10 Best Low Cost Rental Business Ideas to Start in 2023
There is no point in buying an expensive wedding dress when it is used only once.
Businesses offering such products for rent have flourished. The ownership of the product or property lies in your hand and you are paid by the user.
Opportunities in the rental business are being created. You can easily start one of these businesses with very low investment.
If you are planning to start your own rental business and are looking for some ideas in this profitable industry then read on.
Three things are to be considered while starting a rental business:
- Proper place to store
- Safe transportation for delivery if required
- Maintenance of the property
Below are some of the profitable low investment rental business ideas which you may find interesting.
Please let us know if you choose one of them to start a business!!
Here are 10 profitable rental businesses that you can start in 2022
1. Party Equipment Rentals
The lifestyle of modern society has changed and this has changed the way they celebrate special occasions like Birthdays etc.
Years ago, parties needed a high level of planning and it took a long time planning every detail.
Now-a-days this is quite simple with the help of event managers and catering professionals etc.
You can have a part in this growing business. Invest in party items like slides, bounce houses, artful tables and chairs etc. These can generate income for you.
Rent as a package at a profitable price to people who use them. Make sure you receive your items cleaned, the way you provided them.
You can add to your business by having additional services like setting up the place with your rental chairs and tables assisting them till the end of the party so you keep an eye on your rentals not being damaged. You should follow the equipment rental business plan and start your business as per your initial investment.
2. Wedding Equipment Rentals
Wedding equipment rental is not different to the party rentals. Only the items used here are different. At times you will have to maintain an extra set of items to meet the needs of different clients at the same time in case you get two orders at the same time.
In wedding equipment, the capital needed will be higher due to the value of the items. You might need to set up a stage for a wedding. The cost will be higher than other items.
Set aside more items to be rented, and invest more capital to meet the rising demand so your rental service becomes popular. You can aim to make it happen by being innovative and keep on adding.
There are dual opportunities here; you can either just rent your things or be more involved in wedding planning as opportunities arise.
Rental business as well as being a wedding planner will increase your profits according to the investment you are ready to make in a spur of the moment.
Follow the opportunities and stand up to the occasion to be appreciated and be rated high.
3. Furniture Rentals
The business of renting out furniture is now creating new opportunities for an enthusiastic entrepreneur.
This is becoming a regular business as the items offered for rent are needed for everyday living.
Many youngsters on the move rent furniture for their apartments near High Point rather than buy it which they have to sell when they move to another town or country.
Renting business as a whole makes the owner of the product or property earn money on a regular basis like every month. This continuous flow of money enables the owner to earn excess money on top of the cost of the furniture.Your regular customers can be:
- People who have migrated from a city to another for a short term
- People who do not own houses
- Students who share rooms in private apartments
You can earn a huge profit every month if you buy enough furniture for renting out. When your contract with one user is over, you can be sure to find other users waiting.
Make a little survey with existing rentals services to find out the facts.
4. Generator Rentals
Generator rentals is a new idea, but also the most wanted in the market. Big firms will have their own backup generator to avoid work stoppage in case of a power shutdown, but smaller companies will not have enough capital to procure enough generators. In such cases, you can be a provider of generators ready to rent.
Other than companies, event organisers also need to rent generators for safety. Finding customers in the residential category is not difficult if you look for young techies on the move in apartments. You can charge them a monthly rent based on the number of generators you provide.The rent for these generators can vary with the capacity.
5. Construction Equipment Rentals
Construction projects require a variety of tools and machines. The budget for the project might not be sufficient to buy all the necessary equipment and the ownership of these items may be of no use to the owner of the building in the long run.
If the use is only temporary then that can be rented. A construction vehicle like a concrete mixer too can earn huge profits in a month if rented.
There are a number of items in this business in which you can invest
You can be assured this kind of business will survive for a very long time due to its ongoing demand.
High cost of owning these items will be a barrier for anybody to buy these items just for one-time use, thus they will decide to rent.
You can choose this business and specialise in any item that you can to have a prosperous return.
If you partner up with a civil engineer or any person in the construction field, active in building, he can help you to get regular business.
6. Bicycle Rentals
Governments are more aware of the increased pollution. Hence Metro stations are now renting bicycles at the station for the public. If you own bicycles you can approach the metro station organisation to help out.
