Tuesday, November 17, 2009

How to start your Own Rental Business

How to start your Own Rental Business

Have you always wanted to start your own rental company? Starting a rental company is a great business because you can invest in products and equipment once and then rent them over and over again. Tools and equipment or party tables and chairs are the two best rental businesses that are also easy to start.

START YOUR BUSINESS - File a fictitious business name statement with your local county recorder.

Take your FBNS and deposit money to your bank to open up your business bank account.

This is the minimum you will need to do to get started. Inquire in your county regarding other paperwork you may need to file or other licensing and insurance requirements. Some cities and counties may require things such as company registration, resale license, bonding and insurance, tax id number and other requirements.

You can use your own home phone number and address to get started if you need to.

BUY YOUR INVENTORY - Buy a small inventory at first until you know what kinds of things will rent easily. If you are starting a party rental company, you may want to have several types of chairs on hand so that your customers can choose color and quality.

If you do not have your own physical business address yet, you can keep your equipment stored in your garage or in a storage facility. You will then be required to deliver the products to your customers since they cannot come to you. Do not charge for delivery.

ADVERTISE YOUR BUSINESS - Print business cards and fliers for your new company. Pass them out to family and friends.

Go to your local party supply companies to see if they have a bulletin board where you can put up a flier.

Make sure that your business is listed in the yellow pages under the appropriate category and with the biggest ad that you can afford.

If you are renting tools and equipment, you can post your fliers on the bulletin boards at grocery stores, on utility polls and other places where posting fliers is allowed.

Someone is always having a party for some reason such as graduations, birthdays, coming home, leaving home, returning troops, etc. Tell everyone you know that you are in the party table and chair rental business just in case they know someone with a need for your services.
Knowing how to start your own rental business will help you increase your income.

BE PROFESSIONAL - Follow the golden rule when it comes to your customers. Treat them they way that you would like to be treated. Always be more than fair when working through issues and your reputation will spread.

Knowing how to start your own rental business will get you out of the rat race.

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