Are you wondering how to start a furniture rental business? Starting your renting furniture business can be a profitable venture. Before you start the process, it is good to conduct a proper research. This is an imperative step as you will know about the prospect of your renting business. There are plenty of factors that you need to consider when you are starting your business. We are here to help you start your own furniture rental business.
Let’s have a look at how to start a rental furniture business.
The first thing you need to do when starting furniture rental business is to have a business plan. Well, you need to have a business plan, irrespective of the business you are going to start. You need to cover the following details in your plan:
- Name of the business;
- The objective of the business;
- 1-year plan for your business;
- Total costs including details about capital.
When you are staring a furniture rental service, you need to buy the furniture. If you want to make your business successful, you will have to invest in quality furniture. In case you get cheap furniture, it will not make your business successful as there are chances that your furniture will get damaged quickly. It is harmful to the reputation of your business. Hence, it is recommended to get the furniture that is stylish, classy, and well- built.
Choosing a Niche
This is a crucial thing to decide before buying the furniture. Whether you are deciding to rent corporate furniture or luxury furniture, you will have to decide the type of furniture you will rent out.
One of the things that you need to keep in mind is the prices you will be offering. This is directly dependent on the location where you rent your furniture. For instance, if you will be offering your furniture in a high-class area, you will need to provide excellent and well-designed furniture. You can charge more a classy furniture as most of the people will want to have a good furniture and price will not matter to them. They are willing to spend plenty of money just for getting the best furniture.
Moreover, there are two options: you can either rent your furniture for quarterly or monthly basis. This is something that you should plan before.
When you are setting up your rental furniture business, you will need the help of an attorney. This is to make the rental contract for the furniture. You will have to write down the terms of the lease. Things the contact must include are:
- Date of the lease;
- Return date;
- Terms of payment;
- Damage policy;
- Late payment;
- Total leasing period.
This is an imperative part of your business as it will be a legal proof of your arrangement.
Types of Furniture
Another thing that you need to consider when starting a furniture rental business is the furniture you will be offering. If you want to be a successful business, you need to offer a wide range of furniture. Your customer will be looking for decorating their whole house. This is the reason why you need to provide every type of furniture. Whether you will sell furniture just for certain rooms or for the whole house, this will help you create an identity for your business and have a focus market.
In case, you don’t offer all types of furniture, you will lose the customer as they will look at other renting companies. Hence, it is crucial that you offer all types of furniture.
Expand Your Warehouse
In the initial stage of the business, you will start with the limited furniture. Over the years, you will have to expand your business and bring new furniture into your warehouse. You will have to stay up to date with the latest trends. This means that you need to gather stylish furniture and have them in your warehouse. Additionally, you can even get furniture from auctions.
Keep Your Furniture Maintained
This is a very important step. You need to maintain your furniture in optimal condition. This is because your client expects to get furniture that is well-maintained. You should get the furniture refurbished after every rental agreement is over. You have to convince the customer that you are offering them new furniture. This is necessary for you to keep in your mind if you want to succeed in your business.
Buying or Hiring the Moving Truck
To make your renting business successful, you will have to decide whether it is feasible to buy or hire a moving truck. You will be sending your furniture to the house or office of your client. The customer might want you to set up the furniture as well. So, it is advised that in the initial stages to hire a moving truck service.
Unfortunately, this will cost you a lot in the long-run. You can buy your own moving truck once your business takes off. In this way, you can expand your business and hire people to help you move the furniture conveniently.
Marketing Your Business
The best way to make your business successful is to promote your business. You can do it by telling your friends and family about. There are other ways to do so. You can use social media platforms. You can even advertise in the newspaper, magazines, and online directories.
In the end, starting your own business requires a lot of efforts. When starting a furniture rental business, you will have to be diligent and have a plan. You must also select your niche, type of furniture you will offer, and how much it will cost. It is important for you to have a legal contract in place to avoid any problems. There are many other things that you need to keep in mind, such as expanding your warehouse, maintaining the furniture, promoting your business, and hiring or buying the moving truck. With these tips, you can easily start your rental furniture business.