[et_pb_section fb_built=”1″ fullwidth=”on” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_fullwidth_post_title meta=”off” featured_placement=”background” text_color=”light” text_background=”on” text_bg_color=”rgba(22,17,0,0.46)” _builder_version=”4.16″ background_color=”rgba(255,255,255,0)” parallax=”on” text_orientation=”center” text_shadow_style=”preset1″ use_border_color=”off” global_colors_info=”{}”][\/et_pb_fullwidth_post_title][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Intro” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n
Today<\/span>,<\/span>\u00a0you can\u00a0<\/span>rent just about<\/span>\u00a0<\/span>an<\/span>ything from a p<\/span>rom dress to a power tool.\u00a0<\/span>That means businesses, especially hardware stores, should seriously consider increasing their product offerings w<\/span>ith a\u00a0<\/span>point of rental system.<\/span>\u00a0<\/span><\/p>\n Hardware stores are already in the tool business, so taking the next step and renting specialty tools, power tools, or even construction equipment isn\u2019t a drastic step. And getting into the rental business can do many things for a business. It can:<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Profits for Rent” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n In a recent forecast, the American Rental Association (ARA) expects equipment rental industry revenue to grow steadily to approximately $59.6 billion by 2021.\u00a0<\/span>General tool rental\u00a0<\/span>is a $5 billion annual industry<\/span> by itself <\/span>and it<\/span>\u00a0<\/span>is\u00a0<\/span>expected to\u00a0<\/span>grow<\/span>\u00a0by 5.9% this year, 7.8% in 2020 and 6.7% in 2021.<\/span>\u00a0<\/span><\/p>\n Along with that growth comes more opportunities and jobs. The Bureau of Labor Statistics projects steady growth in rental industry employment through 2026.<\/span>\u00a0<\/span><\/p>\n All t<\/span>his means there are big bucks on the table for rentals and most hardware stores are already equipped with the right customers, equipment knowledge and infrastructure to support a rental department.<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Rent-a-Niche ” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” animation_direction=”left” use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n Hardware stores are extremely flexible businesses<\/span>\u00a0<\/span>with many offering niche products<\/span>,\u00a0<\/span>s<\/span>o it\u2019s not a\u00a0<\/span>b<\/span>i<\/span>g<\/span>\u00a0step for many\u00a0<\/span>of them<\/span>\u00a0to go from selling specialty products to\u00a0<\/span>renting them<\/span>. Here are some long-time rental markets and others that are \u201ctrending.\u201d<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][et_pb_blurb title=”Tools \u2013 Ladders, scaffolding, saws, tile cutters, reciprocal, jig and table saws” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Tools” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Construction equipment \u2013 Everything from excavators to orange safety cones. ” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Construction ” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Landscape equipment \u2013 Rototillers, broadcast spreaders, post hole diggers, riding mowers.” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Landscape” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Carpet cleaning \u2013 Machines, chemicals and accessories.” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Carpet” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Party supplies \u2013 Tables, chairs, heaters, tents, all the way to food service. ” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Party” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Boats \u2013 Fishing, water skiing or pontoon boats are all popular rentals. ” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Boats” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Bike rentals \u2013 Mountain and road bikes are established rental markets. E-bikes and scooters are trending and are currently big hits for alternative transportation in tourist spots. ” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Bikes” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Water sports \u2013 Tubes, kayaks, skis, surfboards or stand-up paddleboards. ” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Water sports” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Outdoor gear \u2013 Fishing, hiking, camping, rock climbing and four-wheeling equipment. ” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Outdoor” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Hunting equipment \u2013 Scopes, blinds and binoculars. ” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Hunting ” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Gas cylinders \u2013 Not everyone who needs to cut or weld something wants to store acetylene tanks in their garage. ” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Gas” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_blurb title=”Log splitters \u2013 These are especially popular in cold weather climates or summer camping areas. ” use_icon=”on” font_icon=”A||divi||400″ icon_color=”#e09900″ icon_placement=”left” admin_label=”Blurb – Log splitters” _builder_version=”4.16″ animation_style=”slide” animation_direction=”top” animation_duration=”500ms” animation_delay=”50ms” global_colors_info=”{}”][\/et_pb_blurb][et_pb_text admin_label=”Finding a niche” _builder_version=”4.16″ global_colors_info=”{}”]<\/p>\n Finding a niche popular with your current clientele can endear your business to them even more, and it can draw in new customers.