The construction industry has been burgeoning in recent years, and the United States Census Bureau reported that construction value in the United States reached a new all-time high in 2022, surpassing $1.7 trillion. This growth is expected to continue.
As the construction sector continues to expand, so does the demand for construction equipment. Many businesses have turned to renting vehicles instead of purchasing them outright to meet this demand.
Renting equipment can be a fantastic way to save money and avoid the hassle of maintenance and repairs. Nevertheless, if you’re in the business of renting out construction vehicles, it’s important to have a solid rental agreement in place.
A well-crafted equipment rental agreement will help ensure that both parties are clear on the terms of the contract and can avoid any misunderstandings down the road. This article will go over some crucial points that should be included in your equipment rental checklist template.
Downloadable Equipment Checklist Template
Understandably, not everyone is familiar with drafting a rental agreement. To help you get started, we’ve created a downloadable equipment checklist template. This template includes all the key points that should be covered in your agreement and a few extra clauses that can be added depending on your specific needs.
So if you’re looking for a starting point, download our template and use it as a guide while drafting your agreement. It will help make sure that you don’t forget any important details.
Before we look at the checklist, let’s first go over inspecting the equipment.
As an entrepreneur, your vehicles are one of your most important assets. Not only are they essential for getting the job done, but they also represent a significant investment. That’s why taking care of them and performing regular inspections is important.
Before renting out any of your vehicles, you should always perform a thorough inspection. This approach will ensure that the equipment is in good working condition and help you avoid costly repairs down the road.
Ideally, it would be best to scrutinize your vehicles before each rental. However, we understand that this isn’t always possible. If you can’t check the equipment before each rental, you should still try to do it at least once a week.
How often you inspect your vehicles will depend on several factors, such as how often they’re being used and how well they’re maintained. However, as a general rule, we recommend inspecting your equipment before and after each rental.
A partial inspection might also be a good idea to ensure that the equipment is still in good condition during long-term rentals.
Key Things to Include in an Equipment Rental Inspection Checklist
Having gone over when you should inspect your equipment, let’s now consider what you should include in your equipment inspection checklist. Please note that this isn’t an exhaustive list and that you may need to add or remove items depending on the type of vehicle you’re renting out.
1) Basic Inspection
Here’s a quick overview of the things you should check for during a basic inspection:
2) Tire Condition
Check the tread depth and search for any signs of damage. Any nails or other foreign objects should be removed. If the tread depth is less than 1/16 of an inch, you should replace the tires.
3) Vehicle Lights
The vehicle’s lights should be checked, including the headlights, taillights, turn signals, and brake lights. The last thing you want is for your renter to get pulled over because a light is out.
You should check the undercarriage for any leaks, as well as any damage that could have been caused by rocks or other debris.
Obviously, this inspection is only relevant if you rent a vehicle with hydraulic equipment, such as an excavator. You’ll want to check for leaks and ensure that all hoses are in good condition.
The brakes are probably the most important of everything on this list. After all, they’re responsible for stopping the vehicle. You should check both the brake pads and the fluid level.
These are another set of items that are only relevant if you’re renting out a vehicle with hydraulic equipment. You should check the fluid level and look for any leaks.
8) Engine Inspection
In addition to the basic inspection, you should also perform a more thorough examination of the engine. This inspection is particularly essential if you’re renting out a vehicle with hydraulic equipment, as such equipment puts a lot of strain on the engine.
9) Engine Oil
More often than not, you’ll be able to check the engine oil level without having to remove the dipstick. However, even if that’s not possible, you should add this examination to your checklist.
10) Spark Plugs
Spark plugs are easily one of the most vital engine components, as they’re responsible for igniting the air-fuel mixture. Yet, they’re often overlooked. Give them a check, and ensure they’re gapped properly.
11) Air Filters
The air filter keeps dirt and other pollutants out of the engine. Over time, it will get clogged and will need to be replaced.
