The market for venue rental is skyrocketing, making it the most profitable business opportunity for entrepreneurs.
Are you thinking about starting your own venue rental business? Then this is the blog for you.
This blog will serve as a comprehensive guide to getting your venue rental company off the ground.
What is an online venue rental business?
The venue rental business allows the host to list their spaces and guests to book their preferred space for a specific date and time.
How does the venue rental business function?
1. Guests sign in to the platform by using the multiple login options
2. The host lists the space on the platform
3. Guests can search for and book their favorite spaces based on location, price, and other options.
4. The host receives the booking request from the guests and has the option to accept or decline it.
5. In the case of any booking-related queries, the guests and host can interact with each other.
6. Once the booking is approved, the guests will make use of the venues.
7. Based on their rental experience, the host and guests will rate and review each other.
Must have feature for your venue rental platform:
1. Advanced search filters:
With an advanced search filter option, guests can quickly find their desired space in the expected locations at an affordable price.
The wishlist function allows the guests to save a preferred venue space for future bookings.
3. Instant booking and request to book:
The venue rental marketplace platform offers two types of booking options to guests – instant book and request to book.
Guests can book the space right away using the “Instant book option.” The “Request to book” option allows the guest to send a booking request and wait for confirmation from the host.
4. Payout preferences:
Host receives their payment in terms of payouts. The host can select their preferred payout account from the list of accounts they’ve added.
5. Unique price setting:
This feature allows the host to earn profits by charging different prices for different types of events.
6. Reviews auditing:
The review posted by both guests and the host will be audited by the platform owner. They also have the right to edit and remove the reviews.
7. iCal integration:
The calendar can be exported and imported from any platform by the space owner. Bookings made on one platform will display on the other platforms as well.
How does an online venue rental business generate revenue?
In the venue rental business, picking up the right revenue model plays a vital role. The most popular revenue model used by venue space rental marketplaces is the commission-based revenue model.
The platform owner charges a commission fee for every transaction that occurs on the platform. The fee will be charged for both space owners and guests.
How to start an online venue rental business with a perfect software solution?
If you want to start a venue rental business, you can either start from scratch or customize a readymade solution to build your rental platform.
Looking for a ready-made solution to launch your venue rental marketplace? If so, then make use of our RentALL Space – venue rental script.
What is RentALL Space?
RentALL Space is a customizable venue space rental script that enables entrepreneurs to quickly launch a rental marketplace platform in the market. It is highly scalable, affordable, and also offers the customers a better user experience.
Here are some more compelling reasons to choose RentALL Space,
1. Complete source code will be available
2. It has all the necessary features and functionalities to get your business started.
3. Developed using the most up-to-date technologies, including React, Express.js, and GraphQL. It assists in improving the overall performance.
4. Helps scale your business with the help of multilingual and multi-currency options.
I hope this blog has provided you with all of the information you require to begin your venue rental business.