If you'd like to open a conference room rental business, you'll have to first understand the principles which apply to any good business venture. We'll cover some of the basics here, but it's a good idea to enroll in an online business school to fully appreciate the nuances of running a successful company.
A conference room is often simply a room with the most utilitarian of furniture and facilities. While a concept of a high-tech space would often pop into your mind, most corporate meetings would usually just require space for the attendees to stay and work, while discussions take place.
Not all companies have adequate meeting places, though. Those renting office space might find it too expensive to maintain a separate room just for meetings. Sometimes, businesses with conference rooms might require a bigger space, if a meeting involves more people than their conference room’s capacity can handle. With this in mind, running a meeting facility is a good business model, especially for establishments in business districts. Restaurants, hotels and other meeting places have special deals for groups that use their venue for meetings and conferences. This would also work for buildings with banquet rooms.
Renting a conference room is a viable alternative to most small businesses and organizations, who may not necessarily want the extra expense of maintaining an extra room solely for meetings. If you have extra space, and you think this is situated in a prime location for doing business, then it might make sense to run a conference room rental business.
- Space. First, you have to determine if you have adequate space. You will be surprised with how small spaces can pass off as conference rooms. A conference may simply be a group of businessmen just planning a deal by themselves. If a room is at least 30 square feet, you probably have a workable space already that could comfortably sit at least 12 people around a table.
Larger meetings would require bigger space, though. But for smaller gatherings, what you can do is separate a large room with accordion-type dividers, so that you can practically hold two events at any given time. Or, the entire space can be rented out by one client, but they can use one of the rooms as a holding space for registration, snacks, and the like.
- Furniture. When you’re planning a conference room rental business, you need to invest in good furniture. You will need a large wooden table and ergonomic chairs. These could be your edge over the competition, and would give your clients best value.
- Technology. Most conferences and business meetings would require at the very least an overhead projector. However, with most presentations being done on computers, you would need an LCD or LED projector, and a screen on which to output the display. This might be a significant investment, but projector prices are constantly falling so it’s not hard to find a good deal these days.
You should also invest in other appliances that would add to the convenience of your clients. For instance, most meetings are caffeine-driven, so a good coffee maker should be part of the package. Refreshments should also be free-flowing, so a water dispenser would be important. Meals and snacks might be an added source of income, so you can either partner with a caterer, or you can offer to prepare the snacks yourself.
Lastly, get all the necessary business permits and advertise. Posters and flyers would certainly help you get the word out among businesses and organizations in your area; online business marketing classes are also helpful.