A Royal Way to Make Money: Start Your Own Throne Chair Business

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Launching a throne chair renting business is a great entrepreneurial opportunity to reel in profits. The business mainly comprises throne chairs and stools for special events like video shoots, parties, photo shoots, baby showers, gender reveals, and weddings. The market is very wide. 

In this article, we will provide crucial information that explains what it takes to have a successful throne chair renting business. Here is what you need to know.  

Why start a throne chair business?

A throne chair business is for all aspiring entrepreneurs who envision having a decent business with handsome returns (over $50 per chair per occasion), minimum hassle, and low investment. To have encouraging balance sheet figures, consider the following.

Quality of chairs: Customers are very careful about this and often try to ascertain the quality of the chair before selecting one. This is because most of them rent them for special events thus perfection is unquestionable. Ensure the chair has no scratch marks, and the paint hasn't chipped off. If it has leather covers, keep them in pristine conditions, well-pinned and polished. In addition, have a manual that will teach customers how to maintain them.

Hire competent professionals: Hire competent workers who can strike long-term relationships with customers and maintain a positive aura. Also, if possible, find someone experienced in interior decor to advise customers on the best choices. 

Understand the industry: The throne chair industry has the potential to grow. Unfortunately, it is attracting sharp-minded and better-placed competitors. This is detrimental to a startup, but you can stay one step ahead by understanding the industry. Listen to what experts talk about and gather as much information as possible. You can even visit a currently operating business to understand the craft.  

Furthermore, take your time to draw a good business plan while considering all possible risks and explorable opportunities. 

Key things to consider when starting a throne chair renting business

The diversity of throne chairs 

Customers love diversity and uniqueness. Feasting on these traits can be profitable. But how do you achieve that? It is simple; go for unique, hand-carved, and historical chairs -something that customers will tie to your brand. 

If you are not in a position to pursue such options, find luxury, gold-plated, and leather seats. And also go for different designs. Mix both Victorian and Tuscan-style throne chairs with modern designs. Lastly, understand your market's needs and try to customize these chairs.

Select an Attractive Business Name 

An attractive name should be memorable and clearly states what you are offering. It should also be short, and away from religious or ethnic backgrounds. Here are some catchy names you may consider. 

·         Regal Throne Chairs for Photoshoot, Birthdays, and Weddings 

·         Classic Party Thrones Chairs For Renting 

·         Elegant Kings and Queens Throne Chairs for Hire 

·         Jackson's Party Thrones Chairs in (name of the place)

·         G &F Thrones

Legitimize your operations

Every business must be legalized by territorial authorities and the government. The same happens to throne chairs to protect individuals running them and their possessions. 

To get started, contact the Professional Certification Board and inquire about the requirements for becoming certified. Once you have met all of the requirements, you will apply for a business license and start operating.

Besides regulating and protecting your business, having a license boosts customer trust and showcases professionalism. 

Prepare a comprehensive cost analysis

Cost analysis is the process of breaking down costs into primary constituents and studying each of them. During the process, you may compare different elements from one or more financial periods. This is crucial to give you a binocular view of how you will be spending money through budgeting and settlement of expenses. Here are some things to include in the cost analysis. 

·         The total charges for incorporating your business in your area

·         The budget for licenses, permits, and insurance

·         The amount required to rent a strategic office with adequate space

·         The total fee for equipping your office with electronic devices, printers, and computers

·         The cost of coming up with an official business website.

·         Additional expenditures such as promotions, adverts, business cards, signage, and using influencers

Select a Suitable Place for Your Business

When dealing with renting out assets, you must be closer to customers to reduce transport expenses. Choosing the wrong place may be the key to your failure. Below are some of the factors that you should consider before selecting a nice place. 

·         Safety 

·         Availability of workforce 

·         Distribution of customers 

·         Competition 

·         Cost of renting 

Draw a strategic advertising plan

An advertising plan is a guide to promoting your business. It should be comprehensive and talk about potential customers, how to reach them, and possibly highlight shortcomings. Develop an advertising plan by:

1.stating your goals 

Here, find the answers to: should I target new customers? How will I maintain my current customers? How can I increase traffic for my throne chair business?

2.Forming framework for the advertising budget

How much are you willing to spend? Choose an advertising medium that is cheap but impactful. In addition, request for customer ratings and referrals.

3.Determining the audience 

Throne chairs are for photoshoot enthusiasts, people in long-term relationships aiming for a wedding, and millennials who love to hype their status with fancy birthday photos. Don't forget folks in the mid-40s- they are settling down, bought a home, and have extra income to indulge in luxury things like throne chairs.

4.Completing SWOT analysis

SWOT stands for your strength, weaknesses, opportunities, and threats. What are your key pillars? For instance, do you love keeping parties colorful with your unique offering? How do you deal with competition and low demand? Are you in a position to take advantage of future opportunities?

5.Building the advertising plan 

At this stage, you should answer questions like what, when, where, and how. What media am I going to use? When should I start? Where should I channel my advertising efforts to? How will I increase my customer base with my preferred methods?

Have a great start-practice makes perfect

By spending time honing your skills and perfecting your craft, you'll be better prepared to take on entrepreneurship challenges. Plus, you'll have a much better chance of success if you're passionate about what you're doing. So, stick to our simple guide and have a prosperous business. 

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