It is a known fact that many individuals and businesses prefer to rent materials or equipment as way of shaving huge expenses off their budgets. Most of the time, the cost of buying and maintaining new equipment or materials far exceeds the rental costs. And since these items are usually not needed all the time, renting is usually the better option by far.
Another advantage of renting equipment or materials is that you won’t be stuck with the same old items when technology produces new ones that are more efficient. So, equipment rental can help you keep abreast of technological trends.
In addition, environmentalists have long stated that we can significantly reduce our impact on the planet if we buy less and borrow more. A massive input of energy, raw materials, and other resources go into the production of new products; and the fewer of products we buy, the lesser companies will produce and the more money and storage space we will save.
Starting a rental business is a smart way to become your own boss and earn huge profits. Anyone can venture into the rental business since it requires no formal qualifications. All you need are the required startup capital and the zeal to succeed. Here are 10 rental business ideas with huge potential:
Top 10 Lucrative Rental Small 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.
2. Book rental
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.
3. Construction equipment rental
Most construction companies start on a low budget and are therefore unable to purchase their own equipment from the start. These companies rent the equipment they need whenever they have a construction project at hand. Even companies that can afford to buy these equipments still prefer to rent them due to maintenance costs and ever-changing technology.
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.
5. Sports and fitness equipment rental
If you live in a place where seasonal sports like skiing 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.
6. Camping gear rental
Most people get to use a camping tent once a year, so they prefer to rent one whenever they need it—especially since a camping gear costs hundreds of dollars to get outfitted.
7. Dogs and other pet rental
The idea of renting a dog or some other pet might seem odd, especially since it’s common for people to have their own pets. But there are many circumstances where renting a pet might make sense, such as testing if a particular breed triggers your allergies, testing how your family will interact with or react to a type of pet, comforting the elderly, or socializing your own pet by allowing it to interact with other similar pets. If pet lovers abound in your locality, then chances are that you have a good market for a pet rental service.
8. Solar panel rental
Most homeowners and companies are still yet to join the bandwagon of renewable energy due to the huge cost of solar panels, which typically cost as much as tens of thousands of dollars. But more and more individuals and businesses are now exploring rental and lease models—an option which helps them pay less for electricity than they would from their utility over time.
9. Musical instruments rental
Musical instrument rental services can provide short-term relief for musicians in need of replacement equipment as well as other entertainers such as secondary school bands. If you are sure there is a huge market for the service in your locality, then consider this option.
10. Home remodeling equipment rental
Many homeowners cannot afford the costs of the equipment necessary to perform a home remodeling task. So, for such homeowners, renting is usually a more feasible option. You can start a business that rents out home remodeling equipment.