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You could provide better service and better quality tools for your customers. As with most of our side hustles, the basic idea is simple. You keep commonly-needed tools and equipment available for homeowners to rent on an hourly, daily, or weekly basis.
- Since most companies lessees choose their leasing company lessors largely based on the lease rate offered, the competitive pressures of the market push these rates down.
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The homeowner pays you to rent your tools and returns them once their project is complete. You get to turn a one-time tool purchase into a recurring income.
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- This creates a difficult situation for the owners of these gyms and fitness studios but it also causes a problem for the members.
- In some cases, buying new equipment may not be the best option; it may be wiser to lease or rent or to avoid acquiring machinery entirely.
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Why Tool Rental is an Ideal Side Hustle for Real Estate Professionals Renting out tools and equipment to homeowners is a great complement to your real estate what equipment can you make money on for a few key reasons: You already have access to customers Your buyer clients are the perfect customers for your new tool rental business.
They need tools to tackle DIY renovations, repairs, and maintenance. Your seller clients may also be a good customer source.
1. Test and review products
But with those tasks complete, your only real-time investment is meeting with customers to lend and collect the tools, inspecting and cleaning the tools after use, and promoting your business.
And none of those tasks are time-intensive. You probably already have many of the tools you need to get started No one expects you to offer all the tools the big equipment companies do. You just need to offer the tools your customers are most likely to need. And you can always expand your product selection as you start earning a profit from renting your existing tools.
So if you have your own tools and equipment in good repair, you can launch this business with very little cash. So it might be a great fit for you.
Tools can be dangerous when used improperly, and a lot of people do a lot of stupid things with tools. So your first step in ensuring that your tool rental income stream is productive is to protect yourself.
And this starts with the formation of your new tool rental company. As the name suggests, this limits your liability. If you were to encounter a business-destroying event like a lawsuit or bankruptcyyour business could be liquidated and lost, but no one would be able to go after your personal assets homes, savings, or investment accounts.
Without forming an LLC, there is no difference between your personal assets and your business assets.
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Get proper licensing and insurance Your local area may require special permits for an equipment rental business. So make sure you do a little research into required licensing and permits for your specific city.
Contact your insurance provider to see if you need additional coverage or an additional policy for your new tool rental business.
Have a lawyer review your rental contract Of course a large part of protecting yourself is to have a well-written rental contract that limits your liability. Explain in your rental contract that you accept no liability for any harm, damage, or injury incurred while the renter is using your tools.
Your rental contract should also have a clear deposit policy.
So always inspect your tools before they are rented and when they are returned. And perform preventative maintenance as needed to keep your tools and your business!
Strategically Plan Your Product Line With those worst-case scenario protection plans covered, we can move on to the more fun aspects of making your tool rental business successful. Like planning your product line. Start with what you have.
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What tools and equipment do you already own that is in good enough condition to be rented out? Then expand to the most common homeowner maintenance, repairs, and renovation projects. What tools will homeowners need to complete their projects? And which of those tools might not be worth purchasing outright?