Function rooms in Singapore are often booked for plenty of events like bridal showers, birthday parties, engagements, weddings, family unions, corporate events and even church benefits. For a person to start a function room rental service, they need to be prepared to give clients services like music, catering and decorations.
Make sure there is demand for function rooms in your area
One of the first things to do is understand your local area or the area you want to start operating in to ensure that people are looking for such rooms because you would not want to start the business and make no profits. Have all your marketing materials ready and sell your service. Let people know the booking times and days, decorations, entertainment, rental prices and the size of the room.
Scope out your niche
This is very important if you are setting your business up in an area where there are services similar to yours. Take your time and identify your clients. If you are targetting wedding couples, have your function room next to tuxedo and bridal shops to easily attract them. Getting in touch with party organisers is also a wonderful way to get hold of potential clients.
Formulate a business plan
This will be the way that you will operate your business and it highlights the target market, purposes and how much resources are available. This plan should include tax, wages, insurance, advertising and utilities.
Know your operation cost
You can know your operation cost by calculating the amount it cost you to start things up and estimate the monthly cost for every year. Finances will go to things like building the function rooms, rest rooms, lighting and the kitchen. You also have to include maintenance and repair fee as well as miscellaneous costs like food and beverage or writing materials.
Register the business and secure a license
Under the Business Registration Act in Singapore, all businesses are required to register themselves under the Accounting and Corporate Regulatory Authority (ACRA). This is to help ensure that you can retain your contractual rights. A business may result in fines or imprisonment if they fail to register their businesses. Also, businesses in Singapore are encouraged to conduct regular inspections to ensure their premises and work processes meets the health and safety regulations.
Decorate the function room
This is where you will need to bring in your creative juices or even professionals to make sure that the function room looks and feels fantastic for your clients who booked it.
Get the furniture in
There are many places that sell good furniture for function rooms in Singapore. Depending on your niche, there is a variety of furniture that will accommodate your needs. Ensure that these furniture are easily movable or adjustable as function rooms often require customizable or changing arrangements depending on the client’s needs.
Hire your employees
When the furniture is in place, it is time to hire a manager who has good communication and people management skills. Communication is very important as your manager is the contact point between your business and your clients. Your manager has to be conscientious and detail oriented as renting a function room involves a lot of planning as well.