Event hire
Introduction
So you've decided you want to run an event hire business. Maybe you've spotted a gap in the local market, or perhaps you've been working in someone else's hire business for a while and feel the time is right to go it alone. Whatever the reason, this guide will take you through the issues you need to consider and give you practical pointers on getting started.
Sector trends
The number of parties, shows, festivals, conferences and other events held is influenced to a certain extent by the state of the economy in general, and the local economy in particular. As a result, demand for event hire will also be affected by the national economic climate, although local conditions and demand may vary. The economic slowdown that began in the late 2000s is likely to have reduced demand. Other things affect the level of demand too - for example, the event hire industry suffered during the foot and mouth outbreak in the early 2000s as many agricultural shows and other large events were cancelled. The number of weddings, for which marquees and other items are often supplied, has been decreasing since the early 1970s. However, wedding receptions have generally become larger and more expensive events, for which marquees and other items are often required. Bear in mind also that the pub sector in the UK has been under pressure for a number of years due mainly to supermarkets selling alcoholic drink for much lower prices and, more recently, the UK-wide smoking ban. Demand from this sector for large screen TVs, small marquees for the beer garden and so on may have fallen as a result.
Event hire is sometimes offered as part of a tool hire business. Over the past few years the tool hire sector has seen an increase in the dominance of large national and regional chains of outlets such as HSS Hire Shops. While this has made things difficult for smaller independent tool hire businesses, it has been less of a problem for businesses specialising in event hire, as the chain stores deal mainly with tool and plant hire. HSS, for example, operates over 400 tool hire shops but during the period that they were involved in event hire, they only operated 6 specialist outlets. These were subsequently sold, although HSS continues to offer a limited range of event items through its online service.
1.1 Keeping up to date with developments
Trade associations can help you to keep up to date with what is happening in the hire sector. The Hire Association Europe represents the interests of all firms involved in hire and rental.
