Do you want to start a business that generate recurring income whether you work or not? If YES, here are 50 best equipment rental business ideas for 2020.
Working from home or a rented commercial space? You can earn big profits renting just about every and any type of product or equipment imaginable. Top rentals include tools, small watercraft, portable hot tubs, construction equipment, recreational vehicles, movie props, musical instruments, office furniture and equipment, canoes and kayaks, and camping equipment.
Rental businesses have long been a popular money-maker, mainly because although not everyone can afford to purchase a $50,000 recreational vehicle, but most people can afford to shell out a few hundred to rent one for a week. Start-up costs can be high depending on the types of products and equipment that you purchase to rent.
However, you can minimize costs by purchasing these items in good condition second-hand. Or you may even elect to find owners of the products you want to rent and start a rental pool, keeping a percentage of the fees for providing management services.
In short, the rental industry is a wide one and you can plunge into it fast. If you want to delve into the rental business and lack ideas on how to start, then here are some worthy business ideas to look at.
50 Best Equipment Rental Business ideas & Opportunities
Most people don’t throw out parties all that frequently. In fact, most families organize parties three times or less per year. So, they prefer to rent party supplies such ad tables, chairs, silverware, and other items—since they won’t need these items most of the time. Buying these items means they will only take up a huge fraction of their living and storage space—and spend lots of money that could go into other things.
The Party Supply Rental industry provides a range of equipment and supplies for households and business events. Operators provide tableware, linens, tables, chairs, tents, catering equipment, birthday party supplies, decorations, helium tanks and other miscellaneous party-related items.
Some people can drive but haven’t just garnered enough money to buy their own cars. Such people, when the need arises, rent cars from car rental services.
Similarly, special vehicles—such as trucks, cranes, towing vans, and ambulances—are also rented by individuals and companies who need them, but cannot afford the cost of purchasing or maintaining them. The Car Rental industry has changed gears over the past five years, growing strongly after being forced into reverse during the recession.
- Dumpster Rental
This industry rents dumpsters of varying sizes to residential and commercial customers. Dumpster rental companies typically deliver dumpsters to specific locations and pick them up at specified times. This industry does not include revenue generated from waste disposal activities even though most companies in this industry are vertically integrated and provide a whole range of waste management solutions.
- Apartment Rental
Operators in this industry act as those who are called ‘lassoer’ of buildings used as residences or dwellings. Industry participants are owner-lassoers of residential buildings and establishments that rent real estate and then act as lassoers by subleasing it to others. In addition to apartment rentals, the industry also includes single-family homes and town houses.
Apartments are rental units situated within buildings or complexes with five or more units, while the town home segment of the industry includes properties with two to four units and the single-family home sector is made up of traditional houses and leasable manufactured or mobile homes.
- Portable Toilet Rental
This industry rents toilets to customers for specified periods of time. These customers include construction companies, live venue service providers and on-site remediation service operators.
Following a pronounced declined during the recession; the industry has recovered steadily in line with the improving housing market and increased construction activity. Homeowners and businesses have increased construction investment over the past five years, causing construction operators to undertake new projects, subsequently raising demand for portable toilets.
- Medical Equipment Rental
Companies in this industry rent and lease medical equipment to institutional customers. This industry specifically excludes companies that primarily rent and lease medical equipment to home care customers. The Medical Equipment Rental industry is dispersed throughout the United States.
However, the largest markets tend to be in areas with large consumer markets, such as the Southeast and the West regions of the United States. Industry operators tend to locate in areas that are nearby their core client markets such as hospitals, nursing-care facilities, physicians and other healthcare facilities, in order to minimize transportation costs and provide on-demand equipment rentals.
- Railroad Car Rental
Companies operating in this industry rent or lease railroad cars to customers who move freight across railroads. Renting or leasing railcars allows downstream customers to avoid incurring the capital costs of purchasing a railcar from a manufacturer.
The Railroad Car Rental and Leasing industry is in a mature stage of its life cycle. Over the 10 years to 2020, industry value added (IVA), which measures the industry’s contribution to the overall economy, is forecast to grow at an annualized 6.9%.
- Office Furniture Rental
This industry rents out office furniture to large and small businesses. Rental furniture includes tables, chairs, desks, cabinets and more. The Office Furniture Rental industry is driven by several macroeconomic factors, such as the number of businesses and the unemployment rate, all of which are expected to improve over the five years to 2018.
