Durant Event Rentals KC | Application Preview
Durant Event Rentals KC is seeking a $160,000 government grant to enhance its business operations, focusing on the wedding and event rental market in Kansas City. The funding will be allocated towards:
1. **Inventory Purchase** ($80,000): This will cover the acquisition of essential rental items like tables, chairs, linens, decor, tents, lighting, audiovisual equipment, and more, allowing the business to expand its offerings.
2. **Storage Costs** ($10,000): Costs associated with renting a storage facility will increase to accommodate the new inventory.
3. **Transportation and Logistics** ($15,000): Funds will be used for a delivery pickup truck and maintenance costs, improving the efficiency of logistics and deliveries.
4. **Personnel Expenses** ($20,000): This will facilitate hiring two new employees, covering their wages and benefits, significantly enhancing service capabilities.
5. **Marketing and Advertising** ($10,000): Investment in a new website, social media marketing, and participation in trade shows will strengthen the business’s market presence.
6. **Insurance** ($5,000): Coverage for business liability and workers' compensation is essential for protecting the enterprise.
7. **Utilities and Overheads** ($7,000): General operating expenses will be managed with this allocation.
8. **Maintenance and Repairs** ($5,000): Funds will ensure the upkeep of rental equipment.
9. **Software and Technology** ($3,000): Purchase of rental management and point-of-sale systems will streamline operations.
10. **Professional Services** ($2,000): This covers accounting and legal needs.
11. **Taxes and Licensing** ($2,000): To comply with necessary regulations.
12. **Training and Development** ($1,000): Investment in employee training programs is aimed at enhancing service quality.
The outlined business plan includes expanding the range of rental items and improving online capabilities, focusing on customer service, and collaborations with industry vendors. There is a strong demand in Kansas City for unique wedding offerings, and Durant Events aims to stand out by providing specialized items. The company has demonstrated steady growth and customer satisfaction in its first three years.
Competitive challenges are acknowledged, as larger competitors have more resources. However, Durant Events positions itself as a boutique service that prioritizes client needs and custom solutions without high costs. The requested funding will address current limitations and support growth, particularly as the wedding industry rebounds post-pandemic. This investment opportunity is seen as promising, given Kansas City’s vibrant event scene and the company’s active community engagement.
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General Information
Business Registration Number: Durant Event Rentals KC
Location: LEES SUMMIT, MO, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: NO
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Funding Usage
Funding Request: $160,000 Expense Plan Breakdown: Inventory Purchase/Rental Acquisitions: $80,000 Tables, chairs, linens, table and wall decor, tents, lighting, audiovisual equipment, backdrops, 2 additional employees, dinnerware, glassware, blowups etc. Storage Costs: $10,000 Warehouse or storage facility rent, utilities, insurance, and maintenance. would increase from $150/month to $300/month in order to accommodate for increased inventory. Transportation and Logistics: $15,000 Delivery pickup truck, fuel, vehicle maintenance. Personnel Expenses: $20,000 Add 2 additional employees. Wages, salaries, benefits for employees (delivery, setup, customer service, administrative roles). Marketing and Advertising: $10,000 Website development, SEO, social media marketing, printed materials, wedding expos/trade shows. Insurance: $5,000 Business liability insurance, workers' compensation. Utilities and Overheads: $7,000 Electricity, water, internet, phone bills, office supplies. Maintenance and Repairs: $5,000 Upkeep, maintenance, and repairs of rental inventory. Software and Technology: $3,000 Rental management systems, point-of-sale systems, website maintenance. Professional Services: $2,000 Accounting, legal advice. Taxes and Licensing: $2,000 Business licenses, permits, taxes. Training and Development: $1,000 Employee training programs. Total Expenses: $160,000 The funding request of $150,000 would cover the initial expenses outlined above. It's important to note that unexpected costs may arise, and having a buffer or contingency fund is advisable. Hence the additional $10,000.
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Business Plan
In the next 5 years we plan to do the following. Expand the range of rental items offered to include a wider variety of wedding-related products such as themed decor, specialty furniture, trendy lighting options, photo booths, or interactive elements. Continue to develop a user-friendly website with an online catalog for customers to browse and book rental items. Incorporate an e-commerce platform allowing customers to reserve items online, making the rental process more convenient. Focus on delivering exceptional customer service to generate positive reviews and referrals. Encourage satisfied customers to leave reviews on platforms like Google, Yelp, or wedding-specific websites to enhance the business's reputation and attract more clients. Form alliances with wedding planners, event venues, caterers, photographers, or other vendors in the wedding industry. Collaborate on packages or cross-promotional opportunities to reach a broader audience and gain referrals. Explore neighboring towns or regions to expand the business's geographical reach. Consider participating in bridal shows, expos, or events in these areas to attract customers and establish the brand. Allocate resources for targeted marketing campaigns on social media platforms, Google Ads, or local publications. Use captivating visuals, testimonials, and promotions to attract engaged couples planning their weddings. Hire an additional 2-10 employees and focus on training and retaining those employees through paid professional development programs. Engage with the local community by participating in charity events, sponsoring wedding-related workshops, or hosting open houses to connect with potential clients and industry partners. Stay updated with industry trends and customer preferences. Regularly introduce new rental items, services, or technological advancements to stay competitive and attract a broader customer base. Last but certainly not least, exploring options for financing growth, whether through reinvesting profits, seeking small business loans, or exploring investment opportunities to fuel expansion plans. Kansas City serves as a hub for weddings and events, attracting couples from the local area and beyond. With a growing trend toward personalized and unique weddings, there's a demand for specialized rental items and services. Here at Durant Events, we have a well-curated inventory offering unique and in-demand wedding items not readily available elsewhere in the area can be a strong selling point. Investors could be drawn to a business that stands out due to its distinctive offerings. Investing in a mom and pop business with plans for expansion demonstrates scalability potential. With the right strategies and investment, the business could scale its operations, extend its reach, and potentially become a regional or statewide rental service provider. Durant Events has a history of steady growth, satisfied customers and profitability over the past 3 years with the only restraint being available funds for us to grow the business. Investors would see potential in a business that embraces innovation and technology, such as developing an online platform for rentals, implementing efficient inventory management systems, or incorporating new trends in the wedding industry. Kansas City's economic growth and development, along with its thriving wedding industry, could be an indicator of a favorable environment for investment in businesses catering to event services. As the wedding industry rebounds from the impacts of the COVID-19 pandemic, investing in a business poised to capitalize on the resurgence of weddings and events could be seen as a timely opportunity. A business such as Durant Events deeply involved in the local community, supporting events, and establishing partnerships with other local vendors should attract investors interested in businesses that prioritize community engagement.
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Self Identified Competition
Supply Event, Ultrapom and Azizi Party & Rental are our top 3 competitors. Kansas City hosts numerous wedding events throughout the year creating a high demand for rental items such as decor, lighting, etc. This demand attracts multiple businesses vying for a share in the market. We simply do not have the man power or funding that these companies possess in order to truly compete. This creates an essential need for this grant. Durant Events is also a fairly new business in the market which makes it more difficult to compete with businesses like the ones listed above that are already have a hold on the market. These 3 businesses offer delivery wit multiple employees while we are a dedicated army of 2. Durant Events are a boutique rental business ran out of our home and a small storage unit. We are not set out to nickel and dime our clients. We want everyone's wedding, baby shower, birthday, etc. to be the day of their dreams and don't want cost to limit them. We try really hard to work with our clients and learn their decor needs in the most cost effective way.
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