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"Equipment Rental Business": How to Get Started

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Equipment rental remains one of the most popular, and viable business options out there. You can rent any equipment, depending on the demands in your location, such as jet ski if you live near a beach tourism area, sound system if there are many wedding and event venues around your location. Vehicle rental has always been a good option and apps like Turo made it even more viable nowadays.

It's a very easy business to start, with the only challenge being to find your customer base. Proximity will be a determining factor, so you'll need to make sure that you can find a good location for the business. The initial cost will be mostly depending on the type of equipment you want to rent out. You can buy the equipment on credit, covering the installment with the rental earning, but of course, you'll be exposed to more risks.

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Interested in starting this business, and have an idea of what kind of equipment you want to rent out? Read along, here are a few tips to help get you started.

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1. Startup Investment
As previously mentioned, your startup cost will be highly dependent on your equipment of choice, and can vary from a few hundred Dollars for small equipment like fishing equipment, computers, clothes etc, to more than $100,000 for industrial equipment or vehicle. You may also need to rent an office space, and the rent cost will vary depending on your location.

2. License and Permit
Most states and locations won't require a special permit for this business. However, some kind of equipment might be regulated in selected locations. Consult your local authorities whether such regulation and available, so you'll get a better information regarding required license or permit in your area.

3. Marketing
Build a website with Search Engine Optimization (SEO) strategy, most people search on the internet if they are needing something to rent, so make sure you're visible to them. Like mentioned, proximity will also be a determining factor for your marketability, especially for niche equipment such as fishing boats or fishing equipment, jet ski, banana boats, and many others. Write business proposals to businesses that might need your equipment regularly, or for long-term, they can be a great sustainable earning source for your business.

4. Pricing
Competition might be tight depending on the types of equipment you chose, so make sure to do enough research do determine the average price offered in your area. You can make your pricing strategy a little cheaper than your competitors, or adding value to your service, such as pickup and delivery service.

Earning Potential

Your earning potential will depend on the type of equipment you chose. But in general, the rule of thumb should be like this: In assumption, you rent out a vehicle worth $20,000, renting it out for $100 a day or 0.5% its original cost. You'll recover the initial investment after 200 days of it being rented,and the rest becomes profit.

Assuming you can get the car rented for the whole year or 365 days, you recoup $36,500 with $16,500 as pure profit. Interesting opportunity? Find the type of equipment suitable for your area, and start offering your equipment rental business.