Are you about starting a tent rental business? If YES, here is a complete sample tent rental business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a tent rental business. We also took it further by analyzing and drafting a sample tent rental marketing plan template backed up by actionable guerrilla marketing ideas for tent rental businesses. So let’s proceed to the business planning section.
Generally, when it comes to venturing out and starting a business as against keeping a 9 to 5 paid employment, loads of people get scared to take the leap of faith that might launch them into fame and fortune.
The truth is that, there are several business opportunities which an aspiring entrepreneur who is still keeping a paid employment can test run without leaving their jobs and one of such opportunities is starting a tent rental business. One good thing about tent rental business is that most often than not, your presence may not be needed as long as you have competent team handling the business for you.
Besides a good percent of events such as wedding ceremonies, parties and most social events et al, are done during weekends and if you are lucky not to be working during weekends, you can successfully test run a tent rental business.
The truth is that, most of the basic skills needed to effectively run a tent rental business are some of the soft skills you are likely going to acquire in your workplace. On the average, it is the practice for most standard tent rental companies to also engage in other forms of rental services as it relates to party and events.
Some even go as far as engaging in event planning and catering services. However, if you do not have the capacity to start big, you can decide to just build or acquire a standard and well equipped tent and then put it up for rentals.
Over and above, the service delivery for tent rental business is simple and straightforward, especially if they are not involved in other complimentary services within the scope of their business. If you are serious about starting the business, then you will find the business plan below very useful;
A Sample Tent Rental Business Plan Template
Table of Content
- 2. Executive Summary
- 5. Job Roles and Responsibilities
- 6. SWOT Analysis
- 7. MARKET ANALYSIS
- 13. Startup Expenditure (Budget)
1. Industry Overview
Starting a tent rental business is not as capital intensive as starting a business such as a banquet hall rental business. This is so because all that is required of you is to build or purchase standard tents in various sizes that can easily be dismantled and assembled within a short space of time.
You will also need a warehouse facility or well secured space to keep your tent and also a truck to take the tents to and fro event venues. You can decide to rent out the truck or include it as a premium service to those who rent your tents.
Basically, tents are rented for the purpose of hosting outdoor events such as weddings, parties, family reunions, church benefits, association fund-raisers and any other outdoor events. Aside from the fact that the owners of tent rental business rent their tents and make money, most of them as also engaged in other complimentary services such as party rental services and event planning services et al.
The Tent Rental cum Party Rental Industry is indeed a large and vibrant industry not only in the united states of America and but also in most countries of the world. Statistics has it that the Tent Rental cum Party Rental industry in the United States of America, is worth about $5 billion, with an estimated growth rate of 2.3 percent.
There are about 9,645 registered and licensed party rental cum tent rental businesses in the United States and they are responsible for employing about 50,470 people. In the United States, only Classic Party Rental Company can boast of having a lion market share in the industry.
Despite that, the industry is still very much open for competitions from aspiring investors who would want to launch their own tent rental business.
In the United States, the regions that have the greatest concentration of party supply rental cum tent rental companies are the Southeast, the West, the Great Lakes and the Mid-Atlantic. The distribution of companies is based mainly on the number of households and median income levels by region.
Besides, party rental cum tent rental companies tend to locate their business near major metropolitan areas, which generate a steady stream of demand for corporate and social events.
The Southeast region has the greatest concentration of industry establishments, estimated at 31.9% of the total in 2015. The Southeast is the most populated region of the United States; therefore, given the high proportion of households, there is a greater demand for tent rental and rental supplies for social events and corporate events.
No doubt the tent cum party rental industry is indeed a profitable venture despite the fact that that the entry bar for starting the business is not too difficult to scale. The truth is that, if a tent rental business has standard and easy to assemble and dismantle tents and is well positioned and equipped, they will sure attract regular clients and the tents can be well booked all through the year.
2. Executive Summary
Riverside® Party Rentals, LLC is a first – class and licensed party rental and event planning company that will be based in Lincoln – Nebraska.
