Best Rental Business Ideas and Lucrative Opportunities
There are several rental business ideas that majority of people are yet to venture into. Not because they don’t know they exist or don’t have the rental start up capital or business loans, but because they have not sat down to study the these unique small businesses. I am very sure you do know about top event rental business items like chairs, tables, canopies, decoration flowers, musical instruments and even generators that people hire for different events and ceremonies.
Have you ever thought about this rental business of a thing? Do you think because you only rent those equipment once in a while nobody ever come to rent again? I am very sure you maybe thinking that those property and party rental companies are seasonal agency businesses and it won’t be profitable in some seasons.
Let me open your eyes so you can see the lucrative side of these business rental solutions. If you have been thinking of how to generate residual income, then you need to consider even car and rental business ideas. It is so true that some people prefer to rent automobile, tools and equipment instead of buying them because of their cost.
Now, there are many items or equipment that you can buy and put on rent which are far from those ones you have in mind. Such as; chairs, tables, canopies, musical instruments, tent, trucks, trailers, cars, construction equipment, vehicle and online video rentals etc. Before I go into listing different vehicle and property rental business ideas, I want to teach you how you can pick the best items that has high market demands and good money from setting up a rental company.
Okay! Let me give you great tips on how to get started if you plan owning a rental business…..
1. Study your Market
How do you do this? You can’t just start buying properties because you saw someone who is doing well with that particular property. You have to first study your market. Will the properties you want to purchase do well in your location? Location matters when it comes to buying into profitable rental business ideas and opportunities.
The best way to study your customers is to simply talk to them to know what they would love to rent if available. If you want to rent out canoes, talk to tourist. Musical instruments, talk to instrumentalist, churches and bands. Also inquire how much they are willing to pay.
2. Be Smart, Don’t buy Much
When looking for the best way to start a rental businesss, buy small. Don’t over spend your money at the start on properties. When the market demands becomes high, then you can go and purchase more. There are many marketing ideas for rental business that you can make use of the promote your new business.
3. Start Calculating
The most important of all. How much will you be renting out your properties? What will be your profit margin and how long will you make back your initial capital and repay your small business loans?
These are the things you will be considering when you plan starting up even the best rental business opportunities.
If you really want to secure your properties, you can either do two things;
* Insure your properties with an insurance for rental service businesses.
* Insure your properties in the hands of your customers.
Let me explain the second part. You insure your properties such as office space and business centers in your customers hand by letting them sign an rental business lease contract and agreement form that they are responsible in the case of damages or lost of your properties when they come to rent it.
4. Look for More Opportunities
What other properties or services are your customers asking for? Are the demands getting out of hands? If you’re into wedding gown rental services, your customers might also need the stage where the bride and groom usually sit down and they will also need the chairs too.
If you rent out musical instruments, don’t you think your customers will need players? So you will need to get your hands on players, refer them to customers and get a commission.
So what are some good rental property and equipment business ideas you can open up?
Starting Rental Business – Rental Business Opportunities: List of Investment Ideas in Rental Business
1. Apartment Rental Business
This is a very lucrative home rental business. You build a house and put it for up at good rental rates. Though it involves a lot of money but at the long run, you can make millions and pass the properties to your children without building more if you don’t wish to. You just renovate the building to make it look attractive to attract tenant for your residential or business office rental business.
2. Musical Instrument Rental
Musical instrument are very costly, and customers or user’s prefer renting before there can actually get the money to afford them. So this is a way to make money, as it can take IP to a year before whosoever need a musical instrument can purchase theirs. Your customers are: music bands, churches, disc jockey, music training school etc. You can also make money from construction equipment and tool rental business opportunities.
3. Party Supplies Rental
Parties are one event that can’t be stop both for good thing and bad thing, people still throw parties. It can either be a church program, birthday parties, marriage ceremonies, school graduations or burial ceremonies. One good thing about this viable business idea and for musical instrument is that, your properties can be booked for days depending on long the event is going to last.
In conclusion, for most creative small rental business ideas, you just buy the equipment once and continue to make money from it for as long as it last.
I will like to hear your thought!
Download a sample of rental business plan template:
Business Plan Sample