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Guide To Starting A Profitable Equipment Rental Company In 2021

Sept. 18, 2021

The equipment rental industry has outgrown the overall construction industry over the past few decades. Learn how you can start your own equipment rental company.

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Equipment Rental Industry Overview

Owning and operating an equipment rental business can be very rewarding and profitable. Many equipment rental business owners started out with one used machine, and gradually built up their businesses through hard work, great customer service and maintaining a fresh and healthy equipment fleet.

Starting an equipment rental company is not as expensive or encumbering as you would think. With some careful planning, initial capital, and passion for the industry, you can start your own equipment rental company in a few weeks.

The equipment rental industry has grown at about 5% per year over the past few decades. The outlook for the industry is very positive, with many industry experts forecasting 4-5% annual growth over the coming years. The long-term shift by contractors to rent more equipment is causing the equipment rental industry to outgrow the overall construction industry.

Equipment Rental Industry Market Share

The equipment rental industry is very fragmented - this means that the vast majority of industry sales are generated by small and medium-sized rental companies. According to the American Rental Association (ARA), the top 10 equipment rental companies have about 35% market share, and the top 3 companies have about 25% market share.

The largest North American equipment rental companies include United Rentals , Sunbelt Rentals , Herc Rentals , Home Depot Rentals , and Ahern Rentals . The total annual industry sales are over $50 billion, and the long-term growth rate is about 5% per year.

Equipment Rental Market Share Pie Chart Source United Rentals

Source: United Rentals and Equipment Radar Takeaway: The top three industry players have a 25% combined market share. This means the industry is very fragmented and comprised mostly of small and medium-size companies.

Combined US Equipment Rental Industry Market Size

Source: United Rentals , American Rental Association (ARA) , Rental Equipment Register (RER) , and US Census Bureau Takeaway: The US Equipment Rental industry size is over $50 billion, with a growth rate of about 5% each year.

US Equipment Rental Industry Growth

Source: United Rentals, ARA, RER, and US Census Bureau Takeaway: The US Equipment Rental industry has outgrown overall construction spending since 1997.

Equipment Rental Covers More Than Just Construction Machinery

Many equipment rental companies augment their equipment fleets to include general tools, HVAC, power generation, and event (party, wedding, concerts, etc) equipment.

The ARA segments the rental industry into three primary categories:

  • Construction and Industrial Equipment: This category primarily serves construction firms and contractors. Equipment typically includes earthmoving equipment such as excavators, loaders, backhoes and compaction machinery, light towers, aerial work platforms. This segment can also include road infrastructure, energy projects, commercial buildings, malls, demolition and more.
  • DIY General Tool Equipment: This category includes equipment typically rented by professional contractors and do-it-yourself (DIY) homeowners. Equipment includes small and light construction equipment such as power tools, air compressors, aerators, lawn tractors, compact tractors, skid-steer loaders and small excavators, etc.
  • Party/Wedding/Event Equipment: This category includes equipment rented by consumers, homeowners and businesses for parties and events. Items can include tents, tables, chairs, lights, dance floors, decorations, linens, plates and glassware, portable restrooms, concession equipment, inflatables (moonwalks), and other furniture. Projects can range from large corporate events to small family gatherings.

When you start your rental company, you can choose to serve one or more categories. Many established rental companies offer an all-in-one stop rental offering. You should research your local market demand for each category to understand which suits your local market best.

Aerial lifts and earthmoving equipment tend to be popular categories for equipment rental companies. When you choose your categories, you should study the local rental rates, seasonality (demand fluctuates through the year based on weather and construction patterns) and competition.

Herc Rentals Equipment Fleet Mix

Herc Rentals Equipment Fleet Composition Mix

Source: Herc Rentals Takeaway: Large rental companies such as Herc Rentals have diverse fleets. Both United Rentals and Herc Rentals have placed increased focus on expanding into the specialty rentals category over the past few years.

Equipment Rental Customers

The equipment and event rental industry offers customers the opportunity to gain the benefit of using goods (from excavators and aerial lifts to party tents) for a defined time. Customers are attracted to rentals instead of purchasing equipment for multiple reasons, including:

  • Control expenses and inventory
  • Wide selection of equipment
  • Professional customer care / service
  • No need for maintenance or downtime
  • Save on storage / warehousing
  • Reliability
  • Equipment tracking
  • Conserve capital
  • Manage risk

Customers can range from professional contractors who need aerial lifts for several months to an average homeowner who needs a stump grinder for a weekend project.

