Starting An Equipment Rental Business plan
If you have any interest in tools or equipment and in your leisure time you maintain your own belongings item get repaired, so selection of equipment rental business will be a perfect choice for you. Today most of the homeowners like to maintain their home belongings self just because of high cost of technician visit. Tool rental business
Whenever homeowners think about to repair their home belongings they stuck due to lacking of tools. If they get any assistance for tool supply on rent, so this would be a great option for them.
Equipment Rental Business Growth Probability
There are few reasons to get good response in the market of your business.
1. Low competitors -If we see in the market so you will not get any shop of this kind services, it means you have very less competitors for your equipment rental business. That’s why probability of earning is very high.
2. Less time to run– Like any other business you would not have to fulfill lots of formalities and fulfill many tasks. Just need to arrange shop in a perfect location and arrange your tools with the perfect display board to know about.
3. Fast rolling- Because you will charge rent hourly in the behalf of your tools, customers would return them as they complete their task immediately. And you will be able to give them to an another customer for the same.
4. Less investment again-Like any other businesses you don’t need to invest amount on your equipment again and again generally. Equipment are made of iron or steel that’s why no need to invest for maintenance on them every month.
5. Preference– In current scenario nobody can’t keep all equipment at home that’s why you would be the all-time preferable choice for all homeowners which make fantastic your business than others.
Few Keys to Make Your Tool Rental Business Productive
1 Protection– Renting out tools will come with you liabilities, you must need to consider them and protect yourself against. Tools can be hazardous for your users just because of their own lack of awareness for or wrong using method. To escape from all such challenges an agreement of all terms and condition in written is mandatory.
2 Business registration – Before starting your new business confirm all the legal registration formalities in your town, so that you could become an owner of legal entity.
3. Take an insurance cover– For your personal protection an insurance cover is necessary. You need to cover yourself with your business for unpredictable wrong incidence.
4. Lawyer review of your rental contract– To limit your liability for any wrong incidents a well written contract is always useful. Before renting your tools to the clients, explain all well written terms and condition, no injury or damage in equipment would be accepted by you. You should deposit the current value of the tool before allotment to the customer which will be refundable at the time of return, after the deduction of rent amount. Taken an opinion of your lawyer before finalizing this terms & conditions.
5.Equipment Rental Business licence– As you are going to run a commercial business you must have all business permission.
Product Line Planning of Your Tool Business
First, Make a chart of your all tools and equipment which you already have in good condition, those aren’t, separate them to get repaired, if possible.
Second, expand your business make a list of rest all necessary tools or equipment which are needful for homeowners for their home maintenance.
Here’s a list of few necessary tools
- Power Drills
- Power Washers
- Various Power Saws
- Drain Cleaners (Snakes)
- Ladders
- Floor Buffers
- Wet/Dry Shop Vacs
- Weed Wackers
- Jack Hammers
- Air Compressors
- Hand Trucks
- Cement Mixers
- Grinders
- Sanders
- Generators
- Water Pumps
- Dehumidifiers
- Augers
Price Your Rent
First make a monthly expense calculation of your equipment rental business and then after decide your tools or equipment rent. Because you are new the market and to make a customer base for your new business, rent should be less in the beginning.
Business promotion
Get your business online first. Today in the advancement era the new generation of homeowners expects to visit a website before taking any final decision. They like to review website then after place any order. So design wonderful website with complete details of your tools or equipment with image. Same kind of page you can make on your Facebook & Instagram also.
Moreover, design an app on play store as well, so that all clients could locate you on Google map and get all equipment on rent during working hours.
Circulate flyers, advertisement in local newspaper or magazines about your new equipment rental business. You would have to maintain this exercise for minimum six months to one year to get proper response.
In current scenario more than 90% businesses getting failed due to 200000 of proper initial planning or market study. I advice to all readers not to take any single step in hurry without proper market study. Try to spend some time with successful business owners if you can in the market and get some business antiquates so that you could become an owner of a successful business, like them.
Sincerely thanks to all viewers for reading my article & all the very best to you for your tools and equipment business.
