Are you being enthusiastic about beginning an equipment rental business? Then, this blog gives you everything you must know to run your business successfully using standard equipment rental software.
As per experts research, The tools and equipment rental business growth in the USA has exceeded its market size of $4bn in 2020. This stats shows how tools and equipment rental business ideas created an impact among the business peoples.
What is Equipment rental marketplace?
The equipment rental marketplace is the process where equipment owners will rent their equipment to those who are in need. The users will grab the equipment for a certain period of time. It will be more convenient for both the equipment owners and Users.
1. Account will be created by both the equipment owner and User
2. Equipment owner lists their equipment
3. User search and book the equipment as per their choices for a certain period
4. The equipment owner will receive the booking request
5. The equipment owner either accepts or decline the booking request
6. Once the booking accepted, the user has to make their payments
7. The equipment owner will be notified regarding the booking
8. Then, Admin will transfer money to the equipment owner
9. After the booking completes, both the equipment owner and the user can rate and review based on their experience
It is difficult to succeed in this competitive rental market without having proper knowledge of the right business model for your marketplace. Hence, the business model plays a major role in the Equipment rental business,
Let me figure out the business model that suits perfectly for your equipment rental business,
Commission based is one of the popular profit gaining methods that help in earning revenue for each and every transaction occurring.
Commission fees will be collected from both equipment owners and Users for each and every booking of the equipment.
Setting up a fee either might be a fixed fee or a percentage fee.
- A fixed fee is a particular set of the fee that remains fixed for every equipment booking.
- The percentage fee is an adjustable-fee that will be calculated based on the transactions.
Must-have features in Equipment rental software
1. Advanced search filters
Users can easily find their desired equipment as per their choices easily by filtering the results like price, type of equipment, and so on. It provides more convenience and accurate search results for the User.
2. Seasonal pricing calendar
The host has the privilege to charge more or lower his equipment pricing on a particular day or a season. This may lead to increased profit and bookings.
3. iCal Integration
The host can export and import the calendar across any platform. Booking done on one platform will automatically be displayed to the other platforms. The host has the option to block the days which are already booked by other users. It helps equipment owners to avoid multiple bookings.
4. Content Management System
Modifying and managing the static content will be done easily at any time with the help of CMS features.
Users have the option to save their desired equipment. They can also save the equipment for future equipment bookings. This handy feature helps users save more time from searching from the first.
6. Payment gateways
Get your seamless and secure transactions done within a fraction of seconds with the payment gateways such as stripe as well as Paypal.
7. SMS verification
Easily verify the users at signup by sending a code via SMS to their registered phone number. It automatically reduces fraudulent accounts.
8. Review Management
Admin can manage and edit all the reviews added by both the equipment owners and users. If the review is found to be fake or irrelevant, the admin has the control to enable or disable the particular review.
Tech stack needed to build Equipment rental business
Choosing the right tech stack is essential to build a platform that performs well, secure, scalable, customizable & be stable.
The right technologies that suit perfectly for the Equipment rental platform are React, Redux, GraphQL, MySQL, React Apollo, Express.js, and Sequelize.
React – Frontend
How React is beneficial for equipment rental marketplaces?
The benefits of React in equipment rental marketplaces include,
- Reusability of code in React helps saves a lot of development time
- Offering a smooth experience to the users by increasing the speed of the performance.
- Providing faster rendering speed by reducing the load time of the web pages.
Express.js – Backend
It is an open-source framework of Node.js that allows us to run the web application. Some of the popular giants using Express.js are Uber, Paypal, Linkedin, and medium.
The benefits of implementing Express.js in an equipment rental marketplace is easily scalable, increases the execution speed of the code, and is easily customizable as per your needs and requirements.
MySQL – Database
MySQL is an open-source, compatible, and popular database widely used. Major players using MySQL are Airbnb, Uber, Netflix, Pinterest, Udemy, Amazon, Twitter, and Shopify.
The benefits of using MYSQL are easy to manage, Offering online hassle-free safe transactions, enhances customer interactions, ensures data security, and helps boost revenue.
Perfect Equipment rental software solution for your equipment rental marketplace
Choosing the best rental solution leads to a smooth development process that also results in fast turnaround time and better performance in your rental marketplace.
But, most of the entrepreneurs are searching for the right solution to start their own rental business.
If you are ready to think about starting your own equipment rental marketplace with a lot of new and exciting opportunities, then get our RentALL which serves as a suitable Equipment rental script.
RentALL – Airbnb clone helps entrepreneurs to build their own Equipment rental platforms quickly with the above-listed features and tech stack. Get ahead from your rental competition with RentALL and meet your rental business goals sooner.
Benefits of RentALL
- 100% source code availability
- Easily scalable
- Free server installation
- Free app submission
- On-time support
- Support after app rejection
- Easy to launch worldwide
I hope this post might help you with some clear ideas regarding the features, business model, tech stack before starting your own equipment rental business with Equipment rental software solution.
Now it’s your turn, execute your rental business ideas with the right solution that helps rapid business growth.
If you have any queries regarding the development of your own equipment rental marketplace, then feel free to connect with us at firstname.lastname@example.org. Our experts will get in touch with you shortly.
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