Rental businesses for leasing equipment are great business opportunities because you can generate recurring income, with typically lower capital start-up costs and high profits.
Also, they are great as a side business to work part-time, out of your home, while working full-time at your day job. Ready to get your business started? Do it for 10% less on LegalZoom with promo code BEST4B18
Rental businesses can either lease, for a long period of months or years, or rent for short time such as days or weeks, items that are needed on a temporary basis such as tools, construction equipment, tables and chairs for weddings, dishes, kitchenware, bicycles baby furniture and more!
Each new business rental idea has tips for expanding your offerings to increase profits.
Keep reading to get the best ideas to launch a rental business yourself:
Wedding rental equipment
This in-demand service rents equipment and furniture to stage weddings outdoors, in residential backyards and at party venues. You can either solely rent equipment or also offer wedding planning services to augment your income.
Startup investment for this business idea can be substantial since most weddings exceed 100 guests. The types of items most rented for weddings include; tables, chairs, tablecloths, silverware, decorations and dance floors.
Here you would rent a variety of items for different kinds of special events ranging from children’s birthday parties to corporate conferences. In addition to expected items such as tables and chairs, you can generate profits with bounce houses, play slides, photo booths, sound system equipment and specialized party decorations.
Increase your income by offering additional services, of which you could subcontract out to other companies, such as balloon arches, DJ music services and entertainment such as clowns, singers and educational speakers.
This relatively new business model is growing rapidly due to high market demand. While large companies and public institutions such as hospitals have their own backup generators, most small businesses, which comprise over 95% of all businesses in America, have no generator to keep them operating during power outages.
Also, most of these companies are not technically oriented and do not want the expense and, hassle to set up generators.
Another source of customers are residences, especially those with elderly and or sick people because they need to have various medical equipment continue to function during power outages.
Event organizers also want access to generators to keep their parties going when the power is out for is nonexistent power at secluded outdoor locations.
Bikes are trending for both entertainment and commuting needs. Almost all large cities now have rental bike stations for commuters to travel around both inexpensively and environmentally friendly.
Capitalize on this trend by setting up rental bike stations in your small town, near public transportation depots and tourist attractions. You can also add bike tour services for visitors or bike training sessions for new or returning cyclists.
Construction equipment rentals
All construction projects require a great variety of machines and tools to complete the job well. Many smaller contractors do not have the budget to buy all of the necessary machinery nor do they have an ongoing need for such specialized types of equipment. This is your opportunity to rent out specialized tools for high profits due to monthly, not just daily rental fees.
Many types of equipment such as excavating, landscaping, masonry, and painting can be rented out as your new business.
This age-old business continues to be a strong commercial option for your new business. People want to rent clothing that is expensive yet often only worn once. These type of garments include evening attire, gowns, and dresses, tuxedos, costumes for masquerade parties or drama productions and vintage clothing for reenactment events.
Wedding dress rentals, including the dreaded bridesmaid’s dresses, are now trending upwards.
Your initial investment could be lower than other types of rental businesses because you can often obtain these garments at bargain prices, with some bargain-hunting online, or at thrift shops and consignment stores.
Offshoots of this business can include custom designed clothing creation, alterations, and refashioning of clients existing garments. Want more fashion business ideas – check out these 50 best fashion business ideas
Trash is an evergreen and always in demand business. While not glamorous it can be extremely profitable. You could rent dumpsters to homeowners or businesses by delivering them to their location, and picking them up when full then disposing of the contents. Additionally, you can make further income by selling the items disposed of in your dumpster if they have a resale value such as scrap metal.
Add to your bottom line by including moving services, storage and delivery services, professional organizing, and cleaning.
Car rental both for tourists and for local residents whose cars are being repaired or is an excellent business idea. In large cities there are national car rental chains, however, in many small towns, there is nowhere to rent a car and thus your business opportunity.
You can rent out a fleet of late-model standard vehicles or specialty vehicles such as sports cars, vintage autos, motorcycles, trucks and moped scooters and even ATVs and snowmobiles!
Portable toilet rental
There are many instances where a portable toilet is needed that you could rent out as a business. Your customers could be party organizers with outdoor events, wedding planners, construction sites, homeowners during remodeling, outdoor art shows, festival organizers and rock concerts.
Medical equipment rental
As America’s population ages, more of our citizens need medical equipment to help heal and improve their lives. The greatest opportunities are in the South East and West regions of the United States due to a larger number of retired and elderly individuals.
You can rent directly to consumers or to commercial entities such as hospitals, nursing care facilities, physicians and other healthcare companies.
You can rent office furniture to either big or small businesses such as conference room tables, chairs, desks filing cabinets and more. Many companies find it easier to rent furniture than having to purchase it outright.
Homeowners also want to rent furniture for out-of-town guest and to stage their house when it is on the market for sale. Be creative and offer portable hot tubs, outdoor fire pits and waterbeds as part of your unique and interesting furniture rental line inventory.
Baby furniture leasing and rental business
Many homeowners want to accommodate visiting infants and want to rent child beds, highchairs, and strollers.
In fact, in my area which has a lot of visitors during the summer months, a very successful company rents baby equipment to tourists.
Popcorn machine rental
Popcorn machines are in demand at special events, festivals, and concerts where families gather. You can rent either just the equipment or also sell popcorn making supplies and also a person to operate the machine to make additional income.
Other types of party related equipment such as chocolate fountains, bubble machines etc. could augment this business idea
Sports equipment rental
With the ever-rising price of sports equipment and the shifting desires of both children and adults, this business can be a gold mine.
Whether for school, leisure or travel rent your customers ice skates, roller blades, snowboards, skis, hockey equipment, surfboards, kayaks, and canoes. Also, fitness enthusiasts may want to rent exercise machines such as treadmills on a monthly basis. Adding camping equipment to our inventory can further expand your company.
Musical instrument rental
When children want to learn to play a musical instrument most parents do not want to buy an expensive instrument that may go unused quickly. Instead, they would prefer to rent a violin, flute or guitar from you.
Expand your business by also offering instrument purchase programs, music lessons, and special events concerts.
Apartment rental broker
This business model is not the renting of physical equipment but acting as an agent to help people find apartments, homes or office space to rent.
By creating relationships and mutually beneficial contracts with landlords who are seeking suitable tenants you can then offer these apartments to tenants that you qualify and receive a commission when they sign the lease.
The same business model could be used for houses, beach houses, key chalets, office space, manufacturing warehouses and garage shop space.
Home decor rental
An excellent rental business example of this type if holiday lights installation services. This is where you would install decorative lighting around your customers home and charge them both for your time and the cost of the rental for the Christmas ornaments and decorations.
Why not expand this into year-round decorations such as fall harvest and Halloween decor and July 4 patriotic displays.