<\/span>\u00a0R<\/span>ental markets are <\/span>often\u00a0<\/span>regional\u00a0<\/span>or\u00a0<\/span>seasonal<\/span>\u00a0<\/span>in<\/span>\u00a0nature. Snowblowers and log splitters are popular in cold weather climates, but they would gather dust in the southern states and the southwest. Business<\/span>es<\/span>\u00a0need to cater t<\/span>heir rental offerings t<\/span>o their customer<\/span>\u2019<\/span>s<\/span>\u00a0needs.<\/span>\u00a0\u00a0\u00a0\u00a0<\/span>\u00a0<\/span><\/p>\n \u201cIt\u2019s all part of being a complete store for the community, and rental plays its part in putting that whole image together,\u201d Greg\u00a0<\/span>Kuball<\/span>, CEO of Kasson Hardware Hank, tells\u00a0<\/span>Hardware Retailing<\/span><\/i>.<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Accessorizing ” _builder_version=”4.16″ global_colors_info=”{}”]<\/p>\n Just like fashionistas buy earrings, bracelets and shoes to go with a new dress, do-it-yourselfers buy products to go with their rental equipment. What good is a floor sander without the sanding pads, masks, goggles and more? A tile cutter isn\u2019t much use without the tile, and a paint sprayer needs paint and a host of accessories<\/span>.<\/span>\u00a0The possibilities are endless.<\/span>\u00a0<\/span><\/p>\n Some rental equipment provides its own markets. Hardware stores are a natural source for carpet cleaning rentals. Stores can score additional sales beyond renting the machines and selling the chemicals with other floor cleaning and servicing items like tile cleaners, brooms, mops and vacuums.<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Rental Considerations ” _builder_version=”4.22.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ use_border_color=”off” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n Starting a point of rental requires a serious commitment and putting together a strategy is crucial to success. The upfront investment for rental equipment can seem the most daunting, but extensive\u00a0<\/span>thought should also be given to costs for additional staff, equipment\u00a0<\/span>repair<\/span>\u00a0and replacement, general liability insurance, equipment storage, delivery vehicles and more.<\/span>\u00a0<\/span><\/p>\n Hiring additional employees to handle the point of rental services such as maintenance and repair is\u00a0<\/span>o<\/span>n<\/span>e<\/span>\u00a0option. Contracting out that work to local businesses which can create valuable partnerships is another. Knowledgeable employees are a valuable addition for more than just handling repairs and maintenance. They can also train coworkers and customers on how to properly use rental equipment.<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][et_pb_text admin_label=”Rental Solutions” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n There are companies today that provide rental management software that can handle most of the heavy lifting of a point of rental such as contracts, billing and invoicing, maintenance scheduling, bundling and reporting. One such company is appropriately named Point of Rental. It provides cloud-based management software that makes inventory control, contract writing and billing easy. These systems can stand alone or be integrated into a store\u2019s\u00a0<\/span>retail platform.<\/span>\u00a0<\/span><\/p>\n \u201cWith rental software, you\u2019re able to keep maintenance schedules more easily \u2013 you can load the maintenance schedule and track the hours or mileage on the machines, send out a maintenance person to take care of work that can be done on-site or send replacements before a piece of equipment needs to come back to be worked on,\u201d Point of Rental CEO Wayne Harris explains. \u201cIt also helps with seeing what\u2019s available throughout the organization. We see idle equipment so often on lots \u2013 sometimes another site needs that piece of equipment, but if they don\u2019t know it\u2019s there, they\u2019re buying a new one or renting one, when all they had to do was transfer it between locations.\u201d<\/span>\u00a0<\/span><\/p>\n These point of rental software solutions not only provide all the paperwork needed to run a successful department, but they also offer convenient solutions to other simple rental needs. Mobile apps allow rental associates to access delivery and pick-up information, scan barcodes and take payments out in the rental yard. Associates can also record the condition of equipment with time-stamped photographs.<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid” global_colors_info=”{}”]<\/p>\n Having the right tools for any job is one of the easiest ways to keep customers happy and coming back. A solid point of rental can turn a store into a destination for both contractors and DIYers in need of special equipment, and in doing so will help any store build business and customer loyalty.<\/span>\u00a0<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_team_member name=”Brian Bullock” position=”Author” admin_label=”Brian’s Author Box” _builder_version=”4.16″ border_style=”solid” global_colors_info=”{}”][\/et_pb_team_member][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Having the right tools for any job is an easy way to keep customers coming back. A solid point of rental turns a store into a destination.<\/p>\n","protected":false},"author":13,"featured_media":27992,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[3,75,16],"tags":[221,220],"class_list":["post-27679","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-posts","category-grow-your-business","category-how-tos","tag-american-rental-association","tag-point-of-rental","et-has-post-format-content","et_post_format-et-post-format-standard"],"yoast_head":"\n\n
Profits for Rent\u00a0<\/span><\/h2>\n
Rent-a-Niche\u00a0<\/h2>\n
Accessorizing\u00a0<\/h2>\n
Rental Considerations<\/h2>\n
Rental Solutions\u00a0<\/h2>\n
Building a Rental Brand\u00a0<\/h2>\n