Why Should You Start An Equipment Rental Marketplace?
The global equipment rental market is expected to reach $273.5 billion by 2030 from $176.2 billion in 2020 with a CAGR of 4.4% for the forecast period 2021-30.
There are more than 5000 equipment rental companies operating in the US alone and the number has constantly grown in the past few years. The global equipment rental market is still expecting new players to bridge the gap between equipment owners and renters. Aspiring entrepreneurs can perform market research on their own and see if their target region can be suitable to start an equipment rental business.
To start an equipment rental business, it is important to have your own equipment if you are planning to start a single vendor business. Though, equipment costs a lot of money, and might not be possible for everyone to invest large amounts of money in the initial stages. So you can plan a multi-vendor equipment rental business, where you invite existing vendors on your platform to rent their equipment.
Irrespective of the business operations planning, you will require an online presence in the form of a website with dedicated dashboards for customers, the admin, and vendors (in case you start a multi-vendor business).
An online equipment rental business requires less workforce(2-5 professionals), a small investment on the website(depending on features you require), and efficient market research that helps you with GTM (go-to-market strategy). While there are several other factors that need to be considered before entering the equipment rental industry, the development of an online rental website is crucial as all the operations take place through the platform only. You can either go for website builders, select a readymade rental software solution or hire developers to build a website for you. To know how you can start an equipment rental business with efficient planning. You can check this absolute guide on starting an online heavy equipment rental business.