Thursday, February 19, 2015

Rental successes

      Free daily tips, information, advice and ideas
      to help you better manage your small business.

     Rentals can increase your income. And every small business needs additional income. 

     Example: A restaurant that's closed on Mondays can rent out the kitchen that day to an aspiring baker who needs an inspected and licensed kitchen. A cafe that serves only breakfast and lunch can likewise rent out the kitchen when it is idle in the evening.

     Today, you can rent almost anything from a rental center. Operations are in business to rent chainsaws to lawnmowers, furniture to televisions, vehicles to boats, tents to portable toilets. But they don't have everything.

     Example: Florists and garden centers can rent out baskets of flowers and artificial arrangements to corporations, banks, medical centers, offices and others on a revolving basis. Painters and photographers can do the same thing with framed works--with a written agreement and insurance. 

     Caterers regularly rent the tables, chairs, even the silver and glassware to clients for special events. Some caterers will rent you a dance floor and a big tent for your special occasion. 

     Example: A lady farmer in my area raises goats, and she rents them out to other farmers, homeowners and others. Goats will eat just about anything. Her rented goats are brought to location to clean out pastures and hedgerows. The goats will eat away the poison ivy and those multiflora roses that are highly invasive. Renting out her goats is not the lady's main business, but it provides her with additional income.

     All sorts of possibilities are available if you have extra space. An empty garage or barn can be rented to bands needing space to practice. A back room can be rented out for meeting space for organizations, clubs, and others needing space to hold events. 

     Example: A local winery rents out its facilities for private parties, corporate meetings, weddings, organizational gatherings, and other events. The winery setting is unusual and can add that extra edge to any event. And the wine maker is available for talks and tastings. 

     Get creative when you consider adding rentals to your business. Rentals can involve your space, your items, your time and even your goats. When you write up service contracts to maintain equipment, for example, you are committing to renting your time to a client. The same is true with consulting and coaching--you are renting out your expertise. 

     Put the rental concept to work in your business. It can provide extra income and extend your reach in the community, resulting in referrals.    

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