The gradual growth of the rental market has brought various opportunities for rental service businesses in India. Availing services on rent is no longer merely based on affordability;it is also based on the diverse needs of customers today.
One of the major factors that contribute towards this substantial growth in rental service businesses is that owning a space is not an easy task in India. This is due to the inflation and other registry-related work, which are difficult to understand. This is the reason why people are largely shifting from the approach of owning properties and equipments to that of taking them on rent.
There are multiple services that can be availed on rent; be it transportation facilities, various equipments for office, furniture or room rental. Here are top 5 small business ideas in rental service business.
Car/Bike Rental
As rates for petrol and diesel are witnessing a striking growth, customers are turning towards affordable alternate of renting cars or bikes. Travellers contribute to a greater share of target customers for this business. Car/bike rental companies provide them with greater opportunities to travel at an affordable rate; hence, more and more travellers are relying upon car rentals today for a safe, comfortable and affordable mode of travel, which is also personal.
Another factor that adds to the market growth is increased awareness about conservation of the environment; carpooling by rental cab/bike services is much in vogue today.
Room Rentals
A room rental service is most commonly heard business of all the rental services. Renting out an extra room in your apartment for short periods of time is lucrative in the sense that it could help in gaining extra income just by letting a person live in your house.
This business could be expanded by owning a building to rent out the rooms to individuals, families and corporate. Companies like Airbnb are encouraging people to rent out a spare room in their flat to earn an extra income. The ROI is high and best part s that this can be both, a core business as well as a part time one.
Storage Rental
Storage rental is an industry generating annual revenue of nearly 32.7 billion USD at a rate of 3.5%. As this is a promising business model, an entrepreneur can easily venture into this business and gain profits. Providing customers with storage facilities for different purposes requires a small investment amount of around Rs 50 lakhs but gives a high ROI.
Home Décor or Home Staging Accessories’ Rental
As more and more people want their homes to look luxurious, they opt for home décor rental services. There are various home décor accessories such as luxurious chandeliers, lightings, and furniture among others that are rented out to customers. Various property owners and dealers go for home staging accessories as home-staged rooms with attractive furniture and accessories so that the houses sell faster.
Construction Equipments’ Rental
Equipments that are required by various companies can be provided on rent to those in need. Providing machineries, equipments, tools of all kinds and other requirements are fulfilled by the equipment rental companies. The amount that can be invested varies with the services and equipments that are to be rented.
Want to invest in a rental service franchise? Visit Franchise India 2019, Asia’s Biggest Franchise & Retail Show, and give wings to your entrepreneurial dreams.
