If you are looking for a new and solid business opportunity, consider investing in the rental business. Whether you are renting scuba equipment or hotel properties, the rental industry, and owning your own business can make you a lot of money.
In addition to great income potential, the rental business is pretty straightforward. Some of the more common things to rent range from watercraft and furniture to office or construction equipment. As long as there is a need, you can make money from renting anything.
The rental business operates on the premise that people would pay to borrow something for a little while then buy the equipment if they only need it for a little while, or even just one time.
Any product that a customer would rather not have to buy for themselves can pretty much be rented out. The great thing about this business is that both the customer as well as you benefit. They get their needs met at a decent and competitive price, and you get to generate income from lending that particular item out for a specified amount of time.
You can start up your business either from some commercial property or even from your home. As soon as you buy your start up inventory, do a little advertising and set up your business, you will be ready to generate some serious cash.
One thing to beware of, your start up costs can be a little high, depending what you are going to be renting out. You can save some money by looking for items that are used but are still in good shape.
Remember that smaller items are standardized with pricing. Expect to charge between 3 and 5 percent of the item’s original value per day and 10 percent per week. For monthly rentals, the standard charge is 20 percent of the item’s value.
These make for great thoughts to keep in the back of your head as you look into the rental business. Good luck and best wishes as you make your choice.