Steps to Starting Your Equipment Rental Business

1. business plan.

Every great business out there today started with a simple idea. To transform that idea from something imaginary into something real, you should make a business plan that outlines your strategy and thoughts. Writing a business plan is one of the best ways to force yourself to think about your business from many angles. It also is a helpful document to share with potential investors and lenders.

When you create your business plan, it is important to keep your expectations realistic. Setting goals and metrics too high at the beginning can lead to wasted time and money down the road. Remember that there are always unforeseen costs and challenges with any new venture, so it is prudent to bake in padding and leeway.

A typical business plan includes the following sections:

  • Summary: Wait to write this at the end. This is the 30,000-foot view of your entire business plan summarized in a few paragraphs. This helps others understand the business plan without reading the entire document.
  • Company Description: Write about what your company will do, who it will involve (you and any others), where it will be located, what kind of equipment you will buy for your fleet, what hours you plan on working, etc.
  • Market Analysis: Understand the rental industry in your area. Get to know the rental rates in your area. Talk with people in the industry to understand who your main customers would include.
  • Competitive Analysis: List out the competition, what they do, how big they are, and how you plan to offer a better value proposition.
  • Product/Service Offering: Determine which types of equipment you will offer for rent. Also, make a road map of where you plan on expanding as your business grows. Will you offer parts and service too?
  • Marketing Plan: Figure out how you will tell the world about your new company. Create social media pages and advertise in local publications. Make sure you add your business to online directories such as Google Maps and the Equipment Radar Directory so people can find it.
  • Financial Plan: Spend a lot of time thinking about the capital resources you have to deploy and how you plan on deploying them. Most equipment rental companies borrow money from banks to make new and used machinery purchases. Figure out which lenders you can work with to buy your machinery.

2. Form Your Company

You should create a legal entity such as a corporation or LLC to separate your business interests from your personal interests. You must register your business with your state, pay a registration fee, and also register with the IRS . Once you have formed your company, you should open a bank account and deposit initial capital into it.

3. Purchase New or Used Equipment For Fleet

Many newly-formed rental companies start with just one used machine, and later they upgrade and expand their fleets over time. You can shop online for new and used equipment to buy your first equipment.

4. Create Safety & Risk Management Plans

Buy proper insurance to cover your business from accidents and injuries. Talk with your business insurer, so you understand what is covered and what is not covered.

Create safety guidelines for your shop, and teach employees how to handle the equipment safely. Make sure any dangerous areas in your storage or warehouse are safeguarded.

5. Organize Business Operations

Choose a store location. You will need enough space to store your equipment, an office area for you and other workers to work, a service area, a check-in/out counter to handle customers, and a showroom for equipment, accessories and more.

A nice-looking showroom can be a strong selling point for your business. It gives your customers an opportunity to look around and see what you have to offer. You should think of your showroom as your marketing platform.

6. Make Maintenance & Fleet Refresh Plan

You should pay close attention to the condition of your fleet. Inspect it after every rental, and perform both scheduled and unscheduled maintenance as needed. The top-performing rental companies typically have a systematized process to inspect, clean and renew equipment after it is returned from a job site.

As your equipment begins to age, you should consider selling your older equipment and buying newer equipment to keep your overall rental fleet relatively new. Large rental companies typically target an average fleet age of about 50 months (4 years old), which means that they sell equipment when it gets to be about 7-8 years old. Customers often prefer newer equipment that looks good.

Financial Planning

Rental rates.

Rental rates are often determined by local supply and demand for rental equipment in your area. Rates go up and down based on time of year, type of equipment and equipment condition.

Rental rate changes are very important to monitor. Each $1 change in rental rate is a $1 increase or decrease to the bottom line. When your rental rate changes, your other costs do not change much.

Typically most companies will provide daily, weekly and monthly rental rates. As the rental term extends, the average daily rate tends to go lower. Weekly and monthly rentals can often be more profitable for equipment rental companies even if their average daily rental rates are lower because there are not as many inefficiencies associated with them (transportation to and from the location, downtime for inspection and servicing, etc).

Utilization

Utilization is an important metric that you should watch carefully. Higher utilization typically means higher profitability. The equipment rental business is largely a fixed-cost business - your equipment, building lease, employee costs all stay about the same whether you have your equipment out on rent or not.

