Are you looking to start a party business? here is a complete Feasibility Study Example for a Batch Procurement Business Plan Template that you can use for FREE .
Ok, so we’ve covered all the requirements for starting a batch sourcing business. We also took it a step further by analyzing and writing a sample party marketing business plan template backed by actionable guerrilla marketing ideas for party businesses. So let’s move on to the business planning section.
Why start a party business?
The land rental business is one of the many business ideas that can thrive not only in the United States of America but around the world.
The truth is, anyone who’s going to throw a party will have to rent party supplies because it’s not the norm for people to pile up large amounts of plates, spoons, tents, and other items used at parties. The party supply rental business requires a reasonable start. capital, but it really is a lucrative business if it’s in a good location and if you can afford a lot of party supplies.
If you are convinced that starting a party business is what you really want to do after doing your market and feasibility research, then the next step is to write a good business plan; a detailed preliminary report on how you will increase your startup capital, organize your business, manage your business flow, distribute taxes and market your product, among other things.
The truth is that it is one thing to have a fantastic idea and a business plan, a business plan is another thing to translate into profit, so it is important to put together a team of experts with who to work for if you want to be successful in the party supplies business.
Here is a sample business plan template to help you write yours successfully without getting tired.
Sample Party Rental Business Plan Template
- Industry overview
Party Supply Rental Companies are engaged in the rental of party supplies such as tables, chairs, cutlery, linens, centerpieces, stages, tents, awnings, speaker, red carpet, drums, cymbals, glasses, cutlery and other articles for public and private parties and events.
Total revenue generated by the hospitality industry in the rental industry edged down in 2011 as businesses and consumers fear a recent slowdown that is dragging down event spending. On the other hand, new economic guarantees in the following years encouraged businesses and consumers to pursue events requiring products from the party rental industry.
The continued economic recovery is expected to fuel growth through 2021. Likewise, with higher personal and business incomes, households and businesses are expected to increase their party budgets, allowing them to spend more on the party. rent beyond basic needs for full-service products, etc.
Statistics show that the tent rental industry in the United States of America is worth around $ 5 billion, with an estimated growth rate of 2.3% between 2013 and 2021. There are around 9,645 registered parties and authorized. Rental companies in the United States of America employ approximately 50,470 people.
In the United States, only Classic Party Rental has the lion’s share of the industry market. The industry is still very open to competition from budding investors looking to start their own businesses.
According to a recently published IBISWORLD report in the United States, the regions with the greatest concentration of party proposals. The car rental companies are from the Southeast, West, Great Lakes, and Mid Atlantic. The distribution of businesses is mainly based on the number of households and the average income level by region. Additionally, party rental companies tend to locate their businesses close to major urban areas, creating a constant flow of demand for corporate and social events.
The Southeast region has the highest industrial concentration, estimated at 31.9% of the total in 2015. The Southeast is the most populous region in the United States; Therefore, considering the high proportion of households, there is an increased demand for rental of tents and rental spaces for public events and corporate events.
Without a doubt, the party supplies rental industry is indeed a lucrative industry despite the fact that the entry bar for starting a business is not that difficult to overcome. The truth is, if a party supplies rental business is well stocked with rental items and also well positioned in an environment with the right demographics, they will surely attract repeat customers and have their goods booked year round.
Summary of the party procurement activity plan
Ruston Branch® Party Supply Rental Services, Inc. Is a company incorporated under the laws of the United States of America and the United States. The company will be located on Atlantic Avenue, Delray Beach – Florida. It’s a town that was once derisively called Dull Ray, but it has changed dramatically over the past 30 years. Hundreds of stores and restaurants can be visited by 20,000 people per day.
We are a well organized and well equipped party supplies rental company that will handle the rental of tables, chairs, cutlery, bed linen. , centerpieces, stages, tents, awnings, loudspeaker, red carpet, drums, plates, glasses, cutlery and other items for parties and public and private events. We will participate in professional events such as wedding rentals, anniversary rentals, corporate event rentals, banquets and other events.
Ruston Branch® Party Supply Rental Services, Inc. is a customer-oriented, results-driven party supplies rental organization that provides standard and reliable party equipment / supplies at an affordable price that will in no way leave a hole in the eye. the pockets of our customers.
Ruston Branch® Party Supply Rental Services, Inc. will always demonstrate its commitment to sustainability both individually and as a business by actively participating in our communities and incorporating sustainable business practices wherever possible. We will deliver on our responsibility to the highest standards by accurately and completely meeting the needs of our customers.
