What Services or Products Can You Start a Rental Business With?
If you are looking for a profitable business idea, you might want to start a rental business. When people think of rentals, they may think of accommodation or car rentals, but the list of services and items you can rent goes way beyond that. Rental businesses are in high demand, as they offer customers the convenience of using products or services without having to buy or own them. Use these businesses to generate recurrent income, as returning customers may pay a fee for recurring use. Here are some rental businesses you can explore and grow a lucrative business from.
GPS Rentals
Innovations in GPS have made navigation easier for regular drivers and commercial ones worldwide. Did you know that you can start a GPS rental service since all vehicles don’t have them? Yes, so if people don’t own their own GPS system for their vehicles, they can rent them out as needed. There are always delivery drivers, car drivers, and travelers who can take advantage of the ability to rent a GPS unit anytime. With so many people traveling or working remotely as a digital nomad, the market for a GPS rental has grown.
Let’s not forget about the world of ride-sharing and food delivery. Uber got the ball going but other rideshare apps ranging from Lift to specific apps in other countries, such as DiDi in China or BOLT in the Republic of Georgia, have continued to give taxis competition as well as give entrepreneurs a way to use their vehicle to make money. Of course, just because someone is acting as a driver in their city doesn’t mean they know the entire city like the back of their hand. So why not market your GPS rentals to these driver entrepreneurs?
Delivering food is nothing new. The market has grown exponentially thanks to the COVID epidemic, when people needed to rely on such deliveries as a lifeline. Therefore you have more people than ever working as restaurant food and grocery delivery drivers. In other words, there are a number of occupations that you could market to as you start a rental business focusing on GPS.
Rigging Business
Do you have an interest in the construction industry? If so, why not start a rental business that focuses on lending equipment to construction developers, such as rigs? A rigging company provides equipment and services for lifting, moving, or transporting heavy or bulky items, such as machinery, vehicles, or construction materials. Equipment includes cranes, jacks, slings, and hoists.
More construction developers are interested in such rentals because they realize they’ll save money by buying such large equipment and having to store it. After all, as a rigging company, you would hold all the liability, have to do the paperwork, and would be responsible for all the upkeep of any rigging equipment that construction managers would have to use. So you have a great selling point to use when trying to get more construction business.
When you start a rental business in this field, you can include other services that can help the construction developers. For example, you could also offer to have someone on-site to supervise the rigging equipment. You can also offer training services so that anyone on a construction site who’s operating the machines has thorough training.
Dumpster Rental
Trash is big business in the United States due to all the consumerism. Between all the food consumption and products that are no longer in use, there’s plenty of trash lying in landfills or that needs recycling. So if you want to start a rental business that can benefit the environment as well as cater to people’s needs, then consider dumpster rentals. You’ll likely see dumpsters all around your city, especially in front of various businesses. However, dumpsters can be used by anyone.
You can rent dumpsters of various sizes that can carry different loads. Dumpsters come in different types such as roll-off dumpsters or rear-load dumpsters. People often use these types of containers for big festivals, parties, gatherings, or even something as simple as a residential birthday party. You can market yourself to both commercial and residential clients. When it comes to commercial clients, construction developers may be one of your biggest ones as they often have to load and unload concrete, dirt, and other materials when they clean up a site.
Your dumpster rental business can offer other services beyond the actual containers themselves. Dumpster delivery and pickup services will come in handy for most clients. You could also add additional recycling services to handle materials such as glass, metal, and other items that standard municipal trash handlers no longer take.
Trash Compactors
According to the EPA, 292 million tons of waste were generated in 2018. That’s a lot of garbage that can take up space in someone’s business, or home or can overflow out of an unattended dumpster. So if you want to start a rental business, that can help reduce the physical presence of trash why not invest in trash compactors?
A trash compactor rental business provides trash compactors or balers that reduce the volume of their waste. Impactors not only work for regular trash but they can also reduce the volume of your recyclables, such as plastic bottles or glass containers. So it’s an easy way to help sort trash from recyclables and make sure they can quickly go where they’re needed.
Start by marketing to businesses that are likely to produce a large amount of trash, such as corporations, skyscraper apartments, universities, caterers, etc. You can rent out different models that may be horizontal, vertical, or portable. Additional services can include compactor or baler installation at their site, as well as ongoing maintenance services.
