Rental Business Resources Archives - Page 5 of 7

How to Start a Generator Rental Business: A Complete Guide

Published on October 12, 2022

Buying a generator for a home or business can be expensive — especially considering that this piece of equipment may be useful only on the rare occasion that the power goes out.

While some generators are small enough to run just the essentials, like a refrigerator, others are designed to power an entire home or commercial building. These are expensive, not only to purchase but also to run, but miss the list of most expensive construction equipment.

This is why many people opt instead to rent generators as needed. There are several benefits associated with rental, aside from reduced upfront pricing. Rental generators are sure to be well-maintained, and customers have the flexibility to get the right equipment for their needs.

Generators are useful for events where no power supply is accessible or for construction projects that have a limited term. Often, renter’s insurance is offered to protect renters against damage or loss.

In other words, there are many reasons why residential, commercial, and industrial customers might want to rent generators. It’s a great niche to focus on if you want to start a rental business.

Having the right equipment, pricing, and marketing strategies can help you get your business off the ground.

What do you need to get started? Here’s how to start a generator rental business of your own.

Assess the Local Market Landscape for Generator Rentals

Before you really get into the nuts and bolts of how to start a generator rental business, it’s best to research the local market and make sure there are opportunities for your venture to thrive. Start with some competitive research.

How many other companies in your area offer generator rentals? Chances are you’ll find several types of businesses that would compete with you in this area – ranging from hardware stores that rent or sell small units for residential use, to larger companies catering to commercial, industrial, and construction projects.

You need to consider who you plan to cater to, whether there’s a niche you can fill, and who you’ll be competing against.

This is a good time to consider your startup costs as well. If you’re renting to local residents, the equipment and costs may be considerably lower than if you plan to serve commercial or industrial clients or target event companies or concert venues.

You also need to assess the demand for generators in your area. Who needs them and how often? How many options do they have locally and what prices are potential competitors charging?

This information will help you determine how best to go about launching a successful business venture.

Identify The Costs of Starting A Generator Rental Business

When it comes to starting your business, there will be a range of costs to consider. You’ll need to account for all of these various costs in your business plan if you hope to secure adequate funding to get your operation off the ground.

Perhaps the biggest expense in a generator rental business model is the equipment itself, with models ranging from several hundred to several thousand dollars, depending on make and model, size, capacity, and features.

Which types of generators do you intend to rent out? How many of each will you need to get started?

Next, you’ll need to consider a commercial space. If you elect to run your business online, you may require only a warehouse (to store equipment when not in use), along with appropriate devices and software to manage bookings, inventory, and payroll.

If you want a storefront, you’ll have the cost of leasing office space. You may need to

outfit your space and hire employees, adding to your startup costs and ongoing overhead.

Don’t forget essentials like the cost of setting up a DBA and corporate structure (LLC, S-Corp, etc.), insuring your location and/or inventory, security, and so on.

Every expense should be factored in, along with operating costs for up to a year or more while you get your business going.

Rent Commercial Space for Your Business

Leasing can be expensive, so it’s important to find the right commercial space. You don’t want to pay for an oversized warehouse, complete with utilities, if you’ll fill only a third of it with inventory.

The first thing you should decide is if your generator rental business needs a storefront for walk-in customers and pick-ups or just a warehouse from which you’ll ship out equipment for bookings.

From there you’ll need to consider your inventory, including the size and quantity of units. Can some of it be shelved? This may require you to know weights and add appropriate shelving and moving/lifting equipment like a forklift.

You might be interested in having room to grow, but don’t get too far ahead of yourself. If your business really takes off, you can always move to a larger space. You don’t want to fail because you’re paying too much for a lot of unused square footage.

Choose the Right Products to Offer for Rent

The equipment you offer for rent needs to meet customer demand, and if you’ve done your market research properly, you’ll have a good idea of who you’re catering to and what potential demand looks like.

This can help you determine the brands, models, and types of generators you’ll need to get your business started and satisfy your customers. With the right products, generator rental can be one of the most profitable rental businesses out there.

Of course, you should also think about possible seasonal fluctuations. If you live in a winter climate and you’re renting primarily to construction teams, you might see significant demand only during the summer months. The same could be true of party/event rentals.

Or you might rent out residential generators during the winter months if outages are common in your area. Knowing this could help you to secure the right equipment in the right quantities long before you ever start scheduling rentals.

Choose the Right Software Solutions

If you’re going to start a generator rental business, you’ll need the right online platform to manage it. First and foremost, you’ll need software designed to track inventory and manage bookings.

Your platform should integrate seamlessly with other software you’ll need, such as QuickBooks for accounting, Avalara for automated tax compliance, Google Analytics for online marketing, and more. What else should your software provide?

Types of Software and Features You’ll Need

The right business management software for your generator rental operation should include a number of key features, such as:

Inventory and registration management
ECommerce storefront integration
Renter login portals
In-store point of sale (POS) systems
Data reporting

It’s important that you have the right digital tools to easily make sales, get paid, track inventory, provide convenience for customers, and track the health of your business.

Create a Website and Marketing Strategy to Get Your Business in Front of Customers

Whether you run a physical storefront or not, it’s imperative that you build an online arm for your operation. Customers often perform online research before making buying decisions, and you need a website if you want to be competitive.

For customer convenience, the option to book rentals online is vital, and this requires a CMS or plugin that allows to you take orders and accept payment.

Your website is also a great starting point for digital marketing. It not only acts as a point of interaction and sales online, but when properly optimized, it can attract visits from targeted demographics — consumers seeking your goods and services.

Marketing efforts could include search engine optimization (SEO), content marketing, pay-per-click (PPC) and/or display advertising, social media marketing, and more.

Tracking the right KPIs for your rental business can help you refine your marketing efforts over time.

With extensive research and a comprehensive business plan that includes information about market demand and competition, starting costs, equipment purchases and rental pricing, a commercial lease, software, and marketing, you have the best opportunity to impress lenders and secure needed startup funding for your generator rental business.

Quipli’s rental business software provides the tools to manage orders, payments, inventory, and more. Book a demo today to learn how it elevates your business.

Learn About Quipli’s rental Software

7 Smart Marketing Ideas for Equipment Rental Companies

By Kyle Clements

Published on October 12, 2022

Have you recently launched an equipment rental business and found yourself looking for ways to get the word out about your new venture?

Thinking about starting your own company, but want to ensure that you know how to effectively market your services? Want to fuel continued growth by leveraging proven marketing ideas for equipment rental businesses?

If your answer to any of the above questions was a definitive “yes,” then you are definitely in the right place.

In the article below, our team has composed a list of some well-established marketing tips for equipment rental businesses. Your company can benefit from these tactics whether you are well-established or new to the equipment rental industry.

