The screws and bolts for your tool rental business

You need a website and online booking software to start getting online reservations for tools and construction equipment. With Twice, your equipment rental business gets a ready-made e-commerce website with a built-in online booking system. First, add the products and services you want to rent and sell to Twice and determine the quantities in Twice's inventory management system. That way, your availabilities are always up to date, and you don't get overbooked. Next, set up your payment options so your customers can book and pay their rentals in advance. Once everything is set up, you can embed Twiceto your existing website or use Twice as a standalone website.

The tool rental industry has a large number of specialized equipment rental companies. Companies serving mostly professional contractors typically rent more lifters, scaffolding, generators, and other heavy equipment. On the other hand, companies serving private individuals offer a range of special tools such as hammer drills, cement mixers, diamond grinders, industrial vacuums, and other tools needed for smaller DIY projects. When defining your product range, it is essential to know your customer base and needs.

Starting a tool rental business requires a lot of planning, preparation, and setting up processes. First, you need to make a business plan. Your business plan includes a description of your business, market and competitor analysis, financial plan, and marketing plan. It is also essential to consider how you will organize your processes, such as inventory management, order processing, and equipment maintenance on your site.

Generally, tool and equipment rentals can be very profitable and enjoy high profit margins. Still, just like with any company, profitability comes down to your business's income and expenditure structure. Rental companies serving professional contractors typically have longer contracts, and single orders are bigger. The downside is that the market is more challenging to enter because the equipment is more expensive, and the competition is fiercer. Companies focusing more on private individuals can get started easier because the tools are cheaper to buy. However, DIY projects tend to be concentrated in the summer months, making the business somewhat more seasonal. To better understand your financial estimates, we recommend looking at ourguide to financial planning and budgeting →

It is strongly recommended that you start using equipment rental software from the early days of your business. Rental management software allows you to manage reservations, track inventory, and other areas of your business in one place instead of spreading all the information across several apps and spreadsheets. This gives you a better overview of your business and complete control of the rental management and operation.