Utilization is a two-edged sword. If your utilization is too high and you do not have any equipment available for rent, then customers may be forced to go with a competitor. It's best to increase your fleet size if utilization goes too high, and reduce your fleet size if your utilization goes too low.

Seasonality

Construction tends to be very seasonal, depending on your geographic location. You should research the swings in seasonality to understand business trends during the busy summertime and slower wintertime.

Cyclicality

Equipment rental is susceptible to economic cycles. When the broader economy slows and construction pulls back, the demand for rental equipment also slows. Typically rental rates will soften or fall during a downturn.

Rental Industry Terms & Metrics

The industry uses several common terms to measure equipment fleets and financial performance. Below is a list created by the ARA to help you get acquainted with industry standards:

Original Equipment Cost (OEC)

Time (physical) utilization (tu), financial utilization ($u), fleet age (age), change in rental rate %rr.

Keeping a fresh fleet that is well-maintained and serviced is very important to managing customer relations and expectations. Typically rental companies will target an average age for the entire fleet. By regularly buying newer equipment and selling older equipment, the rental company can maintain a constant fleet age.

Below is a sample overview of United Rental's fleet statistics from its 2020 annual report :

Starting your own equipment rental company is within the realm of possibilities. Spend time researching your local market and creating a business plan, and soon enough, you will be ready to launch your new venture.

Find Similar Articles By Topic

#construction #material handling #United Rentals #Herc Rentals #Sunbelt Rentals #checklists

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ProfitableVenture

Construction Equipment Rental Business Plan [Sample Template]

By: Author Tony Martins Ajaero

Home » Business ideas » Service Industry » Equipment Rental & Leasing Business

Equipment Leasing Business

Are you about starting an equipment rental company? If YES, here is a complete sample construction equipment rental business plan template & feasibility report you can use for FREE .

Okay, so we have considered all the requirements for starting a construction equipment rental business. We also took it further by analyzing and drafting a sample construction equipment rental marketing plan template backed up by actionable guerrilla marketing ideas for heavy equipment rental businesses. So let’s proceed to the business planning section.

According to a facts report from the Equipment Leasing Association of America, close to 80% of businesses in the country rented or leased equipment on a daily basis, thereby making the business very lucrative for anyone intending to start the business.

The reason why many businesses are renting equipment is due to the fact that they do not consider it necessary or worthwhile to purchase heavy equipment for use either due to budget constraints or the fact that buying the equipment would be a waste of resources as regards to leasing it.

Due to the fact that this is a capital intensive business, you would need the input of an expert who is knowledgeable in the industry and who would carry out an analysis on your company in relation to your location to help you determine if going into the business would be a wise decision.

If the odds are for you, the consultant would then help draft strategies that would help make your business have an edge over others that you might likely be competing with in the same location or even industry. Asides from getting a business consultant to help you determine if going into the business is worthwhile, writing a business plan is another task you would need to undertake.

Below is a sample of an equipment rental business template that should guide you towards writing your own business plan for your equipment rental business;

A Sample Construction Equipment Rental Business Plan Template

1. industry overview.

The equipment rental industry according to IBIS World has several downstream businesses or industries that are its customers such as railcars, aircrafts, ships and drilling machineries.

The revenue from this industry amounts to $38 billion and the projected growth from 2011 to 2015 for this industry was pegged at 4.8%. There are more than 18,000 equipment rental businesses in the united states of America employing more than 78,000 people.

The last economic recession caused a slide in the industry’s revenue as few companies rented equipment during this period. However, according to statistics, the downstream sector will strongly drive the industry from 2016 to 2022.  Also, it is stated that construction and transportation industries will benefit from this strong projection in the next five years.

The equipment rental industry especially the heavy equipment is heavily fragmented as the four largest players in the industry, according to the industry’s 2016 revenue, account for close to 20.2%; other players in the industry operated in specialist markets or in disperse geographical locations.

However, as activities have dropped in the construction and transportation industries, it has caused many small players to exit the industry.

As at 2014, the construction equipment rental market globally was valued at over $4 billion and has been anticipated to go over $84 billion by 2022. This is due to the fact that construction activities were on the increase globally, especially as governments were investing in emerging economies.

The rental market for material handling has been anticipated to grow at 13% from 2015 to 2022 due to the fact that focus has been increased on automated production processes so as to efficiently use raw materials, resources and energy.