Ultimate Business Goal Ruston Branch® Party Supply Rental Services, Inc. – adopt business strategies that will allow us to grow our revenue quarterly and effectively serve our customers
Ruston Branch® Party Supply Rental Services, Inc. Is a family business owned by Ruston Packer and his immediate family. Ruston Branch holds a BA. in Business Administration from the University of Texas and an MBA from the University of Florida. Ruston, a native of Jonesboro, Arkansas, began his career at Walmart as a summer employee at the company’s distribution center. He was also deputy director and purchasing intern.
- Our product and service suggestions
Ruston Branch® Party Supplies Rental Services, Inc. In the rental of party supplies to serve a wide variety of customers and of course for profit, we will supply a wide range of party supplies from leading US manufacturers.
Our list of services offered is given below;
- Rental of party supplies (tables, chairs, cutlery, bedding, centerpieces, stages, tents, awnings, loudspeaker, red carpet, drums, plates, glasses, cutlery, etc.). other articles for public and private parties and events)
- Equipment rental for company parties and banquets
- Wedding supplies rental
- Birthday rental
- Rental of corporate events
- BBQ rental
- Outdoor party rental
- Rental of other events
Our vision statement
Becoming the party supply rental company that other industry players are looking to navigate is our primary focus.
We are a company that has the ability to provide a wide range of party supplies to customers who wish to hire them for their parties.
- Our corporate structure
Ruston Branch® Party Supply Rental Services, Inc. is a party supply rental company considering starting up operations at Atlantic Avenue, Delray Beach, Fla., But expected to grow to compete favorably with major US companies. United of America.
We recognize the importance of building a strong business structure that can support the vision for the kind of world-class party supplies rental business we want to own. That’s why we strive to hire only the best people in our field.
The Ruston Branch® Party Supply Rental Services, Inc. will ensure the selection of qualified, hardworking and creative people. customer oriented and willing to work to help us build a thriving business that benefits all stakeholders.
In fact, the incentive arrangement will be available to all of our senior executives and will be based on their performance for five years or more, as decided by the board of directors of the company. With this in mind, we have decided to hire qualified and competent people to fill the following positions in our organization:
- CEO (owner)
- party supplies rental manager
- Administrator and HR manager
- Head of Marketing and Sales Department
- Customer Service Manager
- Truck’s driver
Roles and responsibilities
- Improves management efficiency for recruitment, selection, orientation, training, coaching, counseling and disciplinary guidance; transfer values, strategies and goals; distribution of responsibilities; performance planning, monitoring and evaluation
- Creates, communicates and implements the organization’s vision, mission and overall leadership, that is, leads the development and implementation of the organization’s overall strategy.
- Responsible for setting prices and signing commercial transactions
- Head of company management
- Responsible for signing checks and documents on behalf of the company
- The organization measures success
Party Supply Rental Manager
- Manages the rental of tables, chairs, cutlery, bedding, centerpieces, stages, tents and awnings. , awnings, loudspeaker, red carpet, drums, cymbals, glasses, cutlery and other items for public and private parties.
- Achieve maximum profitability and overall success through cost control and quality of service
- Responsible for policy and filling out required forms.
- Ensures the follow-up of the correct purchasing and request procedures
- Coordinates the general assembly and the dismantling of tents, tables, chairs, stages and ensures their safe transport to the place.
Administrator and HR manager
- Responsible for overseeing the proper execution of staff and administrative tasks in the organization
- Support office supplies by checking inventory; place and expedite orders; evaluation of new products.
- Ensures the operation of equipment by meeting preventive maintenance requirements; call for repair.
- Identifies the jobs to be recruited and manages the interview process
- Carry out the inductions of new team members
- Responsible for the training, evaluation and evaluation of employees.
- Responsible for organizing trips, meetings and appointments
- Monitors the proper functioning of the office.
Head of Marketing and Sales Department
- Identifies, prioritizes and contacts new partners, as well as business opportunities, etc.
- Identifies development opportunities; monitors relations with developers and contacts
- Draft winning documents, negotiate fees and rates in accordance with company policy
- Responsible for carrying out commercial research, marker surveys and feasibility studies for clients
- Documents all contact and customer information
- Represent the company at strategic meetings
- Helps increase sales and business growth
- Responsible for the preparation of the financial statements, budgets and financial statements of the organization
- Provide management with financial analysis, development budgets and accounting. reports
- Responsible for financial forecasts and risk analysis.
