Warm welcome to all, Attending meetings, accessing peers and finding business partners etc. Entrepreneurs facing these types of activities from day to day to run a business successfully. Nowadays, networking of all vendors and colleagues is easier with the arrival of websites, social media etc.
Conducting live conferences helps to access the other attendees, gathering diverse information and building up a better interpersonal relationship etc. Besides, attending conferences by person helps the people to ask the questions, share the ideas and expand their knowledge. The informal connections between the sessions are invaluable and this is not in case of video conferencing. Ok. Now, you are cleared about conferences and the need. Immediate one that comes to your mind is how to arrange the conference. Where to conduct. Will anybody offer the space for the conference? Here, the solution to all questions.
What is the conference venue? How it is suitable for the rental business?
A venue rental business where the conference takes place is a new evolving one and it offers the solution to the difficulties in finding the leading conference rooms. According to the business reports, the venue booking industry is crossing the million-dollar economy in future years and this makes you earn huge profit. Take a quick glance about working. For a business conference, the renter offers their space on a website to earn a profit. The website owner acts as the interface between the renter and business people, earning the commission for renting.
Business model for conference venue rental business
Modeling describes how the business runs from service providers to the end-users. Here, you take a descriptive look at the model for the conference venue rental business. The major key advantages of starting a conference venue rental business are low investment and high profit. Your app acts as the interface between the entrepreneur and the venue owner. The model comprises the three main stages: The rental venue portal, entrepreneur and venue owner. Let us discuss this in detail.
Registration: Here, both business people and venue owners are registering themselves by the website or smartphones.
Venue Listing: It comes under venue owner side where he includes the details of venue like location, dimension, occupancy.
Venue Searching: It directly comes to the entrepreneur side where they can collect the information and select the venue accordingly.
Booking: Once the appropriate venue is seen, then immediately booking process starts immediately on the entrepreneur side. The venue owner checks the availability of selected venues and he immediately approves the request if it is available. Now, book the venue through payment gateways.
Here, the rental venue portal acts as an interface between the entrepreneur and venue owner and it monitors all the activities performed on both sides. The admin of the rental venue portal takes the commission for offering and rest of them back to the venue owner.
Players in conference venue rental business
The business model comprises various functions and these are performed by the following players.
The website portal from the entrepreneur side solely responsible for the registration process. Besides, this also performs subsequent tasks.
- Apply the venue with the suitable filters location, sq.ft, occupancy and so on
- After listing the venues according to the entrepreneur’s requirements, they check images, ratings, and videos. Select them and request for booking.
- If the selected venue is available on time, then immediately fix the date of booking the venue.
- Provision of contact information for venue owners in the websites facilitates chats, calls for additional details.
- Once the decision is made, entrepreneurs pay the amount through multi-payment methods.
- Creating a profile with the information is the primary stage after signup. Here, a renter presents the details like the name of venue, occupancy level, location.
- A renter can also process requests or rejects from the entrepreneur side, responses
- The finite decision requires additional features like images and videos. So, the venue renter is ready for it.
- Player responsible for managing marketing strategies like website promotions, offering coupons.
- Hand-over the money to the renter after taking a commission in the total money.
Source revenue of conference venue rental business
Finding loyal customers is a difficult one if no comprising the rental income to build a long term relationship. This is the ultimate strategy followed by all renters and is the age-old technology. Nowadays, the increase in the number of business firms directly increases rental requests. Hence, the apt solution to balance among the renters, admin of rental portal and the entrepreneurs is required. The win-win strategy on along sides to increase the profit of your own startup comprises the following sources.
Instead of focusing on offering price incentives based on duration, you turn to look at it into the reduction of turnaround time. As soon as the venue is in a state of vacancy, the owner will immediately advertise their venue on portal and get the requests. Business reports showed that leaving the venue empty reduces the overall rental income by a significant percentage.
Suppose a venue is located nearer to the business people’s location, providing traveling resources by partnering with the online cab services added up the revenue.
Pricing the venue is the critical factor and is only responsible to make your sale or breaks it. Setting prices early based on the space and the number of members occupied helps the visitors to cross-check with the market trends in a comfortable way. The conversations through calls and chats prior to registration convey the nominal prices according to spaces and amenities offered to the meeting peoples.
Rent through Vision:
Like selling property, venue rental is not easy and more features are needed to convince the target audiences. Here, vision plays a major role to select a suitable venue. The clarity in images, brighter looks with the needed appliances like projectors, screens etc and the arrangement of chairs also indirectly facilitates the selection process.
Now you are very clear about what is event venue booking, business model, players involved in it, sources of overall revenue. Shall you do a smart startup of venue rental booking? Yes. Here, I provide a suitable product called SpotnStay for your startup. We, at SpotnStay covers all the above listed dimensions of conference venue booking business. Let’s have a quick look into it.
SpotnStay features that skyrocket your business
The features of SpotnStay that help you to run a venue booking business on a high-profit basis highlighted in this section.
Multilingual System: The predominant stages of venue booking are the registration and conversations. The provision of multilingual support in SpotnStay offers feel free communication between the renter and business professionals all over the world.
Listings: As soon as the requests from the new entrepreneur, the available venues are listed with plenty of options to help them to make an interactive search. With SpotnStay, the filtering process is made simple and finds the venue that suits the conference.
Interface Management: As you already know, the three players are involved in the business model of the conference venue booking. Placing interfaces in SpotnStay separately to the players involved makes the decision in a fast manner.
Alerts & Response: Since they are business professionals, timing is the major deciding factor and this is also important too. As soon as the new booking requests starts in SpotnStay, the renter will get immediate alertness and process the further formalities.
Well, Concluding, now you know the features that support you to make a successful startup on conference venue booking. Still waiting. Why? Opportunities are less in the on-demand industry. We are there to provide you a solution. Catch us on hello@SpotnStay.com. Looking forward to your designs with us.