Most bouncy castle makers will tell you it is easy to start a party rental business and that anyone can earn “easy money” by renting out just one or two inflatables at weekends. Some people have made money, but many more failed. It takes dedication, and a sensible approach to run a party rental business. Pats party rental companies fade out as fast as they appear because the owners keep making the same mistakes. We can assure you, if you are still interested in this business, that it is usually profitable. If you wish to grow your business steadily over the coming years, then you must avoid these common mistakes.
1. Keep doing your paperwork
Don’t assume that just because you have a smaller business you don’t need to do the same things as larger companies. You need to create a business strategy before you invest in inflatables. Once you have your first client, create a database of customers and keep track of inventory. This paperwork may seem tedious, but it is necessary to stay organized. It also provides valuable data for your business’ growth.
2. Always prioritize safety
Safety is the number one priority for all businesses that rent out party rentals and amusement rides. Injury and accidents can lead to lawsuits, and in some cases even the closure of your business. Negative reviews, even if they are positive, can harm your business. They may drive potential customers away from you to competitors.
3. Liability insurance is a must
Insurers are reluctant to cover bounce houses because it is expensive. This can lead to their businesses failing. You should prepare yourself for accidents, even if you do everything to prevent them. You may be prohibited from operating your business legally in certain cities and states without liability insurance. Potential customers are more likely to trust a company that has insurance.
4. Register Your Business as a LLC
You can protect and insulate your assets and finances by forming an LLC. Your company can then legitimize the business you run with customers. In the event of a legal action arising from your business, it would not be you who is sued but rather, your company.
5. Family and friends can help you out
You can’t do everything yourself, even if it means saving money on employees. Commercial inflatables are often very heavy, and they can be difficult to move by yourself. Each unit can weigh hundreds of pounds. You’ll need assistance with all the physical aspects of your work. You may find that a friend can help you create a website, and your family member will be happy to take your booking calls. Ask for assistance!