When it comes to creating your own business there are all sorts of paths one can take. Deciding what business you want to get into can take some time to consider. However, some people also just know what they want to do. Additionally, some people like the idea of spreading the fun to children. Well, there are plenty of child-friendly businesses that you could create! One such idea is starting your very own bounce house business.
This article will give you a quick guide to why you should start one and why a bounce house business is good for profits!
How to Start a Bounce House Business
Like any successful project, there needs to be a plan. This will take research and time, but if you spend the necessary time, then you will be much more successful.
There are multiple topics that need to be covered. For instance, consider these questions for your bounce house business:
- What are the startup costs?
- Who will be your target demographic?
- What will you charge customers?
Bounce houses are somewhat cheap. You can find them for around $1,500 to $2,800. Don’t forget that you will be traveling with the bounce houses so a reliable and capable vehicle is needed, as well as a trailer for storage.
Operating from an actual building can cost much higher. That is because you need a big space for the bounce houses as well as rooms for parties. That can cost you up to a quarter of a million dollars. If you have an acquired space then you will also need food, drink, tables, chairs, and equipment for the kitchen. You also need party rooms equipped with furniture and decorations.
Your demographic will most likely be children as that is what most bounce house businesses do. But, you could swim upstream and cater to adults instead. Having a niche business like that could make you a success.
As for what you charge, that will depend on upkeep costs, warranties, liabilities, and more. Most charge around $125 for four hours of rental service. In the bounce house world, there is an average of about 2 bounce house rentals a week. That would give you under $200 a week per bounce house.
2. Determine How You Want to Form Your Business
There are a lot of ways that you can form your business. It could be under just you, it could be a partnership, or it could be a limited liability company or corporation.
A legal business like an LLC or corporation allows you to be protected from liability if your business is sued. Depending on the state, you would have to pay the LLC costs or hire a firm.
Because this is a business, you will also have to register for taxes, both state and federal.
Another part of the bounce house business is that you open a business banking account and credit card. Mixing your business and personal finance can be tricky and it allows your possessions to be at risk of being sued.
Forming a business also requires you to obtain all the essential permits and licenses for your bounce house business. Failing to do so will result in expensive fines or even your business being shut down. How to obtain these licenses will depend on state laws.
3. Branding and Marketing
Another important step in the bounce house business is branding. You need to have several means of communication for your customers and you need marketing to get people to see your business.
For one, you need a stellar name that everyone will know. From there, you need marketing in the types of ads and commercials. For communications, make your own website as well as social media presence to engage with customers online. There are also business phone systems that you can use to ensure that calls will go to your business and not to your personal phone. That way, it is much easier for customers to locate you and make contact.
That is your quick guide on how to start a bounce house business. While it doesn’t seem too complicated, there are a lot of important things to consider.
For one, buying, maintaining, and transporting is a lot of work, so you would highly benefit from additional employees for assistance.
Not to mention that your business involves children and their physical health, if a child is injured, you could be in legal trouble. Beware of keeping your bounce houses updated, regulated, and safe so that people of all ages can enjoy them.
This business is quite niche, so keep in mind that you have to dazzle people with your branding and marketing. The more receptive it is, the more people will flock to your business.
Before you know it, your bounce house business will be a success and you will be bouncing in money!