10 min read
Are you probing to begin a new startup?
Hereabouts, the model of online equipment rental business which would be the right pace for you to get off into a bizarre venture.
Let’s apprehend all about the equipment rental,
Equipment rental business-What and Why?
In our day to day life, people do use various tools for every different chore. So it is essential to use many kinds of stuff but it is not possible to own all those devices. Besides, there is no need to use regularly. Hence why, many people don’t favor to buy big things, instead, they prefer to borrow and get things done.
Practicing this as a business yields a high profit to many peoples. Promptly it gets emerged into the online market and conquering as one of the rapidly growing businesses in the industry.
Moreover, according to the survey from the American Rental Association says that the tool rental revenue has exceeded $ 61.5 billion in 2018. And it is expected to reach $70.99 in each of the successive years.
So, it might be your right chance to get into this lucrative one.
Working model of the online equipment rental business and revenue model
A tool rental website or app would serve as a peer to peer marketplace for the owners and renters. So, it’s hugely important to get the user’s engagement with your web portal for a successful drive of your startup.
This could only happen when you have the scalable and advance working website or app with the efficiency of a sturdy software.
Now, let’s hold an understanding of the working and monetization model of this equipment booking website.
The equipment rental website process involves three users,
- Equipment owners
- Tool renters
Initially, both the renters and owners have to log into the website or app by the registration process. This is for verifying your users and to hold a secured work process with the guaranteed persons.
The verified owners can list their equipment rentals with the specification of the given criteria. The owner can able to fix the rental rate, he can also use the premium-ad option for the top ads of his equipment.
The renters can search their tools or gears as per the region or by the cost. They can get it by sending the rent request to the owners and can view the availability of the tool in that area.
The rent booking and payment transaction activities can be regulated by your authenticated Admin person. He can act as the escrow agent between the renters and owners and has the power to cancel the listings and other unauthorized processes.
Let’s see the below pictorial representation to obtain a detailed workflow of the equipment rental software.
In this business model, you can earn revenue from the renters as well as from the owners.
You can earn by deducting the commission from the renter-owner transaction, this could be done securely throughout your platform. When the equipment owner goes for the premium listing process, you can charge a percentage amount from the payment.
Plus, you can gain through the Google Adsense and through the late return penalties too this penalty can be defined by your admin, from this you can debit some corner of money from renters.
Diverse business forms, that you can traverse using this equipment rental solution
As you may know that peer to peer business offers countless of startup opportunities with minimal capital investment.
Accordingly, by using this equipment rental solution, you can explore different business models in the rental marketplace.
Let’s know what are they?
In a music enterprise
In recent years, renting out the musical instruments through the peer to peer renting apps is receiving more profit. So, starting music instruments rental business will gain you a large which would get more fame among the professional musicians. It will be an easy way to make resources by renting their instruments.
[Screen preview of Appkodes music instrument rental solution]
Sports and water sport sector
You can customize your equipment rental solution to serve only for the sports and water sports equipment. Because there are several categories of tools in the sports industry. Creating a sports equipment rental platform will give a huge share in the market by the people’s involvement in sports activities.
[Screencast of sports and water sports equipment rental software]
Construction equipment costs a lot when compared to others. And most of all, people don’t want to buy heavy things for a temporary purpose. The machine owners could also prefer to rent them locally, as it helps to reduce the cut costs. So, building a specific construction equipment rental website will bridge the space between the borrowers and owners.
Undoubtedly, the heavy machine rental marketplace could be so beneficial for your venture.
[Screencast of Appkodes construction or heavy machine rental solution]
Medical devices are vast, heavy and so expensive, but it is more essential out of all. Owning a medical equipment rental business by creating the rental platform would be a profitable one, where most of the small hospitals, specialties will get profit in borrowing instead of buying. Ensure, that you can see the infinite number of rental bookings from your medical equipment rental website.
[Screenshot showing the medical equipment rental solution of Appkodes]
What’s your development platform? From scratch or an instant solution
Building this equipment rental app from scratch would cost you a lot. It also consumes more time due to many consequences like the hiring of whole designers, developers, etc. and will cause more expenditures for every separate process.
This is the only reason to say choosing the readymade solution will be a precise decision. In which the equipment rental solution will diminish your startup burning by its effective buildup way.
However, I’m not sure that all the equipment rental software would give you that reliability for your rental website but I assured that our equipment rental solution from Appkodes would fulfill all your requirements in a cost-effective manner.
Steadily, our equipment rental website builder holds several attractive features with good UX designs qualities, hassle-free user-interface, etc. to furnish the best user experience for your equipment rental app.
Our equipment rental solution presents your app or website with the flexible customization trait by proffering the adaptability, convenience and integration features to update and modify for the future requirements.
Let us move on to the vital features of the equipment rental app.
Significant features that our equipment rental management software offers you
Developing your website with high exceptional features can be a game-changing fact to your business. Because there are plenty of equipment rental websites or app avail in the online industry, among them standing out and holding a constant grade is not an easy one. Towards attaining the user’s engagement, you ought to do something more innovative from the others which only make you as unique.
To reduce your burden, we are offering the equipment rental solution with the vital features.
Let’s hold and comprise it in your equipment rental app.
Equipment search filters
Searching is the basic key feature for every app or site but while making it with different parameters will tend your app to the modernized fact.
Possessing the search feature with different filters and sorting elements based on the tool criteria and by the location helps to narrow down your users’ search.
[Screen preview of advanced search filters of the Appkodes equipment rental solution]
This feature allows listing the types of equipment with its stock inventories and packages which helps the user to quickly determine their requirement.
Request sending for the gear rental
Before getting into the rental process the borrowers can send the request to the equip owners for the availability checking of the tool.
Secured payment integration
This allows your user to pay easily online via different authorized payment gateways, it ensures to be secured and could be monitored by your admin panel.
Pricing by hourly/daily sets
You can charge your renters for borrowing the equipment through the basis of a period of time. This grants to set the premium and default price option for the specific tools for a precise event.
[Screencast of how Airfinch customized as an equipment rental solution]
Built-in invoice module
This improves to propagate a secured and trusted renting flow in your platform by issuing invoices for each rental booking, by creating the invoice templates with the company info.
Proposing the related specific types of equipment tools in a single package with the offers will highly satisfy the customer needs and helps to gain the customer’s engagement.
These are few of the tool rental solution core features, henceforth grasp all these features in your mind and build your equipment rental website with more competing highlights.
Cost and time calculation of developing your own equipment rental app
The approximate time to create an equipment rental app using the readymade solution will take around 40-50 days. And it completely depends on the skill of your hired development team. Our team Appkodes could complete your equipment rental app within the specified time frame.
The cost of developing your equipment rental app will be purely based on your extra-functional requirements and it also depends on the number of platforms the app is being built for.
Generally, the cost of creating a gear rental app will start from $800.
All the successful business comes from a conceived business plan. So, before creating your own online equipment rental business, organize well yourself with many strategies. To be a thriving entrepreneur, make something unique in your equipment rental startup by using the right equipment rental script.
Keeping the goal is the only thing which makes your rental website so great, that people want to come back. Set your goal and start your way.
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