As these factors improve, demand for office furniture will increase, thus bolstering industry revenue. Looking forward, industry revenue is anticipated to rise as the number of businesses grows, thus providing a greater pool of businesses for operators to service.
The Motion Picture and Theatrical Equipment Rental industry is made up of operators that rent equipment for both motion picture and live performance production. Artists that engage in these types of productions typically do not own all the equipment they need for every project.
Capturing each scene in every film or performance piece requires a varying number of individual setting and staging specifications. In order to meet these requirements for the small duration of a film or performance’s production, these artists often rent rather than buy this equipment.
- Pallet and Skid Rental
This industry rents pallets to downstream markets for the storage and transport of goods. Following use, pallets and skids are returned to industry operators for cleaning and repairs. Services are included toward this industry’s total revenue.
Although pallets and skids differ slightly in their construction and purposes, the words are mainly interchangeable. Freight volumes and total trade value have increased, boosting demand for pallets and skids used in transportation and warehousing of goods. The industry has benefited from an increasing number of companies that use pallet rental programs rather than purchasing pallets.
- Tool and Equipment Rental
This industry includes companies that primarily rent tools and small- to medium-size pieces of equipment, including contractors’ and builders’ tools and equipment (e.g. professional lawn mowers or tillers) and home maintenance tools (e.g. pressure washers).
Rental of trucks and trailers without drivers, party and banquet equipment, personal and household goods and heavy construction equipment without operators are all excluded from this industry. With annual revenue of $5billion, this industry is a very lucrative means of livelihood.
Industry operators rent or lease heavy construction, off-highway transportation, mining and forestry machinery and equipment without operators. Operators in this industry may rent or lease products including steamships, tugboats, bulldozers, earthmoving equipment, cranes or well-drilling machinery and equipment. This business idea according to IBISWorld has an annual growth of 3.5%.
- Consumer Electronics and Appliances Rental
Companies within this industry rent or lease consumer electronics and appliances including DVD players, refrigerators, computers, stoves and televisions. Most industry transactions are through rental-purchase agreements that enable customers to take ownership of merchandise after an agreed-upon rental period.
- Formal Wear and Costume Rental
Establishments in this industry primarily rent clothing such as formal wear, costumes and other clothing to end consumers. This industry does not include companies that primarily sell these items.
- Chair and Table Rental
Chair and table rentals are an essential aspect of the party-planning and entertainment industry. Small- and large-scale events, such as baby showers, birthday parties, weddings, meetings, conferences, family reunions and school reunions, require seating for guests.
Event organizers and planners have to secure enough tables and chairs to suit the number of guests who plan to attend their functions. Since purchasing tables and chairs is costly, event planners and organizers turn to rental facilities. You can start a rental table and chair business and offer your rentals to local event planners.
- Heating and Air Conditioning Rental Business
When portable heating and cooling began to take off, it wasn’t because a new product came along and revolutionized the market, nor because the products received grand publicity for something. It was because manufacturers and distributors evolved the market.
By deciding to offer portable heating and cooling units for rent, the market expanded and continues to grow to the popularity it holds today. This industry comprises business that primarily rent, install and service heating, ventilation, air-conditioning (HVAC) and refrigeration equipment.
- Artificial flowers Rental Business
Flowers and trees can make the surroundings very beautiful. A lot of people love to grow flowers and trees but not all of them have the so called ‘green thumb’. Because of this, it would be best to sell artificial flowers and trees. You can sell the artificial products and do rental business at the same time.
Flowers are required in different occasions like birthdays, weddings, and anniversaries. In some places, artificial trees are required and are also often used in special programs. You can expect to have a large market for this kind of business and you should be equipped with the right knowledge.
- Arcade Games Rental Business
People love games, whether young or old. Today, arcade games are available in over 20,000 versions and they provide excellent entertainment for almost all occasions. An arcade game rental business is a great way to make money. With the right plan and adequate capital, you’re sure to succeed.
The arcade games may use tokens and tickets which makes it ideal for various parties, carnivals, corporate events, fundraising, church festivals, and private parties. You need to establish connections in your local area so that you can easily attract clients and get referrals. The first thing that you have to do is develop a plan. A detailed business plan can be used to secure financing.
- Audio Equipment Rental
Launching an audio equipment and supplies rental business is your ticket to owning a good, stable business if you do it right. If you are planning to start an audio equipment and supplies rental business, you have two choices – start your own or avail of a franchise opportunity (when available).
