Decide whether to buy or rent your event decor for your event planning business

Business, Free Resources, Your Event Career

Guide to Event Decor: To Rent or To Own

You’ve probably built your business off the back of your event planning certification. After a few years in business, you may start looking for ways to boost your salary. Some planners look into adding on specific planning specializations. Others turn to event decorating to become a double threat in their local industry. From there, experienced decorators toy around with the idea of building their own décor inventory. The idea is that planners can earn some extra cash by renting out their supplies.

Purchasing your own décor invites a host of new responsibilities. A decision like this impacts your finances, client satisfaction and your reputation as an event planner! Not sure what to do? Read on to find out the pros and cons of renting or owning your décor.

Renting your décor

Most planners start out by renting décor from other companies. The more you work with your vendors, the better your working relationships will be. Over time, you may be able to score discounts for your clients. Bonus points! You’ll also have more flexibility when you rent décor. You’ll be able to find more creative pieces that owning your own décor may bar you from. You can incorporate your client’s DIY projects, rented décor, and thrifted pieces. Accessing a wide variety of items allows you to be creative during the design process. Every wedding you plan can look completely different from one another. Your portfolio will showcase a variety of unique decor items that truly suit your client’s vision.

While renting provides many benefits, there are some cons. The first would be losing out on a revenue stream. You won’t be making money off an event’s décor.. You need to incorporate rental costs into what you’re charging your client. If you’re doing the actual design and planning, ensure you add a service fee!

Buying your décor

Buying your own décor means you’ll have an extra revenue stream. This is the primary advantage of holding your own inventory. But buying your décor comes with more responsibilities than you may expect. Here are the pros and cons of buying décor for your company!

Pros of Buying

Cons of Buying

Insurance options:

If you’ve decided to buy your own stock, your next step is to think about insurance. Insurance talk is never fun. Find out if your existing business insurance will cover this addition. If it doesn’t, you’ll have to look into other options to find the right fit for you. Don’t be afraid to talk to your insurance agent. In general, you should consider three types of insurance:

  1. Storage content insurance: To protect your goods from theft or damage when they’re in storage.
  2. Vehicular / transportation insurance: Whether it’s renting a moving vehicle or investing in your own moving van, insurance is a must! If you hire movers, make sure they have liability insurance coverage.
  3. Professional liability insurance: To cover any damage to your items while you’re on the job.

Storing your items:

There’s no denying that your storage options depend on the size of your stock. But don’t forget there are other criteria to consider. You should factor in the security of the property, the climate of the space (cool and dry are best), and the ease of access.

Store your inventory carefully. Pack fragile items in bubble wrap, place linens and fabrics into waterproof bins, and cover your items to avoid dust. If humidity is a problem, purchase some vapor barrier plastic. The last thing you want is moisture wreaking havoc on your inventory!

When you’re starting out, you’ll probably store your stock in your basement or garage. As your collection grows, you’ll find you need more space. At this point, decorators usually turn to third-party storage facilities. Renting a storage locker will have additional security, climate regulation, and (likely) content insurance. If you’re buying enough furniture and décor items for more than one event at a time, upgrading to a warehouse is your best bet.

Do you own or rent your décor? Let us know what’s working for you!

With spring coming up, you need to be on your toes when it comes to decorating trends. Check out our post on décor essentials for this upcoming season!

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