If you’re thinking about starting a rental business and want to do it the right way, then you’re at the right place. I’m Reeta and I’m going to talk you through the most important things you definitely need to know.
First of all, rental businesses are all about equipment. So you have to make sure you have a complete overview of what you have from the beginning. Whether it’s on Excel sheets or even better, using equipment management software, you need to make sure you know, how many items you have, how often it’s being rented out, and some extra information, like when it’s going to go out of warranty.
Secondly, you want to be very clear with the customers about the terms and conditions for renting out your gear. The sign-out sheet should answer questions on how the equipment should be treated when the rental ends and starts with what the customer should do if something goes wrong and what the penalties are for damage, theft, loss, or late returns. Clearly communicate the answers to these questions with the customers to avoid conflict or confusion later on.
And the third really crucial point is to take good care of your equipment inventory. So plan a regular maintenance to spot and fix problems before your customers do. And don’t forget the importance of cosmetic fixes as well. Your equipment shouldn’t just work like new, but it shouldn’t look like new as well. So you make a good impression for your customers. That was it.