Gone are the days of most VHS rental businesses, but that does not mean there are not plenty of other rental business options. Plus, you can take many startups online now. Many entrepreneurs turn to rental business structures because there is significant profit potential with minimal startup costs. Of course, you need to factor in expenses such as insurance for any rental company, but in the long term, the costs for these sorts of businesses are much lower than many other startup types. For some help brainstorming, consider these ideas.
1. Car Rentals
When many people travel, they rely on rental cars to get around. As such, starting a car rental company can be a profitable move that helps countless individuals have access to transportation when they are away from home. Invest in time-saving rental inventory software as soon as possible to help you better organize and manage your business. This software enables customers to browse your current inventory, which is updated in real-time, and reserve their ideal vehicle within a system linked directly to your company’s POS system. With rental management software, you can create contracts, rental packages and customer accounts, and even manage deposits or fees in one central, cloud-based location.
2. Party Rentals
Have you ever been to a large family gathering or event with music, fun and games? If so, it is likely that the planners used party rental services. As a rental service provider that allows customers to rents tables, chairs, decor and other party extras such as bounce houses, a party rental business is generally much cheaper to start up than a car rental company.
3. Office Space Rentals
Another rental business idea to consider if you own property with a lot of unused space is to create an office space rental service. In cities with old buildings, it is common for the owners to rent out office space in empty buildings to preserve the dignity of the structure while also making use of the building. Some office space rentals might go to large corporate clients with many employees while others go to individual professionals who need their own workspace away from home.
4. Clothing Rentals
When you need a fancy dress or clean tuxedo for an upcoming event or special occasion, sometimes it can seem unreasonable to pay such a high price for such a short duration of wear. If this sentiment resonates with you, another rental business that you could try opening is a clothing rental company. In addition to special occasions, you might also do well by offering kids’ clothing because children tend to outgrow clothes so quickly.
5. Canoe or Kayak Rentals
Depending on where you like, you could also open a canoe and/or kayak rental business. For example, if you live in a place where there are many campgrounds, you could try creating a mobile rental service that you set up along a river and offer canoe and kayak rentals. If sticking to the online business format is important to you, you could store the canoes and kayaks on your property and simply rent them out on your website for customers to pick up and drop off before and after use.
6. Furniture Rentals
In addition to the short-term folding chairs and tables that many people need for parties, others need actual furniture on a temporary basis, sometimes for parties or other times for vacations. Occasionally, real estate agents also rent furniture when they have to stage empty homes for sale. With such a variety of potential customers, a furniture rental business is another entrepreneurial endeavor that could be profitable.
7. Boat Rentals
When people visit rivers, lakes or oceans, riding in a boat can be an awesome experience, but most households do not own a boat for several reasons. In addition to being expensive, owning a boat takes significant time and effort to regularly keep up with maintenance. If you are a business owner who buys several boats and rents them, out, however, the situation can look much more appealing. The best part is you can rent out anything from speed boats to pontoons, kayaks and everything in between.
8. Tool Rentals
If you have ever had to fix something and went to purchase the necessary tool only to find out it was outside of your budget, you are not alone. Many types of tools can be very expensive. For this reason, it is common for people to turn to tool rental businesses whenever they need to build or fix something. As such, starting a tool rental business could be another smart move.
With an online rental business startup, you have many options. Choose something that you can be passionate about.