How to Start an Equipment Rental Business

Identify your target market.

The first step to ensuring success is knowing what industries you’ll serve. Also, consider the number of businesses in that industry located within an average of 50 miles of your business.

Already know what equipment you plan to carry? Then you likely know your target audience!

Equipment Renting Australia

Research your rental competition.

It’s important to note local competition. How many rental businesses are in your area? Is success feasible?

When considering the competition, be sure to note the following for each company:

Type of equipment available
Rental prices (daily, weekly, monthly)
Services (in addition to renting, do they sell new/used equipment)
Hours of operation (the later you’re open, the more convenient you are for contractors)
Business size
Industries served

Then, develop a plan for making your business stand out. Will you stay open later to give contractors more time to return your equipment? Will you offer equipment that helps roofers, contractors, and restoration professionals, so it’s always out in the field making you money?

Determine what equipment you should offer at your equipment rental business.

Once you know your audience and familiarize yourself with the competition, it’s easier to determine what equipment you should carry. For example, if you plan to serve the general construction community, consider the equipment that will help them accomplish their one-off jobs. Contractors are more likely to rent the equipment they don’t use regularly.

Here are a few tools and equipment to consider for your rental fleet:

• Pneumatic nail guns
• Air compressors
• Portable generators
• Scissor lifts
• Self-propelled dump trailers
• Compact cranes
• Build and maintain a budget.

In order to build your business without going bankrupt, it’s essential to develop and stick to a budget. If you plan to consult investors, they’ll also want to know your growth strategy, so consider creating a business plan.

Keep your budget in mind when choosing equipment for your new rental company. Don’t be afraid to start small–every little bit helps!

Contact an Equipment Rental Agency and Take Help from them