As you explore ways to build your brand, acquire new clients, and boost revenue, we suggest that you use the following tactics.

Clearly Define Your Target Audience

You must first identify who you plan to target before you take to social media, launch paid ad campaigns, or start writing blogs. Without a clearly defined target audience, it will be incredibly difficult to put together a cohesive strategy to execute your marketing ideas.

When defining your target audience, you should focus on attributes such as:

Demographics (age, gender, etc.)
Occupation
Location

After you have gathered some preliminary data on your target audience, you can segment it into subgroups. While there are many ways to segment your audience, one of the most effective tools for doing so is a system known as “buyer personas.”

Buyer personas outline specific segments within your target audience. These pseudo-representations of your customers describe each segment’s pain points, challenges, and interests. Buyer personas will help you tailor your marketing message for each audience segment.

For more on creating buyer personas, check out this guide from HubSpot.

Create a Content Strategy and Publish Content Regularly

Next on your to-do list is creating a search engine optimization (SEO) strategy. SEO is the art of improving your website so that your content is more visible on search engines.

Search engines like Google and Bing rank websites using complex algorithms. These rankings are designed to connect users with relevant search results based on the keywords they queried.

While there are many components of SEO, keywords remain the core. In order to boost your ranking on search engine results pages (SERPs), you need to strategically target keywords and incorporate these phrases into your content.

On that note, you cannot aimlessly pump out content that is jam-packed with semi-relevant keywords.

Instead, you need to create a cohesive plan that outlines what keywords you want to target, why, and how you intend to go about it. Once your plan is in place, you will need to produce high-quality blog content and publish it on a regular basis. Over time, this will help you improve your rankings.

When creating content, focus on delivering value to your readers. The majority of your content should be educational, informative, and perhaps even fun and entertaining. Your blogs’ specific tone and style should align with your brand values and voice.

For instance, if you rent bounce houses or party supplies, it’s okay to be a little more whimsical in your blog content. Conversely, if you rent construction equipment, your blogs should be more professional and focused.

Make Sure Your Site Includes High-Quality Photos

When prospective clients are contemplating renting equipment from your company, they want to know that they are getting quality products. While describing the quality of your rentals will help sway their decision, a picture is worth a thousand words.

Professional photographs will allow customers to see precisely what they are renting. Photographs are also eye-catching, which means that visitors to your site are more likely to slow down and actually pay attention to the content on your site.

Rental photos are not just useful for your website, but they can help you garner additional attention on social media platforms as well. If prospective clients are rapidly scrolling through their news feeds and come across a big, bold image of the equipment they are interested in renting, they will stop in their tracks.

Get Active on Social Media

Speaking of social media, various social media platforms are great tools for building your brand and attracting new clients. When marketing on social media, we suggest using a combination of organic and paid marketing.

Social media can be one of the most versatile marketing ideas for rental businesses, giving you a lot of options for the kinds of content you can share to engage with your customer base.

Organic marketing involves generating traffic without the use of paid ads. You can drive organic traffic by creating social media pages, growing your following, posting regularly, and interacting with followers.

Paid campaigns on social platforms work very similarly to those on search engines. When setting up a campaign, you can customize your budget, ad display options, and bid amounts. These capabilities give you total control over your marketing budget while also maximizing your reach.

Which Social Media Platforms Should I Use?

While there is no doubt that you should be marketing your rental company on social media, the question is, what platform should you be using? There is no one size fits all answer.

When selecting which platforms to leverage, you must consider your target audience. Let’s stick with the party and bounce house rental example to keep things simple.

Bounce house and party supply rental businesses primarily target consumers who are hosting personal gatherings. In light of this, such a business would probably benefit the most from marketing on Facebook and Instagram.

On the other hand, a business-to-business (B2B) company that rents to construction companies needs to connect with other business owners. Therefore, LinkedIn would probably be the ideal marketing channel for that business.

However, B2B businesses can still benefit from marketing on mainstream social channels like Instagram —although it should not be their primary channel. Regardless of which platforms you choose to use, be careful not to overload yourself. Doing so can make it difficult to manage all of your channels.

Engage on Your Chosen Channels

When marketing on social media, you must do more than just run ads or post content. You also need to engage with your followers or people who comment on your posts.

To be clear, we don’t expect you to spend hours replying to followers every day. You have a business to run, after all. However, you do need to check your social media at least once or twice daily and strive to be responsive to customer inquiries.

If your social media followers become unruly, you may want to bring in a full-time digital marketing professional to manage your accounts. Alternatively, you could hire a freelancer to spend five to ten hours per week managing your social channels if you don’t have the need or budget for a full-timer.

Create an Email Marketing Strategy

We know that email marketing sounds old-fashioned, but it remains a great way of connecting with customers. Setting up an email marketing campaign can help you connect with new clients, nurture existing leads, or solicit reviews from past customers.

Managing an email marketing campaign has become easier than ever before, thanks to platforms like MailChimp and ActiveCampaign. These solutions allow you to segment your email lists into various groups so that you can target each segment with specific messaging. For more on email marketing, explore this guide.

Follow Up with Past Customers

Staying connected with past customers is a great way of keeping your brand top of mind. You can keep up with previous clients in many different ways.

One simple tactic involves adding them to a recurring email list using the tools mentioned above. Alternatively, you can use ad retargeting by installing cookie-based trackers on your website. This approach will help you display ads to prospects who have visited your site but may have left without contacting your company.

Nurturing relationships with previous customers can generate repeat business. In turn, this will lead to stronger revenue and help you build your brand’s reputation.

Invest in Quality Rental Management Software

All of the above tactics will help drive customers to your website. But what sort of experience are they going to enjoy once they get there? Will they be able to book their own rental or easily explore what items you have available? If not, then you have fallen short of customer expectations and hindered your own growth efforts.

The good news is that you can modernize your online storefront with Quipli’s rental website builder. To learn more about our online scheduling and rental booking platform, sign up for a free demo.

We offer a full suite of digital growth services for equipment rental businesses. To find out more about how to take your marketing to the next level with Quipli, reach out any time!

The Construction Equipment Rental Market: 2022 Industry Statistics

By Kyle Clements

Published on October 12, 2022

The construction equipment rental market is expected to continue growing despite economic uncertainty.

Currently, the industry does face challenges like higher raw material prices, rising interest rates, and an overall lack of skilled workers. This uncertainty has proven to be a net positive for equipment rental companies and the growth of demand for rental construction equipment.

The rising cost of purchasing equipment will also push even more construction companies to consider renting.

Renting allows contractors to take advantage of the latest construction equipment technology without the high cost of ownership.

Tech-focused machines that help improve efficiency for construction companies are expected to be a hot market for rentals, helping drive industry growth for the next several years.

