Making your new equipment rental business a stunning success is not easy. However, there are still some basic steps to take which ensure you a solid business foundation and facilitate your achieving bigger goals in later periods. Here are a few must-haves to incorporate into your rental business plan in order to rise and shine!
Give a True “Equipment Rental” Definition
Renting is the process of getting equipment for a short period of time. People who are unable to buy the equipment, hence, can have it for their temporary purpose.
According to Wikipedia, equipment rental is a service sector that provides final users, primarily construction contractors but also industry and individual consumers with machinery, equipment, and tools of all kinds and sizes (from earthmoving to powered access, from power generation to hand-held tools, etc.) for a brief period of time.
Study the Market for an Equipment Rental Business
Before even thinking of a name for your rental business, you have to do thorough market research. It is challenging to compete with a business that has a large client base and many experiences. Therefore, research your competitors – how many they are and which products/services exactly they have to offer. Next thing is to study your potential customers. Big opponents in the market will not upset you if your target customers are in a “niche market” with specific needs and preferences.
Design a Rental Agreement
Renting equipment is not a small commitment. Running an equipment for rent business, you might understand that controlling the wear and tear of your equipment is demanding. It will be true for your relationships with clients, also, because any conflicts with them over equipment damage can be bad for your business. That is why you should make everything clear in written rental agreements.
A rental agreement’s content may vary based on the industry type and rented equipment value. However, you can find listed below some of the necessary elements to include in your rental agreement:
- Equipment subject to rent
- Rental rate
- Rental period
- Care and operation
- Insurance coverage
Utilise Technology in Your Equipment Rental Management
Many small and medium-sized rental companies still run without equipment rental software with weak resources. It is undeniable that a notebook and pen will never be as effective as a comprehensive software program when it comes to operating equipment for rent service. Leveraging thorough equipment rental software allows you to ensure a detailed follow-up of your fleet and guarantee the best possible organisation of your activities.
Tailor-made for equipment renting businesses in the Rental & Service industry, Synergix Contract Solution enables you to manage your contract lifecycle seamlessly. You can effortlessly create, search, monitor, and bill your contract services in a centralised respiratory system for greater work efficiency.
Besides, upon managing your equipment service, you may face the risk of missing out on any equipment. You can benefit from such software as Synergix ERP solutions to provide online schedules, checklists, and tracking of machines for servicing. With Synergix equipment servicing management ERP, approval features are integrated to ensure offering quality services to your customers and generating detailed reports for your management analysis.
It takes time and effort to manage your rental business smoothly and efficiently in the competitive market. However, where there is a will, there is a way. Keep a close eye on both your clients and the rental equipment, utilise the power of properly designed software tools and user satisfaction, and loyalty are there for you. Wanna find out how a fully-integrated ERP software can help you on this? Feel free to contact our experts for a free consultation!