Has anyone ever been in this business? What were your results? pros and cons?
The wife and I are taking a journey into starting an event rental business. To start off, mainly rectangle 8' table and folding chairs. We had a party for our son a few months back and noticed there is a large gap in our local marketplace that leaves a lot to be desired for this business. We ended up getting the tables/chairs from a guy 30 minutes away just renting them out from his home. As a true man always interested in business; of course I asked, "Do you just operate from your home and how is business" He pretty much told me business is off the charts. I could easily do it better in terms of SEO, marketing, market share, referrals, etc; from everything I've learned on this forum and in business books. A competitor has just been created.
I put together a financials analysis and total startup costs would be around $5k and profit of $20k year with 20tables/160chairs rented 1 time / 52weeks. Not bad for 1 hour a week for delivery/pickup of the items. The idea will be to reinvest and scale accordingly.
Appropriate to the forum and the basis of this all, company name will be 'Fastlane Rental ****".
This is my first business venture.
I'm thinking we will need liability insurance, some type of rental agreement, to file for a business.
When is the appropriate time to file for a business? Should I do this immediately or can it wait until the market is 100% verified?
When does sales tax come into play?
I'm really looking for some guidance, all input is greatly appreciated. This will most definitely be a great learning experience for me.
Thanks for everyones help and keeping this a great forum!
The wife and I are taking a journey into starting an event rental business. To start off, mainly rectangle 8' table and folding chairs. We had a party for our son a few months back and noticed there is a large gap in our local marketplace that leaves a lot to be desired for this business. We ended up getting the tables/chairs from a guy 30 minutes away just renting them out from his home. As a true man always interested in business; of course I asked, "Do you just operate from your home and how is business" He pretty much told me business is off the charts. I could easily do it better in terms of SEO, marketing, market share, referrals, etc; from everything I've learned on this forum and in business books. A competitor has just been created.
I put together a financials analysis and total startup costs would be around $5k and profit of $20k year with 20tables/160chairs rented 1 time / 52weeks. Not bad for 1 hour a week for delivery/pickup of the items. The idea will be to reinvest and scale accordingly.
Appropriate to the forum and the basis of this all, company name will be 'Fastlane Rental ****".
This is my first business venture.
I'm thinking we will need liability insurance, some type of rental agreement, to file for a business.
When is the appropriate time to file for a business? Should I do this immediately or can it wait until the market is 100% verified?
When does sales tax come into play?
I'm really looking for some guidance, all input is greatly appreciated. This will most definitely be a great learning experience for me.
Thanks for everyones help and keeping this a great forum!
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