- Baby Furniture Leasing and Rental Business
The good thing about a baby furniture rental and leasing business is that you can start at home. Seasoned travellers are looking for quality and clean baby furniture and if your business can meet the safety guidelines, you can meet the needs of these travellers. Statistics reveal that 1%of the hotel rooms are occupied by families with a baby. However, the baby furniture provided by these hotels doesn’t meet the safety requirements most of the time.
- Bingo Equipment Rental Business
In starting bingo equipment rental business, it is important that you have the needed materials, in this case bingo equipment. The financial aspect is not that much of a worry. Just like other rental services, you must have enough items to post for your clients’ consideration.
You must be aware that those materials are already up for renting. As for a bingo equipment rental business, you can easily find readymade bingo equipments. It is usually found in any collection because many groups find board games like bingo very entertaining.
- House Boat Rental Business
House-boating is a fun and exciting way to spend vacations. Gone are the times when this kind of activity can only be enjoyed by rich people who actually own a house boat. These days anyone can take in this kind of adventure, anyone who has vacation money and vacation time that is.
There are two ways one can go into a boat house rental business. One is by actually owning a house boat and putting it up for others to rent. The other way does not actually need you to own a boat house, but it requires that you know people who do and are willing to rent their boat to others.
Most people read novels and other books only once. Similarly, students only need most of their textbooks for as long as the academic session lasts. In fact, most of the books people buy become useless after 4 years, at most. This explains why renting books helps save more money and storage space.
Bear in mind that people will be interested in renting books that are popular and that these books must be preferably heavy duty or hard bound to last longer. Though since you will just be starting the business at least have these books clean and well covered!
- Camera and Accessories Rental Business
Any kind of business can be hard to establish. Start-up is always the most difficult because there are many things to address like the business plan, market study, capital, location, etc. This is also true with a camera equipment rental business. This type of business requires significant capital because you will need to get adequate inventory. Maintenance of the camera equipment is vital to provide clients with quality and durable items.
- Carpet Shampoo Cleaning Machine Rental Business
Starting a carpet cleaning shampoo machine rental business is a great way to earn money. Start-up costs are not that high and you’re sure to succeed especially if you have a business plan in place. Before you go any further, you must learn about the carpet shampoo machines. These machines can help in getting rid of stains, allergens, and dust.
- Conference Room Rental Business
Do you have extra space that you can rent out? Most businesses and companies today are utilizing every office space they have. Therefore, most of them are looking for a conference room they could use. Technically, a conference room is just a simple room with furniture and facilities. Most business and corporate people use it to plan and strategize for more growth and income.
- Electric Wheelchair Rental Business
Electronic wheelchairs are wheelchairs that use gears and belts. They are used by elderly people or those who have disabilities. In opening an electric wheelchair rental business, there are few things that are needed to be considered such as the existing businesses that provide the same service. Choosing the right models of electric wheelchairs could also be considered to gain advantage over competitors.
- Gas cylinder rental business
A trademark of an excellent entrepreneur is being able to come up with the fresh and innovative products, but in these uncertain times, it is on occasion better for entrepreneurs to stick to tried-and-tested manufactured goods. Gas cylinders are of immense necessity and that is the vital rationale why its rental business is in demand in the market today.
Compressed gas cylinders are of immense demand in the field of education and scientific researches. There are various classes of cylinders utilized in the universities: the refillable and non refillable type. The non refillable cylinders are composed of lecture bottles and throwaway cylinders.
On the contrary, the refillable kind of gas cylinders is supplied by gas retailers which are normally hefty and encompass a standard of two hundred cubic feet of compressed gas. This is supplied on a rental basis from gas refilling station.
- Home appliances rental business
Companies in the industry rent out domestic appliances and electronic equipment (excluding computers) to consumers and businesses. The industry excludes operators that primarily sell these products on a retail basis. As living standards have increased and more people have looked to enhance their lifestyles with the latest and most innovative consumer products, demand for home appliances has grown over the past five years.
- Multimedia projector rental business
If you want to start a multimedia projector rental business, you must study the existing competition first. Determine the products and devices that you need to offer. Study the pricing of relevant businesses so that you can also offer the right price.
Multimedia projectors can be expensive and since businesses don’t use them often, it’s much better to rent these gadgets. With this in mind, don’t you think that starting a multimedia projector rental business is great way to make money?
- Popcorn machine rental business
There are many business opportunities that you can try out these days and one is a popcorn machine rental business. The machines come in various designs and construction and you can offer them to customers. With this kind of business, you will need to create a business plan. You need a hefty start-up capital since you will be purchasing several machines, lease out business space, and buy other store essentials.
