Many people start their own businesses to make money, become financially independent, or be their own boss. However, there is a growing number of entrepreneurs who want to start their own brands to contribute positively to the world. They see how things are done and believe that things can be done better, which often leads to starting a rental business.
The main reason for this direction is sustainability. As the world becomes more and more conscious of waste and the cost of living rises, being sustainable becomes more desirable. By giving people easy access to rental products, you give them the tools to achieve their goals. Items that may be used once or twice when bought can get hundreds of uses when rented.
If you’re one of those people who want to start their own sustainable rental business, then this article is for you. We’ll dive into 10 of the most sustainable rental business ideas and discover why they’re not only eco-friendly but also cost-effective. Remember, the number one thing that keeps people from living sustainably is easy and affordable access to equipment.
What is a sustainable business?
A sustainable business does things thoughtfully by looking at the world around them and how their actions impact not only the environment but the people around them. Many of the actions taken toward sustainability are small. Still, they can have a significant impact, whether it’s providing a more friendly mode of transport or professional gear for small projects.
By looking at what they do, how people use and dispose of things, and considering eco-friendly alternatives, sustainable businesses can impact the world. In turn, they can attract more customers, reduce costs, spread their message, and help the world become greener. These goals start with entrepreneurs like yourself deciding to make a difference.
This is a trend we have seen for many years now as more and more businesses seek to make their practices more sustainable. It has also meant that the rental industry has boomed and will continue to grow over the next decade. If you want to start a sustainable business, then renting out products is among the top niches you can start a business in.
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Top 10 sustainable rental business ideas
1. Bikes
As people struggle to afford transportation, they look for more affordable ways to get around. For many, the cost of purchasing a bike isn’t worth it for the limited time they spend each day using it. This is why many rent bikes on their vacation or for their commute. The result is massive growth within the bike rental industry as they become a more popular way to travel.
They are reasonably affordable for a business owner to invest in, but require some upkeep and maintenance. This makes them ideal for someone looking to start their own rental business. They are affordable and attractive for customers, and the associated labor and repair costs are relatively low. Plus, it is typically easy to make a return on investment and profit.
2. Party tents
Party tents are often used for outdoor events like birthday parties and weddings. They don’t make much sense to purchase because they will probably only be used once and then kept in storage until they’re thrown out. This is why most people will choose to rent them for the handful of events they throw per year that require one to be present.
Party tents are super affordable to invest in and are available in various shapes and sizes. You can rent a tent out a couple of times a week and see your investment return in a month. From there, it is easy to invest in more tents and see your revenue grow rapidly. In addition, cleaning and maintenance costs are generally low because of their materials.
3. Cameras
Depending on the grade of camera, they can be expensive for an individual to invest in for a single project. For bigger production studios, it is also often cheaper to rent camera equipment at the location they’re filming. Otherwise, they face extra costs for transporting it between locations. This also increases the load on vehicles and means more fuel is used.
The investment costs for cameras can be pretty high, so what you can afford depends on your budget. It is also essential to consider the area you are in and what the demand will be. In many cases, it is often highly unaffordable to purchase camera equipment, so the demand for affordable and easy access to such gear is very high.
4. Tools
If you’ve ever needed to do any work on your house, you will know that the cost of tools can be outrageous. Often, they only need to be used for a single project and sit there gathering dust after. It is much more economical to rent tools as and when you need them. With more and more people doing DIY projects in their homes, the popularity of tool rental will only increase.
Of course, the investment cost for tools is relatively high, especially if you want high-quality equipment that will last. So, it is important to look at what tools other businesses around you rent and try to be competitive with them. This will save you from investing in tools that break easily and increase the number of bookings you can get per item before replacing them.
5. Trailers
Typically, trailers are too big and expensive to keep as an individual. Especially for the limited usage they get when moving homes or taking garbage to the landfill. This makes them an attractive product to rent as a customer because you get all the convenience of a trailer without the inconveniences associated with owning one yourself.
