Are you planning to start a sports rental equipment business?
Sports rental stores are one of the best small business ideas out there. Rentrax is a top-rated sports rental management software and we work closely with sports rental stores across the country, so we know a thing or two about this business.
The advice given is based on our experience of providing solutions such as equipment tracking software for this fast-growing industry.
Tip #1: Do your research on your target audience
Location matters a great deal when you’re starting a sports equipment store. Having the store by the beach is much different from having one in the city – both will have different types of customers. You should know who your customers are, whether they are tourists, students, or young professionals, and invest in the sort of equipment that they are looking for, whether it is something high-end or basic.
Tip #2: Don’t overspend on the equipment
The last thing you want is to purchase too much equipment and have idle inventory lying around, taking up space and money. An inventory tracking software such as Rentrax which has been made especially for sports rental stores can come in really handy in this case. Don’t overspend on the equipment and buy only as many as you really need.
Tip #3: Look for ways to buy your equipment cheap
The equipment that you buy is your biggest expense as a sports rental. You should make it a point to save as much as possible on every purchase. Don’t waste money on the latest and best equipment; instead, look for more cost-effective alternatives. If your customers are looking for affordable skis or bicycles to rent, it doesn’t make sense to spend a large amount of profit on expensive equipment. Why not buy used equipment instead, as long as it is in good condition?
Tip #4: Have a lawyer look through the terms and conditions
Are you sure your paperwork is perfect? Starting a new business requires a lot of formalities to be taken care of. Get help from a qualified lawyer and have your terms and conditions checked by them so that there’s no confusion later. This should cover issues such as damage, loss, theft, etc. related to the equipment.
Tip #5: Invest in a professionally designed website
You should have a proper website when you start a business these days, even a brick-and-mortar business such as a rental equipment store. Keep in mind that your customers will google you first before they initiate contact. A professional-looking website creates a decent impression. Also, invest in SEO, Facebook marketing, and pay-per-click advertising to build your visibility online, especially on Google and Facebook.
Tip #6: Build relationships with strategic partners
You should develop relationships with strategic partners such as hotels, bed & breakfasts, restaurants, coffee shops, etc. with the understanding that they will refer you to customers looking for sports equipment to rent.
Tip #7: Get all equipment insured
You should make sure that your equipment is properly insured. There cannot be any compromises on this. Get appropriate business liability insurance for your store.
Finally, if you’re planning to start an equipment rental business, invest in a cloud-based real-time inventory management and equipment tracking software such as Rentrax to make sure that you are in complete control of your business. Rentrax is reasonably priced, easy to use, secure, and efficient. It takes only a couple of minutes to set up and can be customized according to your specific requirements.