Rental businesses have been popular in the money-making industry for long. This is mainly because not everyone affords to buy big equipment and tools they need and they will prefer to get these things on rent if they require them seldom.
Top rentals include musical instruments, vehicles, furniture, recreational equipment, construction machinery, small watercraft, portable tubs and camping, and hiking stuff.
Some of these may be costly. However, you can minimize the cost by purchasing them in good condition in secondhand.
Unlike other businesses, starting a rental business is easy and lucrative and the best thing about this business is that you can do it part-time and can operate it from home too.
Rental Business Ideas:
Here is the list of worthy rental business ideas to consider this year:
1. Party Supplies Rental
People organize parties less often, maybe twice or thrice in a year. In addition to this, Buying ad table, chairs, silver wares, decorative items, tents, catering equipment, and other party items cost a lot of money, and take up huge storage space. Therefore, people prefer to get party supplies on rent.
[box type=”success” align=”” class=”” width=”full”]A party rental service adds spice to the events, ceremonies and birthday parties. This is one of the best rental business ideas for those who love event planning and have knowledge about the party equipment that is available on the market today.[/box]
- Most often parties are organized on weekends and holidays, therefore you’ll have flexible working hours.
- The party supplies and products last long and have low repair and maintenance costs.
- It has no down season.
- You’ll need to hire staff for organizing and delivering the equipment.
- Due to the high demands of the party supplies, the competition has now become high.
2. Camera and Accessories Rental
People require cameras on various occasions, like parties, weddings, graduation, promotion, and festivals. Since a camera is expensive, they rent it for a few days when they need to.
Like other rental businesses, the camera rental business requires a good location, promotion strategy, and market study, and business plans. In addition, you’ll need to learn basic accounting to manage finances.
- You can start the camera rental business as a sole proprietor.
- The business works well on all occasions, especially near festivals.
- Maintenance of the camera is really important for providing clients with durable items.
- You’ll need to offer a variety of products and different brands.
3. Book Rental business
According to FatBit.Com, average students spend about $1200 each year on textbooks. Online rental platforms help them save a big percentage of that money, due to which they have great importance among the people especially the students.
Rental book startup not only earns money from books, but also selling books, banners ads, and online tutoring services.
Though the earning per book may be low, still it is one of the most profitable rental business ideas as a lot of students would get books on rent daily.
[box type=”success” align=”” class=”” width=”full”]People get heavy texts books and other popular books on rent. Therefore, it would be best to have more copies of these books.[/box]
- You’ll receive many orders, even from far of places.
- You can start related businesses in the same place.
- You’ll need a website, explaining the details of the books available.
- You need to control the organizing and delivering the books well and within time.
4. Pop Corn machines Rental
It is one of the popular rental business ideas. This needs a store in a good location, where you would keep various kinds of popcorn machines with different designs and dimensions.
Try to keep quality machines, they will not only pay you out their prices soon but also will keep on paying you for longer than you might expect. Determine the market price first, and then charge your customers. Charge more on weekends than other days.
Once you’re done fixing the price, start promoting your business. You’ll soon start earning decent money.
5. Motion Pictures and theatrical rental
The motion picture and theatrical operators rent their equipment for motion pictures and for live performance production. As such equipment isn’t needed in every production, therefore the artists do not buy them.
[box type=”success” align=”” class=”” width=”full”]The demand of the industry is growing fast and hence the profit margins are anticipated to increase. This increase in income has motivated more people to invest in this industry.[/box]
6. Furniture rental business
Furniture is of different types. These are corporate furniture, luxury furniture, baby furniture, basic home furniture, bedrooms, and kitchen furniture. All these types of furniture can be provided on rent in this business.
This business is easy to operate. It can be operated from home and part-time but proper office space is recommended. Some furniture rental businesses owner provide schools and college furniture when needed.
Although it may cost you enough starting it, it is lucrative that it would soon pay back all your investments.
Pros and Cons
You can select a specific type of furniture you intend to provide. However, the furniture will need to be transported and the other organizing work will also be there. For all this, you’ll need to hire employees.
If you set this rental business in a commercial area, and do the operation and marketing well, you are gonna get better visibility and customers.
7. Heavy Equipment Rental
Did you see an increase in construction in your area? If yes, there is probably a rising market for heavy equipment rental business.
