We are all aware of how the sharing economy is transforming the way we engage in renting a commodity and service. Now we can rent a home, car, equipment, or apparel. A new thing added to the list is event venue sharing business.
It is the service of renting a venue space for a particular time and date, by the customers, to organising events ranging from business meetings to entertainment purposes.
Big players in the field such as Hire space and Peerspace have started small but are still in the field, marking their territory internationally.
After seeing their success, it is very much visible to us that event venue sharing business is popular, and makes convenient for people.
If you have an interesting idea to make your niche in this event sharing business giving a great competition, then you should think about making your website ready which is definitely possible with our customizable RentALL script(Airbnb clone) aligning to your business needs.
Even though event venue sharing business is thriving, entrepreneurs are hesitant to make their mark as there is a growing insecure assumption around it.
Let’s talk about that.
MYTH 1: It is just for sharing wedding events and baby shower
You can share your venue for any events such as
- Corporate meetings, events and conferences
- Photo/film shoots
- Classes like dance, fitness, yoga
- Wedding, baby showers, anniversaries, rehearsal dinner
Successful companies like Splacer and Peerspace offers venue space for more than 150+events which you can’t possibly imagine.
Do you know why this venue sharing website is successful? It is because,
- Venue space can be booked for various events
- Fast access to information of all venue spaces in town
- Fast and easy booking of event venues without much strain
MYTH 2: You can’t earn a fortune
Incorrect! Actually, you can earn lucratively if your website is appealing, fast loading, given authentic information, well advertised. Plus, considering the entrepreneur’s vision for the company, feasible business plan and a good strategy to push your company to success.
As the saying goes ‘Face is the index of the mind’, likewise your website design reflects everything. Make sure the website you create is attractive and curious enough to make visitors scroll more.
Next, find a niche.
If you are going to copy your competitors business plan and strategy, it is not going to work out. If you are going to provide the same service what your competitors are doing, how customers conceive the difference and prefer your service?
Do your market research. Find the flaws of your competitors and make that as your strength.
That’s one way to stand out of the crowd.
After finding your niche, devise your business plan and strategy.
More than success, read the failure stories of entrepreneurs. Get to know how they flopped and the decision taken regarding it.
It leads to having a concrete plan of things not-to-do and new ideas you thought of experimenting in your business plan.
MYTH 3: It is difficult to market your event venue sharing website
You can market your event venue sharing business website as long as you have a well-devised marketing strategy and know the needs of the user.
Every company starts small from their own town or city, corresponding to the needs of the people.
At first, know the type of events organized in your locality and the people’s preference for event spaces.
Each city or country has its own history, festival rituals, and ceremonies. Observe and think about how you can help the community, as that’s what sharing economy is all about.
So, think about how your website can help people which your competitors can’t able to supplement.
Advertise to venue owners on how they get profited and helps them in return.
As you need to maintain the supply and demand, make sure you advertise to users about your company
MYTH 4: It’s difficult to build your supply chain
Absolutely not, it just takes time to balance the supply and demand.
The trick is to build your sellers first than your renters. If you have no seller on your website, customers would go away.
You must have heard about Uber, who is now a top-gear in the car rental industry. When they first launched, they attracted car riders by giving a stable income even though they seldom get customer rides. They waited until more customers engaged in the platform.
I know this strategy can jeopardize the company of a great deal. But if you are confident with your unique business idea, give it a try. At the same time, having a backup plan is a wise thing.
Wrapping it up
Most people don’t realize how the unused and open spaces can turn into gorgeous venues to organize events. Event space websites are build based on this ignorance. At the same time, this helps in building a community.
I hope, these four myths have dissolved some opinions and has given you an insight into the event venue sharing business, for your entrepreneur journey.
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