Whether you already have a sports equipment rental business or you’re planning on starting one up, chances are you’ve clicked through to this blog because you understand the importance of using the right rental software. This is most certainly the case for sports rental companies, as software helps you keep track of your entire range of stock, from small items like climbing carabiners and tennis rackets to larger items like tents, kayaks, and gym equipment. We should say that this blog isn’t a completely unbiased account of sports equipment software, and that’s because Rentrax has created the most specialist equipment rental software possible and we’d like to take a few minutes to explain why. If anything in this guide intrigues you, or you have a few questions for us, please don’t hesitate to get in touch.
Of course, the first function you’ll want from your sports equipment rental software is inventory management. Depending on the kind of stock you’re renting out, you may have a huge number of different products, all at different sizes or with different specialty functions. This is why the inventory management system of your rental software needs to work hard for your business. Beware of stock software that has simply been repurposed from sales or some other irrelevant industry as it may not have the functionality you need from it.
Rentrax’s software offers inventory management features specialized for sports equipment rental companies:
– SKU-based inventory management allows customers to select the specific kinds of sports equipment they would like to rent, personalizing the service. Think about it this way: if your inventory management software allows you to easily categorize your stock according to size, shape, function, color, etc, then customers will have a better, more personalized experience with your brand, leading to good reviews, repeat custom, and personal recommendations.
– The inventory management system tracks how much your equipment has earned since you acquired it, allowing you to sell off your equipment as and when it has earned over its initial investment. Selling off stock before it is so old that it has lost any resale value is a great way to increase revenue, and it also helps you maintain fresh new stock at all times.
Software Functions that Make Sense to Sports Rental Companies
Anyone who has worked in any kind of rental niche knows how different it can be to other retail services. There is usually additional customer interaction, this is because there is an initial sale combined with timeframes and the moment when a customer brings the rental item back. This is why any software that has merely been adapted from traditional sales software simply won’t provide the same level of specialist functions. Here, we’re talking about the interface and day-to-day quality-of-life functions that just make sense to anyone working in rentals. Whichever software you choose, make sure it has been developed specifically for rental businesses — the majority of the software promoted online are merely repurposed from something else.
This is actually Rentrax’s origin story, as we started out as a bike rental company that was struggling to find a rental management software that offered all of the features and functions we needed it to. So, when no one seemed to offer the functionality we needed, we decided to attempt to make our own software. This took a while, but the result is a rental software service built by a rental business for rental businesses. We understand how busy things can get when you’re running a rental business, so we understand how important it is that your software speeds up transactions and make your day-to-day activities easier. It was with this ethos that we designed Rentrax. If you’d like to know more, read our about us page.
Native Waiver System
Depending on what kind of sports equipment you’re renting out, you may need a waiver system to protect your business. It’s a legal responsibility, but it’s also just good sense. There are numerous third-party waiver systems you can use, and many of them are very good. However, having the waiver system native to your rental software is so much more convenient as you don’t need to jump between systems, messing around with logins, and filling in all of the details again, for a second time.
This native waiver system saves so much time and effort. This is either time saved for the business owner, allowing them to work on marketing or business development. Or it saves time for employees, allowing them to spend more time talking to and serving customers, offering a better, faster experience.
Sports Rental Software with Sales Functionality
We realized that adding sales functionality to our rental software would help us and any other equipment rental company. This is because so many rental software options simply don’t offer any kind of straightforward sales functions. However, most rental businesses find that selling smaller items can work well both for upselling and for simply enticing customers with an impulse buy at the till. For example, a bicycle rental company may offer cycling shorts or water bottles at the till, or a gym equipment rental company could offer protein supplements. There are so many different kinds of products that rental companies can sell rather than rent — so why should they be forced to record these sales on a different system?
Integrating sales revenue with rental revenue is a no-brainer. It’s easier for everyone involved, and it’s much easier when it comes time to do your accounting. And this leads us to our next point…
Built-in QuickBooks Integration
Given the popularity of QuickBooks as the number one accounting software, used by 4.5 million small businesses, we felt it was important to make it as easy as possible to integrate QuickBooks into Rentrax’s sports rental software. Unlike offering simple sales functionality on our rental software, accounting is best left to the experts. However, it is incredibly convenient to have the software integrate perfectly into your system, saving a lot of time, capturing and recording all the right data in real-time.
There are, of course, various specific features worth considering when you’re looking for the right rental software for your sports equipment business, but we hope we’ve at least focused your search a little, helping you home in on the most important factors. There is much more to Rentrax than we’ve had time to discuss here, and we would be more than happy to offer you a free demo. Schedule a demo today if you’d like to learn more. And if you’d like some more useful guides, take a look at how to create a business model for a rental business and how to calculate ROI for equipment rental software.