Introduction to most profitable rental business ideas
Looking for profitable renting and leasing business ideas? Do you want to start a renting business with a small or big investment? If yes, you are in the right place.
You must be thinking that why it is lucrative to start renting and leasing business. There are several reasons behind it. Many people cannot afford products or equipment, but they can pay the rent. The other reason is an occasional requirement of essential equipment which can be addressed by taking equipment or device or product on rent.
Ideas of most profitable rental businesses
Often people prefer to avail of the product on rent instead of buying that. In the case of the fixed asset, one can avail of the product on rent in much less money compared to buying. Besides, people also want to get the products on rent that have very rare requirements.
Broadly, there are two different types of products that involve in the renting business. These are immovable property and movable assets. Also, when you are dealing with moveable products, you can spread your area of operation very fast. And this is not possible for a rental business that deals with immovable property. However, in both cases, you must conduct market research before commencing the business. In this article, we will let you know the most profitable rental business ideas and some tips to get success in renting business.
Three important things to consider depending on your service while starting a rental business are:-
- Proper warehousing and storage
- Safe transportation
- Cleanliness or maintenance of the property
List of profitable leasing & renting business ideas
Here we have compiled creative leasing and rental business ideas for your ready reference. Let’s get started!
Air conditioning rental business
The air conditioning rental business is providing air conditioning facilities to the clients by installing the required air conditioning machine on rent. During summer many people prefer taking air conditioners on rent instead of buying it. Your customers in this business would be a startup company offices, traveling business, and temporary settlers.Â
Apartment rental agency
The apartment rental agency is a very profitable rental business and you do not need to invest much money. About the rent and terms, you can deal with the apartment owner. Many owners are searching for real estate agents who can give the clients.
ATM space renting
ATM space rental or retail space renting is one of the most profitable rental business ideas. Retail space is always in demand. The banking organization always looks for ATM space for ATM network expansion. Hence the demand is very high for ATM space. You can plan to start the ATM space rental business if you have enough capital.
Audio equipment renting
High-end audio equipment always remains in demand. People often hire audio equipment for various speaking events like private dining, banquet, meeting, outdoor event, panel discussion, open event, press conference, etc. The demand for this type of service increases in the festival seasons. It’s one of the most profitable in leasing and rental business ideas.
Bus rental
Bus rental is another lucrative leasing business especially in areas where domestic travel is growing. This business requires a lot of capital investment. Most of the people opt for bus rental for social functions like marriage and tourism. Apart from that many big companies opt for bus rental for the transportation of their employees.
Billboard renting
Billboard renting is a profitable business idea in the outdoor advertising industry. And there are a lot of reputed companies who are only specialized in this business. You can start this business from your locality. This business demands substantial capital investment. Also, you have to take care of the licensing issues in the rental business.
Book renting
If you love reading books you can think of starting a book renting business. The book renting business can include general as well as educational books. If you have sufficient quality book collection, starting a book renting business is a perfect way to earn handsome money out of it. Â Focusing on a target niche and a marketing plan is necessary for starting a book renting business.
Traditional book libraries are now outdated. These days, people prefer to have everything at the doorstep. There are several startup companies, now in India, are working on this concept. Initially, you can start the business from your location. And as your business grows, you can scale up the business at any moment.
Car rental service
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Car rental is a traditional business in the transportation industry in India. This business has grown multifold due to Uber and Ola. This business is an ideal choice for the city with a high-density population. The primary operation would involve scheduling customer reservations and be supplying the rental car. You can even think of starting an online portal for getting customer reservations. If you have the capital for the investment you can start your own car rental business.
Coffee machine renting
Coffee vending machine renting is a great way to earn handsome money out of the moderate investment. This is a comparatively low-cost business. Here, you must have some coffee machines with you. The demand for the coffee vending machine is increasing in places as small, medium, and large offices, schools, industrial canteens, hospitals, software companies, hotels, restaurants, malls, and many other places.
Construction equipment renting
Construction equipment is costly hence a majority of developers and companies prefer to take this type of equipment on rent instead of buying. Also, Companies don’t need the machine regularly. However, this business demands experience and substantial capital investment. Don’t go for this business until and unless you have a prior idea about the construction industry.
Decorators
This is a traditional business in our country. And the overall success of this business completely depends on communication skills, networking ability, and local demand. Decorators deal with the supply of decorative materials, chairs, stage, and other social function related items. These types of items are always in demand especially during marriages, parties, political parties, conferences, etc. You need to invest a lot of money to start this rental business.