12) Equipment Cab
This section is the final part of our list. If renting a vehicle with a cab, you should check to ensure that all the safety equipment is in good working condition. This equipment includes:
13) State of the Cab Interior
Considering the time your renter will spend in the cab, you should ensure it’s in good condition. Sports to check include the floor, the ceiling, and the walls. They should all be free of dirt, dust, and other debris.
14) Equipment Controls
Like the brakes, the controls are an extremely important safety feature. You should ensure that all the levers and switches are correctly positioned and labeled. They should also be within easy reach of the driver.15)
15) Window Condition
A clear view is paramount for safe driving. As such, you should ensure that all windows are clean and free of any cracks or other damage. Any windows that are cracked or damaged should be replaced.
Strict scheduling can often be the factor that differentiates between a successful rental business and one that struggles. It allows you to avoid many common problems that rental firms face.
So use the template to create a setup that helps you manage your business more efficiently. And if you require a more comprehensive solution, consider using a software platform like Quipli.
Anyone who has a bit more capital and infrastructure ready to commit to their business could consider the lucrative construction equipment rental business. Both individuals and businesses will have a sporadic need for equipment once in a while but couldn’t possibly justify purchasing equipment to be used once or twice.
Construction equipment rentals fill that niche, providing anything from cranes to compressors to dump trucks and more. This rental sphere is a very broad category, so you could get started with something as simple as portable generators, pumps, and lighting equipment rather than investing in trucks and loaders right away.
Learn More About Building a Construction & Heavy Equipment Rental Business
The rental business provides many different entry points for people with varying levels of experience and capital. You can go big or start small, depending on what you’re looking to rent out. These rental business ideas could be just what you need to launch your next business or start making some extra money on the side.
Audiovisual supplies can range widely in quality and features, and price points can keep occasional users out of the market. While the average consumer might not have an everyday use for high-end projectors, speakers, and more, an AV inventory rental business will see plenty of traffic from events, conferences, parties, and more.
The same goes for a camera rental business. High-end cameras are prohibitively expensive, but so is hiring a photographer.
Many people will choose to rent cameras instead, letting them take their own professional photos for special events and trips. Both cameras and AV supply rental businesses have a relatively accessible entry point for newcomers.
Attractions for Children’s Parties and Other Events
Whether for school carnivals or birthday parties, there is a wide range of inflatable games and rides, along with other activities, that event rental businesses can provide. This industry provides a relatively low entry point compared to potential earnings, although it can be highly seasonal depending on your region.
Bounce houses, bouncy castles, or whatever you’d like to call them are an incredibly popular attraction for children’s parties and other events. With a wide range available from manufacturers, including water-based inflatables, you can accumulate an inventory that will be sure to have something for any customer who comes looking.
Whether you’re starting your business in a thriving urban center, a suburb, or a relatively rural region, medical equipment is always a necessity. The equipment needed may vary from place to place, so you’ll have to do some research to find your niche.
Carefully consider your target market. You might cater to hospitals, clinics, rehab facilities, private practices, emergency medical services, or even home healthcare services.
From there, find out what equipment is most in demand. That could be critical care equipment like ventilators and respirators, or durable medical equipment (DME) like wheelchairs and walkers.
With the right research and planning, you could build a profitable rental business.
Learn More About Building a Medical Rental Business
Homeowners and contractors can often run into jobs that require a very particular tool. However, these tools could be hundreds or thousands of dollars, and they only need them once. Tools rentals can provide a high-margin business with relatively limited overhead.
The inventory of tool rental businesses can range widely. Many focus on flooring and other home renovation equipment like floor strippers, tile cutters, saws, and more. There are also chainsaws and wood splitters, compactors and concrete mixers, compressors, pumps, and countless other potential inventory items.
Scaffolding and ladders are important elements in construction and home improvement that homeowners and many businesses only need occasionally and will rent instead of buying. Scaffolding rentals can be for weeks or months at a time, depending on individual projects.
