The video is about starting an equipment rental business. It shows that it’s crucial to focus on what potential excavator rental companies customers in an area want to rent. Conduct thorough market research to understand the demands and preferences of the target audience.
Doing so makes it easier to identify the most popular and sought-after items likely to generate consistent rental demand.
Rather than relying on assumptions or personal preferences, gather data on local trends, customer feedback, and industry insights. This information helps make informed decisions about inventory purchases. Additionally, it’s important to consider getting the best deal possible when purchasing inventory.
Research different suppliers and compare prices to get the most competitive rates. Negotiate with suppliers to secure favorable terms, such as bulk discounts or extended payment plans. Determine what type of equipment to offer. The right choice varies depending on the target market’s needs.
Consider prominent industries or sectors in the target area and what equipment they typically require. It’s best to offer a variety of equipment to cater to different customer needs and maximize revenue potential. Also, decide whether it’s prudent to purchase or lease the equipment.
Purchasing equipment can be costly upfront, but it allows for greater control and potential long-term savings. On the other hand, leasing equipment can reduce initial costs and provide flexibility but may result in higher long-term expenses. After obtaining the necessary equipment, establish a pricing strategy.