You’ve most likely developed your firm on the strength of your event planning certification. After a few years in business, you may begin to search for ways to increase your pay. Some planners consider expanding their planning expertise. Others seek event decor training in order to become a dual threat in their local sector. Following that, skilled decorators flirt with the concept of creating their own décor inventory. The idea is that planners may supplement their income by renting out their resources.
Buying your own décor brings with it a slew of additional obligations. This decision has an influence on your money, customer happiness, and reputation as an event planner! Don’t know what to do? Continue reading to learn the advantages and disadvantages of renting versus owning your event decor.
Renting your decorations
Most event planners begin by renting décor from other firms. Your working relationships will improve as you work more with your vendors. You may be able to negotiate reductions for your clientele over time. Extra points! When you rent decor, you’ll also have greater freedom. You’ll be able to locate more imaginative elements that you might not be able to get if you own your own décor. You can use your client’s own DIY efforts, hired décor, and thrifted items. Having access to a large range of things helps you to be more creative throughout the design process. Each wedding you plan might be radically different from the next. Your portfolio will include a selection of one-of-a-kind décor pieces that perfectly complement your client’s concept.
While renting has numerous advantages, it also has some disadvantages. The first would be a money source being lost. You won’t make any money from decorating… You must include leasing fees in the amount you charge your client. Meanwhile, if you’re doing the event design and planning, be sure to include a service charge!
Buying your decor
Purchasing your own décor implies you’ll have an additional cash source. This is the key benefit of maintaining your own inventory. However, purchasing your décor comes with more obligations than you would think. Here are the benefits and drawbacks of purchasing office décor!
Pros of Buying Event Decor
- Some goods are widely available: table runners, cloth napkins, sign holders, and so forth. You’ll use them again and again, so why not buy them?
- You will not lose money to another decorating business since you will supply everything!
- Buying your own décor does not exclude you from renting. You may always buy what you need and rent “trendy” items to complete the look of an event.
- You might rent out products to wedding planners, other businesses, and couples planning their own weddings. They may not require your services, but you may still profit from your merchandise.
- If something occurs to the rented décor, you may replenish the lost things with your own to save the event.
- Knowing what you have in stock makes developing the event’s look and feel a snap.
- You’ll do a lot of research before making wholesale décor orders, assuring high-quality items for your customers.
The Disadvantages of Purchasing Event Decor
- When you acquire everything for the first time, you will pay significant startup expenditures.
- You’ll learn what patterns and colours are popular in décor as you acquire expertise. If you’re just starting off, you might want to invest in items that won’t be utilised frequently.
- You may be tempted to steer a client’s vision toward a theme that your rentals can support rather than what is ideal for their aims.
- Other indirect expenditures include laundering linens, renting storage facilities, and employing additional hands to transfer stuff from storage to the event.
- Your merchandise will require insurance.
- You’ll need to keep track of, clean, repair, and replace objects as needed.
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