Demand for advanced machinery with eco-friendly as well as low maintenance features has continually grown and is likely to surge past demand for conventional equipment in the coming years. Also, another thing that responsible for a high adoption of rental products is the fact that consumers now have high purchasing power with a higher preference for rentals.

As at 2014, the earthmoving rental machinery market was valued at over $19 billion and was expected to see a significant growth of more than 12% by 2022. This is due to the fact that emerging economies have increased the demand for heavy equipment.

The equipment rental industry is very capital in nature and businesses in the industry are usually involved in mergers and acquisitions, strategic alliances and joint ventures so as to increase their penetration to their target markets.

2. Executive Summary

Tack Rentals (TR) is a standard and the exclusive go-to equipment rental business based in Atlanta – Georgia, USA and intends to rent its equipment to individuals and businesses. We also intend to sell some of our equipment and also become distributors for some major equipment manufacturing companies all over the United States of America.

Our vision as a company is to be the preferred equipment rental company here in Atlanta and also be amongst the top 10 equipment rental businesses in the United States of America by 2025. To ensure that we achieve the following vision and objectives, we intend to ensure that we build the best business structure.

Our equipment rental business is strategically located at Peachtree Street, NE in Atlanta and provides the required convenience for our various customers in easily locating us to make enquiries, buy or rent from us. Also, our online presence makes it quite easy for those who love shopping online to locate us, not only are we located on top of various search engines, we also respond promptly to any online enquiries.

Our equipment are of high quality and are designed to last for as long as possible, this is because we procure these equipment with our customers in mind, and we would want that the equipment they get from us carry out its tasks efficiently.

Our management team is the best that can be found as we carefully sourced for those who not only had an understanding of the industry, but who also believe in our core values and were willing to work to ensure we reached our attained height.

Our customer care teams are very knowledgeable about the trends in the industry and have been trained to understand the wants of our clients and ensure that it is fulfilled. All complaints are speedily attended to and resolved by our able customer care executives.

We know how important is it to garner promotion for a business and so we have drafted effective publicity strategies that will ensure that the business gets the awareness it deserves here in Atlanta as well as all over the United States of America.

Finally, our Chief Executive Officer, Mr. Rocha Taylor is one who has the necessary expertise to ensure that the business attains its goals and objectives as he has more than 10 years experience in the rentals industry and will therefore bring in some strategies that will ensure we come up tops above our various competitors.

3. Our Products and Services

Tack Rentals (TR) intends to deal in all sorts of services to its various customers in the target market. Our niche makes it very easy for us to be the exclusive equipment rental business here in Atlanta, Georgia.

However, instead of just providing core services to our customers, we intend to add other services to in order to gain more customers while also creating multiple sources of income. Our aim is to make profit as we legally can and as is permissible under the laws of the United States of America. Therefore some of the services and products we intend to offer are;

  • Rentals of heavy equipment such as bulldozers, excavators , trenchers, and backhoes
  • Sale of chainsaws, tillers and augers
  • Distributor for several equipment manufacturing companies
  • Equipment repair
  • Consultancy and advisory services

4. Our Mission and Vision Statement

  • Our vision is to be the exclusive equipment rental business here in Atlanta; and amongst the top 10 equipment rental businesses in United States of America by 2025.
  • In order to achieve our goals and objectives, we intend to create a niche for ourselves in the area where we operate, so as to have little or no competition. We also intend to grow and expand as a company till we are known all over the United States of America

Our Business Structure

Having the right business structure is very important to us as a business, because we know that getting the business structure right will set us on the right path towards attaining success as an organization. It is for this reason that we would sources for and hire only the best employees that will help take our vision from where we are to where we intend to be.

We know how important it is to have the right management team that not only understands the core values of the company but also have the right knowledge and expertise to enable the company achieve its goals and objectives.

We are willing to pay all our employees well and also ensure that they are adequately trained so that they are able to handle the various responsibilities that would be assigned to them through our different sales and products offering. The training would also give them enhanced skills as well as increase their productivity for the overall benefit of the company.  Therefore, below is the business structure we intend to build at Tack Rentals (TR);