- Maintains treasury, general ledger, and financial reports for one or more objects.
- Responsible for the development and management of financial systems and policies
- Payroll manager
- Ensures compliance with tax laws
- Manages all the financial transactions of the company
- Serves as the company’s internal auditor
Customer Service Manager
- Greet guests and clients by welcoming them in person or by phone; respond to or direct requests.
- Ensures that all customer contacts (email, built-in hub, SMS or phone) provide the customer with a personalized customer service experience of the highest level
- Through interaction with customers over the phone, he seizes every opportunity to get the customer interested in the company’s products and services.
- Effectively and timely allocates administrative responsibilities assigned by the manager
- Stay up to date with any new information on the company’s products, advertising campaigns, and more. to ensure that accurate and useful information is provided to customers when they make requests.
- Responsible for transporting tents, rental items / party gear, supplies and workers to the party
- Carry out missions for the organization
- Performs any other duties assigned by the Party Supply Rental Officer.
SWOT analysis of a business plan for the celebrations
Thanks to our granularity and excellence, we were able to work with results-driven business consultants on Atlantic Avenue in Delray Beach, Florida to familiarize ourselves with our business concept, and together we were able to explore the business perspective. and accessing ourselves to make sure we have everything you need to run the standard party supply rental business.
One of our strengths in the party supply rental business is that we have dozens of party supplies, which means that even if the demand doubles overnight, we can still meet. We offer free delivery and delivery and are located in a downtown area that regularly hosts parties.
One of the obvious downsides is the fact that we only operate from one location, especially compared to product rental companies that operate franchises or operate from multiple locations.
The possibilities for the rental of party supplies are enormous considering the number of events that take place daily in the United States. As a standard party rental company, we are ready to take any opportunity that comes our way.
Some of the threats we are likely to face as a party supplies rental company operating in the United States are adverse government policies, the entry of a competitor into our site of operations and the global economic downturn. which generally affects the speed at which people organize themselves. Party.
MARKET ANALYSIS OF THE BANKING SUPPLY PLAN
- Market trends
One thing is certain; It is difficult to find a business strictly related to the rent of the parties as it will be difficult for such a business to maintain its general and operating expenses or generate enough income to grow the business. Recently, it is common to find party rental companies offering other free services like event planning etc.
The party rental industry is constantly evolving and as such is innovative, strategies and ideas that were once very successful are not as productive as they once were. Close observation of the industry trend shows that in recent years there has been a growth and proliferation of social media and new technical tools.
The trends also extend to an increased focus on engagement and new market segments, the adoption of green actions and sustainability in event planning, and of course growing demand from event sponsors. Finally, aside from great customer service, party merchandise rental companies make sure they have the best items possible, even if that means importing or personalizing them.
- Our target market
Although Ruston Branch® Party Supply Rental Services, Inc. will initially serve individuals and small businesses, but this in no way prevents us from growing and competing with major US rental partners.
Below is a list of the people and organizations for whom we specifically design our products and services;
- Event organizers
- Party planners
- Wedding planners
- Corporate organizations
- Religious organizations
- Political parties
- Households / families
- Government (public sector)
- Schools (high schools, colleges and universities)
- Sports organizations
Our competitive advantage
Being very competitive in the party supplies rental industry means your tables, chairs, cutlery, linens, centerpieces, stages, tents, awnings, speaker, red carpet, drums, plates, glasses, cutlery and other items for the public and private parties and events must be of a high standard, your business must be well positioned and well equipped, you must be able to provide consistent quality service, and you must be able to respond the expectations of your customers. lients.
Ruston Branch® Party Supply Rental Services, Inc. may be a new entrant in the industry, but the management staff are highly qualified to run such a business. Our rental locations are world class and the company is well positioned and equipped to meet the needs of our top clients in the 21st century. It’s part of what we see as a competitive advantage.
Finally, our employees will be well taken care of and their benefits will be some of the best in our class in the industry, which means they will be more than willing to develop business with us and help us achieve our goals. and to achieve all of our goals and objectives.
Batch Supply Business Plan SALES AND MARKETING STRATEGY
We are aware of the fact that there is fierce competition among party rental companies in the United States of America; therefore, we were able to hire the best developers to solve our sales and marketing issues.
Our sales and marketing team will be recruited on the basis of their extensive experience in the party supply rental industry, and they will be regularly trained to be well equipped to achieve their goals and the overall purpose of the organization. We’ll also make sure our great jobs speak to us in the marketplace.
