When starting any new business, it’s good to experiment and see what works for you and your audience. Yenia Perez is doing just this with her new rental business, Festive Event. She focuses on luxury picnics, date nights, and packages for micro-events and has chosen Booqable to be the system to accept online bookings, manage inventory, and accept payments.
Usually, the first set of products you offer as a rental business aren’t the ones that you will stick with forever. It is crucial to experiment and work out what is profitable to rent and what is best being left behind. Without this experimentation, it can seem like your business isn’t growing or is destined to fail, so it is important to do it from the very beginning.
Festive Event
Yenia approached starting a rental business with a different attitude than most, focussing more on investing in relationships than big events. Her goal with Festive Event is to develop experimental service packages. They will allow customers to spend quality time with their partners, families, and friends with high-quality products, equipment, and services.
The products and services she offers are a mix of typical party rentals like chairs, tables, and tents, destination services, glamping equipment, and luxury picnics. She aims to help people to create unforgettable memories by providing everything they need to enjoy incredible experiences. In addition, she has partnered with local vendors to provide catering alongside rentals.
Getting everything ready
While planning out her packages, Yenia knew that she would need a way to efficiently manage the diverse range of options she offers. She knew that a great amount of detail goes into running a rental business smoothly and started to work out what she needed.
One of the major aspects she needs to get a handle on early in the operation of her business is logistics. As she offers many different types of products and services, she needs a central hub to manage inventory which can be implemented and developed further. So, she needs a system that can help her not only keep track of bookings but also stock levels and planning.
In addition, accepting online bookings is absolutely essential as it will give her customers the choice of what they want and when they want it. So, providing an online booking experience that meets these requirements is a must, especially when it comes to time savings and running her rental business as efficiently as possible.
Learning as she goes
Yenia found that Booqable met these requirements and more. Not only is she able to manage logistics and accept online bookings, but she is also integrating more of her business operations. Since she started using Booqable, she has been learning and developing strategies she didn’t initially know would be essential to running her rental business.
Something that she is learning is how planning and inventory should work together with detailed control of both. Yenia has learned that when running an event rental business, she needs to add padding time before and after bookings to allow any cleaning to be done between bookings. The fact that she can define this at a product level has made it much easier to manage.
Meanwhile, the flexible pricing workflows offered by Booqable have allowed her to decide how to charge a security deposit for each product. She has also started working with tiered pricing, which allows her to create custom pricing depending on the product or service. These features have allowed her to develop her offering much faster.
A bird’s eye view
Booqable has allowed Yenia to get a bird’s eye view of her rental business. She feels more confident in developing a successful inventory acquisition strategy. At the same time, the versatility and flexibility of the platform allow her to run tests on which products and services are more likely to get rented and which ones are not worth investing in to grow her offering.
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