With an increasing trend for minimalist and cheaper consumption experiences, people are choosing rentals over ownership. This changing scenario is making the sharing economy more popular than ever. What started out with property rentals (Airbnb) and ride-sharing (Uber) has shaped up a multifaceted global industry where customers have access to nearly all services and goods, at a button touch. Peer-peer rental marketplaces facilitate renting expensive items and services people don’t use that often rather than owning them.
This rising demand for online rental services brings in plenty of opportunities for businesses. To inspire you, here are some of the most ingenious online rental business ideas for this year.
11 Top Online Rental Business Ideas
Camera Equipment Rentals
In the constantly changing tech world, new model cameras and accessories get launched frequently making the previous models outdated. That is why online camera rentals make a great business idea to cater to professional photographers and moviemakers. In fact, the camera equipment rental industry has been experiencing a yearly growth of 1.6%. As there is substantial demand for camera equipment and related gears, you will be on the road to success in no time. A tip to get started would be to focus on quality rather than quantity. Stock the best quality camera and accessories that are in demand. The profitability of this rental business depends greatly on the number of times you rent out your gears and the fee you charge for it. Alternatively, you can build a platform that connects people who want to rent their camera equipment to people who are looking for cameras on a rental basis.
Party Boats And Cruise Rentals
The waters have something so soothing about it that people looking for a relaxing outing often get drawn to it. Party boats and cruises make a great rental business idea to cater to special occasions like bachelor or bachelorette parties, family get together, corporate outings, weddings, birthday parties, etc. Along with the mesmerizing experience of boat cruises, you offer, provide additional services like food and entertainment, water sports, recreational activities, hotel booking, etc. at competitive prices.
Car Rental Software
The car rental business is a very competitive industry and makes a great business idea for entrepreneurs. If you are serious about running a car rental business, the first thing to do is to pick a niche that suits your business. An online rental car business can cater to travelers at airports or it can be anything including leisure car rental, wedding car rentals, funeral car rentals, graduation car rentals, etc. Alternatively, you can also launch a peer-peer car rental software that connects drivers and riders to make the process of booking cars easier.
Luxury Bus Rentals
Luxury buses have the same appeal as party boats, the only difference is that they are ideal for landlubbers. Luxury buses make the mode of transportation a destination on its own. Not just it is lucrative, there is a year-round market for this type of rental service and it offers a lot of opportunities for businesses to add their own style to a proven business model. For example, entrepreneurs buy old school buses and convert them into party vehicles. If you want to go for a sleek, sophisticated, and personalized luxury car service, start small with one vehicle and start building your fleet from there. To succeed in the market, ensure that you come with a detailed business plan that defines your target customer base, (tourists, wedding parties, student groups, family groups, etc.) along with clearing out legal compliance. Check out party bus rental in Denver and their limos for more ideas and inspiration.
Clothing Rentals
Clothing rentals make sense in an age where fashion changes rapidly and people end up with having a closet full of clothes, but have nothing to wear according to the trend. All of us invest hundreds of dollars in clothes that we are going to wear once or twice. In such a scenario, clothing rental makes a great solution to cater to people looking for borrowing clothes for occasional events. The online clothing rental business gives people the chance to rent dresses from high-end brands like Kate space, Badgley Mischka, Calvin Klein, Nicole Miller, etc. at a fraction of the original price.
Outdoor Activity Equipment Rentals
Wide open spaces bring in wide open business possibilities! Be it hiking equipment, fishing equipment, climbing gear, or sports equipment, high-quality outdoor gear is expensive. Outdoor activity equipment rentals make a great rental business idea and give you the flexibility to choose any outdoor activity, fitness, or sporting equipment.
Wedding Décor Business
Who wants to purchase things for one time when you have access to beautiful wedding décor at a fraction of the price? By focusing exclusively on wedding décor, your rental business can offer a broad range of choices for customers to make their big day memorable.
Offer wedding décor products and services like tables, chairs, tents, glassware, ceremony rugs, welcome bags, venue decorations, catering services, and more. You can also add signature products like table décor in linen alone, furniture in unique themes, custom signage, etc. To gain a competitive edge in the market, offer additional services like entertainment to level up your offerings.
Parking Space Rental Business
Finding free parking spaces gets hectic with the increasing number of cars on the road and the inefficiency in parking space management. Launching a parking management software to alleviate the parking woes in busy cities is one of the great online rental business ideas. A peer-peer parking lot rental platforms work exactly like Airbnb. Your platform acts as a medium that connects both parking space owners and car drivers to make things much easier. Your business can make money from the commissions earned from each transaction.