Local Trash Help
If you’re ready to start a rental business that focuses on a specific area or community, consider a local dumpster rental business. So think about the specific needs of a local area and promote your services to whoever is in charge. Is there a local park that is very popular that seems to have trash lying around? Find out who manages the park and offer your services to them for a good rate. As you build up a reputation in a local area, you may end up being the go-to person for all the other local businesses. Since you’ll be working in a small area, you can offer mini dumpster rentals as well as junk removal services.
Equipment Rental
There are several types of businesses that can benefit from equipment rental companies. Some people may need such equipment for their personal or professional use. You could focus your equipment based on a specific industry or one type of machinery. For example, do you have access to tractors and plows? You may want to market your equipment rentals to farmers and other agricultural workers who can benefit from such equipment.
There’s nothing like a good party, and with the holiday season coming up, expect to see more events around the city. People hosting personal holiday parties, company events, and others, may need various types of equipment to get the party started. If you’re into entertainment, you may want to offer DJ equipment rentals or party furniture equipment rentals.
Bathroom Services
Speaking of parties, have you ever been to a party or outdoor event and struggled to find where to relieve yourself? Or were you in a situation where you finally found the bathroom? There was only one or two stalls and a line going out the door. This situation is why more people are investing in portable toilets for their events to avoid such issues. When you start a rental business that focuses on outdoor sanitation, you’ll provide a service any customers can use. After all, people must use the bathroom several times a day. So if someone is in charge of a festival, party, or any outdoor event, they need to provide enough spaces for people to relieve themselves.
You can further promote your business by offering to help clients get the necessary permits so that they can stay in compliance for their events. There are OSHA regulations any business must adhere to when it comes to outdoor sanitation. Portable toilet rental isn’t one-size-fits-all as it can come in different models with a range of features. You can have bare bones, standard bathroom stalls, or get fancy with high-end luxury units. You can also include handicap units or even shower units. If people plan to rent your bathroom stalls for several weeks or a month, they may need help with the upkeep. So you can also offer bathroom cleaning and maintenance services for the lifespan of their rental.
Passenger Vans
A passenger van rental business provides passenger vans or buses for customers who need them for their transportation needs. You can rent out different sizes and capacities of passenger vans or buses, such as minivans, sprinter vans, or coach buses. Passenger van services are often in high demand for tour groups. People also use them to transport a large amount of people to weddings and other events.
RVs
RV’s have become even more popular in recent years. These vehicles offer a reliable way to not only take a fun road trip but also have built-in sleeping and kitchen facilities. So if you want to start a rental business that caters to families and people who love to travel, you can’t go wrong with an RV rental business. You can enhance your company by offering different types and classes of RV’s. RV’s can come in three standard classes such as A, B, and C. Some RV’s are small enough to be towed behind vehicles while others are as large as a commercial bus.
You can kick your RV rental business up a notch by offering various amenities. Some RVs can have very simple sleeping and eating quarters, whereas others may have luxury services that include a hot tub or luxury kitchens. Just remember that regardless of the type of vehicles you offer, you must maintain them. You can also offer such maintenance services for people who are renting them.
Rental Cars
If you want to start a rental business that has always been popular, consider getting involved with a local car dealership. Car dealerships provide cars for customers whether they want to buy them or rent them. There are a range of models, brands, sizes, and ages of cars to consider. Some of the most popular car rentals are still SUVs and sedans. Of course, people certainly love to rent a beautiful sports car, especially a convertible. If you decide to go into the car rental industry, you can have different options such as rent to own, car financing as well as auto insurance services.
Luxury Accessories
Hollywood celebrities often wear borrowed clothing and accessories on the red carpet. After all, showing off name brands from high-end designers not only helps the celebrity’s overall look but also helps promote these designers. Temporary access to luxury items such as bags has trickled down to normal society. So if you can get your hands on Chanel, Gucci, Calvin Klein, and Coach bags and accessories, you shouldn’t have a hard time finding customers. So if you want to start a rental business in fashion, you can start building up a collection of designer bags. If dealing with designer accessories works out, you can further expand to also renting out designer clothes or even designer home furnishings.
These are some examples of products or services that you can start a rental business with. Of course, there are many more possibilities that you can explore. As you focus on how to start a rental business, try to focus on products and services that are in demand and that you can supply immediately. As you can see, there are a variety of things that you can rent, whether it’s sanitation services, vehicles, luxury items, and heavy equipment. With the right products in mind and a good marketing strategy, your rental business can grow overnight and become a lucrative source of income.
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