business won’t be alone in the party hire industry—there will be plenty of competition. To stand out, you’ll need to establish a powerful brand image. Start by designing an eye-catching logo; something your target audience will find interesting and attractive.
Next, you should consider creating a website, where your customers can browse your party hire equipment, place orders, and contact your staff. Also, you should implement an online payment gateway on your website. This can be done easily by using modern hire software.
Work on your pricing strategy
Competitive pricing is one of the best ways to bring in new customers in the hire industry. Hiring party equipment is already a cost-effective way to acquire everything you need for a party so getting them at good rates would be a bonus.
Try offering special hire packages that customers can get with a good discount. For example, customers can hire a set of party furniture and decorations together for a cheaper price than hiring each item separately. However, when you’re planning your prices, you should also factor in costs, like the cost of maintenance, delivery, and setting up party equipment at venues.
Market and promote your hire business
Promotion and marketing are vital aspects you must focus on if you want your party hire business to get noticed. So try a mix of digital and traditional marketing to get the word out about your business.
Advertise your party equipment hire services on popular social media platforms, like Instagram, try networking with event planners and popular party venues, attend trade shows, give out flyers, and when you have your first few customers, ask them to leave positive reviews.
Manage your inventory
Party equipment hire businesses, like all hire businesses, need to have tight inventory controls to keep track of all their equipment. The best way to do this is to acquire hire management software.
Hire management software is designed to make the hire process easier for both you and your customers, and it can help you keep an eye on your inventory levels, schedule maintenance or repairs for your equipment, and also manage the delivery of your party hire equipment to and from your customers.
Get your party hire business started today
Of course, you’d want to make your customers’ events and parties a massive success, and with the help of the party hire equipment you offer, you can do just that. The road to launching a successful hire business for party hires can be a long and complicated one, but with the right planning and marketing, you can find your place among giants in the industry.
Don’t hesitate—the hire industry doesn’t wait for anyone; work on launching your business and consider working with a reliable hire software solutions provider to help you get a leg up on your hire operations.