There are a variety of ways to utilize digital displays, including launching an LED sign rental business. Not all businesses want to invest in their own display, or they may not have an ideal on-site location to post their sign. Event venues may not have their own displays, or they may only offer a limited range of options. Some people even want to rent signs for personal parties and events. So, there are a variety of demographics to target. Here are the basics for getting started on either renting from, or starting up an LED Sign Rental business.
#1 Determine Your Demographic
Every solid business plan has clearly defined demographics. If it’s helpful, work with a market strategist to determine your local demand. Also, to assess the competition and look for gaps in the market. For example, you may not target all special events, but may specialize in trade shows, concerts, and stage productions. Aim to outline 3 distinct demographics. Specializing in renting Digital Signs to say Bar mitzvahs and Bat mitzvahs can be a great way to start a LED sign rental business.
#2 Mounted or Temporary
Your market research will help you determine if there is a greater demand for mounted or temporary signs. Mounted signs include digital billboards, pole-mounted signs along busy roadways, or signs mounted to the side of a building. Once mounted, the signs will display paid ads.
Temporary signs are ideal for events of every kind. You would likely partner with event venues and event planning companies as part of their A/V team. Sign rental is also a popular add-on service for existing A/V companies. Your LED sign rental business can rent by the day, week, or entire multi-day event. Temporary signs require a lot more work, so you will also need to invest in a delivery vehicle, temporary mounts, trained technicians, and audio equipment.
#3 Location
If your market research finds that the local demand for LED rentals is low, explore other areas. This may be a bit more difficult for temporary signs but can be quite lucrative for mounted signs. For example, maybe you live in a mid-sized city with a saturated market. Or that restricts the number of exterior displays. So, explore your surrounding cities and counties. Even consider out of state areas for mounted signs.
Yes, out of state too! Once your signs are up and running, it’s easy to run your business remotely.
Location also includes where you want to place mounted signs. This may require you to rent out the side of a building, space on a pole, or the land to mount your sign. If you are renting out temporary displays, you may not require a traditional brick-and-mortar location. However, you will require somewhere secure, easily accessible, and equipped to properly store your equipment and electronics from which to run your LED sign rental business.
#4 Compliance
Before you place your order for your LED sign rental business, reach out to a local-area startup consultant or accountant who offers business compliance services. They will check to see what licenses, permits, insurance, and other compliance measurements need to be taken to launch your business. For example, in addition to a business permit you will likely need a permit for your sign and the size of your sign may be limited by location.
#5 Size, Capabilities, And Quantity
Now that you comprehend your compliance requirements, it’s time to order your signs. Your signs will be built from scratch, including components to ensure either exterior or interior placement. Not to worry if you live in extreme climates, as Mega LED Technology tests our signs in environment chambers for heat exceeding 160 Fahrenheit and as low as -40 Fahrenheit. We also have signs placed in every climate found in North America.
For maximum versatility, order full HD signs that can post text, images, videos, and motion graphics. You may order a variety of sizes to meet a variety of needs.
#6 Additional Accessories
If you are mounting your sign, you only need to order a frame, mount, and electrical essentials. If you will be providing your signs for event rental, you will need to invest in additional equipment.
This might include:
- HD speakers
- Microphone
- Extension cords
- Temporary mounts
- Dollies and straps
- Power strips
- Extension cords
- Control panel
- Full AV control center
- Static Sign adjacent to your Digital Sign
- And more
#7 Determine Your Rates
If you worked with a market research company in Step #1, you may have an idea of the local rates. Now it’s time to solidify your LED sign rental rates. This may include introductory rates to get your business up and running.
For temporary rentals, your prices may vary by the number of signs, sign size, and how many days it is rented. You may even create rental packages. For example, tradeshow or wedding packages. Prices should include an on-site technician.
For rented ad space you can rent per impression, hour, day, week, or month. You can rent to one client per designated timeframe, or you can alternate between a variety of ads. You can even charge more for how long an ad is displayed and by the day of the week or the time of day. For example, you may charge more for rush hour, weekends, holidays, and other high-traffic times.
#8 Marketing
Once mounted signs are in place, use your sign to market by posting “Your Ad Here” displays. Ensure your ads are visually engaging, highlighting the range of your signs. For optimal results, hire a digital sign designer.
Marketing your mounted or temporary sign business requires digital marketing. Hire a pro to target your key demographics. However, if you are renting temporary signs, you must network and make connections with event venues, event planners, and local performance spaces.
You will also need a website and social media.
Need Signs For Your LED Sign Rental Business?
If you are looking for a trusted partner to custom build your new LED displays, we invite you to reach out to Mega LED Technology. We build each sign from scratch to ensure your precise specs and capabilities. We are available to answer all your questions and we also have in-house sign designers to help you get started!
