If you have been looking for a solid business idea that has real income potential, you may be just the right person to start a rental business.
Whether you are renting homes or musical instruments, starting a rental business can make good money.
Furthermore - it can be a fairly straightforward business.
Types Of Rental Businesses Some of the most popular rental businesses include hot tubs, recreational vehicles, tools, movie props, construction equipment, office furniture and equipment, canoes, kayaks, camping equipment, and watercraft.
Rental businesses work because many people are not willing to shell out large amounts of money, for instance, on a tool they will use once.
However, they will pay a smaller fee to use it.
The same can be said for any item a consumer might otherwise purchase.
It's a win-win situation.
The consumer gets the product he needs for short term use at a reasonable price, you generate cash flow on your one-time investment for the items you rent.
How To Get Started You can start your business either from your home or from commercial rented space.
Once you purchase some inventory, you can set up shop, advertise, and then you are ready to start bringing in the money.
Your start up costs can be a bit pricey, depending upon what you are in the market to rent out.
However, you can save some money by buying products that have been pre-owned but are in good condition.
Pricing Tips Remember that smaller items usually rent between 3 and 5 percent of their original value per day, 10 percent of their original value per week, and 20 percent of their original value for a monthly rental.