Sign up a contract with them and you can operate like a normal rental business. Bicycles are rented at a minimal charge since the frequency of renting is high. This means that you will earn more by getting small payments more often.
7. Clothing Rentals
Clothing has always got priority in our lives by getting people’s attention and this attention is even higher when there is a special occasion. Not everybody can afford to buy expensive clothes for one-time use. Thus, they tend to rent them for a charge far cheaper than the cost of the dress.
You can start this business as a medium to earn more by renting your clothes out regularly. You can take a leading position in the market in popularity by offering a variety of clothes.
Make sure that the clothes are always kept in a good condition to sustain your rating in the market. There are a number of categories in this business where you can choose any number of them and specialise in it.
- Grand clothes for special occasions like weddings
- Costumes for events or parties
- Cartoon costumes
- Vintage collections
The investment you make in this business is generally lesser than any other business. Clothes are not going to cost your capital to a great extent, but the way you present your firm makes the deal. You might have to spend more on promotion and display in a gorgeous shop.
Apart from these expenses, your maintenance expense is also added. Maintenance implies the work related in converting the used clothes back to new form by dry cleaning, ironing, etc. You can add all your cost to your charges to make a profit. In the end you can get more than you invested on these clothes.
8. Book Rentals
There are people who are very keen on reading all the famous books. But the cost of these books will be too high for the reader. Usually good books will be priced very high and these readers look for a rental place offering these books.
Your profit here is enormous if you rent out a novel ten times and that’s how this business works. Have a collection of all expensive and rare books so that you will be the only supplier in your area.
No use procuring low cost books, since those books are affordable and will be bought by the customers themselves.
Maintain a database and work like a library and this will help you to maintain your count of books.
It would be great if you market online because you can have a mix of customers from anywhere.
9. Bounce House Rentals
This item is popular among the items for the party rental business, but you can try doing this as one of your main businesses too.
Get as many bounce houses as you need and establish your business targeting kids who love to play in it.
You will have to invest a part of your money in maintenance or say air filling of these bounce houses after you take it to the place of delivery.
Contacting playschools and event managers can bring more customers. You can get different sizes to serve different ages of kids who use it. Bounce house rental business is very profitable if you market your business on social media.
10. Car Rentals
You can attach or rent out your car to other companies on monthly basis. In return, they will provide fix amount commission to you. They will use your vehicle for their rental use as per the business requirements. You can also start your own car rental firm like Uber.
Renting out tools, party or event supplies, shipping containers, storage units, bicycles, recreational vehicles (RVs), kitchen appliances, audio/visual equipment, classroom materials, heavy machinery, film and photography gear, computer and office equipment, workspaces, and even furniture.
Through renting out your items for short-term or long-term usage, depending on the type of rental item.
Researching the demand for rental items in your area, the cost of rental items, the cost of insurance for those items, local laws and regulations for the type of rental business you plan to offer, finding the right storage space for your rental items, hiring the necessary staff (if applicable), securing a retail location (if applicable), and creating an effective promotion and pricing strategy.
The amount you will need to invest in a rental business depends on several factors, such as the type of rental business you plan to offer, the cost of buying or leasing the rental items, insurance costs, hiring staff, advertising and promotion costs, and other overhead expenses.
Before starting a rental business, research the type of rental items that are in demand in your area and their cost. Set up a business plan, budget, and infrastructure to run the rental business. Choose a retail location, if applicable. Get any necessary permits and licenses. Assemble a team of staff if needed, purchase or lease your rental items, advertise your products and services, and set your prices.
Rental businesses can be highly profitable depending on a variety of factors, such as the type of rental items you offer, the costs of running your business, the demand for your rental items, and your ability to effectively promote and price your services.
Depending on the type of rental business you offer, you may need liability insurance, product liability insurance, business property insurance, automobile insurance, or other types of insurance. Consult an insurance professional to determine what type of insurance best fits your needs.
Whether you should lease or buy rental items depends on several factors, such as the cost of the rental items, your budget, the availability of rental items, and the length of time you need the rental items.
The primary benefit of starting a rental business is the potential for high profits. Other benefits include the ability to reach a wider range of customers, the flexibility of offering short-term or long-term rental services, and the potential for a low-cost business start-up.
A rental business can benefit from a variety of marketing strategies such as email marketing, digital advertising, content marketing, search engine optimization (SEO), and social media marketing. Try to develop a comprehensive marketing plan that caters to your target market.