Here are the different steps when setting up your own Toronto party rental business:
- Before you plan, you first have to research your target market thoroughly. You need to determine and gather facts whether a party rental business will do well in your locality. You will have to consider the demographics of the location that you intend to open your business. You need also to know who your competitors in the area are and the specific location that you intend to place your business. You also have to be familiar with the licensing requirements in your locality.
- Next step is to create your business plan. Experts would recommend that you should be equipped with a flexible plan that can easily evolve when you feel out of your comfort zone, market and business. In your business plan, it is a must to include how you will execute your business, the company description, market research and analysis, sales and marketing plan, description of the kind of organization you have, service description, your financial projections and fund sources.
- Step three involves raising the needed capital to operate and purchase or lease the equipments that you will need. You have to base your purchase decision on the market analysis that you got. You also need to consider the degree of demand you think there is for your business. Many of those who start their party rental business start from their homes and simply rent out equipments.
- The next step involves obtaining the necessary permits and licenses to legally start your business. You can visit your city hall and ask what are the needed licenses and permits for the type of business that you will be engaging in.
- Next step is to purchase liability insurance. Some city ordinances require the business owners to purchase a minimum amount of liability insurance in order to operate ones business. Some will ask you for the amount that you want to purchase. Since you will be operating a business that involves adults and children jumping around on toys, you need therefore to take into consideration the maximum amount of liability insurance that you can possibly afford. In the event that someone is injured, the liability insurance can help you greatly.
- The last step is to market your business. One effective way of marketing your business is by linking with other business professionals in your neighborhood. Advertise your new business also through the local newspaper and other publications. Create your own business card and distribute these to friends, business owners and other people. You can also create signs and place these in parks or distribute fliers.