January 5, 2023

Tips for Using Rental Business Software to Improve Your Rental Business

The forecast for the rental equipment business in the United States is showing promising positive growth of the industry by 2023. The decline in the rental business revenue starting in 2020 is thought to have been brought about by the pandemic as activities, events, and projects were all put to a halt. As we are all slowly but surely going back to our “normal” lives and activities, and everyone is just dying to be out and about, It is expected that the industry will reach and hopefully exceed the 2019 numbers and demand by the coming year. 

Whether you have been doing it for several years or you have started doing so or contemplating making this another income stream, it is best to have all the tools that will ensure you in making and even exceeding your target sales and most importantly taking all the important steps to delight your customers.

 

So, the question is, does one really need rental management software? How can equipment rental software help you build and improve your business? 

Protecting and maximizing your tangible assets – Your Inventory

The product in this business is both tangible and intangible. In whatever niche market that you like to serve, your equipment is the most capital-intensive expense. The return on investment for this will be realized in a much shorter time only if you can maximize its rental and usage. Utilizing software will help you in the following:

  • Inventory management
  • Organizing your reservations and bookings
  • Tracking and monitoring your equipment in real-time
  • Providing data for analysis which is crucial in forecasting and planning

Work Smarter Not Harder

No matter how committed or dedicated you and your employees are, the traditional way of using office programs such as MS Excel will demand so much effort and time resulting in decreased productivity and efficiency. Make your success probability at the highest level on the least possible monthly expense by providing the most essential tool, a rental equipment software

 

  • It will take half the effort and time for your employees to serve your customers.
  • Get booking, sales, and inventory reports daily and analyze what works and doesn’t work in your day-to-day operations.
  • Real-time information, price, and service for your customers.
  • Using a centralized platform, customers can receive accurate information about products and services.

Help Customers Find You

The positive prospect of this industry will attract more players. Even before they experience what you offer, your branding should stand out from the rest. Availing of rental equipment software will:

 

  • Build and promote your business with an online presence through a unique and personalized digital storefront.
  • Make it easy for the customer to rent your equipment in just a few clicks.
  • Guarantee the ease of doing business with your company by providing a platform and portals to your customers for a smooth sales process.

 

Get that booking and reservation with Effective and Competitive Pricing

The economic challenges that we are experiencing are a big contributor to a very price-sensitive market. Thus, identifying the right price point is key to making your business work. More than anything else, your rates and services will play a major role in their decision-making on using your services. 

 

All factors should be considered in computing the right price like:

  1. the cost of doing business
  2. the fixed and variable costs
  3. depreciation expense
  4. cost of goods sold

 

You must be able to factor all this in to provide competitive pricing that will attract customers and protect your bottom line.

Customers for Life - Repeat Business and Referral System

 

Incentives and referral rewards build customer loyalty. Continuous patronage of your new and existing customers will determine the longevity and growth of your business.  Reliable and verifiable data is the best way to come up with these incentives  

Start Your Business Right

Start your Frenter 14-day free trial and experience a big difference in making money in your industry. They provide the tools you need to succeed and even customize the software based on your specific needs and requirements. 

There’s no time to waste, Frenter is here for you!

© 2022 Frenter