Home appliances renting is a new trending business that can be started at any metro city where people generally relocate for their professional requirements. Yes, this is an innovative and a lucrative business model for the startup entrepreneurs.
Home appliances renting business is simply providing the different home appliances including furniture and electronic equipment to the clients in exchange of a monthly specific rent. Many people like to have essential home appliances on rent because of major two reasons. One is, they can enjoy the product without investing much money one time like purchasing the appliances. Another reason is there is no shifting hazard. As the consumer lifestyle is enhancing rapidly, it creates a substantial demand of home appliances renting opportunity. Home appliances renting is most preferred for the people who are likely to move on fairly quickly and so might prefer not to buy the appliance outright and have to move it around.
Home appliances renting is a cash intensive and highly profitable business. Right management skill and strategic planning is required.
Home Appliances Renting Business Plan
A detailed comprehensive business plan is must in starting this business. Do some market research prior. Determining the target niche is important. Home appliances cater different types of furniture, laundry equipment, kitchen equipment etc. You need to find out the basic home appliances demand in your area. Plan accordingly. Plan about your marketing strategy. Financial planning is most important. You also need to have enough space as go down. Calculate your startup budget with appliances purchase cost, godown rent etc. These will help you in getting confidence in business feasibility and also in getting finance.
You can approach to an angel investors with your business plan. Else you can apply to a bank or any financial institution. There are also several finance institution who have specific plan for hire purchase leasing.
Home Appliances Renting Business Set Up
- Register your business with the proper authority. Check with an attorney what licences you will need to obtain. Different states apply different types of permission for rental businesses.
- Select a location. If you have spare room or space in your home, you can start this business from home location also. Generally deals are made at customer’s premise. You will need to have storage and a small office space.
- Rent agreement is one of the most vital document for this business. Consult with an attorney and prepare a standard appliances rent agreement. Mention all the detail carefully there. You may offer you client a purchase deal also after a certain period of renting.
- In home appliances renting business you will need to arrange the delivery and installation also. In some cases you may charge extra amount from your client. You arrangement have to be done by you.
- Purchase the appliances according to your plan. Try to deal with direct manufacturer. For branded product at least deal with stockist or wholesaler to get the best price.
- Hire manpower as per your requirement. Pay attention in hiring reliable and well behaved delivery boy.
- Fix pricing. You may offer discount for more than two or three products. You may also offer combo pack for bed room, living room, kitchen etc.
Get Clients For Home Appliances Renting Business
Promote your service offline and online both. Publish advertisement in local newspaper as classified in real estate page. Contact with the real estate agents who deal with house rent specially. Register your business with online classifieds and market places also. Create your own website. Use social media carefully. These will definitely help you in generating sales leads for home appliances renting business promotion.