Cheap power tools are fairly easy to come by, but there is a reason they’re cheap – substandard materials and poor craftsmanship. They’re accidents waiting to happen. The better tools out there are much higher quality but cost a significant amount more.
So what about people who need to use these high-quality tools but either can’t afford them or don’t want to make the investment for just one project? Sounds like the perfect business opportunity – start your own tool rental business and become a tool rental specialist.
As a tool rental specialist, you rent tools to people with the know-how who need to do a few minor projects but don’t want to make the investment. Rentals can include anything from power drills, sanders and project sprays to tall ladders and chainsaws.
There will be some initial investment money upfront to purchase your inventory, but in a matter of months you can make your money back and start earning profits. Two important things to note: 1) always ask for a deposit up front, and 2) have all of your customers sign a release form in case an accident occurs.
Other than that, with the right marketing, you can become the number one source of power tool rentals in your local area.