Starting your own bounce house rental business is generally not everybody’s first line to making money. But contrary to popular belief, it could prove to be a thriving business all over the world!
For example, each bounce house may be hired twice a week on average. Assuming your company had four properties and charges $150 for each rental, you’d make roughly $900 per week or $3600 every month! Doesn’t that look promising? At the same time, this could simply be a sideline business.
But, enough with the number crunching, and let’s begin from the very top. Here are some ideas on how to build your bounce house business:
#1: Create a Business Plan
Creating a business plan will assist you in getting your company up and operating. With this, you can strategize and identify possible roadblocks and overcome them in the early stages. Here, you will have to include information about your target market, the services you’ll provide, and how you’ll generate money!
If you decide to ask for financing from a bank or an investor, you will have to have a business plan ready to form a business entity. By preparing it in advance, you’re already one step closer to success!
#2: Formulate a Name
In naming your business, keep in mind that it’s essential to make it catchy, fun, and easy to remember. Or, you can name it related to something close to you or your family history! There are so many ways to inspire the perfect business name, especially when looking for creative ones that can grab your target market—all you need is a little creativity.
#3: Finalize an Initial Location
As long as you have a shed or garage for storage, you may manage a modest bounce house company from your home. If your company grows, you may need to hire a storage facility.
Rent expenses depend on available facilities and the size of the facility. To save time and money on commuting, it’s preferable to hire a location that’s conveniently placed within your service area.
#4: Accomplish the Paperwork
Now, this is where it gets a bit intimidating. As with any business, make sure you prioritize registration for business licenses and permits. Since there are no particular licenses required for bounce houses, make sure you have the basic sales tax permits, among others such as Employer Identification Number, and Occupancy Permit.
#5: Have Your Business Insured
Insurance policies offer protection and are only modified according to your needs, the size of your company, and the different aspects of which you want to cover. This means getting coverage for medical bills, legal fees, property damage, and business-related vehicular accidents. It would be best to seek quotes from various insurance companies to obtain the most accurate picture of the insurance budget.
#6: Set Up a Solid Financial System
Setting up a solid financial system could begin by opening a business account. This will help you streamline your revenue, as well as track income and expenses. But beyond this, establish an accounting system for your company’s long-term performance. This will help you stay on top of taxes, analyze and monitor cash flow patterns, and maximize earnings.
Conclusion
These are just the basic steps in building your bounce house rental business. But without these, you won’t be able to pursue a marketing plan, hire more team members, or increase profits by adding complementary devices for your services. As such, it’s crucial that you learn to make a strong foundation first before anything else!
Are you looking for a bounce house manufacturer that supplies to businesses worldwide? Jungle Jumps is one of the largest manufacturers of commercial-grade inflatables in the United States. We take pride in delivering the highest quality of inflatables, using only the latest design and manufacturing technologies for our water slides, bounce houses, and other such commercial inflatables. Call us now at 1-800-539-2516!