Many people need more tables and chairs to host large events because they need more space at home or at their businesses. Event rental companies will rent out tables and chairs to individuals or businesses for parties and business and corporate events.
When starting a table and chair rental business, it‘s important to have a wide variety of table and chair styles to appeal to different customers. You’ll also need a truck or van to transport the tables and chairs to and from events. It’s helpful to build relationships with caterers, florists, and other event vendors, so you can refer potential customers to them and vice versa. Marketing your business online and in local event listings is essential to get started.
You can successfully start your own table and chair rental business with some planning and hard work step by step.
Step 1: Research your target market
Researching your target market is the first step in creating a successful table and chair rental company. To be successful, you need to find the market with the highest demand to ensure your business‘s viability. Here are three markets for starting a tables and chairs rental company.
- Weddings
- Corporate events
- Personal
Wedding Market
Weddings are one of the most popular markets for furniture rentals, as brides and grooms are often willing to invest a significant amount of money in the celebration. According to Forbes, couples will spend $350 million on their wedding. In addition, on average, couples will spend $26,000 on venue decorations and furniture, according to the Wedding Report. As you can see, this is a huge job opportunity.
Corporate Events
Next is the corporate events market. Preparing for staff meetings, annual wrap-ups, corporate risk meetings, employee holiday parties, and other important events is an essential part of the process. And this is where the furniture rental industry needs to face a favorable opportunity – many high-end hotels and golf courses choose to entrust us with the furniture supply.
With the increase in the number of employees (especially over 10 employees), many high-end companies are also commissioning us to install furniture for suite interiors – including desks, computer sets up, bookshelves, sofas – you name it!
Personal
Then comes the last market you want to choose from, individuals or individual renters! Expensive city-center apartments and homes are often rented out by the month and can be expensive to furnish. This is especially true if the tenant plans on only staying for a year or less. For these reasons, many renters choose to rent furniture instead of buying it. As a result, there is a large and growing market for furniture rental companies.
STEP 2: Evaluate your resources and services
Supplier selection is critical to starting any business. This is especially true when it comes to renting furniture and tables. Users‘ furniture requirements will vary from occasion to occasion, so it takes a flexible supplier and product to respond to changes in demand. To help business potential customers choose the right supplier, Vita lists the following recommendations.
Choose a supplier based on business needs：
Different businesses will have different needs when renting furniture and table. Some customers need high-quality, branded products for important events, while others prefer lower-priced items for casual events. Be sure to choose a supplier that can provide the type of product your customer base is looking for.
Choose a supplier with a wide range of products:
To meet the needs of different customers, it is important to have a supplier that can provide a wide range of furniture and table styles. This way, you‘ll offer your potential customers more options and increase their chances of finding something they like.
Make sure the supplier you choose is reliable：
Reliability is key when renting furniture and tableware from a supplier. Customers must be confident that their order will be delivered on time and as expected. Although it is unfortunate, only some suppliers can be relied on to follow through with their orders. Some may back out at the last minute or fail to meet delivery deadlines, while others might send damaged goods.
To avoid such problems, it is important to do your market research before choosing a supplier. Read online reviews and talk to other businesses in your industry. By taking the time to find a reliable supplier, you can avoid many headaches down the road.
Choose a supplier with good customer service:
If something goes awry with an order, you’ll want a supplier who can fix it without hassle. The key to this is finding a supplier with excellent customer service–one who is responsive to phone calls and emails and known for being quick at resolving problems.
Vita Tips:
Vita has set the benchmark for helping business customers choose a reliable, stylish, durable furniture supplier. Vita is unique in the marketplace for its durable, stylish, easy-to-assemble products that offer a wide range of style options. In addition, Vita can quickly adapt production to customer needs so that customers can get the products they need from the market as quickly as possible.
Step 3: Write a Business Plan
Source: Pixabay
Once you have figured out your business needs, developing a business plan is next. This includes your target market, competitors, service pricing, and operating costs.
Target Market
First, define your target market. If you are planning to rent tables and chairs for weddings, your target market is couples who are getting married. However, there may be other markets you want to serve. For example, if you are located on the waterfront, consider renting patio furniture for weekend getaways to your business.
Competition
Competition exists in any industry, and the rental industry is often very different. Weddings require special decorative touches, so clients often choose to use the special services of a wedding company. Wedding companies often hire outside vendors to use their assets to perform specific tasks. Even though most other companies won’t see you as a competitor, it doesn’t mean you don’t have competition.
