Learning how to start a beach chair rental business is not difficult. You’ve come to the right place if you want to turn your entrepreneurial passion into a beach-based rental business. The best aspect of starting a beach chair rental company is that you don’t have to be present all of the time. In addition, starting a beach chair rental business involves only a little initial investment. This step-by-step guide will assist you in learning more about this business venture and determining whether it is the right next step for you as an entrepreneur.
1. Familiarize yourself with Beach Chair Rental Industry
Since everyone likes the beach, beach chair rental companies cater to a specific demographic. Beach chair rental firms typically rent out a variety of beach chairs. Individuals who do not want to invest a lot of money in beach chairs can rent one for a short time. This is the best solution for folks who only need a beach chair while they relax on the beach on weekends. When you rent a beach chair, it is delivered to a certain location and returned at the end of the rental period.
People no longer have to worry about squandering money on a beach chair they’ll only use for a few hours. Beach chair rental companies can profit from their one-time investment by purchasing more beach chairs and collecting recurring rental fees in the future.
Market Research
Most beach chair rental businesses cater to individuals who are planning to relax on the beach. Furthermore, you can also complement your beach chair rental business with umbrellas and some cold beverages as Pleasure Island Rentals have done.
If you target the right customers, a beach chair rental business can be highly profitable. A beach chair might make your potential customer’s life much easier, and one will be greatly helpful to anyone who requires one for a short period of time. Both new and used beach chairs are reasonably priced. As a result, starting a beach chair rental business is a great way to get started in the rental industry.
How much does it cost to buy beach chairs?
A beach chair starts at $1200 and increases from there. You’ll need at least two four-seater beach chairs, each costing around $8000, to start a beach chair rental business.
A beach chair can cost anywhere from $65 to $900. It all depends on the quality of the beach chair. All in all, you will need to buy at least 10 super comfy beach chairs, this will certainly cost you around $2,000.
How much does it cost to start a beach chair rental business?
A basic beach chair rental business can be started for as little as $3,000. (Based on the acquisition of 10 new beach chairs and marketing-related costs.) A $500-$1000 extra could help you get your company a great start.
To operate on a larger scale and offer a choice of beach chair options, you’ll need at least 30 beach chairs, umbrellas, and tables which will cost roughly $8,000. As a result, starting a large-scale beach chair rental business will set you back at around $10,000. (cost of beach chair plus marketing costs)
As your business grows, consider purchasing secondhand beach chairs or purchasing new ones. If you don’t mind putting in some effort, beach chair rental is one of the best businesses to start and build.
Is the beach chair rental business profitable?
A beach chair rental business can be incredibly profitable if you conduct a thorough market analysis. The success of your beach chair rental business will be determined by the number of customers you can attract. A super comfy beach chair will cost around $200. You can rent out the same beach chair for around $30-$50 daily. To recuperate your whole investment, you’ll only need to hire a beach chair renter for 7 weeks. It’s all profit after that for you. In addition, you can also upsell your customers with drink services or snacks service which will bring you more revenue. And lastly, Unlike car rentals, beach chairs require very minimal maintenance.
Is the beach chair rental business worth it?
It is definitely worthwhile to start a beach chair rental business. You might begin your business with just one beach chair. Best of all, you may start a beach chair rental business by purchasing used beach chairs. Each week, a single beach chair can make between $200 and $300. Furthermore, this business is incredibly scalable, and you could easily grow it into a multimillion-dollar rental company if you reinvest a portion of your income.
2. Plan your Beach Chair Rental Business
The planning step is critical to the success of any business. A similar situation emerges in the beach chair rental business. Let’s take a look at some of the most crucial considerations when launching a beach chair rental business.
Choose a name for your beach chair rental business
Whether you’re starting a beach chair rental company or a paddle board rental company, you’ll need a name that reflects your values.
Keep in mind that your legal business name must adhere to state naming restrictions in the states where you plan to do business; otherwise, the state may refuse to accept the documents you filed to incorporate or qualify the business.
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 use your actual business name as your brand name. Why? You may contact us at any time. This is because it simplifies things, makes things easier, and is less expensive.
Several states, however, require you to use your surname as the official name of your firm if you create an informal business (sole proprietorship, limited liability partnership, or general partnership).
Do you think it would bother you if your legal business name and surname were the same? If you answered yes, you can move on to the next step. If you answer no, please bear with me.
In case 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 beach chair rental business’s main office is located.
Shopify’s Firm Name Generator comes in helpful when it comes to coming up with brandable names for your beach chair rental company. Make three last checks after you’ve decided on a name for your beach 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 trademark your beach chair rental business name if it is available, but don’t worry about it for now. It’s a time-consuming procedure that will set you back about $600. The money and time would be better spent on marketing.