- Airline leasing and rental business
This industry commercial aircraft and private jets to scheduled airlines, individuals, companies and other commercial carriers. The carrier (lessee) pays the industry operator (lassoer) for use of the aircraft over a given time period or a few years according to the lease or rent agreement.
- Sports and fitness equipment rental
If you live in a place where seasonal sports like skating or snowboarding are popular, you can make a lot of money renting the equipment for these sports, since people get to engage in those sporting activities once a year and would prefer renting to buying. Similarly, people rent exercise machines such as treadmills. So, you may consider renting treadmills and other fitness equipment—provided there is a huge local market.
- Ski rental business
If you have knowledge or interest towards snow ski then ski rental business will be an ideal venture for you. Everyone on vacation near to Colorado or Europe will like to rent a ski boot, ski jacket, ski pant, ski globe or a complete ski gear.
Skis are a big thing not only for people who live in areas where skiing is available but also with tourist who have tried the sport as a recreational activity during vacations and have grown to love it and to first time tourist who would want to try the adventure of skiing.
Ski rentals make skiing reasonably affordable to tourist by providing ski equipment which is rather expensive especially if it is to be used for rare occasions only. Ski rental shops have been providing tourist the ski essentials they need for years now.
- Bicycle Rental business
The bicycle rental industry has been a popular venture through these years. It wouldn’t be surprising if you decide to enter into the trade as well. The industry has its own tricks of the trade that would be beneficial to have an awareness and knowledge of. You can only get this important information from someone who has experience in the trade, and essentially a potential competitor.
There are a lot of bicycle rental businessmen who would be willing to discuss the trade with you, but finding them will take quite some time. If you live in a place where private transportation is rare or a place small enough that automobiles cannot pass through – leaving bicycles and motorcycles as the only mode of transport – this business is perfect opportunity for you.
- Yard sign rental business
Yard sign rental business is among the most in demand businesses these days because it is very lucrative. With this, you can get the chance to earn high amount of profits that can be used in financing your future needs and wants. Before establishing your own business, it is important that you are aware of some things about the business. This is to guide you accordingly especially on how you can run the business efficiently.
- Wedding Rental business
It will be a big break for you in making lucrative negotiations to couples that will be married. Weddings have been one of the most memorable occasions that we can go back in memory lane. Most of us would even plan ahead of our marriage ceremony to make it the most memorable of all memories. Of course, there are also other people whose dreams are to make your dream wedding come true.
Perhaps, you are one of the many people who are starting wedding rental business; although this is not anymore a surprise because of the fact that there is great demand for wedding rentals every year. Before anything else, you must equip yourself with the things that are needed to make up a wedding rental business.
- Canoe rental business
Starting a canoe rental business is one of the few businesses that do need to be expensive and difficult to operate. If you have decided to pursue this type of business, there are several operating arrangements to choose from. First alternative is to provide canoes to waterfront hotels; marinas etc. and divide the rental income.
Second option is rent out a shorefront location for your rental business or third you can stay put at your own location and just rent out your canoes by advertising your services through local media. Your choice would depend on how much control you want over your business. In starting a canoe business there are some thing you need to pay attention to.
First, choose your location. The ideal locations for a canoe rental business are slow-moving bodies of water. If you live near one, then it’s better because you need not rent out a location. You need to assign a start and finish spot that should at least allow for two or more hours of canoe trip.
- Scooter rental business
One of the big hits in the business industry nowadays is the scooter rental business. It is a very lucrative kind of venture since most people find scooters to be fun and easy to ride on. You can observe that a lot of people in vacation spots use scooter as their means of transportation, especially the female species.
If you are interested in creating and establishing a scooter rental business, you must be willing to work hard for it. Also, if you are going to start it in a particular tourist spot, you efforts will be greatly demanded in peak seasons. But do not let your enthusiasm by this because your efforts will not go to waste.
- ATV rental business
There is no doubt that riding an all-terrain vehicle or ATVs is fun and exhilarating. Who would not want to experience riding in an ATV and speed up on sand, hills and rough terrains. This have been the selling point of riding an ATV and many people expect that sometime during their vacation in some beach or park that they can explore these sites with an ATV.
If you are following the unique experience that riding an ATV can bring to a vacationer, then most probably you have thought about the potential of this as a means of starting an ATV rental business. The capital may be huge, because you have to buy several ATVs for rental, but the possibility of big income is great since you don’t need to pitch what is in store for your potential clients when they ride your ATVs.