Aside from running a tent rental business, the company will also handle all aspect of event planning such as wedding planning, children’s party, sports tournaments / competitions, annual general meetings (AGM), to corporate events, trade fairs and exhibitions, end of year party, party rental services, event planning trainings and event planning consulting and advisory services et al.
We are aware that to run a tent rental business and an all – round event planning outfit can be demanding which is why we are well trained and equipped to perform excellently well.
Riverside® Party Rentals, LLC is a client-focused and result driven tent rentals and event planning outfit that provides broad-based experience at an affordable fee that won’t in any way put a hole in the pocket of our clients. We will offer a standard and professional event planning services to all to our individual clients, and corporate clients at local, state, national, and international level.
We will ensure that we work hard to meet and surpass our clients’ expectations whenever they contract their events to our organization.
At Riverside® Party Rentals, LLC, our client’s best interest would always come first, and everything we do is guided by our values and professional ethics. We will ensure that we hire professionals who are well experienced in a wide variety of rental services and event planning et al.
Riverside® Party Rentals, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our plan is to position Riverside® Party Rentals, LLC to become the leading brand in the tent rental cum event planning line of business in the whole of Nebraska, and also to be amongst the top 20 tent rental and event planning outfits in the United States of America within the first 10 years of operations.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Nebraska is the right place to launch our tent rental cum event planning business before spreading to other parts of the United States.
Riverside® Party Rentals, LLC is family business that is owned by Donald Murray and his immediate family members. The organization will be managed by Donald Murray who has over 10 years of experience working at various capacities within the party rental and event planning industry in the United States.
Mr. Donald Murray graduated from both The University of California – Berkley (First Degree), and University of Harvard (MBA).
3. Our Products and Services
Riverside® Party Rentals, LLC is going to offer varieties of services within the scope of party rental services and the event planning industry in the United States of America. Our intention of starting our tent rental and event planning outfit is to make profits from the industry and we will do all that is permitted by the law in the US to achieve our aim and ambition.
Our business offering are listed below;
- Tent Rental
- Wedding Planning
- Corporate Event Planning
- Outdoor Party Planning
- Annual General Meetings
- Sports Tournaments/Competitions Planning
- Children’s Party and Birthdays Party Planning
- Party supply rental
- Corporate party and banquet equipment rental
- Wedding supply rental
- Birthday rentals
- Corporate event rentals
- Other event rentals
4. Our Mission and Vision Statement
- Our vision is to build a party rental and event planning brand that will become the number one choice for both individual clients and corporate clients in the whole of Lincoln – Nebraska. Our vision reflects our values: integrity, service, excellence and teamwork.
- Our mission is to rent standard tents, and to provide professional and trusted event planning services that assist individuals, businesses and non-profit organizations in organizing all of their events. We are to position the business to become the leading brand in the party rental and event planning line of business in the whole of Nebraska, and also to be amongst the top 20 party rental and event planning outfits in the United States of America within the first 10 years of operations.
Our Business Structure
Riverside® Party Rentals, LLC is a tent rental and event planning outfit that intends to start small in Lincoln – Nebraska, but looks to grow big in order to compete favorably with leading party rental and event planning outfits both in the United States and on a global stage.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class business we want to own. This is why we are committed to only hiring the best hands within our area of operations.
At Riverside® Party Rentals, LLC, we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions;
- Chief Executive Officer
- Tent cum Party Rental Manager
- Event Planning Consultant
- Admin and HR Manager
- Marketing and Sales Executive
- Customer Services Executive
- Truck Driver
5. Job Roles and Responsibilities
Chief Executive Office:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Responsible for providing direction for the business
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
Tent cum Party Rental Manager
- Manages the rental of tents and other party rental equipment
- Achieves maximum profitability and over-all success by controlling costs and quality of service.
- Completes weekly schedules. Schedule employees as necessary to ensure adequate and consistent levels of service.