Beach chair rental business plan
At the absolute least, you’ll need a compelling business plan to launch a profitable beach chair rental business. A well-written business plan should outline the company’s main goals and how it intends to accomplish them. A beach chair rental business plan’s purpose is to make your company appear professional and appealing to potential lenders and investors.
Overall, your company needs a well-written and functional beach chair rental business plan. You’d be rushing around like a headless chicken without it.
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
BizPlan and Enloop are two programs that can help you construct a professional-looking business plan. Don’t cut corners by paying $5 for a business plan for your beach chair rental firm. It will be necessary to produce professional, high-quality work.
3. Register your Beach Chair Rental Business
You must first register your beach chair rental business in order to legally operate it. You must first research and choose a business structure before registering a beach chair rental firm. Because the way you set up your beach chair rental business can affect your taxes and legal obligations, you’ll want to make an informed selection.
Consider the following common business structure:
Sole Proprietorship
A single person or a married couple owns this type of unincorporated firm. You won’t need to register your firm, and your taxes will appear 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 beach 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 beach 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. This requires compliance with all applicable tax, licensing, and labor requirements. In the long run, learning about any legal laws that may apply to your beach chair rental business could save you a lot of time, money, and headache. The type of company entity you choose, as well as other aspects of your beach chair rental business, may determine what taxes you must pay and how you must file. To ensure you’re on the correct route, see a tax specialist as soon as feasible.
If your beach chair rental company employs others, you’ll require an employer identification number. A company’s EIN, or tax identification number, is also known as this. You may obtain an EIN from the IRS online for free and use it to submit taxes for your beach chair rental business. It’s required to open a business bank account, obtain a business credit card, or apply for a business loan. Even if you do not plan to hire employees, getting an EIN has several advantages.
5. Get Funding for your Beach Chair Rental Business
If you don’t have enough money, even if you have the best beach chair rental business in the world and can captivate the hearts of customers from miles away, your company will collapse. It may sound contradictory, but in order to make money, you must first have money. It is impossible to dispute that purchasing a beach chair is a significant financial commitment. Everyone would buy one if they weren’t so expensive, and the beach chair rental sector would be obsolete. Not to mention paying overpriced rent, marketing your service, and paying salary and benefits to your employees.
A number of incentives, subsidies, loans, and equity investments are available to beach chair rental companies. You must have the following documents (at a minimum) regardless of the funding source you choose:
- A Beach 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 beach chair rental business
After you’ve done the number crunching and figured out how much money you’ll need for your beach 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, LendingClub, Funding Circle)
6. Promote your Beach Chair Rental Business
Most business owners, for some reason, do not incorporate marketing in their business plans. This is one of the most expensive mistakes you can do, so avoid it at all costs. A service-oriented company like a beach chair rental business can make or break its marketing and advertising efforts. Additionally, if you do not have a large sum of money to invest right away, you must understand how to properly promote a beach chair rental business. A solid marketing strategy, as well as effective communication strategies, are essential.
Let’s examine some old and new beach chair rental marketing strategies.
Build a Website
I cannot emphasize this point enough. You’ll need a website to manage a beach chair rental business. There is no way around it. Because the world has gone digital, your beach chair rental company must have one as well.
Make the most of the resources available on the internet. Your beach chair rental website should also be unique and consistent with your brand. To leave a lasting impression on your visitors, including photos of your beach chairs as well as testimonials. After all, actions speak louder than words.
Remember to include the mission statement for your beach chair rental website. Also, explain why your customers should rent from you. A website provides a digital presence for your beach chair rental firm, allowing potential customers to search for and find you online.
If you want to do it yourself, check out my guide for making a simple website for your small business. If you’d want someone else to manage the technical parts of your beach chair rental business while you concentrate on gaining new customers, we can help. Our $499 digital bundle includes a professionally constructed website, unique email, 24/7 support and maintenance, SEO, and digital marketing services. This is an opportunity you should not miss. Please contact us as soon as possible before the offer ends.
Establish social media accounts
To give your beach chair rental firm a digital presence, create social media accounts for it. You must be selective in this regard, as you do not want to waste time by appearing on every accessible social media platform, particularly those that do not cater to your target demographic.
You want your beach chair rental business to be on, depending on the size of your operation:
- YouTube
Almost everyone utilizes social media these days to communicate with friends and family as well as shop for goods and services. More leads and income will result from getting your beach 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 provide you the ability to target specific demographics and geographic locations, making them a fantastic tool for your beach chair rental business. Use paid advertising sites like Facebook Ads, Yelp, or Google AdWords. Sponsored promotions also produce speedy results, helping you to grow your beach chair rental company vertically and horizontally.
Please contact us if you require any expert guidance on running paid advertisements for your beach chair rental business. We will be happy to offer you free assistance and supplies.