Our goal is to grow our party supplies rental company to become one of the top 10 party supply rental companies in the United States of America. That’s why we’ve developed strategies that will help us capitalize on the market and become a major force to be reckoned with outside of Atlantic Avenue in Delray Beach, Florida.
Ruston Branch® Party Supply Rental Services, Inc. will use the following marketing and sales strategies to attract customers:
- Introduce our business by sending cover letters along with our brochure to event planners, businesses, faith-based organizations, schools, households and keys. interested parties on Atlantic Avenue, Delray Beach and other cities in and around Florida
- Promote our business in relevant magazines, newspapers, TV and radio channels
- List our business on the yellow pages Advertise (local directories)
- Attend relevant international and local exhibitions, seminars and trade shows, and more
- Create different packages for different categories of customers to work within their budgets while providing them with quality products and services
- use the internet to promote our business
- use a direct marketing approach
- encourage word of mouth from regular and satisfied customers
- Join local chambers of commerce and industry to market our business
- Use attractive invoices to raise awareness and guide our establishment
- Take a direct mail coupon approach
- Display our Flexi signs / banners in strategic locations in Los Angeles, California.
- … Create a loyalty plan that allows us to reward our loyal customers, especially those who refer customers to us.
- Take roadshows in our area to promote our party supplies rental business.
Source of income
Ruston Branch® Party Supply Rental Services, Inc. is established with the goal of maximizing profits in the party equipment rental industry and we will do everything to ensure that we do our best to attract customers. on a regular basis.
Ruston Branch® Party Supply Rental Services, Inc. will generate revenue by providing the following consumable rental services for individual customers and businesses;
- Rental of office supplies (tables, chairs), cutlery, bedding, centerpieces, stages, tents, awnings, loudspeaker, red carpet, drums, plates, glasses, cutlery and other items for parties and public and private events)
- Rental of corporate equipment for parties and banquets
- wedding supplies rental
- birthday rental
- rental of corporate events
- barbecue rental
- outdoor party rentals
- rental of other events.
It is a fact that there will always be parties in the United States of America and therefore the services of a party supply rental company will always be required. It is always in our hearts.
We are well positioned to take the Affordable Market on Atlantic Avenue, Delray Beach, Florida to grow our revenue on a regular basis, and we are very optimistic that we will achieve our goal of generating sufficient revenue. / profit in the first six months of operating and expanding our business and customer base outside of Atlantic Avenue, Delray Beach Florida, and other cities in Florida and other US states.
We managed to study the party’s proposal. In the rental market, we analyzed our chances in the industry and were able to come up with the following sales forecasts. Below are Ruston Branch® Party Supply Rental Services, Inc. sales forecasts based on our business location and the wide range of party supplies we will be offering;
- First year: $ 240,000
- Second year: $ 530,000
- Third fiscal year: $ 800,000
Note . This forecast was made on the basis of what is available in the industry and on the assumption that no major economic crisis or natural disaster will occur in the country. the term indicated above. There won’t be a single major competitor offering the same value-added services that we do in one place.
- Our pricing strategy
At Ruston Branch® Party Supply Rental Services, Inc., we will keep our rental prices below the mid-market rate while keeping our overhead costs low and billing upfront. In addition, we will also offer special discounted rates for startups, nonprofits, cooperatives and small social enterprises.
We know that some customers, especially event planning companies, who require regular holiday rental items, we will offer a flat rate for these services.
- payment methods
Payment policy adopted by Ruston Branch® Party Supply Rental Services, Inc. is all inclusive because we understand that different customers prefer different payment methods based on their preferences, but at the same time we will ensure that financial rules and regulations of the United States of America are respected.
The following are the payment options that Ruston Branch® Party Supply Rental Services, Inc. will provide to its customers;
- Payment by bank transfer
- Cash payment
- Pay by credit card
- Pay by online bank transfer
- Payment by check
Advertising and advertising strategy
To get to the heart of our target market, we commissioned our brand and advertising advisor to: Help us develop effective and adapted strategies. We intend to take the event planning and party accommodation industry by storm, so we have taken steps to effectively promote and promote our party supplies rental company.
Below are the platforms we intend to use to promote and advertise Ruston Branch® Party Supply Rental Services, Inc .;
- We will place ads on print (community newspapers and magazines) and electronic media platforms
- We will use the Internet and social networks such as; Instagram, Facebook, Twitter, YouTube, Google +, etc. To promote our brand.
