Do you want to start a business that produces a profitable income all the years? If you are planning to explore opportunities in online rental business here is the ultimate list of most popular rental business ideas.
Internet has changed the world and created exciting new opportunities for business and income. Starting a renting business is one of the smart ways of earning money. The startup business idea is to establish a peer to peer platform for connecting people who wants to rent out products they own to other people. As a start up business owner, you can explore several business possibilities that come your way through online rental marketplace solutions.
This rental industry which was valued at $19 billion in 2017 is expected to double by 2022. It is expected to be a major disrupter for the traditional agency based hiring model. Recent study states that in US, 77% of people prefer renting over buying products as a way of saving money. Niche based online rental marketplace for vehicles, dresses, home appliances, travel gears are becoming popular among customers. Transportation and Fashion are major sectors for which rental websites are particularly popular among investors. Rental marketplace for appliances, equipments, gears are also seeing greater demand among investors.
Car rental business
Car rental is a traditional business. This business has grown multifold due to the rising demand for Uber & Ola. This rental business idea is best option for city with high population and tourist/industry specific. Main business model of car rental is scheduling customer car reservation and supplying car on rental basis. Apart from normal car renting, luxury cars also in huge demand in car rental market. If you have a capital for investment you can start your own car rental business.
Office Space rental business
It was one of the first businesses started in online rental marketplace solution platforms. Growing demand for booking and rental purpose script enables space rental business best startup business idea for entrepreneurs. Space rental is the business involving renting out spaces or office for corporate events and parties. If you have a venue to rent out for an event use this platform and you don’t need to worry about promoting your space/venue. You can invest some of your profits for the upkeep of venue and at the same time reinventing your space. Gather feedback from your clients on how you can add to décor and amenities in venue. The more you invest, the higher you will gain in profits.
Co-working space rental business
There are many advantages to using a co-working space, especially for fast growing and budget conscious startups. One of the major advantages of co working space business is avoiding all other private office space startup costs including furniture, Utilities, additional lease service charges and appliances .The flexibility and simple accommodating additional employees are other major advantages to growing startup business.
Most of the startup companies require conference room for meeting, training and other programs. If you own a space in a commercial building you can convert it into conference room and plan to offer on rent. You will get high ROI with low capital on investment.
Construction equipment rental business
Construction Company owners don’t always see benefit of transporting equipments and tools to long locations. They always prefer to rent them locally as it helps them cut costs and reduce risk of ownership in many cases. Equipment rental taken on online rental marketplace have bridged the gap between renters and buyers.
Vacation rental business
It’s one of the oldest and first businesses in the world. Do you have a room to spare during busy travel season, then you have got business waiting for you. You can also invest in property from vacation rental business. The success of “Airbnb” has increase the demand for “Vacation rental platform” and people are looking for best alternative for “Airbnb”. Make use of your social media accounts and write informative blogs on places to visit nearby your vacation rental property.
Book rental business
If you love reading books and have collection of range of books, you can start this easy online rental business. You need to focus on marketing strategy to succeed in this rental business and make great profits.
Tips for getting success in online rental business
- Focus on your rental market and know what your customer wants. If the demand in your market is higher, the greater your success growth
- Find the best deal for the products you used to purchase for renting. You can rent these products to save more money.
- It is highly important to have a responsive and reliable online web presence with a best online rental website for your business growth.
- Complete your market research and paper work before starting your business.
- Make sure to take good care of your rental products and improve your rental business experience to customers.
- Gather information about your customers and their feedback to build reputation and trust among customers. It’s the best way to retain your customers and attract new customers from your niche rental market.
With all such speculation, online businesses give perfect opportunity to startup entrepreneurs to start their business.
Do you want to start online business in above mentioned list and facing challenges in developing software? Consult with experts today.