Make Your Income Soar by Adding Rentals to Your Bottom Line

By Allison Kline, ABC™, sash&bow, Green Bay, Wis.Planning the most fabulous event is one of the best feelings. Watching the looks on guests’ faces throughout the evening and getting an amazing response from the couple when they see the reception space is a feeling that can send a planner over the moon and back.Reflecting on and analyzing the event begins after, on that Sunday when moving your body is an effort. As planners, we should consider how many hours went into making that event happen and how we could have made more money—and should have after the extra hours involved solving crises like finding a new tent provider, suddenly moving the ceremony inside due to rain, providing extra help with the bridal shower, and considering the many miles put on the car driving back and forth to walk-throughs and tastings. But how can we add to our bottom line and remain competitive?Around two years ago, I noticed something had to change for my own bottom line. I was putting my body and mind through the ringer every weekend for little money, and it seemed Uncle Sam just wanted more and more of my profit. I knew I couldn’t charge much more in my region and stay competitive. What was I going to change so I could keep doing what I love? For my company, rentals were the key. We knew we had to offer people a choice: items we had or could own easily versus renting everything from the company down the road and watching that money walk out the door. We chose to grow our inventory bit by bit. After all, we didn’t want everything we worked so hard for to disappear onto storage shelves! For us, adding rentals paid off. My planning fee intake doubled, and we added another 200 percent in growth on the rental end for a total revenue increase of 300 percent! Here's how we did it:1. Start with the basicsWe purchased very basic items first, like votives, a must at every event. Candlelight in my eyes is the best way to make a room sparkle and feel romantic. We started with clear votives, then added colors, crystal, and of course, mercury. We expanded by adding lanterns to light pathways, work into simple centerpiece designs, and hang in trees. Now, they are a must at every outdoor event we do.2. Keep an eye on common requestsSeeing repeated requests for the same tablescape items led to our next investment in clear, cylinder vases, an array of floating candle décor, and candelabras. We purchased crystal candelabras, which can work in everything from rustic décor to very elegant country club settings.3. Watch the trendsWatching trends closely showed us that chandeliers in a tent amped up the elegance. In the Green Bay region, there is not a rental company that carries chandeliers for use with tents. I was shocked and knew these needed to be available. I ordered a set of three neutral, crystal chandeliers to match our candelabras. Café lights were also purchased for more rustic, laidback outdoor brides. Café lights are now used at every one of our outdoor events.4. Add the big itemsOnce we had a handle on the small items, it was time to take the big leap. By the time I saw what customers paid to ship furniture to and from a metro area to our neck of the woods, I realized this was a necessity. The shipping costs were more than the cost of the rentals. For our inventory, we chose to keep it simple, clean, and versatile. We stock four white-leather, modern-line, high-back sofas; one round sofa; and two vintage blue sofas. With these seven pieces, we cover every style of wedding, accessorizing with pillows and slipcovers. Brides often contribute to finding some signature pillows for their events.5. Keep it freshKeep an eye to the future of design. Watch what is coming down the interior design pipeline. After all, what brides see in Pottery Barn, West Elm, or a Crate & Barrel inspires them, and they want to see those details at their wedding. We can often create items on our own that closely resemble high-priced design elements.5. Calculate your profitsWhen pricing rental items, it’s important to stay competitive with a larger market and take the expense of transit out of the equation. To get the most out of your rentals, get your entire purchase price back in one rental or, at most, two rentals. If, for some reason, you are unable to add the item to your inventory, you can still rent it and bring it in from another vendor. For my company, adding rentals to the bottom line has tripled profits within the last two years. Sticking a little bit of the profits at a time back into rentals helps us stay on trend and realize huge rewards. Brides come to us for rental items and are also purchasing planning packages to have access to those items for their big day. Although we are not a rental company, we require setup and takedown of our rentals to ensure quality products, good service, and to maintain the safety of our items.If you’re considering adding rentals to your bottom line, stay on top of the trends, offer the newest items, and you are guaranteed to stay at the top of your market and watch your income soar.