Strategies
Use some resources and tools to find current competitors. Once you’ve figured out who’s in the industry (and what they’re doing), think about how you’ll set your business apart. Think about how you will be different – better, cheaper, more convenient, etc. Once you have a good handle on the competition, developing strategies for setting your business apart will be much easier.
Pricing of services
Deciding how long, how much, and how many people will be needed to install/uninstall these items will play a big role in deciding how to design the pricing structure ( e.g., hourly, per event, etc.) and package. For example, you may want to offer packages that For example, if you are catering to weddings, you may want to offer packages that include delivery, setup, and takedown services.
Website
Sources：Pixabay
A furniture rental website is a fantastic way to serve more customers and run your business smoothly. Build a site to feature your stock, list rates and terms, and let people book and pay for rentals electronically. You’ll save time by not having to take calls or handle payments manually.
In addition, by offering online booking and payments, you’ll make it easy for customers to do business with you – which could lead to more repeat business and referrals. So, setting up a website is the way to go if you’re ready to take your furniture rental business to the next level.
Step 4: Get Your Permits
Business structure
Before legally operating a table and chair rental business, you must register it. When registering your table and chair rental company, you must decide on the business structure. The way you set up your table and chair rental business can affect your tax obligations and legal responsibilities, so you will need to make a wise choice.
Consider the standard company structure shown in the example below:
- Solo Entrepreneurship
A sole proprietorship is simply a business owned by one person that isn’t registered with the state. This type of company has many advantages: it’s easy to set up and has fewer regulations than other types of businesses. Although there are some benefits to being a sole proprietor, such as simplicity and control, there are also drawbacks. Something to keep in mind is that you may become legally responsible for any debts or expenses the business can’t cover.
- Limited Partnership
A partnership is a company that’s jointly owned by two or more people. It’s unregistered with the state, similar to how a sole proprietorship is. Additionally, there are different types of partnerships such as general and limited partnerships. General partners are held equally responsible for any debts or liabilities the business incurs while only some limited partners enjoy this same privilege.
- Corporation
A corporation is a separate legal entity from its shareholders, who elect the board of directors to oversee the organization. The Board then hires officers to manage daily operations. A corporation is only legally recognized once it files articles of incorporation with the state government where it plans to conduct business.
- Limited liability company LLc
An LLC is a business model that lies between a sole proprietorship/partnership and a corporation. The members of an LLC are not held legally responsible for the company’s debts or liabilities. Likewise, to be considered legal, LLCs must submit articles of organization to their state government.
Creating a tax account and obtaining an EIN
Before starting a table and chair rental business in the U.S., you need to request an Employer Identification Number from the Internal Revenue Service. An EIN is just a nine-digit number that helps the IRS keep track of your company for tax purposes.
Form SS-4
To obtain an EIN, you must file Form SS-4 with the IRS. This form can be filed online, by mail, or by fax.
- You will need to provide some basic information about your business on the form, including your business name and address, the type of business entity you have chosen, and the names of the principal business owners of the business.
Tax account
Once you have obtained your EIN, you must open a tax account with the IRS. This account will be used to pay any taxes that your business owes.
- You can open a tax account online, by phone, or by mail.
- To open an account online, you will need to provide your EIN, your contact information, and some basic information about your business.
File your taxes
Once you have opened your tax account, you must file your taxes yearly.
- You will need to file a federal income tax return and a state income tax return if your business is located in a state with an income tax.
- You must also pay due taxes on time to avoid penalties and interest charges.
Step 5: Invest in Appropriate Furniture for Renting
If you’re planning on starting a table and chair rental business, you’ll definitely want to visit the Vita website to learn more about your options. There are various tables and chairs available, so you’ll need to figure out which ones are right for your business. Here are some things to keep in mind when choosing tables and chairs for your table and chair rental business:
- Make sure to choose tables and chairs that are durable and easy to clean. You want your customers to avoid having to deal with easily damaged or stained furniture.
- Pick tables and chairs that are comfortable to sit in. Your customers will spend a lot of time sitting in them, so you want them to be as comfortable as possible.
- Choose tables and chairs that fit the style of your event. If you’re planning on renting out furniture for weddings, you’ll want to choose something elegant and stylish.
- Make sure to purchase enough tables and chairs to accommodate your expected guests. You want to have enough furniture halfway through an event!
Wrapping Up
A tables and chairs rental business is a fantastic way to bring in some extra money. With a little planning and some basic business knowledge, you can succeed. Follow the tips outlined in this article to get started on the right foot.
If you have tips or advice for people who want to start a business for table and chair rental, please share them in the comments section below!