- Supervises weekly schedules. Schedule staff as necessary to ensure adequate and consistent levels of service
- Responsible for tent rental control policies and completion of necessary forms.
- Follows proper purchasing and requisitioning procedures.
- Co-ordinates the general assembling and dismantling of tents and ensure that they are safely transported to and fro event venues.
Event Planning Consultant
- Responsible for interviewing and hiring vendors, selecting and ordering materials, negotiating rates, coordinating the sequence of events, following up with guests and vendors and producing full-scale events.
- Plans, designs and produces events while managing all project delivery elements within time limits
- Liaises with clients to identify their needs and to ensure customer satisfaction
- Conduct market research, gather information and negotiate contracts prior to closing any deals
- Provides feedback and periodic reports to stakeholders
- Proposes ideas to improve provided services and event quality
- Organizes facilities and manage all event’s details such as decor, catering, entertainment, transportation, location, invitee list, special guests, equipment, promotional material etc
- Ensures compliance with insurance, legal, health and safety obligations
- Specifies staff requirements and coordinate their activities
- Cooperates with marketing and PR to promote and publicize event
- Proactively handle any arising issues and troubleshoot any emerging problems on the event day
- Conducts pre- and post – event evaluations and report on outcomes
- Research market, identifies event opportunities and generate interest
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversees the smooth running of the daily office activities.
Marketing and Sales Executive
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Writes winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, marker surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Client Service Executive
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients when they make enquiries
- Responsible for transporting tents, supplies and workers to project site
- Runs errand for the organization
- Handles any other duty as assigned by the tent rental manager.
6. SWOT Analysis
Because of our drive for excellence when it comes to running a standard tent rental and event planning business, we were able to engage some of the finest business consultants in Lincoln – Nebraska to look through our business concept and together we were able to critically examine the prospect of the business and to access ourselves to be sure we have what it takes to run a standard party rental and event planning business
In view of that, we were able to take stock of our strengths, our weakness, our opportunities and also the threats that we are likely going to be exposed to in Lincoln – Nebraska. Here is a of what we got from the critically conducted SWOT Analysis Riverside® Party Rentals, LLC;
Aside from the fact that all our tents are of world – class standard and the business is well positioned and well – equipped to meet the 21st century demand of both high profile corporate and individual clients, we have a team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details as regard event planning. We are well positioned and we know we will attract loads of clients from the first day we open our doors for business.
As a new tent rental and event planning outfit, it might take some time for our organization to break into the market and gain acceptance in the already saturated event planning and party rental industry; that is perhaps our major weakness.
The opportunities in the event planning and party rental industry is massive considering the number of corporate events, weddings, parties and other events that takes places on a daily basis in the United States. As an all – round tent rental and event planning outfit, we are ready to take advantage of any opportunity that comes our way.
Some of the threats that we may likely face as a tent rental and event planning outfit operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operations and global economic downturn which usually affects purchasing power.
There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.
7. MARKET ANALYSIS
- Market Trends
One thing is certain, it is difficult to find a business that is strictly into just tent rentals. This is so because such a business will find it difficult to maintain its overhead and operational cost or generate enough income needed for business expansion.
In recent time, it is common to find tent rental companies engage in other complimentary services such as party rentals and event planning services et al
The event planning and party rental industry is in a continuous state of evolution and as such, ground breaking strategies and ideas that are once highly successful are no longer as productive as they were in time past. Close observation of the trend in the industry reveals that the past few years have seen the rise and proliferation of social media and new tech tools.
The trend also extend to increased attention, paid to engagements and new market segments; adopting eco-friendly measures and sustainability when planning events, and of course increase in demands from event sponsors.
As a matter of fact, social media has now become one of the most important tools event planners leverage on to disseminate information about their events, interact with attendees, solicit feedback, and create year-round engagement with their target audience.
Furthermore, new software apps and emerging technology have made it easier for event and wedding planners to gather all the needed data and information that will help them plan and project for the future.
