As per Business Wire reports, the party equipment rental industry is growing at an astounding CAGR of 14.55% in the forecast period 2022-2027. This makes it a very lucrative industry for starting new business ventures and capitalizing on growth. Moreover, as the demand for rental party supplies is ubiquitous, finding a target audience and business deployment is also simple.
However, the online sector is still where the party rental industry lacks as the majority of existing party rental businesses are yet to make a digital shift. This leaves more scope in launching an online party equipment rental business.
Some benefits of starting a party rental website are:
- Creates a strong online presence and helps in expanding the business reach
- Automation of key processes like inventory, payments, bookings and internal communication
- Lower operational costs with faster and more efficient processes
- Provides numerous digital marketing benefits
Most Reliable Approach to Creating a Party Rental Website
In the modern era, where readymade software solutions are available, it is not recommended to opt for a custom development approach to launch your online party rental website. Instead, you can opt for a tried-and-tested party equipment rental software that comes with all essential functionalities to power your party rental store. In order to deploy the software, follow these steps:
1. Find a Suitable Party Rental Software
There are different types of party rental software available in the market. One type is SaaS solutions that are hosted on the software provider’s servers and available as a monthly service. On the other hand, you have self-hosted software that come with a one-time cost and can be hosted on your own servers.
A clear benefit of using self-hosted software is that they give you the flexibility to select a fast or secure server. Additionally, they are also cost-effective in the long run and more suitable for business expansion.
In contrast, SaaS software requires you to update to its top package in order to get access to full features and is not scalable. Thus, you will keep paying a never-ending recurring cost and will eventually have to migrate to proper self-hosted software.
2. Check the Compatibility of the Software
To conduct end-to-end party equipment rental operations, look out for the following features.
- Booking calendar
- Request for quote
- Rental security management
- Late cancellations management
- Overdue returns management
- Rental add-ons
- Daily, weekly & monthly pricing
- Product inspection
- Document verification
- Bulk order discounts
- Rental duration discounts
- Inventory management
- Order management
You can check out these features on the official website of the software. However, it is better to request a personal one-on-one demo of the software so that you can verify the functioning of these features.
Additionally, sales executives can also help you understand how the software will be beneficial for your business and can clear any existing doubts or queries. You can attend demo sessions for multiple party rental software before finalizing and comparing price quotes to justify the value.
Yo!Rent is a party equipment rental software that offers maximum rental features. From accepting online orders to managing delivery, payments and returns, Yo!Rent can help you with all. To support business growth, Yo!Rent also comes with unlimited listings, transactions and user profiles so that you don’t have any scalability problems. Lastly, Yo!Rent’s free demos are public on its official website, which you can easily explore without providing your credentials any time.
3. Deploy the Party Equipment Rental Software
To launch your online party rental business, deploy the software on your server. If using SaaS software, the software will be already deployed on the provider’s server and as the business owner, you are only required to set up primary pages. These primary pages include the homepage, listing page, about us, contact us, help, customer support, etc. After setting up these web pages, set up your payment gateways and add product listings.
Highly detailed product listings along with a rental agreement or usage conditions will help customers in making a well-informed decision. With the help of a delivery plugin and customer’s postal code, you can also provide customers with the estimated time of arrival (ETA) for their order. Lastly, create attractive banner images, headers, and featured product sections to make your party rental website look more aesthetic.
4. Follow a Go-to-Market Strategy
A Go-to-Market strategy is what helps businesses in entering a new market. It is an amalgamation of various strategies including branding, social media marketing, SEO, discount strategies, collaborations, and more.
To get a strong start for your party rental business, investing in pre-launch campaigns and targeting organic ranking keywords can help. Additionally, create strong and impressive mission and vision statements to make your brand look approachable. In the beginning, you can also offer attractive bulk volume and rental duration discounts.
Furthermore, create social media handles to increase your online presence. All these activities will help you in getting your first few customers and imply a successful launch.
Digital transformations are thriving businesses in 2023 and soon, all industries are expected to make a digital transition. While offline operations will still exist, those who will fail to provide the convenience of online booking can suffer.
Currently, the time to start a party rental business is also right considering the lack of strong party rental players in the online sphere. Thus, it means that by launching your online party rental venture now, you can get a first-mover advantage and capture a large share of your targeted market.