The Equipment Rental Industry Is Continuing to Grow

Strong growth is expected regardless of which equipment rental industry statistics you look at.

For example, data published by the American Rental Association (ARA) shows the total revenue for the equipment rental industry (which includes construction/industrial and general tool rentals) is expected to hit $52.3 billion in 2022, growing by almost 10% from 2021.

The ARA also projects 5.5% growth in 2023, 2.5% in 2024, and 3.3% in 2025.

Meanwhile, Market Data Centre (MDC) research shows that the total value of the construction equipment rental industry was $108.1 billion in 2021. MDC projects the industry to grow to $156.8 billion by 2030.

From 2022 to 2027, MDC expects the industry to grow at a compound annual rate of 5.46%.

Construction Equipment Rental Industry Statistics

According to research by Grand View Research, the size of the construction equipment rental market grew to $73.44 billion in 2021. That number is expected to grow by 3.9% annually through 2030 — hitting $105.29 billion in 2030.

This growth comes despite inflationary concerns and supply chain issues that have carried over since the pandemic. The uncertainty has led many contractors to delay major purchases in favor of renting. This tactic also allows such companies to decrease

The capital needed to start new projects.

Construction contractors are also opting to rent equipment to help offset the rising prices of new equipment. More efficient machines, thanks to tech advancements, bring higher prices as well — another reason for the expected growth in the rental market.

Earthmoving Equipment Has Had Significant Recent Growth

Fast growth in the earthmoving equipment segment has been a key construction equipment trend in recent years. It accounted for 50% of the market share for construction equipment rentals in 2021 and was responsible for over half of the industry’s growth.

This segment of equipment rentals includes machines such as skid-steers, excavators, and backhoes. The increased use of such machines in mining and agriculture industries is driving the earthmoving equipment rental market.

Bigger projects require more earthmoving machines. That’s in addition to continued growth in the residential and commercial construction industries.

Learn more about the most expensive construction equipment as well as the most popular equipment to rent.

Material Handling Machinery

Material handling machinery equipment rental industry revenues are expected to grow at a compound annual rate of 4% through 2030. The demand for crawler cranes is driving this industry, with increased demand for material handling machines used in manufacturing and industrial construction.

Again, bigger projects around the globe have increased the demand for material handling machines.

Concrete and Road Construction Machinery

The concrete and road construction equipment segment is expected to see some of the best growth over the next decade, with a compound annual growth rate of 6.5% from 2022 to 2030. Total value of the industry is expected to hit $39.1 billion by 2030.

This industry will be one of the biggest benefactors of increased road construction in the United States, as well as the increased adoption of road connectivity. Improved road infrastructure that promotes safety and causes fewer automobile fatalities will likely be a priority for federal spending.

Key Growth Drivers for the Construction Equipment Rental Market

Beyond the economic uncertainty and rising costs of construction equipment that will lead to more construction companies renting equipment versus buying, there are other growth drivers for the industry:

Infrastructure Spending

These key growth drivers include the Infrastructure Investment and Jobs Act (IIJA), which will boost federal spending on infrastructure. As well, the push toward net zero emissions by utility and energy companies will further drive construction in those areas.

The IIJA will include an investment of $110 billion in infrastructure improvements in the U.S. This includes spending on roads and bridges — notably improved road connectivity that will help improve commerce and trade. Increased road connectivity will also promote safer streets.

Technology

Construction equipment fitted with the latest technology will be a key demand product for contractors. However, the high cost of these technology systems prohibits many smaller builders from being able to purchase them outright. Thus, rental opportunities for equipment that has new systems installed will be in high demand going forward.

Such technology can improve the efficiency of construction projects and help cut costs. For example, a technology-enabled piece of equipment can relay key data to owners, such as GPS information, fuel consumption, and equipment idle time.

With these benefits come big costs, making some solutions too expensive for many contractors — hence the increase in demand for rentals.

Growing Benefits

In addition to allowing builders and contractors access to equipment equipped with modern technology and easing the total cost of ownership, the roster of benefits provided by rental companies continues to grow.

Rental companies are providing additional services to better serve customers, such as onsite support and greater investments in repairs and maintenance. These benefits come in addition to savings on inventory costs and initial cash outlays.

Thinking About Getting into the Rental Market?

Quipli makes renting equipment easy for customers while making it simple to run an equipment rental business. Inventory management is presented in an easy-to-follow way with Quipli’s eCommerce platform. When it comes to managing orders and invoices, Quipli makes those tasks easy as well.

Explore additional construction equipment rental business ideas to help solidify your construction equipment rental business plan with Quipli.

It’s all done right on the platform, making it an all-in-one tool. Utilize Quipli’s rental website builder to grow your business and find out more about how we can help your rental business by booking a Quipli demo.

Learn About Quipli’s Contruction Equipment rental Software

How to Sell Construction Equipment

By Kyle Clements

Published on October 12, 2022

Your rental business is only as good as the equipment you have to offer, and you’ll find that selling construction equipment is an important part of inventory management.

While some clients may prefer solid, older equipment that their workers are familiar with, others want the newest machinery. This demand will require periodic turnover of equipment.

How do you go about selling used construction equipment to help pay for newer models?

Evaluating Your Equipment Before Selling It

Even though you’re an expert on equipment rental, you might not have the first idea of how to sell heavy equipment.

Start with inspection, cleaning, and appraisal. You need to assess the condition of your equipment as part of determining its overall value so you can set a reasonable sale price.

Take a Thorough Inventory

Get started by taking a full inventory, including anticipated return dates for items out on lease.

If new purchases depend on selling old equipment, you can always discuss an upgraded booking with current renters to fulfill their contract.

Determine Which Items in Your Fleet Should be Kept or Sold

Once your inventory is complete, it’s time to carefully consider what you want to keep and what should be sold.

In some cases, you may want to hang on to older equipment that’s in high demand among your customers. The condition of the equipment may play a role as well. Before you decide to sell construction equipment, think about whether it has more use value as a rental. (Our free equipment rental cost calculator can help you get a handle on this value.)

Prepping Your Construction Equipment for Sale

When you decide to sell construction equipment, you need to make sure it’s in shape to fetch the best possible price. Perform a thorough cleaning and inspection, service machinery, and make needed repairs to get it in optimal condition for sale.

Pursue a Thorough, Professional Appraisal

Calculating what you’ve spent and earned over the life of equipment ownership can help you determine a break-even price and hopefully exceed it when selling heavy equipment.

A professional appraisal is the best way to figure out what your equipment is worth and what you can reasonably try to sell it for.

Selling Your Construction Equipment: Your Options for Finding Buyers

Your business requires you to keep a finger on the pulse of the rental market. When you’re considering how to sell construction equipment, however, you may not have the same level of expertise.

