Running an event rental business comes with its own unique challenges, especially with managing your inventory!
In this episode, I’m chatting with long-time event rental pro and co-founder of RW Elephant, Allison Howell.
Allison’s insights about inventory management, pricing, and how to stay profitable long-term are fantastic for event rental businesses and other businesses alike.
CHECK OUT THE EPISODE
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WHAT YOU’LL LEARN IN THIS EPISODE
- How Allison decided to start a software business that helps event rental companies manage their inventory and orders (do people dream about software?)
- The challenge of being a business person in a creative industry.
- Why delivery matters just as much as beautiful event elements.
- What it’s like coding a brand new software during a 5-week multi-country road trip and working with family.
- The common things new event rental companies often stumble with and don’t feel prepared for.
- How dollar utilization and time utilization for all the pieces in your collection directly translate to your profitability. (Are you tracking those metrics?)
- Why tracking ALL of your expenses and costs, even if you start today, will show you the truth behind your business.
- Using dollar utilization and time utilization to help you price each and every piece your rent to ensure you’re always making a profit.
- Cost-based pricing versus value-based pricing – which is better?
- What’s changed about the event rental business in the last 10 years, and how you can stay successful and profitable long-term.
- Priceless advice for newer event rental companies, based on Allison’s extensive experience.
RESOURCES WE TALKED ABOUT
- Click here to join the conversation over on Instagram.
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