Imagine you have attended a wedding party in Gurgaon, and then you saw some elegant chairs and tables in the seating arrangement. Now, what will be your reaction? You will obviously get fascinated by these chairs and tables. But do you know that not all businesses in Gurgaon that need chairs, tables, and other furniture for events buy them? They opt to take these belongings on rent. Not only at wedding events in Gurgaon, but you can see such eye-appealing furniture available for rent in hotels, seminars, clubs, restaurants, and more. So, the table and chair rental business, especially for furniture on rent in Gurgaon, has a great scope
It is not a challenging task to begin a table and chair business. However, interested people must perform intelligent tasks and tips to make their table and chair rental business profitable. Our inclusive post will explain the 7 best hacks for starting a table and chair rental business with gigantic profits. Let us learn and implement these hacks:-
Table of Contents
Conduct market research and planning For Table and Chair Rental Business
Before starting a table and chair rental business, ensure you have performed sufficient research and planning. You can’t get the correct insights into the business without accurate planning and research work. You need to know that in which industry you need to target. Moreover, you need to decide whether to focus on one or multiple clients. It means you can complete the demands of industrial, corporate, and individual clients. So it is up to you whether you choose to supply orders for all clients or a particular segment. Your possible target market can be wedding events, hotels, restaurants, seminars, theatres, corporate offices, ballrooms, and many more.
Additionally, it is also vital to find out how much minimum money you require to start the renting tables and chairs business. However, it will depend on how much money you can spend on the business.
Legal Requirements and Registration For Table and Chair Rental Business
Ethically doing business is always an intelligent decision. You must complete all necessary legal requirements to make your table and chair Rental Company genuine, trusted, and authentic. For that purpose, you must register it under the Government of India. The Government portal Ministry of Corporate Affairs is the right platform to register your business. However, you can decide on the company structure and format. You can begin with a proprietorship, partnership, One one-person company, or whatever suits you.
Sourcing Furniture
You can take the help of various market entities that assist in sourcing funds for your table and rental business. However, you must have the necessary eligibility and documents to get that benefit. These documents are:
- Proper and detailed table and rental business plan
- An informative document of the service you will provide your end consumers
- A Detailed plan on how you will spend the money to start and grow the business
- Estimated financial goals and statement
- Income tax return of business owner and business itself
Apart from funding, you need to find where you can buy furniture at a wholesale rate. You need to decide whether you want to manufacture the furniture by yourself or source the furniture from a third party.
Pricing Strategies For Table and Chair Rental Business
Don’t forget that you are entering a highly competitive market; pricing strategy can create or destroy your business. Do not overboard the lines determined by the giant players. Try to keep the price as much as closer to your competitors. You can keep the prices lower than your rivals. However, when you are doing such an experiment, you may not earn profit initially. But it is the best way to grab the clients and market. Eventually, when you manage a substantial percentage of clients for your business, your profit margins will increase with time. Do not expect instant profits from the table and chair rental business because you need patience to grow the business.
Marketing and Promotion Table and Chair Rental Business
Starting a business may be easy, but it is not sufficient. You need to have a precise and revolutionary marketing and promotion approach. Adopt new methods of promotional and marketing strategy. Initially, you don’t want to invest heavily. In that case, you can make a social media page for your business, like Instagram, LinkedIn, Facebook, and many other platforms that can help you boost your reach. We recommend creating a business website to represent your table and rental business.
Having a website is the most vital and effective way to make your business digitally advanced in this era. Hardly any business in India and the globe is not in the digital platform, so why would you not take the step forward to make it possible for your business? Marketing and promotion strategies can include:
- Creating a website for your business.
- Make appealing content to promote your business.
- Performing SEO techniques to expand your organic reach through search engines.
You can also run paid ads campaigns on Google and Facebook according to your spending plan.
Customer Service and Satisfaction
No business can sustain itself without giving clients quality, efficient, and satisfactory service. If you are always keen to support your customers and maintain your quality, there is zero chance that your customers will move to another competitor in the market. Remember that making your business profitable is your core objective, but never negotiate with quality and consumer satisfaction. Many businesses often bear minor and significant losses to sustain efficiency and consumer engagement. When a consumer is loyal to you, there is a high chance that your business can see high growth, even if you have gone through any setbacks in the past or present. Remain intact with your core vision, motto, and problem-solving approach for the end consumers.
Operations and Logistics
You also need to know that many rental companies for tables and chairs have not survived because of their poor operation and logistics management. You must have a robust operation and logistics management team when doing an e-commerce or similar business, like renting tables, chairs, and furniture. Additionally, you need to pay attention to your supply chain management to remain relevant in the business.
Financial Management For Starting Table and Chair Rental Business
Managing finance is decisive for the table and chair rental business profit and success. Always rely on the professionals who can advise you on spending money wisely on different segments of the business. A trusted financial accounting team can help you manage your finances. They will make a financial plan and discuss it with you. It will be your sole decision how much cash you can burn on different aspects of your business. These aspects include spending on furniture buying or manufacturing, promotion and marketing expenses, Labour and other staff salaries, and many more.
Conclusion For Table and Chair Rental Business
We have provided some of the most effective tips to start a profitable table and rental business. You can also take examples of many successful table and chair rental companies near me for reference. Keyvendors is an excellent example of such companies. Keyvendors has touched the benchmark and quality of this market and has become a top company in providing furniture on rent in Gurgaon and Delhi NCR. Read the case study of Keyvendors, as it will help you to take a step forward for your table and rental business.