Starting a Business
Starting a Toronto party rental business in the current economy can be like navigating treacherous seas. I am a firm believer that if you have the right vision and enough commitment you can fashion a successful business in almost any market. How about the party rental industry? Is that something feasible? The party rental industry is a curious case, it can be a way of making money on the side, there are major success stories but it is also an industry with a high turnover rate.
Figure Out Who to Cater To
It is an industry with a lot of little niches to fill. You can just rent out equipment for kid’s birthday parties out of your garage or really go all out and organize warehouse raves. Take Allstar Canada for example, they started renting sound equipment to small shows and now they provide equipment for everything from stage plays to major sporting events. To enter the business you have to have a very clear idea of which sector of the industry you want to set up shop in. If you want to cater to kid’s parties or weddings it is all about the location of the business. You need to have a very close look at the demographics in the area and other competitors in the locality. You need to look for a location where the demographic range is between 30 to 40 years of age and there are not many companies providing similar services. My apartment is near a place on the Danforth called ‘Kids Fun Town’. It is a venue you can rent for children; there are no other places similar to it for ten blocks in either direction. As a result the place is rented out to parties from 9 AM to 9 PM, seven days of the week.
If you want to deal with adult parties the best way to make your mark in the Toronto party rental business is by having unique little gimmicks. When I was in University a couple of friends of mine started a party rental service targeted at underground dubstep producers looking to get exposure. They would rent out a warehouse, sometimes a condo or even some sort of waterfront property. They charged a reasonable door fee and spread the news of the show in a way that gave the impression that it was illegal and very underground. Most of the times they had the proper permits but the aura was that of an illegal event and the people loved them. Themed party rental agencies are also very popular, clever little gimmicks are greatly appreciated by customers and really help you stand out as a business.
The economy right now really is not ripe to start a business, that being said if you have a solid idea for a party rental agency, go for it. If you do not want to have a go at it full throttle, set up an equipment rental facility for some quick cash on the side. After all, everyone likes to have a good time, any time of the year.
Do you know…
If you’re planning on hosting an event, do you know what you should rent? Do you know what to consider? Our party rentals Toronto experts will discuss this next.