Make Passive Income Easy: How to Start a Successful Rental Business
Have you ever wanted to start a business that brings in a steady income without requiring too much effort? If you find yourself in this boat (who doesn’t?) starting a rental business might be the perfect opportunity for you. From tools, to party supplies, to jet skis, to kayaks, there is more demand for rentals than ever before.
And the best part is: you can get started today. Whether you have a garage full of equipment which gathers dust, or you have tools which you only need to use every so often, there are many opportunities to make passive income on the items you own now, or would like to further invest into. In this article, we will help you understand how to start your own rental business.
Choosing your Market
The first step of any successful rental business is choosing the right market. Start by thinking about what excites you. If you love hosting events, maybe you have party supplies lying around which you can rent out and make money on while you’re not actively hosting. Or, if you love to woodwork odds are you have tools which you can rent out and make money on. Next, you can think about your local market. Do you live near a beach where tourists could be looking for a place to rent things like umbrellas, beach chairs, coolers, etc.? Or are you in an area where there are a lot of contractors who could benefit from having tools they can rent for a specific job they take on? By taking advantage of a market which you are passionate about, and which has good demand in your area, you will start off your rental business journey in the right direction.
Build Your Inventory
Your next step is to build your inventory. First, start by considering what exactly you would like to offer your clients. If you are renting out party supplies, you’ll need to stock up on things like chairs, tables, linens, decorations, etc. If you are starting a tool rental business, you need to load up on things like drills, ladders, and power tools. Whether you want to buy your inventory brand-new, or you want to search for second hand options to be a little more budget friendly is up to you. Just remember, your inventory is an investment so you should treat it wisely. Make sure to inspect each object after you get it back, regularly clean and maintain your inventory, and keep adding more to keep your customers happy!
Market Your Rental Business
After you choose your market and build up your inventory, you need to decide how you will market your rental business. One of the first things you will need to do is create a website that you can direct clients to. On this website you will most likely want an inviting home page, a page listing the products you offer, and an inquiry page where customers can request to rent. You will either need to create this site on your own, or pay someone else to create it for you. Next, you will need to develop a marketing strategy so that potential customers will know that you exist. You will most likely need to run social media ads, work on your site’s SEO, and run local ads. All these ads will contribute to your overhead, and you should keep them in mind when determining your rental price.
A simpler option
We know, this can all seem like a handful and might dissuade you from starting your own rental business. But don’t give up yet! There is another way you can go about it. Instead of needing to create your own site, gather an audience, and drive traffic to that site, you can instead take advantage of our already existing audience! We are Lendr, a marketplace where you can rent anything, anytime, anywhere.
All you need to do is list your item on our app, and wait for someone to rent your listing. You don’t need to worry about advertising or creating a website. We even provide a $1 million insurance protection, so you can sleep easy knowing you are protected in the rare event of damage or loss during transactions. Here is a list items you could rent on our platform:
Listing on our platform is free. You pay nothing, and we charge industry-leading transaction fees as low as 5%. Another benefit of our site is that you don’t need to build a large inventory. You can get started renting out anything you have sitting in your house today! Download the app today and get started earning some passive income!