For this reason, it’s a good idea to explore your options when it comes to effective avenues for making sales.

Selling at Auction

There are auction firms with a worldwide audience that specialize in heavy equipment, and the process can include both in-person and remote bids. This can expand your pool of buyers, especially considering that auction firms have their own marketing and contact lists in place. It could be a great way to sell off a lot of equipment quickly.

An auction could take place at your facility or at an auction yard along with other sellers. As a bonus, you may have options for additional services like appraisal, repairs, detailing, and equipment transport.

Reaching Out to Local Equipment Dealers

It’s not unusual for dealers to sell heavy equipment that is used alongside newer models. Consider making an appointment with dealers in your area to discuss the prospect of selling on their lots.

They may buy your equipment outright to sell or offer a contingency deal where they take a cut of the sale, so you’ll need to work out the details.

Listing Your Equipment Online

Online sales are a great way to expand your potential buyer pool. There are websites (like Machinery Trader) designed for selling construction equipment.

You will have to pay for listings, but you could have access to useful options like SEO and search ads that get your listing in front of targeted buyers searching for used equipment like yours.

Paid Facebook ads are another option to consider. Alternatively, you could join Facebook groups dedicated to selling heavy equipment or list on Craigslist for free, but these options could limit your buyer pool.

Expert Tips for Selling Used Heavy Equipment

Once you’ve chosen the appropriate platform for selling used equipment, you need to make sure it’s ready to go. Getting the best price in a sale means knowing the value of what you have, presenting it in the best possible light, and offering straightforward descriptions so buyers are satisfied with what they receive.

Know the Valuation of Your Machinery

When determining how to sell construction equipment for the best return on investment, you need to make sure you know what it’s worth. The value will depend on a range of factors, such as the make and model, age, and condition. Understanding market demand will also play a role in setting an appropriate price.

Take High-Quality, Well-Lit Images

A picture is worth a thousand words, so you need to take pains to post high-quality, well-lit images displaying your equipment from multiple angles. Show the machinery in full and highlight areas of interest like the engine, cab, gauges, tracks, hydraulics, and so on. Consider what you’d want to look at if you were a buyer.

Be Honest and Transparent

If you’re planning to sell heavy equipment online, it’s important that you’re upfront about what buyers will receive, especially where condition is concerned. If a buyer feels like you lied about the condition of the equipment, you could not only suffer bad reviews that impact your rental business but you might also face a lawsuit.

Determine the Tax Implications of Selling Your Equipment

Before selling equipment, discuss tax implications with your CPA. If you sell lower than the remaining un-depreciated value, can you take a write-off? How much will you be taxed for gains? Can you offset gains that will add to your taxable income? These are all things to find out before setting a price and selling equipment.

Learn more about construction equipment in our guide to the most expensive construction equipment, the most popular rental equipment, and which heavy equipment is in trend by renters.

Research and Prep Are the Best Strategies for ROI

When you take the time to thoroughly evaluate used equipment, find the right venue to sell it, and present it properly at a reasonable price point, you have the best chance to complete sales and see some return on investment. This can help you purchase newer equipment that will keep your rental business going and even facilitate expansion.

The best rental software can help you manage all aspects of your business, including equipment rentals, payments, and inventory.

Book a demo with Quipli today to learn more about streamlining your operations.

Learn About Quipli’s Construction Equipment rental Software

Google Ads for Equipment Rental Businesses: A Beginner’s Guide

By Kyle Clements

Published on October 5, 2022

Have you been wondering what sort of ads rental companies should be running in order to attract new business?

Interested in marketing your rental company on Google using paid ads but have no idea where to begin? Been searching online for things like “Google Ads rental companies,” but coming up with meaningless results?

Although it sounds like you’re on the right track, the entire concept of engaging in paid online advertising can seem mysterious and daunting if you’re new to digital marketing. But if you want to grow your business, you’ll need to familiarize yourself with the basics of digital marketing and branding.

While there are many different ways to engage in paid online advertising, Google Ads is the strongest platform for rental companies to bring in quality leads and get more bookings.

With that in mind, we’ve put together this beginner’s guide on Google Ads for rental businesses. Here’s what you need to know about what the platform is, why paid search ads are important to the success of your business, and how to design Google Ads strategies that get results.

What Are Google Ads?

Google Ads is an online advertising platform that allows you to pay for marketing space on the Google search engine.

Specifically, these ads are displayed on search engine results pages (SERPs), at the top above the organic results. (Organic results are regular Google search results that are selected by their search engine’s algorithms.)

There are usually up to four text ads total, each marked with a small “Ad” label.

When you pay for won’t be charged for your ad unless someone clicks on it, even if your ad was one of the three that were displayed.

You can customize your per-click bid, as well as your weekly and monthly budgets. Once you have hit your spending limit, your ad will no longer be displayed.

Why Paid Search Ads Are Important for Equipment Rental Businesses

By using paid search ads, you can generate almost immediate traffic — assuming that you are winning bids, of course. Ads displayed on the right queries can bring in a lot of valuable leads.

Paid search marketing should be a core part of both your short and long-term growth strategy. If your company is new or simply in the process of growing its online presence, PPC marketing provides an opportunity to generate leads while you wait for your search engine optimization strategy to mature.

After your SEO campaign has begun producing results, you can continue to use PPC to boost your total web traffic.

What You’ll Need Before You Get Started

Google has lots of free tools that you need to take advantage of before you start using Google Ads.

First off, you should create a Google Business Profile account. This account links to services like Google Maps and displays key information about your business, such as your address, hours, phone number, and website. You can even use your Google Business Profile to track site traffic generated from Google services.

Additionally, you need to create a Google Analytics profile. Google Analytics provides powerful insights into the efficacy of your SEO and PPC efforts. You can track traffic volume, leads, ad views, and much more.

Lastly, you will need to sign up for a Google Ads account. All of these accounts are interconnected and will be accessed using your Gmail username. However, you must set up each account separately before you can start using Google Ads.

Finding Your Target Audience

Google Adwords PPC advertising revolves around audience targeting. If you are not targeting the appropriate audience, the results of your Google Ads campaign will be underwhelming.

When running the ads, you bid on relevant keywords – things someone would search for if they’re looking for the kinds of products or services you’re offering. For example, a construction equipment rental company based in Fresno might want to bid on “backhoe rental in Fresno.”

When setting up a Google Ads campaign, you will be asked to select which keywords you want to target. You will need to set a bid on each keyword as well.

When users search for a keyword you’re targeting, Google’s algorithm will analyze all of the bids for that phrase, and display the three or four winning bids.

Google Ads works on a pay-per-click (PPC) billing model. This setup means that you won’t be charged for your ad unless someone clicks on it, even if your ad was one of the three that were displayed.

