And now we come to the Math; something most creative business owners hate. But I’m here to tell you that as much as I want to celebrate with you, I want even more for you to DO. THE. MATH. because the numbers don’t lie.
Before you do anything else in your Event Rental Business, look at your Revenue and Expenses. At this point, if you are furrowing your brow or turning up your nose, I totally get it. But hear me out. Familiarize yourself with the math because that’s what’s going to enable you to take this little dream of an Event Rental Business and turn it into something that is sustainable, enjoyable, and around for more than a season. The math makes you successful.
Once you know a ballpark figure of how much you’ll need to spend on inventory and what your monthly expenses will be, you can take a deep breath. Information gives you power. From there, you can set revenue goals or make decisions to lower your planned spending. As you build your business, you can evaluate whether you’re hitting your numbers or if you need to make adjustments.
Knowing the truth about your Revenue & Expenses allows you to focus on telling your Story and living out the parts of it that you love. I highly highly highly recommend that if Numbers aren’t naturally your thing, you get some help. If you would never apply for a job as a bookkeeper, I’m talking to you. Find a bookkeeper or accountant who will track all of your Revenue & Expenses via QuickBooks online or another remotely accessible format and hop to it. After the initial set-up, you will be browsing easy-to-read, up-to-date financial reports each month for a lot less money & time than you think.
Numbers in your rental business may feel a bit scary at first but I hope you grow to see them as empowering. The more you know about where you’ve been and where you’re going, the more power you have to choose what to do next. And as a business owner, that’s one of the fun parts–shaping the world around you.
A Great Read on this topic:
Sage Wedding Pros (even if you aren’t in the wedding biz, these ladies know their stuff and will make the Math more approachable & appealing)