The equipment rental industry is growing, with services including truck rental equipment, among others. Most rental business income in the United States comes from tool and equipment rentals, which make up about $2 billion in annual revenue. For a profitable business opportunity, this is one great industry to look into.
If there has been an increase in the amount of construction or renters joining the house-flipping market in your area, then there’s a good chance that your area is one with a growing equipment rental market.
The first step to starting an equipment rental business is to contact potential customers. You’ll want to speak with local home renovators, builders, and construction companies about what equipment they use most, their preferred brands, their price ranges, and the types of projects they work on.
The next step is building a well-developed inventory of the best products available. In the beginning, you’ll want to focus on quality and not quantity. This will depend on what you’ve learned in your previous conversations with potential customers. Still, don’t be fooled by the value associated with brand names if your potential customers haven’t indicated they’re interested in that factor. Purchasing used equipment is a good option as well.