You can customize your per-click bid, as well as your weekly and monthly budgets. Once you have hit your spending limit, your ad will no longer be displayed.

Choosing the Right Types of Ads for Your Rental Business

When creating Google Ads campaigns, you will have the ability to select from several different types of ads, including:

Search Ads

Search ads are the most well-known type of Google Ads content. These search ads appear at the top of SERPs, directly above organic results. Usually, only three search ads are displayed on a SERP page.

Paid search ads are a great tool for targeting customers who are Googling phrases related to your business.

For instance, if you operate a party supply rental company, you could use search ads to target customers searching for phrases like “table and chair rentals” or “party rentals.”

Google Ads Keyword Planner provides some great information on search volumes. This insight will help you decide which keywords to target and how high to set your bids.

However, paid services like SEMRush and Ahrefs provide more detailed search volume data. Therefore, you may want to invest in one of these services once you get a good grasp on the basics of PPC marketing.

Display Ads

Display ads incorporate images into the content and are not as focused as search ads. Whereas search ads are displayed on SERPs, display ads are shown on websites that have enabled Google AdSense.

This system is a monetization tool that provides websites with a small cut of the revenue generated from display ads. On a side note, you can use Google AdSense once your website begins generating a healthy amount of organic traffic.

Display ads can cultivate brand awareness and showcase your products or services. You can use display ads to target prospects based on past search history, location, and demographic attributes.

While display ads are more general than search ads, they are typically displayed on sites that have some nexus to your business. For instance, an ad for a kayak rental company may be displayed on a blog about outdoor activities.

Remarketing Ads

Remarketing ads specifically target customers who have previously visited your site. When setting up your Google Ads account, you will have the ability to install a cookie-based tracker on your website.

Once this cookie is embedded on your site, you will gain the ability to track users and target them with remarketing ads. The purpose of these ads is to nurture leads who have visited your site but were not quite ready to book a rental.

Establishing Your Budget

Before your Google Ads campaign goes live, you will need to establish a budget. When setting up your budget, you will be asked to choose per-word bids, and also select a monthly spending limit.

Keep in mind that the price of keywords can vary radically. Several factors impact the price of keywords, including the amount of search volume they are generating, how many companies are bidding for those phrases, and your geographic location.

Naturally, keywords like “kayak rentals” are going to be more costly in areas near beaches or popular waterways. Fortunately, there are ways to stretch your Google Ads budget. One great approach involves targeting long-tail keywords, which are usually far cheaper.

Long tail keywords are phrases that usually include four to seven words. For example, instead of bidding for “kayak rentals,” you could target the phrase “kayak rentals in Tampa Bay, FL.”

While you are going to get fewer clicks overall, the interactions that you do earn are going to be much more relevant. You will also be paying less for each click, which can translate into huge savings over the course of a campaign.

Monitoring Performance

Although Google Ads makes it easy to manage campaigns, you cannot “set it and forget it.” If you want to get the most bang for your advertising buck, you will need to carefully track your ad campaigns to measure their efficacy.

We suggest monitoring key performance indicators (KPIs) like:

Click-through rate
Cost per click
Total number of clicks
Conversion rate — how many people rented equipment after clicking on your ad?
Cost per conversion — total cost of clicks divided by the number of conversions
View-through conversions — how many returned to your site and booked?

When your campaign is not producing the desired results, re-evaluate your tactics. You may have missed the mark with your ad content or might be targeting the wrong keywords.

Alternatively, you may have a high friction rental process that is dragging down conversion rates.

Grow Your Rental Business with Google Ads

Google Ads is a powerful marketing tool that can help you bring in leads and make more sales, often very quickly.

Looking for additional marketing ideas for equipment rental? Or help with planning campaigns and tracking performance metrics? Quipli can help with our cutting-edge equipment rental software and marketing offerings.

Learn About Quipli’s rental Software

The Top Cities for Equipment Rental Search

By Kyle Clements

Published on July 11, 2022

If someone wants something, they are probably going to use Google to find it. With an estimated 40K Google Searches per every second, looking into the data behind Google Search can provide insight into almost any niche.

Quipli, an equipment rental software solution, conducted a study to evaluate which U.S. cities have the highest demand for equipment rentals by analyzing how many searches occur within each city for the most popular types of equipment rentals.

By analyzing this data, Quipli has been able to pinpoint the U.S. cities that have the most people searching for equipment rentals.

“Understanding the importance of how local search behavior ties into equipment rentals is essential for rental companies aiming to succeed in their market, especially as the rental industry continues to move online. We hope this study shines light on how important it is for equipment rental companies to focus on their online visibility, as well as reveal overlooked markets for small business owners looking to branch out.”
Kyle Clements, founder and CEO of Quipli

How Cities with Populations over 1 Million Compared

Rank	Searches per City	City	Population
1	3710	Houston, TX	2320268
2	2080	San Antonio, TX	1547253
3	1480	Dallas, TX	1343573
4	1390	San Diego, CA	1423851
5	1370	Phoenix, AZ	1680992

How Cities with Populations Between 500K & 999K Compared

Rank	Searches per City	City	Population
1	2810	Miami, FL	467963
2	1020	Cincinnati, OH	303940
3	930	Colorado Springs, CO	478221
4	870	Wichita, KS	389938
5	737	Omaha, NE	478192

How Cities with Populations Between 100K & 499K Compared

Rank	Searches per City	City	Population
1	2130	Austin, TX	978908
2	1690	Las Vegas, NV	651319
3	1250	Denver, CO	727211
4	1180	Portland, OR	654741
5	1010	Sacramento, CA	513624

How Cities with Populations Between 50K & 99K Compared

Rank	Searches per City	City	Population
1	527	Yuma, AZ	98285
2	440	Lawrence, KS	98193
3	390	Auburn, AL	66259
4	370	Fort Myers, FL	87103
5	354	Duluth, MN	85618

Get Your City’s Google Keyword Data

Did you city place in the top 100? Submit your email and your city and we’ll send you the keyword data for your city, so you can dial in on what keywords your business should be targeting.

Methodology:

About The Data in this Study:

The data in this study is based on Google’s estimations of keyword search volume. Based on the sample size of this study and Google’s tendency to underestimate search volume, true search volume for each city is likely higher. Google does not provide exact amounts, but does provide monthly estimations.

The Process:

We created a list of 35 thousand keywords and ran them through a tool called Keywords Everywhere. This tool collects keyword usage estimation data from Google at a monthly level.

With this keyword data, we grouped keywords by city to understand the total rental product demand.

How do people search for equipment rentals?

There are a series of variations that are common amongst Googlers looking for rental equipment products that are geographically based.