- We will place our billboards in strategic locations on Atlantic Avenue, Delray Beach, Florida
- We will distribute our leaflets and leaflets in targeted areas
- We will ensure that all of our employees wear our branded shirts and that all of our cars and trucks bear our company logo.
Financial projections and costing
From our market and feasibility studies we were able to come up with a detailed budget for our goal of establishing a standard and highly competitive party supplies rental business in Delray Beach, Florida and these are the key areas. where we will spend our start-up capital;
- The total registration fee for a business in the United States of America is $ 750.
- Basic insurance budget covers costs, permits and business license $ 2,500
- The amount required to purchase a suitable facility that will house our dismantled tents, trucks and a small office (including rebuilding facilities) USD 150,000.
- Office equipment costs (computers, software, printers, fax machines, furniture, telephones, filing cabinets, security gadgets and electronics, etc.) USD 5,000
- The cost of launching an official website is $ 600
- The cost of building standard tents is $ 10,000
- Expenses for the purchase of standard party supplies (tables, chairs, cutlery, linens, centerpieces, stages, tents, awnings, speaker, red carpet, drums, plates, glasses, cutlery and other party supplies public and private and events) USD 50,000
- Cost of purchasing the truck – 10,000 USD
- Budget to pay at least 4 employees. 2 months plus utility bills $ 60,000
- additional costs (business cards, signs, advertisements and promotions, etc.) $ 2,500
- Miscellaneous: $ 5,000
Based on the market research and feasibility report, we will need approximately three hundred and fifty thousand (350,000 ) US dollars to successfully set up the environment. a large scale but standard rental company supplies to the United States of America.
Fundraising / Seed Capital Creation for Ruston Branch® Party Supply Rental Services, Inc.
Ruston Branch® Party Supply Rental Services, Inc. is a family business owned by Ms. Ruston Packer and her immediate family. They are the only financiers in the business, but they can probably host partners later on, so they decided to limit obtaining start-up capital for the business to just three main sources.
- Create part of the start-up capital from personal savings
- Source of concessional loans from family and friends
- Apply for a bank loan
Note: We have been successful in securing approximately $ 150,000 (personal savings of $ 100,000 and a family members preferential loan of $ 50,000 ), and we are in the final stages of securing a $ 200,000 loan from our bank. All documents and documents have been duly signed and submitted, the loan has been approved and our account will be credited at any time from this point on.
BUSINESS DEVELOPMENT TO SUPPORT THE PARTIES: Sustainable development and expansion strategy
The future of a business lies in the number of loyal customers, the capabilities and skills of their employees, their investment strategy and their business structure. If all of these factors are missing from the business, the business will close the store soon.
One of our most important goals – launching Ruston Branch® Party Supply Rental Services, Inc. – is to build a business that will survive on its own cash flow, without external funding once the business is officially launched.
We know that one of the ways to get approval and attract customers is to hire. our batch supplies and equipment are slightly lower than what is available in the market, and we are well equipped to survive at lower margins for some time.
Ruston Branch® Party Supply Rental Services, Inc. ensure that the right frameworks, structures and processes are in place to ensure that the well-being of our employees is considered. Our corporate culture aims to take our business to the next level, and the training and retraining of our workforce is at the top.
We know that if this is done we can be successful in recruiting and keeping the best hands we can get in the industry; they will be more committed to helping us build our dream business.
Checklist / checklist
- Company name availability check: complete
- Business registration: complete
- Opening of corporate bank accounts: complete
- Launch of online payment platforms: complete
- Application and obtaining of the tax identification number: in progress
- Business license and permit application: Completed
- Purchasing business insurance: complete
- Ensuring the safety of a standard installation and inclusive reconstruction: ongoing
- Feasibility studies: Completed
- Receive part of the start-up capital from the founder: Completed
- Loan requests from our bankers: in progress
- Business plan writing: Completed
- Compilation of employee’s handwritten book: Completed
- Drafting of contractual documents: in development
- Creation of the company logo: finished
- Graphic design and packaging printing Marketing / promotional material: finished
- Recruitment: in progress
- Purchase of necessary furniture, office equipment, electronics and repair tools: In progress
- Various sizes of standard tents and other holiday rental items: Done
- Creation of an official website for the company: In development
- Strengthening of corporate awareness (Business PR): in progress
- Health, safety and fire safety: ongoing
- Establish business relationships with suppliers, event planners and major industry players: ongoing