Renting a good idea still?

[Carson]

I was thinking of an idea to start my own rental shop. A place where you can rent vacuums, tools, movies, video games, and more. Kinda like a discount rent'a'center or something. I think it'd be cool to make a rental shop that rents off just about everything. The only issue with that, is rental shops lose product a lot, and I don't know if I could handle people who stole from me. 

Anyway, what are your feelings on this?

[Emma]

I don't think renting movies or games is worth it but I think renting other items still is. I think renting out tools is a good one. A lot of people who rent or aren't in the business of actually using them outside of a hammer and nails won't likely own them. Being able to rent them when you need them makes for a better option for these people. 

[Ella]

Renting certain items is still useful. I think renting tools is good like Emma mentioned. Renting cameras and other equipment does well. Certain areas are good with renting out suites and dresses as well. 

[Brenden]

Yeah this day and age, rental stores are about dead, or dying out. You can still rent furniture, cars and other things, but these days I don't see people going out to rend movies, games, or other similar things. It'll mostly be furniture and certain electronics. But these days I wouldn't even include video games, especially with digital taking over more and more. 

[James]

I have been thinking about this a lot myself too. Good business model that is pretty easy to execute. 

I was looking at it from the side of renting out e bikes and other adventure equipment. 

My research so far shows me the largest cost other then buying all the equipment of course is going to be insurance. I have talked to a few insurance companies that sell liability insurance for unguided adventure rentals and they have told me to budget 5 - 7% of my gross rental revenue to liability insurance. With minimum premiums of $2500 a year for most companies to even want to work with you. 

[Sophia]

You know what I thought would be a good idea for awhile now? Renting out fitness equipment. It makes sense for people who are looking to lose weight but don't want to spend all that money. Why pay $800 for a treadmill when you can rent one for like $50 a month? I don't know how this would function but I know a lot of people would make use of it.

[Scarlett]

On 10/10/2021 at 8:10 PM, Sophia said:

You know what I thought would be a good idea for awhile now? Renting out fitness equipment. It makes sense for people who are looking to lose weight but don't want to spend all that money. Why pay $800 for a treadmill when you can rent one for like $50 a month? I don't know how this would function but I know a lot of people would make use of it.

Someone I know mentioned this very idea! I thought it was fantastic because no one in this area has a business like this and the closest gym is a good 30 minutes away. It could work out well in the right location!

[Sophia]

On 10/19/2021 at 8:45 PM, Scarlett said:

Someone I know mentioned this very idea! I thought it was fantastic because no one in this area has a business like this and the closest gym is a good 30 minutes away. It could work out well in the right location!

I did look into it a bit more and there are businesses out there that do this but they seem to only be in certain locations. Might be worth the person you know looking into ir further. Should go in one it as a business partner!