We live in a world where everyone wants access to things they can’t really afford – both in business and private life – and that makes the equipment rental industry an attractive prospect for savvy entrepreneurs of all descriptions.

Whether you want to rent out household goods such as TVs, computers and washing machines, or look more to the B2B sector by offering construction equipment for hire, there are a few things you need to consider before getting started.

We’re going to take a look at some of the golden rules of setting up an equipment rental business of any kind, so read on to find out more.

Know your customer

Before you even spend a penny investing in products to rent out, it’s important to understand what your ideal customers are actually looking for. Talk to them, ask them questions, and find out all you can about their wants and needs.

Be specific on the type of equipment they want – is it top-of-the-range or are they happy with cheap and cheerful? It’s important to get an idea of the current markets, too – how much are your competitors charging for a similar service?

Finally, make sure you are offering something different from all the rest – it will help you stand out and focus a stronger message to your audience.

Buy wisely

Smart buying skills are essential if you want to thrive in the equipment hire industry. You don’t necessarily need to buy everything and anything – only go for what your customers are demanding.

Never presume your clients will want the bigger, better, all-singing and all-dancing alternatives. Don’t forget, it is far harder to shift gear that no one wants than it is to top up on your best sellers at a later date.

Guarantee maintenance and repairs

Let’s assume you are in the plant hire business. You have spent a long time cultivating relationships with local construction companies who are reliant on you to supply them with the machinery and equipment they need to do their jobs.

But what happens if one of your diggers, trucks, or bulldozers breaks down halfway through a job? Perhaps the hydraulics goes, and you need a fluid transfer company to come in and repair the damage.

If you can’t guarantee that your equipment will be fixed within a short time frame, not only will you anger your construction partners, but you will also get the blame from their clients. And pretty soon, you’ll find your reputation as a good plant hire company starts going down the pan. Take care of your equipment, and never let your customers down – it’s that simple.

Create successful partnerships

As we mentioned above, the partnerships you create as equipment hire business can be incredibly important. But not just for direct rentals or maintenance and repairs.

You can also set up fruitful partnerships with companies in your area that are complementary to your own. For example, let’s say that you are a cycle rental company. You might get in touch with local hotels and bed and breakfasts, who can point their guests towards your business for days out.

So, as a final point, consider who might have a need for your equipment – and then focus on where you might find them. Then it’s just a case of approaching these complementary businesses and setting up a partnership that works for both of you.