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.

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.

What is the business model?

Which are the major revenue channels for an event venue rental business?

Major players in the venue rental industry?

Essential event venue rental website features?

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

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.

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

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

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

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.