Learning how to start a table and chair rental business is not difficult. You’ve come to the right place if you want to turn your entrepreneurial passion into a home-based rental business. The most appealing aspect of starting a table and chair rental business is that it does not require you to be there at all times. Furthermore, the initial investment required to start a table and chair rental business is minimal. This step-by-step guide will assist you in learning more about this business venture and determining whether it is the appropriate next step for you as an entrepreneur.
1. Familiarize yourself with the Table and Chair Rental Industry
Because furnitures are always in demand, table and chair rental companies cater to a certain audience. Table and chair rental firms typically rent out a variety of tables and chairs. Corporate offices, party organizers, and those who do not want to spend a lot of money on a table and chair can rent one for a short time. This is the best solution for companies and individuals who only need a few tables and chairs for one day. When you rent a table and chair, it is delivered to a certain location and returned at the end of the rental period.
People don’t have to worry about squandering their money on a table and chair they’ll only use for a few hours. Table and chair rental companies can earn from their one-time furniture purchase and potentially scale their business in the future by purchasing additional tables and chairs and collecting recurring rental fees.
Market Research
Most table and chair rental businesses cater to residential, commercial, and industrial clients. Some of their usual target markets include corporate offices, party organizers, comedy clubs and theatres, weddings, and simply anyone who might need a few tables and chairs once in a while. Furthermore, you should also target hotels, banquet halls, ballrooms, catering, weddings, award ceremonies, and bridal and baby showers while marketing your table and chair rental business.
How much does it cost to buy tables and chairs?
A simple set of 10 metal folding chairs will cost around $220. Similarly, a set of 4 resin wedding chairs costs around $150. Since you’ll also want to buy a few Chiavari chairs, which may cost as much as $100. In the case of tables, expect to pay around $50 for a 6ft folding table.
How much does it cost to start a table and chair rental business?
A basic table and chair rental business might be started for as little as $5,000. (assuming tables and chairs worth $3500 are purchased and $1500 designated for marketing). A $1000 extra could help you launch your business successfully. If you want to operate on a larger scale and offer a variety of table and chair options, you’ll need to invest at least $25,000 in table and chairs. As a result, starting a large-scale table and chair rental business will cost you around $30,000. (cost of table and chair plus marketing costs)
Consider purchasing used tables and chairs or purchasing as your business grows. If you don’t mind putting in some effort, table and chair rental is one of the best businesses to start and build.
Is the table and chair rental business profitable?
A table and chair rental business can be incredibly profitable if you conduct a thorough market analysis. The success of your table and chair rental business will be determined by the number of customers you can attract. A set of 10 normal metal folding chairs will cost you about $200. For $10 per day, you can rent out the same 10 chairs to other businesses. To recuperate your whole investment, you’ll only need to find a chair renter for just 20 days. It’s all profit after that for you. In addition, unlike car rentals, tables and chairs require very minimal maintenance.
Is the table and chair rental business worth it?
It is definitely worthwhile to start a table and chair rental business. You might begin your business with just a few tables and chairs. Best of all, you may start a table and chair rental business by purchasing used tables and chairs. Each week, a single set of chairs can make between $70 and $100. Furthermore, this business is extremely scalable, and if you reinvest a portion of your income, you might easily grow it to a multimillion-dollar rental firm.
2. Plan your Table and Chair Rental Business
The planning step is critical to the success of any business. A similar problem exists in the table and chair rental industry. Let’s take a look at some of the most crucial considerations when launching a table and chair rental business.
Choose a name for your table and chair rental business
Whether you’re starting a table and chair rental business or a hot tub rental company, you’ll need a name that reflects your values.
Remember that your legal business name must adhere to state naming restrictions in the states where you want to do business; otherwise, the state may refuse to accept the documents you filed to incorporate or qualify the firm.
Before settling on a business name, it’s also a good idea to talk about branding and how it will affect your company. The important question is whether your legal business name will be your brand name or whether your brand name will be distinct from your legal name.
To be honest, when you initially start out, it’s best to utilize your actual business name as your brand name. Why? You may inquire at any time. This is because it simplifies things, is really easy, and is far less expensive.
Several states, however, require you to use your surname as the official name of your firm if you run an informal business (sole proprietorship, limited liability partnership, or general partnership).
Would it bother you if your legal business name was the same as your surname? If you answered yes, you can move on to the next stage. But if you say no, please bear with me.
If you don’t want to use your surname as your legal business name, you must file a Fictitious Business Name Statement with the county where your table and chair rental business’s main office is located.
Shopify’s Business Name Generator comes in helpful when it comes to coming up with brandable names for your table and chair rental company. Make three last checks after you’ve decided on a name for your table and chair rental firm.
- First, check your State’s business name database to see if your desired business name is available.
- Second, do a domain name search to check if your business name is available as yourbusinessname.com. If it is available go ahead and register the domain before anyone else gets it. BlueHost offers domain names free of cost if your purchase a 1-year hosting package with them. You can use the tool below to see if the domain name is available.
- And lastly, do a federal search on the US Trademark Electronic Search System and make sure nobody has already trademarked your name.
You can choose to trademark your table and chair rental business name if it is available, but don’t worry about it for now. It is a time-consuming procedure that will set you back roughly $600. I’d instead invest my time and money in marketing outlets.
Table and chair rental business plan
To start a profitable table and chair rental business, you’ll need a compelling business plan at the very least. A well-written business plan should spell out the company’s primary objectives and how it plans to achieve them. The goal of a table and chair rental business plan is to make your firm look professional and appealing to potential lenders and investors.
Overall, a well-written and functional table and chair rental business plan is required. Without it, you’d be running around like a headless chicken.