- Kiosk rental business
Most people would like to open a retail outlet. Having your kiosk is a blessing for this is a quick way to earn an income. But did you know that you can also start your kiosk rental business? The world is dominated by big retailers; kiosk business is in the trend. This is the type of business where your venue is everywhere and anywhere.
You will be able to put up your kiosk at any convenient place and anywhere where there are a lot of costumers around. Retailing is one quick way to earn your very own income. Through this kiosk retailing business, you will be able not just to experience but to learn from the business world. Your small size could save your business.
- Iridium phone rental business
An iridium phone is a satellite phone that gives the user the capability to make phone calls even in areas where there are no telecommunications service provider. In starting an iridium phone rental business it is very important to know how much capital you will be able to give out.
Since iridium phones are specialized phones that have satellite feature, expect that they will cost comparatively higher than normal cellular phones. Iridium phones are also known as satellite phones which are able to receive signal from anywhere in the world. Iridium phones are commonly used by travellers, pilots, or any individual who goes to places where there are no phone service signals
Starting a bounce house rental business involves several things that need to be considered such as the place on where you should operate your business and the brand of the bounce house itself. In starting any type of business, it is important to consider its profitability given the amount of capital you will be able to provide. Your capital will be a factor in determining the quality of the bounce house that you wish to purchase.
- Horse rental business
One of the most important things to reflect on in starting a horse rental business is the budget. Determine how much budget you will be able to give out. Your budget will help you in finding out the quantity and quality of the horses that you are planning to purchase.
Your budget also plays a big role in the maintenance of the horses. You must secure a place that will serve as the shelter for your horses and this is called the stable. Sanitation or the cleanliness of the stable must be taken care of seriously. Regular maintenance must be conducted to make sure that the horses are free from any diseases and to make sure that they are in good health condition.
- Cabin rental business
If we are going to scale the difficulty level of starting a cabin rental business, it will be in a moderate level. However, don’t be discouraged by this idea that it is not that easy to start this kind of business. You just have to have the right gears in starting up the engine, as usually quoted by optimists.
Cabins are widely known for the romantic mood that it sets upon its customers. It also gives out the atmosphere of a rustic setting. These are perhaps the notable characteristics of a cabin. And the very reason why this business is very much appreciated by people, especially those with partners. Make this also the reasons for you to start drawing up a plan of what your cabin rentals will look like.
- Boiler rental business
Are you interested with the latest boiler technology? With this passion and drive, it would be a great idea to start your own boiler rental business. Not everyone can afford to purchase a new boiler and through your rental services, you can provide for the needs of the market. Before you start with this endeavour, you will need to equip yourself with the right knowledge about the boiler industry. It is vital that you’re able to provide customer support and services in order to compete with others in the business.
- Chocolate Fountain rental business
Chocolate fountain is also known as chocolate fondue where pieces of food are dipped into. Chocolate fountains put more life into a food buffet and they come in different forms, sizes, and shapes. Before even starting your chocolate fountain business, choose first what size, shapes, and forms of fountains you will have. Determining how much capital you can produce will also help you in finding out what variety of chocolate fountains you can rent.
- Breast pump rental business
A breast pump is a tool that helps mothers in extracting breast milk. There a several reasons on why you should start a breast pump rental business. One is the large number of mothers who actually prefer to give their babies’ breast milk instead of other forms of milks.
Another is number of mothers who actually are away from their babies most if the time and still want to feed their babies with their breast milk. Before even starting a breast pump rental business, you should first study the different types of breast pumps so that you will be able to recommend to your customers what type of breast pump they must use.
- Doppler Rental business
If you want to start a Doppler rental business, you should know how to use the device. You can manage this particular renting business from home or you can lease out a space. Expectant moms want to ensure that their babies are healthy. With today’s technological advancements, it is possible to listen to the sound they make inside the womb. This can be done through the use of a device called Doppler.
- Log splitter rental business
Strong strategy, as well as marketing and advertising will help you to ensure success in this field. A log splitter is an easy machine to operate – just simply plug it to a power source and you can chop down your wood pile. Generally, people who always need a wood splitter like a single family have no use of buying it, so they are now left with renting.
In conclusion, the rental industry is so vast and accommodating for as many focused individuals who are dedicated to work hard and earn a living. You just need to be ready to learn and adapt, then flow with the tides. The sky is your limit when you do all that you are required to do so that you start on the very right footing.