STEP 1: Plan your business
by Admin
Posted on 01-01-2024 03:12 PM
The first step to writing your business plan is to describe the purpose of your bounce house rental business.
This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry. It also helps to include a vision statement so that readers can understand what type of company you want to build. Here is an example of a purpose mission statement for a bounce house rental business:.
The first step to writing your business plan is to describe the purpose of your bounce house business. This includes describing why you are starting this type of business, and what problems it will solve for customers. This is a quick way to get your mind thinking about the customers’ problems. It also helps you identify what makes your business different from others in its industry. Here is an example of a purpose mission statement for a bounce house business: our mission is to provide children of all ages a safe and fun environment to play and interact, while offering top quality bounce house rentals for any event.
Want some help naming your inflatable bounce house business?
When you buy your first commercial bounce houses to start a rental business, no one describes the business details. You received instructions on setup,
safety, and care, but no one explains the best way to market your company. No lawyer pops out to explain how to file incorporation papers, or what insurance coverage you need. Here are some things you need to know to protect your bounce house rental business from a lawsuit.
Why do you need to protect your business lawsuit if you do everything right? in 2012, the consumer product safety commission reported that there were more than 18,800 injuries related to bounce houses and inflatable water slides.
High demand and popularity: bounce houses have become a popular entertainment choice for various events, creating a consistent demand for rental services. With the right marketing strategies and a focus on customer satisfaction, a bounce house business can generate significant revenue. Low initial investment: compared to other businesses, starting a bounce house company requires a relatively low initial investment. The primary costs include purchasing commercial inflatables for sale , a vehicle for transportation, and insurance. Many entrepreneurs can launch their business with just a few bounce houses and gradually expand their inventory as the company grows. Flexibility: a bounce house business offers flexibility in terms of work hours and location.
There are a lot of ways that you can form your business. It could be under just you, it could be a partnership, or it could be a limited liability company or corporation. A legal business like an llc or corporation allows you to be protected from liability if your business is sued. Depending on the state, you would have to pay the llc costs or hire a firm. Because this is a business, you will also have to register for taxes, both state and federal. Another part of the bounce house business is that you open a business banking account and credit card.