If you’re just putting together a brand new event business, congratulations! Starting a business is an exciting time, as you plan out each detail and get to create your own unique brand. You’ve probably already figured out your niche and the general direction you want your business to go.
If you’re an established business owner, it’s probably time to freshen up your inventory, reinvent your brand, or breathe new life into a stale business niche.
Whatever your phase in business ownership, there may come a time when you’ll need to make a large purchase in stock or inventory. For event businesses, rental furniture is the core of how you turn a profit. You need to invest in furniture that will last years and through hundreds - maybe thousands! - of clients and customers. You know that investing in high quality, professional grade banquet tables is the cornerstone of your business sustainability.
A crucial factor in maintaining a healthy ROI for your furniture is to maintain it. Careful cleaning with warm water and mild soap regularly will ensure that dirt doesn’t harm the finish or the table connectors. Always make sure to give each table a thorough check after each rental is completed. Tighten bolts and replace any parts that are weakened or broken. Keeping up on the maintenance will help you to get a full return on investment for your entire table inventory.
So when is it time to get new tables or replace existing ones? We’ve put together a guide to help you decide if it’s time to freshen up your stock. Read on to figure out where your business stands.
1. You’re getting ready to open. When you first start an event business, you need to invest in a large enough inventory to satisfy your clients. You don’t want to put yourself in a position where the demand is higher than your ability to deliver. Knowing who your target clientele is and what they are going to want to rent will be crucial. Take the time to really research their needs and then you can make a table order you’ll be confident about. Always get a few extra as back ups and for unusually large parties.
2. You’re having a grand opening or re-opening. If you’ve finally got the wheels greased and you’re ready to present your business to the world, you’re going to want to host a grand opening. Or maybe you’ve been in business for a while, but you’ve been working on a whole new makeover and are gearing up for a grand re-opening. Grand openings can feel overwhelming sometimes as you want to present the absolute best face of your company to the community. Making sure that you have the highest quality, freshest, and most impressive inventory will help you do just that. You’ll impress everyone with your thoughtful finesse.
3. Your look is out of date. Trends come and go, but the important ones can be quite profitable for businesses. Keep on top of what’s trending in the event industry to make sure that your furniture is always the freshest and most appealing to clients. It’s quite disappointing to arrive at a venue, only to realize that what you had expected looks tired and old. Always keep your inventory clean, well maintained, and update the look when it will benefit your business.
4. The furniture is old and wearing out. We’ve all been there. As you’re unfolding a table, one of the screws falls to the floor. You don’t want clients to have this experience, however, as they are decorating a table or giving a toast. There’s nothing more frightening than a wobbly table overloaded with decorations, heavy dinner plates, and people to impress. Take care of your clients (and your reputation) by making sure your furniture is always safe, secure, and clean. When a table is just plain worn out, it’s time to let it retire. You’ll want to order some fresh stock to replace tables as they wear out. Always keep extra inventory on hand, too, because you never know when you’ll need it in an emergency.
5. Your business is expanding. If your business is expanding, this is an exciting moment in your company’s history. It means that you’re doing all the right things and clients love what you offer. When expanding, it’s important to make sure you have enough inventory to meet the demands of clients. Order new tables to complement your existing inventory and choose fresh, trending styles that your new, expanded clientele will love. Always keep tabs on how your business is growing so that you can make sure your inventory is meeting the demand. Coming up short at an event is stressful!
6. Your clientele or niche is changing. If you’re moving from conference-style events to weddings, you’ll need to invest in different styles and sizes of banquet tables. Or if you are adding new niches to your existing business, you’ll need to learn about their needs and wants. There are so many different kinds of tables available, from wood to plastic, from square to round, to cocktail to dinner, from novelty to everyday. Find out what you’ll need and then order in bulk to save on costs and shipping.
Starting or expanding an event business can be thrilling and overwhelming. You love helping clients have the most memorable event of their lives and it’s exciting that they come back and send their friends. You’ve found a business model that’s successful and you’re proud of your hard work. When it’s time to update your inventory, you know that having a wide selection of banquet tables is key. To get the best quality tables at excellent prices, turn to Classroom Essentials Online. We offer incredible customer service and would love to help you plan out the best inventory for your business needs. Reach out to us online at ClassroomEssentialsOnline.com or by giving us a call at (866) 404-7671.