You can find scaffolding available in many different styles with varying degrees of assembly required. A versatile scaffolding system can allow you to provide solutions for any of your customers’ needs with interchangeable parts and modular construction, casting a wide net without requiring excessive rental inventory.
Learn More About Building a Scaffolding Rental Business
Weddings are typically the most lavish and luxurious events that people hold, and they need a wide variety of rentals to pull them off. While there are, of course, wedding rental venues, those looking for a lower entry point can provide some of the other essential rentals that weddings need.
Weddings need tables, chairs, décor, cutlery, glassware, and more. Many who have weddings outdoors require tent rentals. These large tents can be used for a wide variety of other outdoor events as well, making them a great rental business idea that people in many industries could find useful to have in their inventory.
All Kinds of Boat Rentals
If you’re near the water, boat rentals could be the most profitable rental business for you. There are many different types of boats that you can rent out, which means that this idea can work for business owners with a wide range of capital availability. By building inventory, you’ll be able to provide rentals to a broader range of customers.
Kayaks, canoes, and rafts are always popular and are a relatively minor investment to get started. Eventually, you could expand to motorboats and fishing boats that carry a higher price tag but will also bring in much higher revenue. Pontoon boats are another favorite among boat rentals.
Costume rentals are another business idea that can cover a very broad range. While you might be thinking about Halloween costumes, there are many other niches that costume rentals are needed to fill. Of course, a range of Halloween costumes and supplies will be an important part of the business.
A variety of mascot costumes is also a great inventory idea, providing rentals for children’s parties and other events. You can also stock a variety of period costumes for themed parties, and of course, you’ll likely need a range of Santa costumes for the holiday season.
Start a Generator Rentals Business
If you’re looking for types of rental businesses with the potential to attract a large audience, generator rentals are an interesting option to consider.
While generators can be reasonably affordable, many businesses and private consumers are hesitant to purchase one without immediate need. By choosing a rental, they can save a lot of money.
Generator rentals are in high demand for many reasons. Commercial interests may want long-term backup for electrical necessities. Consumers may rent them seasonally for outdoor parties or intermittent blackouts. Construction operations may need them on-site for the duration of projects.
There are plenty of niches to explore, and startup costs here can be relatively low.
Learn More About Building a Generator Rental Business
One of the most adventurous types of rental businesses is power sports vehicles. There’s a wide range of vehicles to rent out, from motorcycles to jet skis and more. There are many different types made for different terrains, and you can identify which is most likely to become profitable rental equipment in your specific area.
ATVs are a great choice anywhere with extensive trails or other areas where riding is possible. In addition to dirt bikes, street bikes rentals are also popular and could be the right choice, although renting street-legal vehicles carries certain legal requirements.
There are also all kinds of more niche vehicles like side-by-sides, gators, and more that can fill out your inventory.
Learn More About Building a Power Sports Rental Business
Roll-off Dumpsters and Other Waste Management Equipment
While it might not be the most glamourous, roll-off dumpster rentals can be among the most profitable commercial equipment business ideas. This business involves large dumpsters ranging from 10 to 40 cubic yards, roughly 14 to 22 feet long, that are dropped off at homes or worksites and picked up when filled for disposal.
These dumpsters are durable and long-lasting, meaning you’ll have a long-term investment.
You’ll have to look into the economics of bulk waste disposal in your local jurisdiction to find out what services you’ll be able to offer, but most companies provide construction and renovation waste removal, yard waste removal, and sometimes hazardous waste removal.
Learn More About Building a Dumpster Rental Business
Storage rentals can be quite lucrative, and it’s not hard to figure out why. If you’re renting equipment, you have to not only purchase units but also lease a place to store them when they’re not rented out. With a storage business, your product and business space are one and the same.