There common iterations were:

1. [keyword] rental [city] [state]

For example: equipment rental denver co, forklift rental denver co

2. [city] [keyword] rental

For example: Denver equipment rental, denver forklift equipment rental

3. rent [keyword] city

For example: ie: rent equipment denver, rent forklift denver

We took the 22 of the most common equipment rental products that are searched and applied these common iterations to see which had estimated search volume in each city.

The types of equipment rentals we evaluated were:

Auger Rentals, Backhoe Rentals, Boom Lift Rentals, Chainsaw Rentals, Crane Rentals, Equipment Rentals, Excavator Rentals, Floor Sander Rentals, Forklift Rentals, Heavy Equipment Rentals, Ladder Rentals, Lawn Mower Rentals, Lift Rentals, Log Splitter Rentals, Mini Excavator Rentals, Paint Sprayer Rentals, Scaffolding Rentals, Scissor Lift Rentals, Sod Cutter Rentals, Tool Rentals, Tractor Rentals, Trailer Rentals, and Trencher Rentals.

We applied these 66 keyword variations to all cities with populations over 50,000 which resulted in 535 cities.

How to Rent Out Equipment – Your Step-By-Step Guide

By Kyle Clements

Published on March 18, 2022

Do you have construction equipment rental business ideas that you aren’t sure how to realize?

Starting your equipment rental business takes planning and execution. To find success, you must manage inventory, and market your business well.

To start your business on a great foundation, we share this step-by-step guide on how to rent out equipment.

Evaluating the Market

Whether you’re interested in starting a tool rental, or heavy equipment rental business, you need to know who your target customers are. What’s the most rented equipment type in your area? Is there a demand for equipment rentals? These are all important questions that you should find a definite answer to.

An important part of how to rent out equipment is choosing the right equipment type to cater to your local market. If your area doesn’t see much new construction but plenty of renovations, then you should focus on lighter tools instead of heavy equipment. Every local area is unique, and evaluating the specifics of the market is key to your success.

Pricing Your Rentals

Once you’ve determined what types of equipment are in demand in your area, you need to establish your rental business profitability. To do so, you’re going to have to decide what you’re going to charge for your rentals. This task can be more challenging than it might seem.

The primary factor behind your rates is going to be what the market is willing to pay. You can look at similar rentals in your local area (or the broader region) to find this out. If it’s cheaper somewhere else, then you won’t get much business. The other major factor in deciding your costs is going to be how much revenue you need to be profitable.

Determining Your Costs

Your revenue has to be weighed against the costs of running your business. If you’re renting out equipment for profit, you’re going to have a variety of expenses. First, there’s the capital investment of buying equipment to rent out. Depending on whether you’re going with general tools or heavy equipment, this can be a significant investment.

Property for your business is going to be another significant cost. You’ll need to rent some kind of property to serve as your storefront, equipment storage, and maintenance shop. Further costs can include wages as your business grows, utilities, insurance, maintenance, and more.

Acquiring Inventory

Once you have determined your potential revenues and costs and found that your tool rental business plan can be profitable, you can move forward with acquiring inventory. You want to ensure that you get quality equipment while keeping costs as low as possible.

In some cases, used equipment can be a viable option. It really depends on the specific type of equipment. If your equipment rental business will have large numbers of the same type of equipment, you can consider reaching out to mid-level distributors for better deals rather than relying on retail dealers.

Learn How Equipped Saved 10 Hours a Month by Automating Inventory Management with Quipli

Read Our Case Study

Insuring Your Business

Insurance is important for many businesses but absolutely essential for rental businesses. Your insurance will protect you in several circumstances. The first is when equipment is damaged, but liability can’t be placed on the customer. This insurance can really save your business a lot of money on equipment replacement costs.

Second, your insurance will protect your business from potential liability for improper use of your rented equipment. If a customer were to cause significant damage to a building or property with your equipment, you could find your business under fire at some point in the legal proceedings. Insurance can protect you from this scenario.

Establishing a Maintenance Routine

Once your business is in swing, and you’re starting to rent out your heavy equipment, you’ll have to settle into a regular maintenance routine to keep it running. Different types of equipment have unique maintenance requirements. Keeping up with them is essential to maintaining both your inventory and your reputation as a rental business.

Another key component of your maintenance plan will be ensuring that customer maintenance requirements are communicated clearly. Many types of heavy equipment have active maintenance requirements that need to be carried out during the course of a regular working day, and customers need to know what their responsibilities are.

Marketing Your Rental Business

With your business now running properly, it’s no time to get complacent. You should always be focused on growing your business and bringing in new customers. To do so, you’ll need an effective marketing strategy that targets your potential renters. There are plenty of different options that you can take advantage of.

You should have a website that includes search engine optimization so that it comes up higher in search rankings. Social media can also play a role and make your business easier to find. Don’t discount traditional marketing tactics like brochures, print ads, and flyers, either. You might even consider billboards or bus ads, depending on your area.

Writing a Proper Rental Equipment Agreement

It’s important to ensure that you’re properly protected while running your business. That’s why you have insurance, a proper rental equipment agreement, and an equipment rental business license. Your rental contract establishes the roles and responsibilities of you and your customers, and it’s critical that you get it right.

A rental equipment agreement will protect you from costs due to negligent use of equipment by your renters. It also serves as an essential record of rental rates and schedules. You can check out our convenient rental agreement template to make sure you’re covering all of your bases.

Start Your Rental Equipment Business Right with Quipli

With so much planning and commitment going into your equipment rental business, you should implement the best possible inventory and reservation management system.

Quipli provides rental businesses with an easy-to-use and versatile solution that integrates your inventory with online reservations, along with other benefits. You can reach out to our team today to book a demo and find out what Quipli can do for your equipment rental business.

BUILD YOUR RENTAL BUSINESS WITH QUIPLI’S EQUIPMENT RENTAL SOFTWARE

Protect Your Business with This Equipment Rental Agreement Template

By Kyle Clements

Published on March 18, 2022

Careful planning is the most important thing when starting and growing your rental business. This planning needs to cover the company from every angle — logistically, technically, and legally. Nothing should be left to chance when it comes to your business.

Developing a formal construction equipment rental contract is a vital task that your rental business needs to start offering equipment rentals. While this might seem like a challenging task, we’ve got some clear guidelines to help you out.

What Is an Equipment Rental Contract?

Just about every kind of business out there relies on some sort of contract to nail down what exactly the service being provided entails. Defining this agreement is important to prevent confusion between companies and customers and to provide evidence of the nature of the contract if legal action ever needs to be taken.

A construction equipment rental contract is similar to the contracts many businesses deal with but covers both customer and business responsibilities. Considering that you have valuable equipment on the line every time you rent it out, you want your equipment rental contract to be ironclad and incredibly clear.

