Your rental inventory is the main source of your rental business’s revenue. From heavy-duty construction tools to small hand tools, maintaining your fleet can be a cumbersome task.
Therefore, you can’t afford to lose equipment, ignore maintenance issues, or have conflicting bookings. This is where an equipment rental system can really have your back.
The equipment rental industry has consistently expanded over the last couple of years and 2019 is going to be no different. However, with changing trends and rapid growth, several new rental industry challenges have come the way of rental businesses.
In order to keep up with the times, equipment rental owners need to understand what awaits them this year. Carefully watching changing trends and competitor strategies are going to help you stay afloat this year so be ready to pull up your socks! Continue reading
What’s it like to sit on the sidelines and watch a building burn to ashes? Equipment rental companies probably know. While world economies fluctuate and new reforms crush various industries, the equipment rental industry continues to enjoy steady growth.
So what does 2019 have in store for rental business owners? Rental revenue is expected to grow by 5.5% this year after which it may experience a minor fall. That makes 2019 a great year to make the most of the increase in rental engagement patterns. Continue reading
Thrill seekers love renting out adventure gear! Since most adventure sports require pricey specialized gear, it normally costs a lot of money to purchase gear for a recreational activity that most people only get to indulge in for a handful of times a year. Rentals, on the other hand, are simple, cheap and come with no strings attached.
While the adventure sports arena is vast, there are certain popular activities that keep bringing business the way of adventure rental companies. Extensively catering to these activities is a clever way of ensuring that your business thrives all around the year. Continue reading
Most rentals inventories have a large number of products in order to cater to surging or unpredictable demand. These sizable product lines can make business optimization a difficult task.
Maybe you’re trying to decide which rentals need maintenance. Looking through your logs, you realize no one properly filed the rentals returned from servicing last week against their proper IDs. With more products under your belt, managing items becomes much more complicated. You introduce vulnerabilities into your system and end up with inefficient processes.
There really is no excuse for putting up with lost items, wasted time, and unreliable reporting. This is why any and all rental companies should be looking into better inventory management processes. So, how can this be fixed? Continue reading
Organizing inventory is extremely critical for any business. A lot of thought goes into choosing the right kind of storage methods, optimizing storage space, and settling on an inventory management budget. While many inventory items can be boxed, stacked, and put away, AV equipment requires special care and meticulous organization in order to prolong its life. Continue reading
With online buyers hitting 1.6 billion by the end of 2017, rental businesses have quickly embraced the e-commerce platform. With a rental webstore, clients have an accessible, cost-effective and convenient alternative for renting. E-commerce sales keep increasing every year and a majority of buyers now prefer buying online over having to make a long trip to the store.
If you want to increase profit margins, reduce business operating costs and increase your sales, build your online presence and start an online rental store right now! Moving your data to the cloud provides access to real-time and accurate data and makes it easier to set up a webstore as well. Let’s see how an online rental store can benefit your business. Continue reading
Your rentals are the most important asset of your business and the key to maximizing your revenue. Losing track of rental inventory, letting maintenance lapse or having a disorganized booking system only leads to dwindling business. Managing rental inventory, equipment maintenance, bookings, payments, and schedules can be a handful without efficient systems in place. Software solutions like an equipment rental management software can help automate processes and monitor business workflows effectively. Continue reading
The Internet has drastically changed the way we deal with customers and do business. Rental businesses are no different. In fact, they can often be a lot more complicated because they involve reservations and bookings.
Think about the manual booking process for a moment. A customer calls you, and you check your calendar and write down the reservation date they suggest. You can double-check if you have any reservation clashes, and then confirm the rental period with the customer. In case of changes, you need to call the customer and go through the whole process again. No matter how efficient your staff is, you are still losing time and even losing potential customers.
An online rental reservation software is a much safer, faster and convenient way of managing your reservations and bookings. The rental reservation software aims at streamlining and simplifying the booking procedure through automation and other tools. It enables you to keep things running productively, efficiently and smoothly. If your products and services can be reserved, rented or booked, then rental reservation software is a must-have solution for you. Continue reading
Rentals are treated much the same way as sales in the US, meaning they are subject to sales tax. However, there are quite a few types of taxes that constitute the complete rental sales tax applicable on a piece of equipment. These include the state, city, county, transit and special purpose district sales taxes.
The most prominent variation lies in state tax laws, with some charging no sales tax, and others charging as high a tax as 7.3%. Because of the complexity of the matter, several nuances need to be taken into consideration on the matter of taxing equipment rentals.
The US has about 11,000 different taxing agencies, which is indicative of how diverse taxation laws are across the republic. This myriad of legislatures means that businesses need to have a thorough understanding of the rules for all the different cities and states that they operate in.
Different states, with the exception of 5, levy different state, city, and county taxes. The applicable total is the culmination of these three different figures, going as high as 10.25% (specifically in Chicago, Illinois and Long Beach, California). Continue reading