A compelling business plan has many sections, some of the must-includes are:
- Executive Summary
- Business Description
- Market Analysis
- Competitor Analysis
- Services to Offer
- Competitive Pricing Strategy
- Marketing Strategy
- Fundings
- Financial Projections
You can use software like BizPlan and Enloop to develop a professional-looking company plan. However, don’t be cheap and pay someone $5 to write a business plan for your table and chair rental business. It will be necessary to produce professional, high-quality work.
3. Register your Table and Chair Rental Business
To legally start a table and chair rental business, you must first register it. Prior to registering a table and chair rental company, you must first understand and select a business structure. You’ll want to make an informed decision because how you set up your table and chair rental business may affect your taxes and legal duties.
Consider the following example of a common corporate structure:
Sole Proprietorship
A single person or a married couple owns this type of unincorporated firm. Your company will not be required to register, and your taxes will be reflected on your personal tax return.
General Partnership
In terms of registration and taxes, it is similar to an unincorporated business with numerous owners. It also runs similarly to a sole proprietorship model.
Limited liability company (LLC)
In the event that your table and chair rental business is sued, a registered corporation provides personal liability protection to all of its members. You have the option of taxing your business as a partnership or a corporation.
When it comes to forming an LLC for your table and chair rental business, Incfile is one of the greatest options. Their prices start at $0 plus filing fees. These expenses are frequently tax deductible.
Corporation
S-corporations and C-corporations are the two most frequent types of corporations. The type of corporation you incorporate will determine the taxes you pay.
4. Register for Taxes and Obtain an EIN
As a personally liable business owner, you must constantly follow the law. That is, all applicable tax, licensing, and labor requirements must be followed. Investing the time to learn about any legal laws that may apply to your table and chair rental business could save you a lot of time, money, and stress in the long run. The type of business entity you choose, as well as other aspects of your table and chair rental company, will affect what taxes you must pay and how you must file. Speak with a tax expert as soon as possible to ensure you’re on the right route.
If your table and chair rental company employs others, you’ll need an employer identification number. This is sometimes referred to as a company’s EIN or tax ID number. You may obtain an EIN from the IRS online for free and use it to submit taxes for your table and chair rental business. You’ll need it to open a business bank account, receive a business credit card, or apply for a business loan. Even if you don’t plan to hire employees, getting an EIN has several advantages.
5. Get Funding for your Table and Chair Rental Business
If you don’t have enough money, even if you have the best table and chair rental business in the world and can win the hearts of golfers from miles away, your company will fail. It may sound contradictory, but in order to make money, you must first have money. It is impossible to deny that purchasing a table and chair is costly. Everyone would buy one if they weren’t so expensive, and the table and chair rental sector would be obsolete. Not to mention paying overpriced rent, marketing your service, and paying wages and benefits to employees.
A number of incentives, subsidies, loans, and equity investments are available to table and chair rental companies. You must have the following documents (at a minimum) regardless of the funding source you choose:
- A Table and Chair Rental Business Plan
- Projected Financial Statements
- Tax returns of both the business owner and the business itself (when available)
- An explanatory document on how the money will be used
- A description of services offered by your table and chair rental business
After you’ve done the number crunching and figured out how much money you’ll need for your table and chair rental business, you may look into the following choices.
- Obtain funds through SBA-backed lenders (Wells Fargo, US Bank, MidFirst Bank, etc.)
- Get funding through Banks
- Obtain funds through P2P lenders (Prosper, Peerform, Lending Club, Funding Circle)
6. Promote your Table and Chair Rental Business
Most business owners, for some reason, do not incorporate marketing in their business plans. This is most likely one of the most costly mistakes you can do, therefore avoid it at all costs. A service-oriented company like a table and chair rental business can be made or broken by marketing and advertising. Furthermore, if you do not have a large sum of money to invest right away, you must understand what it takes to properly promote a table and chair rental firm. A solid marketing strategy, as well as effective communication methods, are essential.
Let’s take a look at some classic and new marketing strategies for table and chair rental businesses.
Build a Website
This is something that I cannot stress enough. You’ll need a website to manage a table and chair rental business. There is no way around it. Because the world has gone digital, your table and chair rental company must have one as well.
Make the most of what the internet has to offer. Your table and chair rental website should also be unique and consistent with your brand. To leave a lasting impression on your guests, offer images of your table and chairs as well as testimonials. After all, actions speak louder than words.
Remember to add your mission statement on your table and chair rental website. Also, describe why your customers should rent from you. A website provides a digital presence for your table and chair rental firm, allowing potential customers to search for and find you online.
If you want to handle it yourself, check out my guide on building a simple website for your small business. If you’d want someone else to manage the technical parts of your table and chair rental business while you concentrate on gaining new customers, we can help. Our $499 digital bundle includes a professionally designed website, unique email, 24/7 support and maintenance, SEO, and digital marketing services. You do not want to miss out on this chance. Please contact us as soon as possible before the offer ends.
Establish social media accounts
To give your table and chair rental firm a digital presence, create social media accounts. You must be selective in this regard, as you do not want to waste time by appearing on every social media platform, particularly those that do not cater to your target market.
You want your table and chair rental business to be on, depending on the size of your operation:
- YouTube
Almost everyone nowadays utilizes social media to communicate with friends and family and to purchase goods and services. More leads and money will result from getting your table and chair rental business in front of your target market. It can also be used to update existing clients and attract new ones.
Run Paid Ads
Paid advertisements allow you to target specific demographics and geographic locations, making them a useful tool for your table and chair rental business. For sponsored advertising, use networks like Facebook Ads, Yelp, or Google AdWords. Sponsored promotions produce immediate results, allowing you to grow your table and chair rental company both vertically and horizontally.
Please contact us if you require expert guidance on running paid advertisements for your table and chair rental business. We will gladly assist you and supply you with free materials.