According to SmallBusinessChron:
[box type=”success” align=”” class=”” width=”full”]Most rental business income in the United States is actually from tools and equipment rentals, accounting for about $2 billion in annual revenue.[/box]
Pros and Cons:
In order to get into this business, you’ll need to research what the potential customers are actually looking for.
Also, you’ll require to know the tools and equipment brands for which you may need to be in touch with the local builders and construction companies.
Census data in 2007 shows that the average cost of heavy equipment rental startup is about $75,000.
However, this number varies depending upon the area you’re living in and the types of equipment you’ll keep.
8. House Boat Rental Business
Purchase secondhand boats instead of the new ones. This will save your money at the start, and you’ll have the option to expand your business and buy new houseboats later.
Meet houseboats owners and ask them if they want to sell their boats.
[box type=”success” align=”” class=”” width=”full”]You can also put others boat on rent in this business, which will give you money without buying the houseboats.[/box]
Pros and Cons
The houseboat rental business is easy to handle. You don’t need to be available online. In addition, you would not need much staff but only for transporting the houseboats.
9. Sports and Fitness Equipment Rental
With the increase in awareness, health and fitness equipment is being used to keeping healthy. This has increased the demand for such equipment.
New technological and effective equipment is quite expensive. Therefore, people choose to get them on rent.
Bicycle, kayaks, exercise bikes, ice skates, fitness machines, hockey equipment, and gym machines are the most popular sports and fitness equipment.
All these equipment can be found on wholesale rates from big sports and fitness stores. Some of them may be available in secondhand also.
10. Conference Room Rental.
Do you have an extra space that you may convert into the conference room? If so, take advantage of this rental business idea.
Technically, Conference Rooms are rooms with furniture, tech, and other facilities, that business owner, and corporate people use to plan their growth and business strategies.
Many small business owners get conference rooms on rent. This is because:
- They do a meeting in different places, therefore it is not possible to make the office everywhere.
- Renting gives them a bigger space, but only when they need it.
- The conference rooms are well decorated for the meetings, hence they are more convenient to use.
- It helps them build their image.
Advertise and invite some companies and businesses in your conference rooms free for their meetings. This will help you in letting potential clients know about your business.
11. Scooter Rental Business
Starting a scooter rental business can offer you hourly or daily rentals from locals and tourists near you. For attracting more customers, you can partner up with hotels and restaurants.
[box type=”success” align=”” class=”” width=”full”]People find scooter riding a fun and they spend their free time exploring new and beautiful areas.[/box]
You’ll need to provide helmets, riding instructions and other riding requirements so that the riders may not break the law.
Let them know about the landmarks and places they should use if you provide scooter rental services in a specific region.
12. Car/vehicles Rental Business ideas
Car renting is a highly competitive business, but the right location, good planning, and forward-thinking can increase the chance of your business success.
It’s really important that you research well before diving into this business.
- You can manage car renting by giving them on the lease or by daily hires.
- You’ll invest less as you will have an option to buy cars in secondhand.
- If you still do not have enough to invest, you can start this business in partnership too.
- You’ll need insurance for your cars.
- Don’t take this business lightly, as the industry is competitive.
13. Multimedia Projector Rental
The multimedia projector rental business is one of the best rental business ideas that are easy to start. As the projectors are used less often by small business owners, therefore, instead of buying them, they are rented.
However, this rental business requires the right location in order to make decent money.
If you promote in a strategic way and if possible, meet the potential customers one way or the others, it is gonna make your business grow sooner.
14. Coffee Machine Renting
One of the rental business ideas is the coffee renting machine. This idea has already been tested by many people. It gives you money on a monthly basis.
Unlike other rental business ideas, the coffee renting business costs less. This allows you to test the effectiveness of machines and choosing the one in the future that suits you the best.
[box type=”success” align=”” class=”” width=”full”]Suppliers can offer training to the users to ensure top quality beverages are produced.[/box]
15. ATM space Renting
Do you think that commercial real estate is a more lucrative investment than residential property? Typically, yes. Because of a higher rate of return.
Therefore, renting out space for ATM in the commercial area is one of the best rental business ideas you can try. Here, you’ll never have to worry about the customers and will be paid on a monthly or a yearly basis.