Need an airtight rental agreement template? click here to learn more

What Should an Equipment Rental Agreement Include?

Your construction equipment rental contract needs to clearly define the terms of the rental or lease in question. It is imperative not to overlook any details when preparing an equipment rental agreement because any ambiguity could end up being decided in favor of the customer if you ever face legal action.

Of course, you also want your equipment rental contract to be clear to make customer relations go smoothly. If a customer understands all of the terms of the rental clearly, they won’t end up disappointed or dissatisfied by any misunderstandings.

To protect yourself legally and keep your customers happy, make sure your construction equipment rental contract includes the following:

The Specific Equipment to Be Rented

Your equipment rental contract needs to specify very clearly what particular equipment is being rented. You don’t want to ever have to deal with a customer returning a similar but different piece of equipment and having only your word against theirs to rely on. Keep in mind that this should include any accessories and attachments as well.

The Length of the Rental

The construction equipment rental contract needs to define how long the rental term will be. Is the user renting your equipment for a day, a month, or indefinitely?

The return deadline should be clearly stated. If you’re arranging without a set end date, you’ll need to define additional terms for billing and what constitutes the end of the lease.

The Rental Rate

Of course, your agreement needs to define what the price is for the rental. This section should include a complete breakdown of the costs, not just a total. The rates should be set for each piece of equipment and be listed as the per day, per hour, or week rate. Don’t forget to be clear about accepted payment methods as well.

Limitations and Liability

Part of running a construction equipment business is dealing with the regular wear and tear and consequent maintenance involved. However, your agreement should have clear limitations defining what is and isn’t allowed, holding the customer liable if they damage the equipment through negligent or inappropriate use.

Insurance Responsibilities

Insurance is one of the most complex aspects to deal with when defining a rental agreement. The contract must identify who is responsible for equipment insurance. Does the customer need to acquire their own insurance, or does your equipment rental business insure the equipment during rentals?

Transportation Arrangements

Every agreement should clearly state who is responsible for transportation. This section is one of the most common sources of disputes between customers and rental businesses, whether the equipment needs to be picked up by the customer or dropped off by the company.

Termination Provisions

As the owner of the equipment, it’s in your best interests to include some provision for terminating rentals at will. This section will allow you to demand the return of equipment in some extenuating circumstances.

Without these terms, you could find yourself without any recourse if you know that customers are misusing equipment or breaching renting terms and conditions.

Renewal Options

With construction equipment, the actual duration that contractors need equipment can vary widely from their initial estimates. This variability means that they could require the rental longer.

Contractors will often look for businesses that provide attractive renewal options. Your agreement should define renewal rates and notice periods for extending the rental.

Maintenance Responsibilities

Most types of construction equipment require regular maintenance that would fall within the typical duration of rental agreements. It’s essential to define these maintenance responsibilities to avoid negligence from customers leading to equipment damage without your rental business having any effective recourse.

Warranties

The warranties defined in your rental agreement show what the primary expectations for your equipment rentals will be in terms of equipment quality and condition. In general, this protects the customer more so than the business. Many customers will be unwilling to rent without well-defined warranties guaranteeing that equipment works as intended.

Contact Us Today to Purchase a Rental Agreement Template

There’s a lot to keep in mind when setting up rental agreements for your rental business. We can make things a bit easier with this handy downloadable rental agreement. Of course, make sure to look over it carefully and ensure that it’s in line with the terms you want to set for your construction equipment rental contract.

Starting Your Construction Equipment Rental Business Off on the Right Foot

Having a reliable equipment rental agreement is an absolute must for your business, but there’s so much more that goes into running that business well. Reservations and inventory management are two of the most important areas to handle properly if you want to succeed.

Quipli provides rental businesses with a dedicated platform for seamless rental inventory management along with a point of sales system and digital growth tools for growing your business. Just contact our team today to book a demo and see what we can do for you.

START YOUR EQUIPMENT RENTAL BUSINESS WITH QUIPLI’S SOFTWARE TODAY

What Your Rental Website Builder Needs to Help You Run a Successful Business

By Kyle Clements

Published on March 17, 2022

Businesses rely on their websites much more today than they did a decade ago. They’re more than just digital business cards now, with so much going into building an effective website. To do so correctly, you’re going to need to find the right website builder for your business.

Easy-to-Use Website Content Management Systems

When evaluating different equipment rental website builders, ease of use is going to be near the top of the list for anyone who doesn’t have extensive website experience. There are many options out there with templates, drag-and-drop functionality, and other features that make the once-difficult task of website building accessible to anyone.

Key Ease of Use Features

There are some features you really shouldn’t be without. Ideally, you’ll find a website builder that has an available customer service team to help with the builder. Here are some of the other key features that you should be looking for to make your website building experience go smoothly:

One-Click Page Composer

You should be able to make a new page with just one click or something close to that. Good website builders have pre-made templates to suit just about any potential need. These website templates should make it easy for you to create modern and user-friendly web pages in no time.

eCommerce Capabilities

Different website builders allow for varying levels of integration with your business. Since your website is for your rental company, you need a website builder that makes eCommerce integration easy with specific templates for that function.

SEO Features

Search engine optimization (SEO) involves catering your website content to what search engines recommend to their users. This design approach involves putting keywords in the right places, including content that is only viewable by search engines. A good builder makes this task incredibly straightforward. Find out how Quipli’s digital growth products can work for you!

Fully Responsive Sites with Mobile Optimization

Most users make the decision to stay on or leave a certain website within 15 seconds. If your website isn’t fully loaded and completely functional within that time, then your customer is gone. A good website builder has the fully responsive layout needed to make things easier for your customers.

You also need to make sure that your website builder optimizes for mobile users. Search engines like Google place a high value on mobile optimization, and over 60% of search traffic comes from mobile devices.

Ability to Add Product Listings, Category Pages, and Subcategory Pages

Most rental businesses start small and grow over time. Your business is sure to add more equipment as time goes on, likely branching out into other categories. Updating your website to reflect these new product listings shouldn’t be a challenge. Instead, your website builder should handle this practically automatically.

It should be just as straightforward to save your rental equipment in different categories as it is with any other eCommerce venture. Quipli makes it even easier with the ability to import product information and categories from an Excel spreadsheet. Our software updates your product listings without any difficulty at all.

Straightforward Payment Integration

Of course, a big part of running any business is getting paid. You need a website builder that lets you accept bookings and payments from a wide variety of sources. It isn’t enough to only accept a credit card for online payments. Many customers will simply move on to a competitor with more versatility.

Today, there are countless options like Stripe, PayPal, and more for online payments. You need an integrated payment system that can let customers pay how they want. Quipli does just that while also making a seamless connection between online reservations and in-person pickups.

