The start of the new year is a big planning time for party rental & amusement companies. If you’re like the rest of us you are spending a lot of thinking about the best way to take your business in the year.
We’ve written about this before, but the question comes up so frequently that we thought this is a good time to write about it just a little more.
Before planning the year you really need to ask yourself some questions. And if you can’t answer these questions, then you need to make sure you’ll be able to answer them this time next year.
How many times did each piece of equipment go out?
How many times do we lose a rental because we didn’t have a specific item?
How many times did we lose a rental because an item wasn’t available.
Could we increase or add a different type of business with a new type of product?
What will it take to get the clientele that we need for the profits we want?
These are very basic questions but they are the secret to a successful business. For instance, your bungee run is rented every weekend and you are sold out all of the time. If you have good sales people they can usually sell the client on another product. But if you are losing clients, then you need to get another bungee run. Certainly the first choice is the best. The goal should be to have every item of equipment rented as often as possible.
Here’s another question. You don’t have a bungee run, but you have another game something like it. If you buy a second bungee or another version of what you have, will it increase sales? Or will that unit just be replaced all the time with the new one?
NEVER buy an item that looks fun when all it will do is replace an item you already have. If an item doesn’t bring in more business, then you shouldn’t buy it.
One thing that happens to everyone after a few years, is that they consider taking the business in a new direction. College Events, Corporate Parties, Church and School Festivals, Bar/Bat Mitzvahs and other large events bring in huge revenues. But to get into this business, you’ll have to have the right equipment to reach this level.
This is where action and interactive games come in. Games like “The Meltdown”, Mechanical Bull, “Kapow” and the Redneck Game series are all a perfect way to expend into a totally new area. There are two reasons for this. Of course the reason everyone knows is that some of the corporate/college clients really enjoy the mechanical rides (along with everyone else, of course) but the other reason is that all of your competitors probably don’t realize the trend leading into more and more advanced games and rides for events. So if you want a higher profit event, then action rides are absolutely the way to go.
And we really aren’t bragging when we say you won’t find better games, rides or service anywhere than what you will find with Galaxy Multi Rides. So give us a call to learn more. And don’t forget to keep checking our blog to find out about the newest rides, marketing ideas and other suggestions to boost your business. Let’s all have a GREAT year in 2015.