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Rentals and rental related services are everywhere. We are a rental society. Rentals by other names pervade our daily lives.
People regularly rent apartments and vehicles. Rentals are available in movies, furniture, phone services, software, even costumes and dance floors. Even clothing, DJs and bands.
When you hail a taxi or call Uber, you are renting a ride. When you take your vehicle for repairs, you are renting expertise. When you get a massage from a therapist, you are renting expert services. And when you hire a landscaper or a plumber, you are renting a professional.
Example: Ray runs a local computer services firm. He installs new software for small businesses and trains employees to use it. When Ray convinced a client that a new computer system was needed to handle an expansion, the client asked Ray if he could rent the new setup. Quick thinking resulted in Ray's expanding into the computer rental business. Today, Ray's own growth is substantial--in rentals.
Example: Don loves the theater, but he is not an actor. His main interest is centered around set construction, props and stages. He turned his passion into a business--rentals of all the things needed for theater productions, corporate exhibits, organizational meetings, business dinners, and, of course, theater productions by community groups, high schools, bands and caterers. He has a warehouse filled with all sorts of spectacular props that clients eagerly seek. Sometimes he sells props, but his main business is rentals.
Example: Jeanie runs a flower shop. She specializes in fresh flowers and silk arrangements--selling to walk-in customers. She expanded her business when she began renting silk flower arrangements to banks, clinics, and corporations. She charges a monthly fee to place her flowers in offices and lobbies. She is now considering expanding her rental business to offer large containers of live green plants.
Many businesses can enhance the bottom line by offering rentals. Restaurant dining rooms can be rented to others for their meetings, or the restaurant can rent out the kitchen to aspiring bakers when the ovens are not being used. Artists and artisans can rent their works to others. Even maintenance contracts are a form of renting the on-going services by professionals. A new trend sees business women renting dressy outfits.
Put on your thinking cap. Adding rentals to your business offerings might be a quick way to enhance your bottom line.