The event hire business looks appealing and easy to the untrained eye. But owners of these sorts of businesses, big or small, general or specialist, will tell you of the extraordinary work involved. It is highly competitive, heavy on marketing and labour intensive. But if you are starting up, here are some things you may or may not have been thinking about.
1. Price ratio
How many times do you need to rent out an item to get your purchase price back? This is the big question event hire companies must consider on every purchase. For example, you have a resin bentwood-style chair and a luxury velvet bridal sofa. Obviously purchase price is going to be significantly different but should you be using a different ratio for establishing your rental price? Of course you should! You should at least consider these two factors.
Firstly, how long will that item last? If it will keep its composure and function for 150 uses then you can rent it out at significantly lower than the purchase cost.
Secondly, how often will it get rented? Almost every weekend your bentwoods and tiffanies are going to be out and about, but that 4-seater luxe leather chesterfield may make an appearance but once a year. An item that isn’t going to be rented out much is likely to be more unique and as such you can charge more to recover your original purchase price with fewer rents.
Quality is always important but items aren’t going to last forever and if you need to rent out an item 100 times just to get your money back, your business isn’t going to fare well. Further, if it only takes three rents to make your money back but it only goes out once a year, you won’t be making any money on that product for a few years. Bottom line is, you need the best price! And the best way to cut cost is to learn to import yourself.
2. Event Hire Tables
I don’t think I need to go over the basics here too much. Your tables need to be strong, portable and storable. A good timber table can last a lifetime…but will only look good in the event industry if it is looked after. They are going to get spilt on, dented, water marked, bashed around during transport. A quick fix is a tablecloth, and this is the go-to for many event hire companies.
But if you are really chasing that timber look, you should invest some time in learning your wood. Ash wood is a fantastic material, both durable and takes stains well showing off its veins and character. But whatever wood you use, be prepared to sand it back every now and then and give it an outdoor treatment at the beginning of the new event year. And it goes without saying to get it cleaned up after spills as quickly as possible.
3. Event Hire Seating
Bentwoods, tiffanies and crossbacks are going to always be the classics in the wedding industry and folding resin and wood chairs are going to supply everyone else. But variety is key and this means having some extras in store.
High bar tables are going to need stools and wire stools are a great choice. Easy to clean and can be cushioned where necessary.
A few outdoor lounge options are also good. Pieced together is best for transport options and with resistant fabric and foam helps them to last longer and for spillage clean up.
Don’t forget if you want to specialise in weddings having a couple of options for wedding sofas for pictures is good. Although these pieces aren’t typically used for the whole night, it is still important to make sure they can be cleaned easily or are resistant to damage and spills. Velvets are always popular for weddings but vinyls are so much easier to clean! If you want to go the velvet way and you think there might be soiling then you can always get a treatment to help protect it (ask us about this if you are looking for something).
There you have it. As always, I’m certain you know your industry best so feel free to communicate your needs to us. We can customise and apply treatments for specific scenarios and we are confident our prices will suit your budgets. You can contact me directly at [email protected] or enquire via the website at www.serenitymade.com.