Events Venue Rental Website – Features and Business Model

Events Venue Rental Website – Features and Business Model

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When Airbnb came into being, the idea of renting out private space for tourists was a fairly new concept. It took a long time for people to adjust to the notion of renting out places on the internet for personal use. By 2017, the user base of Airbnb grew to 36.8 million in the United States.

Airbnb user base US

User Base of Airbnb in US

As Airbnb grows, entrepreneurs try to explore other ways to optimize unused space. With more people becoming accustomed to the culture of non-ownership, starting a space rental website trend is growing, making 2018 the right time to start your own venture based on sharing economy.

Hosting an event requires a lot of planning. From managing the guest list to interior decoration, the host has to handle all these tasks within a fixed amount of time. The event venue renting website is a solution for hosts as it lessens the burden of planning.

To start an event venue rental business, an entrepreneur should ask following questions:

To help you understand the business model and create a conversion-friendly online portal, we have researched information to answer above questions.

Event Venue Rental Business Plan

The event space booking solution falls under the hybrid platform. The primary benefits of this business model are low upfront cost, less risk, and scalability.

The Working of Venue Booking Website

Website Visitor:

  1. A visitor can search the platform by applying search filters like location, number of people attending, etc.
  2. The website filters and shows search results according to the visitor’s preference.
  3. After selecting a venue from search results, the visitor can check images, videos, facilities, reviews, etc.
  4. If the venue is available, visitor can book it immediately or specify a date in the near future.
  5. The user can chat with the venue owner or call on the mentioned contact information on the venue page.
  6. After all the queries are answered and the booking decision is made, the visitor can make the payment online.

Venue Owner:

  1. After the sign up process, the owner can create a profile on the website and add venue information.
  2. The venue owner can add details such as name, location, cost, seating capacity, facilities available, etc.
  3. The owner will add images and video of the venue to enable website visitors make an informed decision.
  4. Manage incoming booking requests, availability of venue, and cost.

Website Owner:

  1. Manage marketing activities such as creation of coupons and run campaigns.
  2. Monitor ratings and reviews to maintain good online reputation.
  3. Deduct the commission from payment and send the remaining to venue owner.

Target Audience for Event Venue Booking Website:

  1. Event Organizers
  2. Wedding Planners
  3. Tour and Travel Planners
  4. Travellers

Revenue Streams for Event Venue Rental Business

Primary Revenue Source

Commission

When a user books a venue through the website, payment is made to the website owner. The owner of the website deducts his/her commission from the total payment. The rest of the amount is transferred to the venue owner.

Subscription

The website owner can ask for a monthly or yearly subscription fee. The subscription packages can be modified as per the requirements of website owner.

Secondary Revenue Source

Sell Products

The owner can sell products on the website which a website visitor, who is trying to book a venue, may require.

Display Advertisements

Partner with relevant businesses to display an advertisement on the website. Plan the advertisement space on website in such a way that it shouldn’t hamper lower the conversion rate. Here is a link to an excellent guide for conversion rate optimization.

Leading Venue Rental Market Players

Venuu

  • Founded – May 24, 2013
  • Founders – Emil Sågfors, Jasu Koponen, Jerome Saarinen

Hirespace

  • Founded – 2012
  • Founders – Ed Poland, Will Swanell

Eventup

  • Founded – 2011
  • Founder – Jayna Cooke

Venue book

  • Founded – Sep 1, 2010
  • Founder – Kelsey Recht

Peerspace

  • Founded – Feb 2014
  • Founders – Matt Bendett, Rony Chammas

Headbox

  • Founded – Jun 1, 2015
  • Founder – Andrew Needham

Important Event Venue Booking Website Features

Google Map Integration

The website can be integrated with Google maps as people prefer to know the exact location of the venue prior to booking it.

Search Filters

Before visitors start searching for a venue on the website, they want the search results to be filtered according to their preference. Some of the parameters on which they would like to filter the search results are location, pricing, number of people that can be accommodated, etc.

Real-Time Booking System

When a person selects the booking date and clicks on the book button, the system should be fast enough to make the booking and mark the venue unavailable for others on the selected date.

Multi-Currency and Multi-Language

People might want to book a venue in a different country to host an event. Event venue rental platforms should support multiple languages and currencies. Check our article on ecommerce features and tips to be a successful entrepreneur.

Blogging Platform

A blog section helps impart information to website visitors. A venue and personal space booking platform should have blog posts on different themes such as celebration, traveling, etc.

Live Chat

Potential customers have a lot of question they need to ask the venue owner. Live chat is one such website feature which improves conversion rate with better communication.

Rating and Review

Previous customer’s review and feedback help potential customers build trust for the venue and make a better booking decision.

Important Mobile App Features

In-App messaging

The in-app messaging feature can be integrated to enable real-time communication between the venue owner and the website visitor.

Push Notification

Apps must have an option where website owner can send notifications to the website visitor. Make sure the push notification is engaging enough to improve the conversion rate.

Pitfalls to Avoid

Event Cancellation

When a venue is booked for specific dates it cannot be allotted to anyone else subsequently. So event venue booking platforms face this problem when a customer cancels a pre-booked venue. The losses have to be incurred by the venue owner.

Solution – To avoid last-minute cancellation, the event venue rental platform can a give a window of 10 days after booking to change/cancel the booking. After 10 days, a fixed amount can be charged to cancel the booking.

Comparing Prices

Website visitors may become confused between multiple venues before making the final booking decision.

Solution – To enable potential customers make the final booking decision, add a comparison feature. The comparison feature can show difference in cost, facilities, etc.

Marketing Techniques

Social media presence

  • Event venue booking platform can share live Facebook videos of public events.
  • On Instagram, venue booking website owner can upload high-quality images of the venue with a fascinating caption and link to the website.
  • Professionals from different industries are present on LinkedIn, who want to book space for meetings and official events. Reach out to them for partnership.
  • The website owner can list their business on Google and many other listing websites available.
  • Facebook ads and Google ads are the best way to grab the attention of your target audience.
  • Create video content for Snapchat, YouTube, etc.

Conclusion

Event venue booking website reduces the hassle one has to bear while planning an event. Even if the location is not nearby, hosts can know all the facilities, check pictures, talk to venue owner, etc., through this platform.

Looking for a Feature-Rich Event Venue Rental Website?

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