Lastly, mobile event apps are becoming more popular; event planner can now successfully host events via social media platforms/online platforms. In the United States for example, there several vendors providing mobile apps with more event planners patronizing the apps.
8. Our Target Market
Although Riverside® Party Rentals, LLC will initially serve small to medium sized business, from new ventures to well established businesses and individual clients, but that does not in any way stop us from growing to be able to compete with the leading event planning and party rental companies in the United States.
As an all – round event planning and party rental company, Riverside® Party Rentals, LLC offers a wide range of services hence we are well trained and equipped to services a wide range of clientele base. Our target market cuts across people of different class and people from all walks of life, local and international organizations as well.
We are coming into the industry with a business concept that will enable us work with the highly placed people and companies in the country and at the same with the lowly placed people and smaller businesses. Below is a list of the people and organizations that we have specifically design our products and services for;
- Potential Couples/Young Adults
- Blue Chips Companies
- Corporate Organizations
- Religious Organizations
- Political Parties/Politicians
- The Government (Public Sector)
- Schools (High Schools, Colleges and Universities)
- Sport Organizations
- Entrepreneurs and Start – Ups
Our Competitive Advantage
We know that to be highly competitive in the event planning and party rental industry means that your tents must be of high standard and your business must be well – positioned and well – equipped, you should be able to deliver consistent quality service, your clients should be able to experience remarkable difference cum improvement and you should be able to meet the expectations of both participants and organizers of events.
Riverside® Party Rentals, LLC might be a new entrant into the event planning and party rental industry in the United States of America, but the management staffs and owners of the business are considered gurus. They are people who are core professionals and licensed and highly qualified event planners / managers and wedding planners in the United States.
Our tents are of world – class standard and the business is well positioned and well – equipped to meet the 21st century demand of both high profile corporate and individual clients. These are part of what will count as a competitive advantage for us.
Lastly, our employees will be well taken care of, and their welfare package will be amongst the best within our category (startups event planning and party rental companies) in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Riverside® Party Rentals, LLC is established with the aim of maximizing profits in the event planning and party rental industry and we are going to go all the way to ensure that we do all it takes to attract clients on a regular basis and sign retainer – ship with most of our clients.
T & T Banquet Hall Rentals, LLC will generate income by offering the following event planning / rental services for individuals and for corporate organizations;
- Tent Rental services
- Wedding Planning
- Corporate Event Planning
- Outdoor Party Planning
- Annual General Meetings
- Sports Tournaments / Competitions Planning
- Children’s Party and Birthdays Party Planning
- Party supply rental
- Corporate party and banquet equipment rental
- Wedding supply rental
- Birthday rentals
- Corporate event rentals
- Other event rentals
10. Sales Forecast
One thing is certain, there would always be parties and outdoor events in the United States of America and as such the services of event planning and party rental companies will always be needed. This, we have at the back of our minds always.
We are well positioned to take on the available market in Lincoln – Nebraska and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base beyond Lincoln to other cities in Nebraska and other states in the U.S.
We have been able to critically examine the event planning and party rental market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projection is based on information gathered on the field and some assumptions that are peculiar to startups in Lincoln – Nebraska.
Below are the sales projection for Riverside® Party Rentals, LLC, it is based on the location of our business and the wide range of event planning services that we will be offering;
- First Fiscal Year-: $250,000
- Second Fiscal Year-: $600,000
- Third Fiscal Year-: $900,000
N.B: This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and natural disasters within the period stated above. There won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
We are mindful of the fact that there is stiffer competition amongst event planning and party rental companies in the United States of America, hence we have been able to hire some of the best business developer to handle our sales and marketing concerns.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization.
We will also ensure that our excellent job deliveries speaks for us in the marketplace; we want to build a standard tent rental and event planning business that will leverage on word of mouth advertisement from satisfied clients (both individuals and corporate organizations).
