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.
The United States construction industry is expected to grow by 8% this year due to increased spending in the housing market as well as a hike in federal spending on infrastructure projects. This means a rise in demand for construction rental equipment as your customers look to rent everything from heavy machinery to tools and supplies.
Fueled by multiple global trends, the furniture rental industry is growing at a rapid pace – a recent survey projected growth of 1.9X times over the next ten years and event rental furniture software helps streamline their operations
These trends include a rising ‘transient’ living culture and an increasing number of people working from home. The transient lifestyle includes people on the go – sometimes traveling for work, moving towards a minimalist lifestyle, or inclined towards environmentally friendly options.
No matter what type of rental equipment you provide, excellent and reliable customer service is essential to your success. Establish trust with your customers by clearly stating all rental terms and conditions with a comprehensive equipment rental agreement.
For a seasonal business like ski rentals, it is important to maximize the advantage of peak season. You need to ensure that you have plenty of equipment in stock and it is in great working condition to efficiently serve customers. Manually tracking a large volume of equipment that is being checked in and out frequently by employees who tend to be short-term workers can be tedious and prone to costly errors.
This is where ski rental software can be a game-changer for your business.
An effective equipment rental marketing plan includes strategies that are specifically designed to market your business to your target audience. It helps you acquire new customers and increases the loyalty of the existing base, propelling growth and increasing profits.
A well-crafted marketing plan can guide you in the right direction to implement marketing goals and gain market share in an increasingly competitive landscape.
Here are some must-haves for an effective marketing plan:
Running a lawn and garden equipment rental business means you are providing equipment for all seasons to people with varying levels of expertise. Whether you are renting to contractors or DIYs, or both, project requirements can range from something as simple as mowing and trimming, installing an irrigation system, to implementing a complete landscaping plan.
From landscaping a new space to sprucing up a yard, renting the right equipment instead of purchasing it saves people money as well as the hassle of storing equipment.
This is where lawn and garden equipment rental businesses step in and provide a variety of durable tools while offering ease and affordability.
Is your party rental business prepared to tackle the demand spike over the holiday season? As the year-end festivities and parties swing into full gear, an increasing number of customers will be looking for holiday party rentals.
Offering great deals and discounts along with thoughtful customer service are important aspects of boosting holiday sales. At the same time, you need to ensure your equipment is in great shape and easily available for checkout online.
Operating a rental business can be a highly profitable venture but remember your business is only as successful as the financial management strategies you put in place. Whether you have just started your rental business or are looking to scale, efficient financial management is a crucial part of your success.