Of course, you have to make sure there’s adequate demand for rental space. Whether you’re catering to urban and suburban homeowners who don’t have enough space for all their stuff or to commercial operations seeking storage for overflow inventory, understanding the market is crucial to success.
You should also consider offering additional services like moveable storage pods.
Start a Snowsport Rentals Business
Winter sports are a popular pastime in colder climates, especially those with ski resorts nearby. However, the price of entry when it comes to winter sports is high. It could cost several hundred dollars just to get outfitted for skiing or snowboarding, while brand-new snowmobiles might set buyers back $10,000 or more.
In other words, it’s often cost-effective for consumers to seek out a suitable rental business when they want to partake in outdoor fun during the winter. Your startup costs will vary by what you offer, and you’ll need to keep in mind that this is a seasonal business.
Portable Toilet Rentals
Renting portable toilets, also called “porta-potties,” is one of the most profitable rental business ideas out there. These portable chemical toilets are needed all of the time for many different reasons. While you certainly see them at all kinds of outdoor events, they’re also used in the construction industry every single day.
The cost of the portable toilets themselves is relatively low, thanks to their efficient molded plastic construction. However, an important point to remember is that a portable toilet rental business will require specialized vacuum truck equipment to drain waste from the portable toilets, which can be a significant investment.
Start a Beach Rentals Business
If you live near sand and surf, a beach rentals business could prove profitable. Beachgoers enjoy all kinds of sporting activities in and around the water, which gives you options to rent equipment for surfing, paddleboarding, snorkeling, scuba diving, and more.
Beach rentals are incredibly versatile – they’re not limited to water-based sports. You can also rent land-based equipment like bicycles, scooters, rollerblades, kites, and even beach chairs and umbrellas, just to name a few examples.
People come to the beach looking for fun and relaxation, and with the right rental equipment on hand, you can help them enjoy their getaways.
Start an Office Equipment Rentals Business
There’s no shortage of commercial equipment business ideas to explore, but if you’re looking for a broad umbrella, consider office equipment rentals. Every office needs furniture pieces like desks, chairs, and tables. And no modern office can function without equipment like computers, printers, and phones.
Many small companies are looking to rent short-term until they get on their feet, while others need equipment in a hurry as they ramp up operations. Some larger companies prefer long-term leasing for tax purposes, and you could supply what they’re looking for.
The good thing about this business is that office equipment is always needed, unlike some rental businesses that wax and wane seasonally.
Recreational Vehicle and Trailer Rentals
RVs and camper trailers are the preferred way for many to take their vacations. They’re also expensive if they aren’t going to be used very frequently, so there are always people looking for RV and trailer rentals. Your business can provide for that need with different types and sizes of RVs, trailers, vans, and more.
Most RVs are going to be Class A or Class C, with Class C being the largest on the road. Both provide great experiences and could be just what your customers are looking for. Tow-behind trailers are always popular as well, and camper vans are a rising trend that can provide a great camping experience for a limited party of people.
Learn More About Building a Trailer Rental Business
Bicycles are an interesting prospect when it comes to rental businesses for a couple of reasons. First, they can be used for both transportation and leisure. Some people ride a bike to work or to run errands, others use them for exercise, and some just want to cruise along.
Bikes can range from relatively inexpensive single-gear beach cruisers to pricy electric or racing bikes. Whether you’re renting out bikes for fun at the beach, or for urban residents and tourists seeking cost-effective car alternatives, you have to consider your target demographics, starting price, demand, and competitive rates to succeed with a bicycle rental business.
Make Renting Easy for Your Customers With Quipli
Quipli is a comprehensive eCommerce platform for all types of rental businesses. With a straightforward layout, effective search tools, and user-friendly navigation, Quipli will present your inventory to potential customers in a way that makes them more likely to find what they’re looking for.
Quipli makes it easy to manage your invoices, orders, and more directly through our platform as well. Book a demo with Quipli to find out how we can help your rental business today.