The number one area we see event rental business lose money is in deliveries. Setting the right delivery fees plays a big role in your overall profitability. A huge factor in those calculations has to be your delivery trucks. When should you rent? When does it make sense to buy your own truck? Getting it right could make or break your event rental business. Read more
I can't speak for everyone in the event rental industry but 2020 has been a hard year, #amiright? Read more
The practice keeps me grounded. In weeks when I’m down or discouraged, it helps remind me of wins and celebrations. When I’m excited about a new idea and ready to bet the farm on something untested, coming back to my five numbers reminds me that business is often about slow, steady growth rather than a meteoric rise. Read more
Vendor discounts and referral fees (aka kickbacks) are such an industry norm (particularly in certain regions) that many people think I blaspheme the event gods if I even consider not making such an offering. Read more
Before we dive into strategies for changing pricing in your event rental business, I want to make a note that your pricing strategy should ALWAYS allow for profitability. Far too often, event rental business owners price their products and services too low because they are eager to build their businesses or are desperate for people to book them. However, if you aren’t making money on every single rental, on every delivery, on every service you offer, you won’t be able to build a business... Read more
Let’s talk about Utilization. Time Utilization and Dollar Utilization are the standardized ways we can think about the performance of your collection in your event rental business. Read more
But managing your team doesn’t have to be all or nothing. In fact, clarifying who is responsible for each part of a project or task can be freeing for everyone involved. Read more
As an event rental business, you can’t be everything to everybody. But you can be so good at one thing that people notice. Hopefully, though, as you’ve grown and scaled your event rental business, you’ve realized that you can’t do ALL. THE. THINGS. In fact, specializing in something— becoming known for it— makes you even more successful. Having a brand identity, or catering to a particular niche can be the secret sauce that makes the difference between short term achievements and long-term sustainability. Read more
Ever wonder if you're using RW Elephant to its fullest potential? Join our Client Success Team as they dive into all the features RW Elephant has to offer in this four-week series. Read more
In fact, the wisest way to pivot your business (whether in a time of crisis like this or even in a healthy growth cycle) is to focus on three aspects of what is currently working: your product, your audience, and your process. Read more