Trailers are expensive, so it can be good to start small with a couple of smaller trailers and work your way up. These will also be the ones that get the most use, and most people are not hauling vast amounts in a trailer. There is also a point where it’s more economical to rent a van, so if you rent out trailers, you need to be aware of this limit and not pass it.
6. Kayaks
Unless someone is hardcore into kayaks, they probably won’t be buying their own anytime soon. They make a great activity to do on vacation and for youth groups. Obviously, for these types of customers, it doesn’t make sense to invest in their own for the once or twice a year they are likely to need and use them.
Kayaks are pretty affordable, and you can start with a small fleet while you get your bearings and begin to understand your market. If you want to expand more quickly, it would be beneficial to connect with local youth groups and activity centers. This is where you are likely to see the majority of your income, as kayaks aren’t a typical vacation activity.
7. Inflatables
Bouncy castles and other inflatables always go down a treat at birthday parties, fairs, and other events. Children can’t get enough of them, and adults can enjoy them too. Though, as with many products on this list, buying your own just doesn’t make sense. That’s why every bouncy castle or inflatable you come across will likely be rented for the occasion.
Inflatables aren’t cheap, and they come with a bunch of extra costs. In addition to the castles themselves, you will need a way to blow them up and transport them. That doesn’t mean they can’t be profitable, though, as inflatables fetch high rates for rental and can be a great way to have a steady revenue stream as a side hustle or main business.
8. Camping Equipment
For the majority of people, camping is something that they do once or twice a year as a cheap vacation. However, the equipment cost for an individual is relatively high and barely justifies the savings they make versus traditional accommodation. That makes renting the equipment an affordable alternative and removes the burden of paying for replacements from the customer.
Camping equipment is a broad term, but generally, it means tents, cooking stoves, portable fridges, crockery, utensils, chairs, tables, and portable power supplies. It can be expensive to invest in all of this, so you might want to start small and provide tents at the minimum. Once you start seeing a return on this investment, you can invest in more equipment.
9. Clothing
Buying clothing you will only wear for one day is something many would rather avoid if they can. From suits to wedding dresses and maternity formal wear, many clothing items are only (hopefully) worn once or twice. This is why clothing rental has become a big industry. Within the past two years, it has also expanded to include infant clothes as they grow out of them quickly.
The start-up costs for clothing rental depend entirely on what segment you want to focus on. For suits and wedding dresses, the costs are likely to be pretty high. For maternity dresses and infant wear, you will see much lower initial investment costs. As with any new business, your business will only be as strong as your marketing, so you must ensure you reach the right audience.
10. Baby equipment
In a similar vein to how infants outgrow clothing fast, they also outgrow their equipment. Often, parents will need to buy multiple buggies or toys throughout their child’s first couple of years. These are then stored away until the next baby, thrown away or passed on to friends and family. Rentals cut out the first two and allow more families affordable access to equipment.
The only limit to what you can rent out for babies is your imagination (and your budget, of course). Initial investment costs will vary depending on what you want to rent out, though you will likely want to avoid second-hand items. You also need to consider maintenance, sanitization, and how durable your equipment is, as you want to replace them as little as possible.
What makes renting sustainable?
When people rent out products instead of purchasing them, they save money and reduce waste. Often, people buy equipment and only use it a couple of times. For example, tools for a DIY project. However, if they rent them, they will spend significantly less money, and instead of gathering dust, the tools can be used by someone else to complete their DIY project.
This is what makes renting sustainable. It helps people achieve their goals for considerably less cost and ensures a product gets full use throughout its usable life. Fewer products go to waste, and more people have easy and affordable access to the things they need. Not only does this impact the environment but also the lives of people in your local community.
In addition, due to the current economic climate, manufacturers are seeing the prices for raw materials and production skyrocket. This is putting a strain on the supply chain and making it difficult to make products. For some people, the only way they can access specific equipment for the foreseeable future will be by renting them as they are difficult or expensive to purchase.
