Who doesn’t like a bus party? The very idea of a party on the move along with a plethora of recreational options it provides is enough to attract a range of clients to avail themselves a bus party rental business. It would not be an exaggeration to say that everybody wishes to either host or be part of a bus party at least once in their lifetime and it is mainly because of the unique party experience it offers. Whether it is prom night, bachelor or bachelorette party, farewell party, etc., bus parties are preferred over the conventional office or at-home parties.
Owning a party bus is an expensive affair and only the richest of people can afford to own one and for the rest, a bus party rental business proves to be a viable option. Although the demand for party buses cannot be compared to the car rental business, there exists a reserved demand for them. However, the current demand-to-supply ratio signifies the need for more bus party rental business enterprises.
Why Is It Good To Start this Business?
- Not Highly Competitive – although the bus party rental market is adequately large there are not many players in the market. In addition, not a lot of investors or business entrepreneurs are keen on venturing into this market. The non-competitive nature of the market in itself makes for an ideal business strategy since there is more time to research, build something new, and establish oneself as a market leader.
- It Is a Rental Business – bus party business is simply a derivative of vehicle business, only bigger and different – in a good way. It is a known factor that the demand for rental vehicle business is skyrocketing and a bus party business can capitalize on the rental nature of the business with a slightly different perspective. An in-depth study of the car rental business can provide useful insights on how to exploit the market and the client base.
- Flexible Startup Capital – the startup capital required for a bus party rental business is considered to be moderate based on the scale at which you want to start the business. Most of the existing players in the bus party rental market have started with basic features and amenities, which requires less startup capital, and then have modified their vehicles based on business growth.
- A Holistic Event – it is important to understand that the rental bus party business is not merely a vehicle rental business but an event management business as well. By lending a party bus the business offers an entire event for the specific occasion of the clients. Therefore, a rental bus party business is a combination of comprehensive rental solution and event management. A single trip with double the money!
- A Moving Bio-Bubble – in view of COVID-19 and the global pandemic the world is adapting to the concept of bio-bubble to ensure a safe, enjoyable, and productive quarantine for large groups of people. A bus party rental business can be a great bio-bubble and even better, a moving bio-bubble. Now, even those long trips to Las Vegas can be both fun and safe. With proper precautions and health and safety measures, moving bio-bubble can become the norm.
Very little business markets can offer such varied benefits and in addition to the aforementioned advantages, party buses have a desirability quotient to a great extent increasing the demand for more unique and state-of-the-art party buses. If you are planning to venture into the bus party rental business, it is not enough to know just the benefits of starting one but should know how to build a party bus business. Just as a party bus business plan, a detailed list of the know-how of building a party bus rental business is also imperative to kick-start your business.
How to Build a Party Bus Rental Business?
- Industry Overview – this is perhaps the first step to build a party bus since one needs to understand what this business is all about. A bus party rental business is categorized under the party rental service industry. A party bus is also known as a luxury bus, party van, party ride, limo bus, etc., and it is a large motor vehicle that is usually modified to provide various recreational services for 10 or more people.
- Market Study – this is a pivotal aspect to start any business and not just a bus party business. An in-depth market study will allow the prospective owners of the rental bus party business to have a comprehensive understanding of the market trend, investment season, profitability and the profit margin, concentration of industry establishments, etc. Latest studies have revealed that economic recovery is more likely to aid the growth of the bus party business through 2021. The study also revealed that the bus party business in the US is worth about 5 billion USD.
- Display of Products and Services – as mentioned earlier a bus party business is not just a rental service business, but also an event management business. Therefore, to successfully build a party bus that can thrive in the market business enterprises must make a list of all the products and services such as food and beverages, entertainment console, recreational activities, gaming center, camping equipment, etc. The more feature-rich and customizable your party bus is the more business lead you are likely to get.
- Party Supply Rental – along with the previously mentioned services a separate inventory of rental party supplies is necessary to build a party bus that is both successful and profitable. A great rental bus party business must have the option of leasing party supplies such as tables, chairs, linens, tents, canopies, flatware, cutleries, PA systems, red carpet, stage, musical instruments, etc., based on the specific needs of the clients.
- SWOT Analysis – this is a must-do for the bus party business to build a party bus. Just like in any other industry and for any other business, this business should analyze and assess the strength, weakness, opportunity, and threat of the industry, market, client base, business plan, and all the elements of the bus party business. This will help optimize the business strategy and help the prospective business owners to build a party bus business that can be sophisticated, robust, and highly successful.
There are tremendous opportunities that lie within the rental bus party business and most of them are still untapped. All businesses, not just bus party business establishments, have risk factors and it is the responsibility of the business owners and managers to adopt various methods and innovative ideas to mitigate those risk factors. In addition, robust rental software can also help run and manage the bus party rental business at ease. Are you looking to venture into the bus party rental business? RentCubo can help you build robust rental software that can help you cash in on the rich and scarcely concentrated industry.