Bike Rentals
Bikes make a relatively low cost online rental business idea which means your initial investment is much lower than starting any other rental business. And, if you are planning to start a peer-peer bike rental platform, there is no cost involved as you need not stock any inventory. With the global bike rental industry expected to hit $4 billion by 2025, it holds immense potential for profitability. To make the most out of your online bike rental business, you can offer additional services like selling bike gears, guided bike tours, bike repair, etc. To start with, devise a detailed business plan that will help to list out your unique business requirements, goals, target audience, and other important aspects.
Event Venue Sharing
The boom of peer-peer marketplaces has impacted the way customers book event venue spaces. Customers can now book event spaces online for a short span of the house of a couple of days to host events like wedding receptions, office functions, baby showers, photo shoots, workshops, business dinners, etc. With statistics showing a 2% cumulative growth in the party rental revenue for the upcoming years, starting an event venue sharing platform is a great business idea. Peer-peer event venue sharing platforms not only allow people to book event venues but also enable venue owners to make money from their spaces and facilities which would otherwise remain underutilized.
Trekking Item Rentals
Nature lovers and fitness enthusiasts out there are going to love the idea of rental business catering to trekking needs. Buying trekking gear can get expensive and getting the renting gear in some places like the Himalayas is not easy as well. To make the whole experience easy and comfortable for customers, you can launch a trekking rental business that supplies trekking gears on demand. You offer specific items and equipment like travel bags, camping gear, trekking gear, camera, riding gear, etc. based on the nature of the trek. To maintain a competitive advantage in the market, make sure the products go through multiple quality checks.
Rental Business Revenue Conclusion
We are living in an era where people are not really fond of ownership. Instead, they prefer borrowing used items from each other or renting out products and services and not be burdened with the costs. This shift in customer behavior to favor rentals to embody the values of sustainability, rental businesses have plenty of opportunities to thrive. For a rental business to succeed, trust and value must always be at the core of their business model. All the interaction between the business and customers must be designed in a personalized way so that customers have a great experience. Starting an online rental business demands not just commitment and persistence, but also choosing a great business idea. Hope these rental business ideas gave you some valuable insights on the opportunities in the market. Share your comments and thoughts on online rental business ideas on social media #BootstrapBusiness.
Author Shirley C. Stewart
Business Consultant & Marketing Head at RentCubo
https://rentcubo.com/
Helping brands to build their web products that people love using.
Interested in growth hacking & startups.
Camera Equipment Rentals
In the constantly changing tech world, new model cameras and accessories get launched frequently making the previous models outdated. That is why online camera rentals make a great business idea to cater to professional photographers and moviemakers. In fact, the camera equipment rental industry has been experiencing a yearly growth of 1.6%. As there is substantial demand for camera equipment and related gears, you will be on the road to success in no time. A tip to get started would be to focus on quality rather than quantity. Stock the best quality camera and accessories that are in demand. The profitability of this rental business depends greatly on the number of times you rent out your gears and the fee you charge for it. Alternatively, you can build a platform that connects people who want to rent their camera equipment to people who are looking for cameras on a rental basis.
Party Boats And Cruise Rentals
The waters have something so soothing about it that people looking for a relaxing outing often get drawn to it. Party boats and cruises make a great rental business idea to cater to special occasions like bachelor or bachelorette parties, family get together, corporate outings, weddings, birthday parties, etc. Along with the mesmerizing experience of boat cruises, you offer, provide additional services like food and entertainment, water sports, recreational activities, hotel booking, etc. at competitive prices.
Car Rental Software
The car rental business is a very competitive industry and makes a great business idea for entrepreneurs. If you are serious about running a car rental business, the first thing to do is to pick a niche that suits your business. An online rental car business can cater to travelers at airports or it can be anything including leisure car rental, wedding car rentals, funeral car rentals, graduation car rentals, etc. Alternatively, you can also launch a peer-peer car rental software that connects drivers and riders to make the process of booking cars easier.
Luxury Bus Rentals
Luxury buses have the same appeal as party boats, the only difference is that they are ideal for landlubbers. Luxury buses make the mode of transportation a destination on its own. Not just it is lucrative, there is a year-round market for this type of rental service and it offers a lot of opportunities for businesses to add their own style to a proven business model. For example, entrepreneurs buy old school buses and convert them into party vehicles. If you want to go for a sleek, sophisticated, and personalized luxury car service, start small with one vehicle and start building your fleet from there. To succeed in the market, ensure that you come with a detailed business plan that defines your target customer base, (tourists, wedding parties, student groups, family groups, etc.) along with clearing out legal compliance. Check out party bus rental in Denver and their limos for more ideas and inspiration.
