If you’ve ever toyed with the idea of owning an event venue, you can see why the concept sounds like a good idea. After all, who doesn’t want to be in the business of helping people celebrate their events? From weddings to conventions to author events, hosting excited people on their big day sounds like a blast.
However, there’s a lot more that goes into an event rental business than drinks and party favors! If you’re thinking about buying a space of your own, here are four tips you should know in advance.
1. Your Event Venue Location Matters
Before you plan out the details of your event rental business, it’s important to consider one thing: location, location, location.
Do your homework to find a place that’s both convenient to access and comfortable for guests; these details are what help you stand out from the crowd. In addition, make sure you’ve researched your target audience well enough to determine what they’re looking for and where they want it to be.
2. Plan Your Space With Care
After you’ve found the right location, take time to plan an event space that will provide everything you need while adding value for customers. This means providing sufficient room for large parties as well as storage.
In many cases, it may help to work with designers who can advise you on creating flexible spaces that can adapt to different needs. This might include strategies like including moveable partitions or modular furniture you can refigure whenever you want.
Don’t forget to consider your local building codes, fire marshal requirements, and more!
3. Consider Your Expenses Ahead of Time
With any small business, the number one factor that puts you at risk of premature closure is financial strain.
To avoid this, it’s critical to understand your expenses ahead of time.
Research the details to estimate your rent, utility payments, taxes, and insurance. Find out what you’ll need to pay to get a food or liquor license, to build up an event inventory, to maintain the property, to advertise your services, and to pay your staff. These details can help you understand what you’ll need to make in order to break even.
4. Get Your Pricing Right
Once you’ve finished the step above, you should have a better idea of what you’ll need to charge for your services in order to stay afloat.
However, you’ll also need to make sure you’ve priced your offerings in line with the market—or potentially even lower. Having competitive prices, especially when you’re just getting started, can be a great help. Finding ways to get people through the door early on through promotional prices can encourage the kind of word-of-mouth marketing you’ll need to make your business a success.
Owning an Event Venue Is Worth the Effort
At the end of the day, owning an event venue can be tough at first—but you’ll find that the end result is well worth the effort and investment. As long as you’ve done your research and planned well in advance, running an event rental business doesn’t have to be hard. Better still, you’ll be able to spend your days helping your customers celebrate, connect, and have fun!
Looking for more tips to help you make the most of your big goals? Check out our other posts for additional insights.