Our goal is to grow our tent rental and event planning company to become one of the top 20 party rental and event planning companies in the United States of America which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with not only in the Lincoln – Nebraska but also in other cities in the United States of America.
Riverside® Party Rentals, LLC is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to corporate organizations, religious organizations, schools, households and key stake holders in Lincoln and other cities in Nebraska
- Promptness in bidding for event planning / event management contracts from the government and other cooperate organizations
- Advertise our business in relevant event related magazines, newspapers, TV stations, and radio station.
- List our business on yellow pages ads (local directories)
- Attend relevant international and local expos, seminars, and business fairs et al
- Create different packages for different category of clients in order to work with their budgets and still deliver quality event planning services to them
- Leverage on the internet to promote our business
- Engage direct marketing approach
- Encourage word of mouth marketing from loyal and satisfied clients
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
We are set to take the event planning and party rental industry by storm which is why we have made provisions for effective publicity and advertisement of our tent rental and event planning outfit. Below are the platforms we intend to leverage on to promote and advertise Riverside® Party Rentals, LLC;
- Place adverts on both print (community based newspapers and magazines) and electronic media platforms
- Sponsor relevant community based events / programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, YouTube, Google + et al to promote our brand
- Install our Bill Boards on strategic locations all around Lincoln – Nebraska
- Engage in road show from time to time in target neighborhoods
- Distribute our fliers and handbills in target areas
- Ensure that all our workers wear our branded shirts and all our vehicles are well branded with our company’s logo et al.
12. Our Pricing Strategy
Just like in rental and consulting business, hourly billing for event planning / event management and rental services is also a long – time tradition in the industry. However, for some types of event planning / management services, flat fees make more sense because they allow clients to better predict the overall service charges.
As a result of this, Riverside® Party Rentals, LLC will charge our clients both flat fee and hourly billing as long as it favors both parties.
At Riverside® Party Rentals, LLC we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to start – ups, nonprofits, cooperatives, and small social enterprises.
We are aware that there are some clients that would need regular access to event planning consultancy and tent rental services, we will offer flat rate for such services that will be tailored to take care of such clients’ needs.
- Payment Options
The payment policy adopted by Riverside® Party Rentals, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Riverside® Party Rentals, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via POS
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for the rental of tents or our event planning services.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a tent rental and event planning business; it might differ in other countries due to the value of their money.
These are the key areas where we will spend our start – up capital;
- The Total Fee for incorporating the Business in the United States of America – $750.
- The budget for basic insurance policy covers, permits and business license – $2,500
- The Amount needed to acquire a suitable facility that will accommodate out dismantled tents, trucks and small office facility (Re – Construction of the facility inclusive) – $150,000.
- The Cost for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
- The Cost of Launching an official Website – $600
- The cost for the construction of standard tents – $30,000
- The cost for the purchase of a truck – $10,000
- Budget for paying at least 4 employees for 2 months plus utility bills – $200,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
- Miscellaneous: $5,000
Going by the report from the market research and feasibility studies conducted, we will need about seven hundred and fifty thousand (450,000) U.S. dollars to successfully set – up a medium scale but standard tent rental and event planning business firm in the United States of America.
Generating Funding/Startup Capital for Riverside® Party Rentals, LLC
Riverside® Party Rentals, LLC is a family business that will be owned by Mr. Donald Murray and his immediate family members. They are the sole financial of the firm, but may likely welcome partners later which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $150,000 (Personal savings $100,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $300,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Riverside® Party Rentals, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to rental out our tents and offer our event planning services a little bit lower than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Riverside® Party Rentals, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of six years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
- Business Name Availability Check:>Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Securing a standard facility and reconstruction inclusive: In Progress
- Conducting Feasibility Studies: Completed
- Generating part of the start – up capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- writing of business plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, office equipment, electronic appliances and facility facelift: In progress
- Purchase of various sizes of standard tents and other party rentals items: Completed
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with vendors and key players in the industry: In Progress