Clothing Rentals
Clothing rentals make sense in an age where fashion changes rapidly and people end up with having a closet full of clothes, but have nothing to wear according to the trend. All of us invest hundreds of dollars in clothes that we are going to wear once or twice. In such a scenario, clothing rental makes a great solution to cater to people looking for borrowing clothes for occasional events. The online clothing rental business gives people the chance to rent dresses from high-end brands like Kate space, Badgley Mischka, Calvin Klein, Nicole Miller, etc. at a fraction of the original price.
Outdoor Activity Equipment Rentals
Wide open spaces bring in wide open business possibilities! Be it hiking equipment, fishing equipment, climbing gear, or sports equipment, high-quality outdoor gear is expensive. Outdoor activity equipment rentals make a great rental business idea and give you the flexibility to choose any outdoor activity, fitness, or sporting equipment.
Wedding Décor Business
Who wants to purchase things for one time when you have access to beautiful wedding décor at a fraction of the price? By focusing exclusively on wedding décor, your rental business can offer a broad range of choices for customers to make their big day memorable.
Offer wedding décor products and services like tables, chairs, tents, glassware, ceremony rugs, welcome bags, venue decorations, catering services, and more. You can also add signature products like table décor in linen alone, furniture in unique themes, custom signage, etc. To gain a competitive edge in the market, offer additional services like entertainment to level up your offerings.
Parking Space Rental Business
Finding free parking spaces gets hectic with the increasing number of cars on the road and the inefficiency in parking space management. Launching a parking management software to alleviate the parking woes in busy cities is one of the great online rental business ideas. A peer-peer parking lot rental platforms work exactly like Airbnb. Your platform acts as a medium that connects both parking space owners and car drivers to make things much easier. Your business can make money from the commissions earned from each transaction.
Bike Rentals
Bikes make a relatively low cost online rental business idea which means your initial investment is much lower than starting any other rental business. And, if you are planning to start a peer-peer bike rental platform, there is no cost involved as you need not stock any inventory. With the global bike rental industry expected to hit $4 billion by 2025, it holds immense potential for profitability. To make the most out of your online bike rental business, you can offer additional services like selling bike gears, guided bike tours, bike repair, etc. To start with, devise a detailed business plan that will help to list out your unique business requirements, goals, target audience, and other important aspects.
Event Venue Sharing
The boom of peer-peer marketplaces has impacted the way customers book event venue spaces. Customers can now book event spaces online for a short span of the house of a couple of days to host events like wedding receptions, office functions, baby showers, photo shoots, workshops, business dinners, etc. With statistics showing a 2% cumulative growth in the party rental revenue for the upcoming years, starting an event venue sharing platform is a great business idea. Peer-peer event venue sharing platforms not only allow people to book event venues but also enable venue owners to make money from their spaces and facilities which would otherwise remain underutilized.
Trekking Item Rentals
Nature lovers and fitness enthusiasts out there are going to love the idea of rental business catering to trekking needs. Buying trekking gear can get expensive and getting the renting gear in some places like the Himalayas is not easy as well. To make the whole experience easy and comfortable for customers, you can launch a trekking rental business that supplies trekking gears on demand. You offer specific items and equipment like travel bags, camping gear, trekking gear, camera, riding gear, etc. based on the nature of the trek. To maintain a competitive advantage in the market, make sure the products go through multiple quality checks.
Rental Business Revenue Conclusion
We are living in an era where people are not really fond of ownership. Instead, they prefer borrowing used items from each other or renting out products and services and not be burdened with the costs. This shift in customer behavior to favor rentals to embody the values of sustainability, rental businesses have plenty of opportunities to thrive. For a rental business to succeed, trust and value must always be at the core of their business model. All the interaction between the business and customers must be designed in a personalized way so that customers have a great experience. Starting an online rental business demands not just commitment and persistence, but also choosing a great business idea. Hope these rental business ideas gave you some valuable insights on the opportunities in the market. Share your comments and thoughts on online rental business ideas on social media #BootstrapBusiness.
Author Shirley C. Stewart
Business Consultant & Marketing Head at RentCubo
https://rentcubo.com/
Helping brands to build their web products that people love using.
Interested in growth hacking & startups.
