Starting an equipment repair business can have many potential benefits but also poses a variety of business-impacting challenges. These can include an inability to identify the reasons behind machine failure, delays in service completion, and the effects of managing workflows manually, which can further hinder your work-delivery times. The results: higher costs and lower revenues.
The construction industry grappled with serious issues during Covid-19 but responded well to a surge in demand recently. The construction rental equipment market has been vital in supporting rapid growth in the industry. ResearchandMarkets reports that the heavy rental equipment market is projected to reach $117,788.8 million by 2030 with a CAGR of 4.3% from 2021 to 2030. This growth may translate into an increase in customer demand, greater adoption of advanced, up-to-date rental equipment, and increased profits for rental businesses.
The market for video production spans from independent filmmakers and amateurs creating vlogs to big video production companies. No matter what the target audience is, in today’s highly competitive, video-focused world, producing the most successful video content requires the latest professional video production equipment.
According to the NICB report, heavy equipment is two times more likely to be damaged and five times more likely to be stolen. This makes equipment theft protection crucial because rental businesses that incur these losses can be burdened with large and unaccounted expenses. The high cost of replacement and the revenue lost from current orders because of the unavailability of equipment can easily result in lower profits for the business.
Choosing the right equipment rental software is an important decision for your rental business. In today’s highly competitive business environment, you have a wide range of software purchase options – both from feature and cost standpoints – that can directly impact your success and growth.
There are multiple factors to consider to help ensure a sound investment in equipment rental software that is the right fit for your business needs.
Here are some useful tips that can help with decision-making:
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Construction businesses handle various projects, all of which need various kinds of equipment. Whether it’s a bulldozer, backhoe, or scaffolding machine, machinery is always a significant investment. This is why renting heavy rental equipment for the duration of the project can be a practical and cost-effective solution that prevents heavy rental equipment accidents.
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A tool rental business can cater to a broad customer pool, ranging from DIY home project enthusiasts to construction companies. Renting tools and equipment can be an economical option compared to buying and propelled by these trends, the tool & equipment rental industry has grown to $4.4 billion and is expected to grow by 0.8 percent in 2022.
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The American Rental Association has forecast an 11.1 percent increase in equipment rental revenue and projected that the construction and general tool segments will reach nearly $56 billion this year. While these are encouraging numbers, your equipment rental business profitability depends on more than just a growing market.
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Growing rental businesses can benefit from quick and actionable information on key business aspects. For example, you may want to see how much sales and profits increased during the peak season.
This is where the customized rental dashboard of your rental software can be pivotal to growth.
The equipment rental market in the United States is expected to grow to $57.5 billion by the end of 2024. This means rental businesses can expect an increase in customer demand and profits. On the other hand, increasing demand can also hurt the potential of your rental business if manual methods are used to run day-to-day rental operations, resulting in more challenges than benefits.