Here are 4 reasons for you to start renting out machines, tools, and equipment
In 2021 some 6,300 crawler excavators were sold in the United Kingdom. Known as general-purpose excavators this type of construction equipment is used to drill sites, bulldoze structures and surfaces as well as to hoist heavy objects. In that same year over 36,000 units of construction equipment were sold in the country.
– Statista 2021
Machines and tools that are rarely used otherwise are often used for these assignments. Do you have a lot of machines and tools that are not in use from your own previous projects? Then maybe you should consider renting them out?
Within the circular economy, there is a clear rent vs. own trend, – with fewer people feeling the need to own things as power tools and minor machinery like mini excavators. We also call this the sharing economy. This creates lots of opportunities for new rental services, which is good for both the environment and your wallet.
If you have a garage or a warehouse full of tools, machines and maybe even a mini excavator, then it can be a good opportunity to start a rental service. Read the article and get four reasons why you should start renting in 2022.
1. Large market for rental of machines and tools
Do you know why mini excavators are one of the terms that topped the Ebay search lists last year? Ebay is a large marketplace where you as a private consumer can resell what you no longer need, but which can be useful for others. Or maybe you are one of those people who prefers to buy used rather than buying brand new products?
There has been an increase in demand for mini excavators among consumers in recent years. We are building houses and cabins like never before, in addition there have been more Do-It-Yourself users. According to a survey conducted by Repons Analyze on behalf of Luado, it turns out that half of us are planning to start a renovation project in 2022. The trend with DIY is spreading, and we are getting more and more hobby carpenters and mechanics, who often use Youtube as a source of inspiration. Machines and tools used for this have therefore become a highly sought after market.
2. Growing rental trends and opportunities in the market
ith lots of players in the market that rent out large machines to the construction industry, such as National toolhire or Boels.com. Within the rental of machines, tools and equipment for the consumer market, Do-It-Yourself users or those who are going to build another room for the cabin, there are not as many companies on the market yet. At the same time, there is a growing interest in doing projects yourself or hiring experienced people for small jobs.
They often have the skills and motivation to do it themselves or hire someone for a small job, but then they do not have the equipment they need for the assignment and buying a mini excavator or expensive power tools for one project is not in everyone’s financial capacity. This offers great opportunities for small rental companies or just people with a garage full of unused equipment.
It can be a big challenge to get started with a new type of business, but we still see that those who dare to do this have a great chance of success in renting machines and tools. It all comes down to how you do it and how efficient you can be.
Norway tops the list of new rental startups
One of the leading countries for new rental startups is in Scandinavia. Norway tops many lists in sustainability and circular economy. Norway will sell more electric cars than traditional fossil-fueled cars in 2022. We see how the trend has changed the market from a buying perspective to rental both for professionals and especially in the consumer market.
3. A lot of equipment is unused in the warehouse
It is not only on the consumer site where there is a lot of money to be earned. Several companies have large fleets of machines that are not always in use in their own projects, and have gradually seen that it can therefore be a great opportunity to start renting out the equipment.
This is a good way to get an extra income and expand the business, while you get to contribute to the sharing economy and utilize everything you have of machines and equipment that are rarely used. Some choose to break out of the company in the construction industry to start a new rental service, because they see that there are great opportunities here to create a profitable business. Unused assets are money down the drain.
4. Renting does not have to be difficult, cost a lot or require a lot of time
Today there are several smart systems that allow you to rent out easily. With technology that means renting can be at least as easy as buying a new product. There are several options like self-service solutions that enable renting to be both efficient and profitable. With good digital systems in place rental operations can be fully automated. Saving time and operational costs. All you need is just to take the step to get started.
Much of the costs associated with renting is that you need to purchase a lot of inventory. If you already have machines and tools lying unused in the warehouse or garage you have already paid the bulk of the costs. All you have left to do is to get the system in place so you can take part in the circular economy and start making money.
We are happy to help launch your rental service on the market. To succeed with renting machines and tools, you need a rental system such as Sharefox.
With Sharefox you get an all-in-one rental system with a complete turn-key solution for the entire digital customer journey. You get your own personalized website with a booking calendar and flexible payment solutions. An easy to use backend management system with inventory overview and order handling, distributions tools, marketing and sales features plus much more. As long as you have the equipment and machines, we have a complete system that both helps you get customers and that you can operate efficiently.