Is a retail Party Supply Store and A Party Rental Store two different businesses? -

I own a retail Party Supply Store, There is a local business contest in my town. The contest is to write a business plan for a new business and you can win 10 000 to open the new business. It needs to be a new business. I was thinking about starting a Party Rental business. But would it not be considered a new business because I already own a Party Supply Store? I do not have any rental inventory at the moment!

I think you have a good idea since a party supply store is more about selling the plates, balloons decorations for parties (consumables) and a party rental store would more likely rent tables, chairs, chaffing dishes, etc.(durable items). You are still going after the same market, which you are familiar with; however, you will be targeting a different segment. The business plan for a rental store is much different than a retail outlet. You need to consider the higher assets that will be required to have enough rental equipment to maximize your sales while not tying up too much capital during the off-season.