Equipment Inventory and Reservation Management

Inventory management is a vital part of any rental company’s day-to-day operations. Given how many customers prefer to book online today, the only way to meet those needs is to have your website builder include an integrated inventory and reservation management system.

Syncing your inventory and reservations is something that needs to be done automatically to avoid mix-ups. You can’t have two separate systems running online and in-person reservations — you need your website to be fully integrated with your inventory.

Rental Software with CRM Integration

Customer relationship management (CRM) is essential for any business to succeed. This need is particularly pronounced in many types of rental companies where repeat customers are among the top sources of business. Many tools can improve your CRM, and you should choose a website builder that integrates those tools.

Among the most important aspects of CRM is to capture valuable data from customer interactions. This capture includes getting email addresses from customers and visitors to provide a direct link for email marketing. If you aren’t using these resources, you’re missing out on one of the most valuable marketing tools available today.

Blog Features

Blogs might seem like they have gone out of style, but they are a very important part of how businesses market themselves online today. You need a website builder that makes it easy to create, manage, and optimize blog posts for your rental business.

All of the content on your website plays a role in search engine rankings. Blog posts are a great way to target specific keywords to cast a wider net and funnel more potential customers through your website.

Customer Support for the Rental Website Builder

Many website builders online today have little to no customer support available. That’s a position that you don’t want to be in as a business that relies on its website for reservations. If your website develops issues, you need to know that there’s someone you can consult with to resolve those issues.

Get Started with Quipli’s Rental Website Builder

Quipli provides all-in-one rental business software for equipment rental businesses. Our software features a built-in website builder that works seamlessly with our inventory and reservation management solution.

The Quipli website builder is easy to use and has all of the features you need to run your business, including our integrated point of sale (POS) system. Contact Quipli today to set up a demo and find out more.

CREATE YOUR OWN STOREFRONT WITH QUIPLI’S POWERFUL WEBSITE BUILDER

How to Improve Your Tool Business Profitability

By Kyle Clements

Published on March 17, 2022

Are construction equipment rentals a profitable business? Well, they certainly can be. The key is to make sure that you have an effective rental business plan in place for improving the profitability of your business. With these actionable steps, you can start your new company off right or revolutionize how you run your established business.

1. Study Your Equipment Rentals Target Market

Among the most important aspects of starting any business is defining who your target market is. You need to know who you’re going to be renting to so that you can get the right inventory and apply the right marketing strategies.

For some of the top equipment rentals, this mostly revolves around the scale of the equipment you’re renting out. Are you going to be renting excavators to contractors or tile saws to homeowners? Keeping your inventory focused on a specific niche can help make your business more profitable.

2. Know How to Price Your Tools to Be Profitable

Pricing is one of the most challenging tasks when it comes to establishing your tool rental business. For the most part, you’re going to have to make sure your prices are in line with your competitors’. If you’re charging more, your customers will likely go elsewhere.

However, make sure that the tools you invest in can be profitable at the rental rates you can charge. You can use our equipment rental calculator when developing your tool rental business plan PDF to get a more accurate view of your potential profitability.

3. Develop an Effective Tool Rental Business Website

Your tool rental business model should include having an effective website in place for your business. Many people today prefer to seek out information about companies online. Having a good website makes you easier to find, especially if you take the time to focus on improving your search engine rankings.

If you don’t have a website, you should get one now. Find a good website builder that has the eCommerce functionality you need. Quipli provides a website builder along with our integrated inventory and reservation software, making it easy for your customers to reserve rentals online.

4. Grow and Scale Your Tool Rental Business Through Digital Marketing

Digital marketing is among the most effective tools for how to grow an equipment rental business. While most rental companies can still benefit from conventional marketing like billboards, newspaper ads, and radio ads, digital marketing isn’t optional anymore. It’s a necessary part of your marketing strategy and can focus on areas like:

Search Engine Optimization (SEO)

Your website doesn’t just cater to customers but to search engines, as well. Using the right keywords and metadata can increase your rankings and get you more visitors.

Pay-Per-Click (PPC)

Along with organic growth, search engines and social media give you the option to pay for advertisements. Google, Facebook, and other platforms have a simple model where you pay based on how many users click on your ads.

Social Media

Facebook, Instagram, YouTube, Twitter, and more are simple ways to get information about your business to your customers. Each one serves as one more potential entry point for customers to find your website.

Many strategies can be used to improve your digital marketing. It’s important to keep track of the analytics that advertising and social media platforms provide. That way, you can find out what works and what doesn’t when it comes to driving customers to your business.

5. Keep Investing in New or Used Equipment

You can make your tool rental business profitable by scaling up your inventory. With more equipment to offer, you’ll be making more money while some costs stay constant. That translates to more profit at the end of the year.

Both new and used equipment can be great ways to reinvest money into your business. Determining whether new or used is the best deal varies between specific types of equipment. Keep in mind when investing in new equipment that your existing equipment will need to be replaced at some point.

6. Maintain Quality Working Construction Tools

Like in any other business, the quality of the goods or services you provide for your customers is paramount. You need to ensure that every customer is receiving working, well-maintained equipment.

This will help drive more business based on your reputation. Keeping up with maintenance also makes your equipment last longer, reducing replacement equipment acquisition costs and improving margins.

7. Have Proper Tool Insurance and Liability Waivers

Not having the right insurance and liability waivers can cut into your tool rental profitability when you end up having to pay for damages that would have been otherwise covered. Damages can extend beyond the cost of replacing tools, so you need to make sure that your business is thoroughly protected.

Insurance is one area you want to have clearly defined in your tool rental business plan. The prices you’ll pay will vary depending on whether you’re renting full-scale construction equipment or smaller home-improvement or landscaping tools. Typical rates range from $500 to $1,500 annually per $1,000,000 in liability protection.

8. Focus on Customer Service and Repeat Business

Customer acquisition costs can be steep and are a major factor in answering the question, “Are tool rentals a profitable business?” You want to maximize the value from each customer, and that means doing everything you can to drive repeat business.

You can improve customer retention by:

Having clear communication to avoid disappointment
Offering customer-loyalty discounts for high-volume clients
Making sure your tools are provided in great condition

The value of repeat customers shouldn’t be underestimated, so you can always do a bit more to make sure they’re coming back.

9. Invest in Tool Rental Software

No matter what kind of business you run, you need the right tools for the job. When it comes to equipment rentals, you need the right software to manage your inventory and reservations. This lets you stay organized and provides you with clear and accurate data so you can understand how your business is doing.

Quipli has the rental business software you need to improve your profitability. With a fully integrated reservation and inventory system, you can rest easy knowing that your rentals are properly managed. You can contact Quipli today to book a demo and find out more.