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How To Make More Money From Your Own Rental Service

This really is one of those business ventures that is so simple, costs nothing to set up and utilises the things you already have lying around your home. In fact, it is so simple, I am surprised that more people are not doing it!

The concept of this business is simply making money from renting out the items, tools and appliances you already have lying around your house that are redundant or simply not used.

If you are a keen gardener or DIY fanatic, then this could be a very nice way for you to make a little bit of extra money throughout the year. If you are a local tradesman/woman who has a surplus amount of tools or equipment, then this is also a great way for you to earn money with those surplus items. You can even simply make a little more money by renting out your tools at the weekend or on your days off to utilise the downtime when you are no using them!

 

Business Model For A Rental Service

The business model for this venture is basically to offer a rental service for people that need to hire tools, equipment and other items.

The chances are that if you are a DIY fanatic or keen Gardener, you will have accumulated a large number of tools over the years that are probably just lying around the house or sat in a shed or garage gathering dust. Well, the good news is, that instead of them just sitting there gathering dust, they could be earning you money! Renting your tools out to people in your area that need them for a short period of time is an easy way for you to make money. Think about it, how many times have you heard people say that they are doing a spot of DIY or gardening and need to buy a certain type of tool. They only buy the tool because they cannot find a friend who has one spare or someone who is willing to lend it to them. The fact is, these people would rather rent the tool than to buy one and only use it once. To them it is a total waste of money because once they have used it, it will be put away and never see the light of day again! If they knew of someone who could rent them the tool for a couple of hours or days, do you think they would use their services? Of course they would, as it would save them money.

Marketing Your New Rental Service Business

At first, you can simply just go down the more traditional route of advertising such as leaflet drops and cards in the windows of your local shops. However, you could also approach smaller DIY shops and garden centres in your area that do not supply the tools you offer. Discuss with them about referring people to you and in return, you offering a commission for each new customer they refer.

You could also target properties that have just been sold as they will have new people moving in and they will probably be doing a spot of DIY.

Another very easy and FREE way to market your new business is to simply list your services on Facebook, Twitter and other Social Media networks.

You could also set up your own website very cheaply and list all your tools on your website. Setting up a PayPal account so that you can receive money or a simple Shopping Cart on your website is an easy way to hire out your tools.

If you choose to set up your own website, it is a good idea to buy a Domain Name with your ‘keywords’ in it such as ‘tool hire’. You should then include your town or city  in the Domain Name so if you lived in Manchester, your Domain Name would be www.toolhiremanchester.co.uk.

 

What Can You Rent Out

You can rent out pretty much anything, although you may need to check with certain authorities as to whether you will need a licence to rent out certain items or tools.

Power Tools, Lawnmowers, Rotavators, Mulchers, Strimmers, Hedge Strimmers, Pressure Washers, Paint Sprayers and Air Compressors are all tools that people need once or twice a year but are far too expensive to buy.

However, it is not only just tools that people like to rent out, there are so many other items such as clothes, shoes, sports equipment, musical instruments and equipment, photographic equipment, electrical equipment (although you will need to ensure they are all fully tested and comply to legal requirements and up to date). The list really is endless and if there is a market for it, you can literally make money from renting out anything! If you have a hobby or interest and have a lot of equipment, then you really could begin to make a tidy little income from your equipment.

If you are renting out such things as Lawnmowers, you may want to consider offering your own services and providing a Lawnmowing service for people. There are plenty of people who would pay for you to cut their lawns rather than have to do it themselves, especially elderly people who may not be physically capable to keep up with cutting their lawns each week throughout the Summer months.

Have a look in your attic, shed or garage and see what you have lying around gathering dust. See if there are any tools or equipment that you think people may require and if so, put them up for rent. The reality is, that you have nothing to lose as you already have the items and they are only sat gathering dust. If you make money from them, it is a bonus and if not, you have not wasted any money!

If your little venture takes off, it could be a really great way for you to make more money from your rental service renting the items you have lying around your home!

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