There are all sorts of types of equipment which have particular, limited uses. For most users, such an investment for just one or two occasions is a wasted expense. This has opened several markets where you can rent out equipment for a profit: building tools, camera equipment and party supplies are some of the most popular items to rent (for large/high value equipment you might consider using asset financing to to acquire reducing the upfront cost) .
First off, decide on a market in which you’d like to invest. Make sure it’s a market you know a lot about, or do your research: find out what the demand is in this market and figure out the needs of your prospective clients. When choosing your market, consider your investment budget: setting up a party rentals business will be far cheaper than luxury car rentals.
Next, scope out the sorts of equipment and prices offered by competitors so that you can offer a competitive package. The trick to quickly making money is not to overbuy. Buy what you need for now, and only expand your inventory as your business grows.
Short-term rentals are the easiest way to make money. You can rent out equipment for as little as a few hours or days. Create a website to generate customers and set up social media channels for your service – this is particularly effective in the party industry. You can also advertise on sites like Gumtree, Jiji.ng, OLX and the FridayAd where people will be looking for second-hand equipment. You can search for classified sites in your country
When buying your kit, consider buying second-hand. For some markets, this may have an impact on the quality of your service and reduce your prices, but for equipment with a long life, this can be a smart way to reduce your initial investment and speed up your profits.