Setting optimal pricing strategies for your rentals is critical for business success. Charging excessively high prices means you risk diverting sales to competitors and losing out on customers. However, setting prices too low can mean slimmer profit margins or even difficulty in covering your production costs. In both cases, you risk the financial health of your business. 

Online shopping has been steadily on the rise and customers are increasingly relying on online resources to make their regular rental and purchase decisions. As trends towards more and more consumers starting their customer journey online, it is important to establish a strong digital presence to gain a competitive advantage while significantly increasing the customer base. 

Offering your customers convenient, secure, digital payment solutions is a great way to enhance sales and strengthen your business. Integrated payment solutions play a key role in streamlining payment processes at your busy rental business.

Rental asset management systems have a major impact on the way rental companies do business, create value, and collaborate with other entities. Keeping track of reservations and rental gear is a part of everyday logistics for rental businesses. 

Inventory items are one of the most important, and expensive, investments for a rental company. For a rental business, accurate inventory management is key to seamless workflows. Without adequate inventory stock, companies can lose customers and ultimately sales revenue. 

As the full impact of COVID-19 hit businesses across the world in 2020, rental businesses were no exception. Small and medium-sized rental businesses faced new and unique challenges including store shutdowns, supply chain disruptions, changing market needs, and a shift to remote operations – all while ensuring the safety of employees and customers. 

The American Rental Association (ARA) forecast a 13 percent decline in equipment and event rental revenue in 2020 compared to 2019, dropping to $48.7 billion in the United States. However, they predict modest growth in 2021, ticking up 0.3 percent to $48.9 billion, before accelerating recovery kicks in with growth of 9.2 percent in 2022, 6.8 percent in 2023 and 4.8 percent in 2024 to reach $59.7 billion.

2020 has been a challenging year for most businesses. The COVID-19 pandemic has impacted all businesses and rental businesses are no exception. Whether or not you have met your sales target for the year, the holiday season is a great time to boost business. With online shopping on the rise, you can optimize your rental business website for the upcoming holiday season and amplify sales.  

Last year, Black Friday shoppers spent $7.4 billion online – the second largest online sales day ever.  Couple this number with the $470 million spent on “Small Business Saturday”, and it’s evident that this weekend is extremely important for businesses, big or small.

With Black Friday, Small Business Saturday, and Cyber Monday around the corner,  how can you prepare your store for eager shoppers? Here are a few tips on how you can set up your small rental business for success and make the most out of Black Friday.

For rental companies that have large amounts of inventory to track, store, and maintain, optimal equipment management is a core business requirement. This is especially the case for the construction rental industry because they deal with high ticket items.

Regardless of inventory type, all rental companies need total inventory visibility. However, a lot of companies are still struggling with manual methods to manage their inventory across multiple warehouses. Manual methods such as spreadsheets are tedious to use, labor-intensive, static, and most problematically, highly prone to human errors.

WordPress powers almost 34% of all websites on the internet, making it one of the most widely used content management systems. One reason WordPress is a popular option is that it offers a wide variety of theme options to users. With new WordPress themes emerging almost daily, there is no shortage to choose from for your website.

While having so many options does sound exciting, having to sift through them in an attempt to pick just one can become tedious. Also, this isn’t a decision you can take in a hurry because choosing the right theme for your website is extremely important for online business success. It affects the first impression customers have of your company, defines your brand, helps promote brand consistency, and more. There are many factors to consider before choosing a WordPress theme.