Mistakes You Could Be Making As A Rental Business Owner
There is no denying the fact that making mistakes is inevitable. Sometimes we fail to realise where exactly we could be going wrong because the efforts don’t give the expected results.
In this article, we will discuss the mistakes made by an inflatable rental business owner.
1.Selecting incorrect bounce houses
It’s interesting to see how quickly themed and gender specific bounce houses run out of style. Their selection is often small in number. It would be smart to start with bounce houses that are neutral in gender. Pick up themes that are common and gender neutral.
Take the example of the Astronaut Bounce House from Ginflatables. The likelihood of the customer selecting a bounce house that is preferred more by either genders is fairly rare compared to this one because of a simple reason. Girls and boys alike share the fascination with astronauts.
2.Starting too large too soon
Before going out too big from the very start, an evaluation of the customer base must be done. You don’t want your bounce houses to sit in the dark and collect dust.
It’s better to build the customer base first and then add on to your selection eventually.
Another advantage of doing that is that making changes to a smaller operation is much cheaper and easier than the larger business.
3.Improper legal documentation
Not having a proper contract read edited and signed can land you in a trouble with the law. It must be remembered that laws differ from state to state.
Therefore, seek help of an attorney local to you region to carefully analyse, write and if required, edit the contract.
Be firm about not allowing anyone (yourself included) to make any handwritten adjustments before you sign the contract.
Also, customers often ask to add or remove specific things from the contract. Avoid making these changes without consulting your insurance company and your lawyer.
4.Unawareness of competition and prices
It’s unwise to use only the competition as the basis of measurement of your own prices though you need to be aware of the market standing of your competition.
Pricing includes other things such as the duration of the rental period, the traveled distance for making deliveries, the maintenance and setting up cost of the bounce houses.
All of these set the bounce house rental businesses apart from each other. They help the customers make the renting decision.
5.Not training and hiring staff in time
Rental business can have some slow periods. That depends on many factors such as the climate. On the basis of that knowledge, the owner must use the slow time to hire new and train the existing employees so they are ready to work efficiently in seasons of heavy business.
6.Not refreshing the inventory every year
Mixing and matching the inventory can give you opportunities to work with different types of people. The requirements of organisations will differ from one another, from a corporate event to children’s party for example. Adding new and taking away older bounce houses can help you serve a much diverse clientele.