HOW TO START AN EQUIPMENT RENTAL BUSINESS
Our country is developing in all aspects and there are a few cities that have managed to get the highest level of advancements. Cities like Delhi, Mumbai, Pune, Hyderabad has seen a major influx of population to them all because of job opportunities and various educational institutes that have opened up. Although people move to these big cities, with lots of hope and excitement and rightly so, they make you available with facilities you never could get in your town but it takes away your peace. You miss your house, your home-made food, and more than anything, bed! Since people are not settling at these places they have migrated to, buying home and setting up a new household is not a sensible option. To solve this problem, young minds have come up with a great smart up idea i.e., equipment rental business. In this business, like a house, they rent equipment such as TV, AC, Heater, Washing Machine, Treadmill, and what not and charge the customer on a monthly or yearly basis. These are affordable and easy to return. The business which requires a one-time investment in the purchase of products is easy to maintain and its growing exponentially in urban cities.
If you are interested to start an equipment rental business, let’s have a look at how can go about it:
Do your research
To open the Equipment rental business, as easy as it sounds, is not an easy venture to open. You have to do a lot of research about how the market functions and what is the demand and supply chain in this business. The business requires your understanding of trends, distribution, and changes according to season. You need to have great shopkeeper’s skills and a compassionate personality. You must know how to attract customers to your business.
Decide on products
There is an array of products that are available in the market and the range is huge! You have to first decide what are the products you want to sell. Usually, for rentals, people look for almost all the home appliances, most importantly temperature control units such as heaters and air conditioners. As time is changing design, trend, requirements of the items change accordingly. Some may require beds, mattresses. In today’s time, people have also started renting fitness equipment such as treadmills and other types of machinery. Based on your budget and ability to arrange resources, decide the products. Your equipment rental business will expand and the list can always increase but decide first what is your introductory range and how influential it is for the local public and will it get enough attention.
License and Permit
To start any business in India, you need to have legal permission sorted beforehand to avoid any hassles with government officials. You’ll need to get yourself registered as a business person, get all the necessary approvals, and get all the documentation handy.
Before you think of setting up any business, you keep in mind your target audience. For the equipment rental business, your customers are more likely to be college students and young job professionals who are staying away from home. Set up your advertisements and marketing focused on them.
This is amongst the first things to do. You are setting up an Equipment rental business. It will require a principal investment. Even though it is a small-scale business. Get yourself sponsors who are willing to support a local business and have your back in tough times.
Marketing on different platforms
Be ready to do a lot of marketing. Social Media is used by almost everyone around the globe. It is almost certain that at least one person in a household must be using any social media platform. Putting up pages on Facebook and Instagram, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your online snacks business. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Put up small hoarding in the university campus areas, or near the job hubs. Go old school and hand our pamphlet whenever a customer arrives. Since you already have an offline business and most customers who have done business with you will keep your number saved, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one to one messaging which has become one of the best provisions of converting prospects to customers.
Find the right distributor
Make sure you have a distributor who can easily make you available with the supply whenever you demand them and have access to the list of items that is trending in the market. Your customers should not go empty-handed from your store just because you didn’t have enough variety available with you.
Setting up any business requires a strong local connection and communication so that the business can propagate but with the rise in the use of e-commerce, things have become a lot easier. Make a website for your equipment rental business where your customers can buy from you and set delivery boundaries according to yourself. Arrange your products in different categories and use various models and tools which are available online to make your website catchier and more attractive.
The location of your business matters a lot. Try to keep your shop away from a place where there are already several stores available. Open a store in a densely populated area so even if there are competitors around, you will always have people buying from you. Buy or rent a space that is big enough to equip all your equipment and has a storage space.
Get the Manpower
Have in-house staff that will carry out tasks like billing, loading, shifting, etc. Once you have a store and you desire to build it bigger, have a trusted group of people who will help you on each level as this is not a task that can be handled alone.
Along with the in-house staff, if you are opening your horizon for delivery service, have delivery persons ready to go who can handle your animal feeds with care and reach the destination on time. Build a team you can trust.
Starting an equipment rental business takes a good amount of planning. If you want your new business to succeed, understand the risks that come with entrepreneurship. It often takes a few years to get a business off the ground even with the best-laid business plan and advanced marketing. To open any business, one should be ready to work hard and show a lot of perseverance and determination. Any business will have good and bad days but it depends on the owner how they want to go about it. All the best!