An important part of your equipment rental company's business plan is determining which industries you want to serve, especially if you're just starting the business.
You've already decided that you want to rent equipment to those working in manual labor, but you'll need to narrow that down to even-more specific industries. This will help your company provide the best pieces of equipment for them.
So, which manual labor industries should you be serving? We share insight on that and why in this article.
What industries should you be renting to?
With professionals in a variety of industries renting different equipment, it's tough for an equipment rental startup company to determine the best industries to target. Following are a few successful equipment rental industries you should consider adding to your list.
Based on research by Cotney Attorneys & Consultants, one of the biggest challenges in the roofing industry is a lack of qualified workers. This gives you a great opportunity to provide innovative equipment that helps them be more efficient without needing to hire more workers.
2. General Construction
Another labor industry that many equipment rental companies serve is general construction. General contractors get into all kinds of different jobs–anything from demolition to plumbing. Very rarely will general contractors buy every piece of equipment they'll need for each job. Instead, they'll often rely on local equipment rental companies to supply select equipment.
For example, if a loyal customer asks a small business contractor to rip wallpaper out of an old condo, even though it's not the contractor's specialty, he likely won't turn down his customer. But you can bet he doesn't have the right equipment to complete the job. So, he'll head to a local tool rental company to find the equipment he needs.
3. Restoration and Remodeling
According to Qualified Remodeler, "The remodeling market is poised to grow 5% in 2021, driven by higher demand for repair-and-replace and stable large-scale remodeling."
Small businesses and startups are more likely to rent equipment before making large investments. With this industry expected to grow, you'll want to make sure you've got equipment that accommodates its businesses' needs.
Why should you serve multiple labor industries?
Serving multiple labor industries can help enhance your reputation in a variety of ways. Here are just a few reasons your rental company shouldn't serve just one industry.
1. Get more business.
One of the most obvious reasons to serve multiple industries is the opportunity to grow your customer base.
Contractors pay attention to what equipment their competitors use, and word-of-mouth travels fast. Get more customers by offering multipurpose equipment at competitive rates.
Business Tip: Consider branding your rental equipment to boost brand awareness in your community. If a contractor drives by a competitor's job site and sees your company name and colors on a boom lift, they may be more likely to look into renting large equipment from you in the future.
2. Grow your company faster.
When you build a bigger customer base with multipurpose equipment for multiple industries, you'll have the ability to expand your business faster. What can that do for your equipment rental company? It gives you the ability to...
- Start an in-house equipment service department
- Invest in more varied equipment
- Serve small and large businesses
Do you envision growing even larger and opening more locations across your state or even the country? With a larger customer base, you may be able to achieve this goal even sooner.
3. Make a difference in the community.
Reaching more people always gives more opportunity to make a difference, whether that's through donating equipment for a certain time frame for contractors to complete community service projects or renting equipment to homeowners who are doing their own home renovations.
4. Never have an off-season.
While roofing often slows in the winter due to less-than-ideal weather conditions across the US, interior home repairs don't stop. Serving various manual labor industries ensures your company won't ever have an off-season, so while your company's income from roofing rentals may drop, you can predict a steady income thanks to customers who work in construction and restoration.
What's the most cost-efficient way to build a rental fleet?
Make sure your fleet is complete with multipurpose equipment that solves needs in each industry you serve. On top of decreasing the likelihood of an off-season for your company, it keeps your equipment in action all year long instead of sitting unused for a season. Equipter offers a wide range of equipment that's used in the roofing, general construction, restoration, and HVAC industries. Check out our full line of equipment for your rental fleet here.
Want to know if there's a demand for Equipter products in labor industries you serve? Click the button below to download an infographic with more information.
Because of the 2020 pandemic, homeowners became more aware of repairs and renovations that their homes needed (not to mention the need to accommodate new work-from-home environments). This increased business in general construction, roofing, and restoration. As homeowners continue to map out budgets for home makeovers and necessary fixes, these industries will still need to utilize equipment they don't always carry. That means more business for you!
Whether you're just starting an equipment rental business or looking for ways to boost you bottom line, consider these options to expand your horizons.
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