The rental industry has continued to boom, with new businesses being added each day. Indeed there are many benefits to owning this type of business. These benefits include the potential for high profit, flexibility, and endless possibilities.
Consumers are always looking for ways to save money and one way they are saving money is by renting high-ticket items instead of purchasing them right out. And, if they are not going to be utilizing the item more than once, then it would only make sense to rent it.
In the United Kingdom, chairs are by far the most popular rented item in the industry — and they have been for years. With such a long history of demand, they are unlikely to get shifted from the top spot anytime soon. After chairs, tables are next up on the list. Since tables are much larger rental items, you always need to consider your space (if you have a permanent venue) as well as your storage capabilities.
Indeed, you never know when the weather will shift and coverage will be needed. For just such a situation, most people rely on the 15’ x 20’ pole tent to get the job done. It is big without being cumbersome and is sturdier than a standard pop-up. Guests are certain to leave satisfied when the tent has done its job.
Rental businesses have been around for a long time and it is pretty easy to understand why. Not everyone can afford to make those big purchases. This is exactly why rental businesses have and will always continue to thrive. Nonetheless, here are 10 most profitable rental businesses that you can open in the United Kingdom today.
What are the Most Rented Items in the UK?
Despite what you may have heard in the news, reading is still alive. Reports have it that more people today are reading books than they have ever before. Not only are people reading books, but they are reading them online. With the Internet, users have access to over hundreds of titles and authors.
Libraries are still great institutions, but why waste the time travelling back and forth to the library when you can just rent books online. This is exactly what many consumers are thinking and this is why online book rentals will thrive. One of the best things about renting books is that you can go as diverse as you want. If you want to rent textbooks, you have the option to do so.
On a day-to-day basis, the normal trash can is okay to store your garbage. But what happens when you’re undergoing renovations, moving or just doing some spring cleaning? You will have a lot of stuff to get rid of. And your trash-can certainly won’t get the job done.
If only you could rent a dumpster to easily trash your junk. Note that this is exactly what thousands of people think whenever they have a lot of trash to dispose of. You can offer this solution with your dumpster rental business! While dumpster rental doesn’t really scream “glamorous”, it is still a considerably profitable business.
Stroller and Mini Electric Car Rentals
A stroller rental business is one of the most clever rental business ideas. This specially caters to places like theme parks, huge malls, and zoos. It can be a hassle to bring along a stroller on a family day out to a theme park. Add to that the fact that these places cover vast areas, so kids tend to get tired of walking. There are so many great avenues to launch this business in – like parks, malls, and recreational centres.
Wedding photographers, short filmmakers, media students, and many others rent out cameras frequently. Full-time photographers taking pictures every day might invest in expensive camera equipment but everyone else would rather just rent it out. That is because camera equipment is expensive and is used sporadically.
Also, camera rentals are easy on the pocket and provide the same benefits. Customers (including professionals) also like to rent out high-end gear, like drones and expensive lens that they cannot afford otherwise.
Costume and Props Rental Business
Costume rental businesses rent character costumes, formal dresses, party wear, and other less frequently worn items. These setups don’t require a lot of investment, can be launched right from your home, and are easy to expand. Rent out costumes to schools, theatre groups, and production houses. People also turn to these companies for weddings, parties, and Halloween.
Furniture Rental Business
In this uncertain economy, people are forced to move houses frequently. Dragging all your furniture every time you move makes little sense. Therefore, furniture rentals are quickly becoming the go-to solution in the United Kingdom. Furniture is expensive, but renting is cheaper. And there is no commitment.
People return sofa sets when they tire of them or when it is time to move. Furniture rentals also rent out office furniture to both small and large businesses. They are highly recommended for social events and business exhibitions.
A lot of people know how to drive but a lot of them cannot afford to buy a car. The car rental business has grown encouragingly in the last ten years. People prefer renting out cars when they are in a certain kind of need, or when they are not home to use their cars.
There are also companies that rent special vehicles like towing vans, ambulances, cranes, and trucks. The cost of purchasing and maintaining specialized vehicles is exorbitant. Not to forget, maintenance is time-consuming and leads to downtime for businesses.
Computer and Mobile Rentals
Technology has taken over almost all aspects of our lives, so much so that even businesses and educational institutes now use technology for most of their functions. With exceptional device specifications come hefty price points but with renting, everyone is a winner.
People can enjoy the best features available in the market without having to empty their pockets, and rental companies get more business. Both companies and individuals opt to rent gadgets when they don’t use them frequently.
Equipment and Tool Rental Business
Tool and equipment rental companies usually rent out equipment used in the building and construction industry. They usually rent out heavy equipment like cranes, backhoes, and bulldozers along with small equipment like forklifts, lawn mowers, and pressure washers.
Equipment rentals tend to require huge investment because of the machinery but they also experience high-profit margins. Since nearly everyone now owns a Smartphone, equipment rental companies make the most of this surge in technology by offering equipment rental apps.
Party Supply Rental Business
Most people host only a handful of parties a year, from birthday celebrations to formal dinners. Hoarding supplies that might be only used twice or thrice a year can be very costly. This is why people prefer to rent party supplies like tents, catering equipment, chairs, and other party related items.
Buying such items just means spending a lot of money that could be used for more important things. Hoarding things you will not use often also takes up a lot of storage space. While investing in a rental company can seem like the ideal venture, the competition is intense. To distinguish yourself as a market leader, an entrepreneur should focus on boosting efficiency and offering the best value to their customers.
- Can Sole Traders Get Business Grants in UK? - March 15, 2021
- List of Private Label Hair Products / Companies in UK - February 26, 2021
- 12 Photography Franchise Opportunities in UK and Their Cost - February 26, 2021