Fancy dress renting business
Fancy dress renting business is a low-cost investment rental business. Fancy dresses are usually in demand at school for the celebration of several events and even during several social functions. You can earn a lot of money by starting a fancy dress renting business on your own.
Farm equipment renting
Farm equipment rental service is a very lucrative rental business in the rural areas in India. Generally, tractors, power tillers, seed sowing equipment, plant protection equipment, and harvesting equipment are the most popular. You can start this business easily if you are living in an agriculture prone area.
Flat renting
This is one of the most profitable rental business ideas. Flat rental service is a profitable rental business opportunity for metro cities and sub-urban areas. You can start this flat rental business with less capital investment initially. You can find this business more profitable in the locality where people find flats for the living or working purpose.
Gas cylinder rental business
Because of their professional purpose, many people often need to relocate, always looking for gas cylinder rental service. This is one of the most profitable rental business ideas that can be initiated as home-based.
Goods vehicle renting
This is another very profitable business in the logistics industry. You can start the business in two ways. In the first option, you can start the business with one vehicle. Otherwise, you can start a full-fledged transport company with some vehicles.
Home appliances renting
Home appliances rental service is one of the most lucrative opportunities in urban India. Generally, a lot of people relocate frequently for professional reasons. So, they neither intend to buy the home appliances nor carry the appliances from the previous location. Therefore, they must depend on the appliance’s rental service.
Medical equipment renting business
Specialized types of medical equipment such as a waterbed, wheelchair, and walker are usually in demand. The client mostly prefers these types of equipment on rent as the requirement is for a limited period. This makes medical equipment renting businesses the most profitable business option.
Multimedia projector renting
The multimedia projector is an essential item for any type of professional presentations. Besides, this equipment is also widely used in several types of domestic and corporate functions. Generally, a good quality multimedia projector machine cost starts from 10000rs onwards.
Office space renting
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Good Office space is always in demand. If you have a provision of huge capital you can start an office rental business. You need to select the space nearby market carefully and preferably.
Office equipment renting
This is another profitable business you can start with moderate capital investment. Startup businesses often like to have initial office equipment on rent because of the non-affordability of purchasing costly furniture and related essential equipment. To keep their initial investment low the startup companies always look for the office equipment on rent.
Oxygen cylinder renting
Generally, oxygen cylinders have two different types of usage. One is the life-saving medical instrument and another is the industrial purpose. With the moderate capital investment, you can start an oxygen cylinder rental service business.
Party supplies-renting
Party supplies rental service is quite different from decorators or event management companies. Party supplies rental is an early age business. Party is considered a celebration and it happens with the gatherings of people. It involves so many tables, chairs, dining arrangements, music, and dance arrangements. Generally, here you only supply the required instruments and accessories. However, here you may or may not take the responsibility of entire party management.
Paying guest
In India, offering a paying guest facility is an emerging business. Generally, single working individuals and students look for this facility. And a paying guest facility is cheaper and also comfortable for the newcomers in the city. If you have an extra room in your house, you can earn handsome money from this business. Besides, you can also help other homeowners to get paying guests in exchange for fees.
Signboard renting
Sign Board renting is profitable and a very good rental business. It is an outdoor advertising business, where you need to give signboards on rent for advertising. This business requires a lot of capital and manpower.
Toy renting
Online toy renting business is one of the most trending opportunities in the rental industry. The business model is simple. Here you establish a small eCommerce site. And your clients put orders there. You deliver and pick up the toys at your client’s doorstep in exchange for money.
Video game renting
Video game renting is one of the most profitable business ideas that can be initiated with a wide range of attractive video game collections. You can establish a small retail store to promote this business.
Vehicle recovery van renting
Vehicle recovery van renting service is a profitable and traditional business. The population of vehicles is increasing very fast. And the rate of accidents and damage is increasing too. So, the demand for this type of service is also in the increasing mode. Also, you can start this business with one or two recovery vans initially. Leasing and renting are very wide industries. However, this type of renting business demands strategic investment and marketing planning before commencing.
Tips for successful renting business
There are some tips to get success in renting business:
- Study your market. Know what your customer is looking for. If demand in the market is high then chances of getting success are high.
- Don’t buy more, buy smarter. Avoid idle inventory. It will cost you money.
- Find the best deal for the product which you purchase of renting. You can think of buying used equipment to save more money.
- Make sure to complete your paperwork. It is very important in renting business.
- Make sure to take good care of rented products or equipment that you purchase. Go for regular maintenance of the product.
- If you treat your customer nicely, the customer becomes a repeat customer.
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