Rental business has become one of the most common forms of business these days. Rental businesses could be profitable and it depends on how you can manage the business. Some rental businesses may require high investment whereas some require only little but it is important that it brings you a good amount of profit.
Here in this article, we will talk about some of the best rental businesses that you can get into. Now, some of the businesses that we list here could require a high investment amount but if it is managed perfectly by planning efficiently then you can earn a good amount of profit from that particular rental business.
Read More : Rental Business Ideas
Table of Contents
Wedding and Event Rentals
Home is the most comfortable place on earth which is why most people would not want to make it a mess by throwing a party until and unless it is a bachelor’s party or something like that. Wedding and events rentals have become one of the most common rental businesses in 2023.
People look for such kinds of rentals whenever they have some kind of event coming up or it is a marriage reception party. Now, the investment required for such a business could be huge because you would have to offer a good amount of space for the customers so that they can arrange a good number of people for the get-together.
It would be justified to say that a wedding and event rental business is a profitable business because if you are able to offer desirable items to rent and additionally provide your customers with an excellent experience then you can be successful in this business.
Bike Rental Business
One of the most common rental businesses that you can start today is bike rental business. Now, as of the year 2023 we can see that there have been many companies that have come up with such rental businesses.
It does not matter because if you are able to provide something different than the rest then yes you can be successful in this too. The total investment required for this kind of business might be less than wedding and event rental business but yes the demand for rental bikes is high these days.
If you live in an area where there are lots of tourists coming in and there are many tourist spots around you then it would be the best opportunity to start this business.
You can conduct some market research before entering this kind of business around your area because you need to find the need for such kinds of business as well which will give you the opportunity to earn a good amount of money once you have set up your business.
ATM Space Renting
ATM space renting is one of the most convenient and with low investment rental business options that you can go for in 2023. There are many banks that are looking to open their ATM Franchise in a location where they have not got one.
You can apply for such banks and then if you have got a proper location in mind where it would be ideal to open up an ATM then you can contact the bank manager to set up their ATM. you will be earning some commission every time a customer comes to use your ATM. There are many things that you need to keep in mind before opting for the ATM rental business.
You can get in touch with the bank manager to know about such kinds of details. You will be receiving INR 8 for every cash transaction and INR 2 for every non-cash transaction. Therefore, it only depends on the volume of transactions that are being made on your ATM per day or per month and depending on that you will receive your income.
There are several companies that are doing the furniture rental business but that does not mean you cannot do it as well. You can start this business if you have got a lot of furniture that you are currently not using.
You can start by renting your old furniture for a certain amount of money every month. Once you make progress in your business then you start purchasing new so that you can provide necessary furniture to all the customers that are coming in.
If you live in an area where there are lots of students staying in or it is an educational area where there are many educational institutes then you can start this kind of business because customers will be coming in from different states and they will find it best to rent furniture instead of buying new.
So, in a way furniture rental business could be a profitable business but you need to set up your business in an ideal location.
Car Rental Business
A car rental business is the business of renting out cars to customers for a few days or weeks in exchange for a certain amount of money.
Now, there are many companies in this kind of business as well which may give you tough competition but it is important that you bring in some innovative service to your car rental business so that you can attract customers. Car rental companies can reach a net profit margin of around 5% to 10% for the most profitable businesses.
The investment in this kind of business could be a huge amount because you would have to purchase a piece of land for setting up the agency.
You would have to also keep a fleet of cars available for your customers so that they can choose from a wide range of cars. You can create a website for your business and then you can start to market your services.
Office Space Rental Business
Office space rental business is renting out a space for official purposes. There are many startup companies that are coming with new business ideas and for them to set up an office at a budget friendly option you can provide an office space for them in exchange for a certain amount of money as rent every month.
The investment in this kind of business does not require a huge amount but you would have to have a good space for working purposes.
If the space is not good enough then you will not be able to attract customers. People who will be looking to set up an office at small rental spaces will be only for a temporary period and if you are able to offer them good service and customer experience then they may tend to stay longer and thus it will be more income for you. Once the agreement expires you can even increase the rental amount.
Flats for rent is one of the most demanding things one will ever come across especially if flats are in popular cities and it is near an educational institution.
Students from all across the country will be coming to institutions to study and therefore renting out your unused flat could be the best option to start earning a good amount of money at the end of every month. Once your tenants leave you can rent out your flat to another customer.
In this type of business you can bring several services like internet connection, gas connection, and many more to attract customers. If you have got a flat in mind which you have not been using currently then you can rent it out by putting it up on different social media platforms or through rental applications like Olx and such.
Oxygen Cylinder Renting
The pandemic gave rise to many business opportunities and oxygen cylinder renting business is one of them. Generally, there are two types of usage for oxygen cylinders where one type is for life saving treatment that is used by hospitals and the other one is for industrial purposes. You can start them as an oxygen cylinder rental service with moderate capital investment.
It would be a good investment as well as good income as well. So, if you are able to find clients and customers then you can charge them a good amount of money for renting.
Equipment Rental Business
Equipment rental business can be anything like generators, kitchen equipment, and many more such necessary items.
If you are able to provide as much equipment to the customers then you will soon be able to earn quite a good reputation in your locality and therefore there will be a lot of customers coming in. This is quite a profitable business idea because there are no major companies to compete with in this type of business.
But, the investment could be a huge one because the cost of many equipment is costly and the maintenance cost could also be huge. However, if you have things planned out and you have good management for your business then you will easily be able to earn a good amount of money from this business.
Book Rental Business
One of the easiest and low-cost investment rental businesses is the book rental business. You might have completed your higher studies and you do not need your old books. You can take that opportunity to turn into a book rental business.
You can start posting advertisements on social media that you are starting a book rental business and you can list all your books as well so that customers can see the variety of books you have for rental.
Many students will find these kinds of services helpful because they can get books for much less cost than purchasing a new one which often becomes a costly option for them. Therefore, you can start today and start earning by renting your old books.
Rental business ideas that are mentioned above could be profitable business if you are able to handle the business with proper management skills. Some of the business ideas that are listed above could require you to invest heavily but on the other hand, there are a few business ideas which will not require much investment . you can start with the low investment ones and earn a certain amount of money for it.