The equipment rental business is becoming one of the most profitable industries, despite the numerous challenges, including equipment rental inventory management. Whether you are a seasoned equipment rental business owner or a newcomer just learning to get on your feet, one of the most common issues you would encounter is inventory management. This is no surprise since your most important asset is your inventory.
Consumer demands for rental properties and equipment are on the rise now more than ever. From party supplies, wedding equipment, furniture, vehicles, etc. the new generation of consumers are now opting to rent rather than purchase one-time investments. Thus, the influx of this market proves to be a good opportunity to make good revenue. Some people are bringing in extra money as a side hustle, while serious individuals are easily generating six figures and more.
Of course, with the growing market comes equally growing competition. To stay ahead of your business rivals, you should be a step ahead with your equipment rental inventory management. Rental Inventory Management is the core of your business, so its success is imperative to your overall success.
Rental Inventory Assets are all the tangible assets you will be offering for rent with your business. Rental Inventory Management is the complex and meticulous process of purchasing, storing, tracking, scheduling ,and maintaining your equipment as efficiently and effectively as possible.
Here are some of the best practices for successful rental inventory management.
- It is better to start small, and then gradually expand. If you are just starting your rental business or in the process of planning, try to focus first on one industry and get all the necessary equipment. Do so until you establish a foolproof system and loyal customer base. This will help you easily master your rental inventory management. Over time, you can increase your scope of business and the number of physical assets.
- Take excellent care of your inventory. As mentioned earlier, your rental inventory is the core of your business. Damage and loss to it means losing money on your end. First and foremost, plan for proper storage, maintenance, and upkeep. Insuring your assets should also be in your consideration. Think of logistics; make sure your assets are safe during transport. Take time to explain to your exactly how to use and maintaining the equipment you are renting, as well as the terms and conditions for damaged items.
- Invest in reliable software. Manual tracking of your inventory can be prone to errors, and these errors ultimately result in customer dissatisfaction. Data accuracy should be held with great importance. Automating your rental business may seem like an additional cost, but this will actually save you money in the long run. You can find ultra-easy tools and systems online with platforms such as Frenter. Anyone can use these to develop, build and operate a profitable equipment rental company, or boost your existing equipment rental business with an all-inclusive modern platform.
- Keep reliable data to help you forecast better. Being able to forecast your business trend through reliable information will help you to be in control of your rental business operations. Choose a reliable rental platform such as Frenter, to help you keep reliable data without the need for bulky filing or the risk of losing in-house information. Your inventory data will be kept safe and accessible with Frenter, so you can forecast more accurately and even plan your marketing accordingly. Aside from making sure you have sufficient inventory, it can also help you regarding your business decisions to expand or liquidate assets. Thus, make sure to establish a system that will enable you to keep accurate data about your business.
So how are you going to manage your inventory for your equipment rentals business? When you’re first starting out with only an item or two, you can easily do this manually. Once you scale your business, it’s going to eat away your time, or you will be paying employees to manage and track inventory. Automating your system makes your life easier, saves you from paying employee time, and offers a better customer experience. Ideally, your customers should be able to see your business online, find what they need, and check out quickly.
That’s what will set you apart from the competition. Ready for professional equipment rental business tools like inventory management? Check out Frenter to see how the platform can help you scale your business bigger. Get a 14-day free trial to discover all the tools they offer.