Chief Executive Officer

Rentals and Leasing Manager

Human Resources and Admin Manager

Maintenance Manager

Purchasing Manager

Marketing Executives

Accountants

Customer Executive Officers

Truck Drivers

Security Guard

5. Job Roles and Responsibilities

  • Makes strategic decisions for the company
  • Reviews company’s policies and growth and tweak ineffective strategies
  • Meet with high-powered clients on behalf of the company
  • In charge of all equipment that are rented by customers and ensure its proper documentation
  • Checks the condition of outgoing and incoming equipment
  • Liaises with the purchasing and maintenance managers to ensure that equipment procured is in line with industry trends
  • Sources for and recruits the best employees for the available positions in the company
  • In charge of employee training and welfare
  • Conducts periodical performance appraisals on the employees on behalf of the company
  • Checks the quality of new equipment and machineries
  • Carries out light repairs on faulty equipment on behalf of the organization
  • Works with team to effect repairs on customer’s equipment
  • Sources for reliable vendors and suppliers on behalf of the organization
  • Gets quotes for equipment and makes findings to ensure the company gets the best quote
  • Liaises with the accountant to ensure that the right funds are transferred for the right equipment
  • Conducts an in-depth analysis of the market to determine ways to penetrate the market
  • Carries out one-on-one marketing on behalf of the company
  • Reviews and discards ineffective marketing policies
  • Prepares all accounting and financial information on behalf of Tack Rentals (TR)
  • In charge of channeling funds for the procurement of equipment
  • Prepares tax report for onward submission to tax authorities
  • Possess updated information about the general equipment rental industry as well as Tack Rentals (TR)
  • Attends to customers enquiries and complaints and ensure that they are promptly resolved
  • Keeps and update an accurate customer database on behalf of the organization
  • Ensures that the equipment arrives at its destination on time
  • Inspects the offloading and on-loading of the equipment
  •  Carries out light maintenance on truck
  • Ensure that the premises is secured at all times
  • Checks incoming and outgoing equipment and ensures that all documentation are in order
  • Monitors the surveillance cameras to check if anything is amiss
  • Ensure that the premises are kept clean before and after work hours
  • Clean out the equipment store so as there won’t be buildup of dirt and grease
  • Carry out any other tasks as might be assigned by the Admin Manager

6. SWOT Analysis

The SWOT ( Strength, Weakness, Opportunities and Threats ) analysis is usually a method that is used to evaluate the chances of a business’ survival. It is a necessary tool used to help the business understand and also carry out the best decisions on behalf of the organization.

In conducting a thorough analysis on our chances in the equipment rental business, we hired a reputable business consultant here in Atlanta who understands the business thoroughly and would evaluate our strengths and opportunities and use it to determine if they were worth more than our threats and weaknesses.

Below is the result from the SWOT analysis that was conducted on behalf of Tack Rentals (TR);

We have several strengths in our advantage and one of such is that we have competent employees that know how to handle our customers and also how to anticipate their needs, which is what our customers love most about us. Also, the fact that we can be found online and are actually responsive to enquiries and requests is one of our strengths.

Our brand is widely recognized in Atlanta which has led to more customers for us. Finally, our Chief Executive Officer, Mr. Rocha Taylor, has over 10 years experience in the equipment rental industry which is of a huge benefit to the business.

The fact that many businesses are into equipment rentals is a huge weakness for us as this would mean we would need to intensify efforts to get a good share of the target market that is already saturated. We however have strategies in place that would enable us make a huge impression on the public.

  • Opportunities

The opportunities that abound to us in this industry stem from companies that will be looking to rent our equipment on a long term basis, thereby causing an increase in our revenue. There are also loads of people looking for advices on what equipment is best for use and whether they should rent or buy; these are opportunities we intend to use to our full advantage.

The threats we are likely to experience in this industry are from the arrival of new competitors who might be looking to grab a share of our target market by offering cheaper prices than what we were offering. Also, another threat we are likely to face is in having an economic downturn which will affect the rate customers lend equipment from us.

However, every business knows that it is likely to encounter threats during the start and running of the business and as a serious business we are fully prepared to handle every threat.

7. MARKET ANALYSIS

  • Market Trends

The equipment rental business is one that has always been in demand and this is due to the fact that even though several individuals and companies require the use of heavy machinery to carry out certain tasks, they do not want to buy or have the means to buy such equipment.

Also, some of the heavy equipment are used few times by the end users and so there is no need to waste money purchasing these equipment only to use them once or a few times, hence the need to rent the equipment from rental companies.

However, any entrepreneur looking to go into this business must ensure that they think up innovative ways at earning money and staying on top of competition.

Equipment rental companies these days do not only rent out equipment, they are also involved in the sales of heavy and light equipment. Others also become distributors of some of this heavy equipment for equipment manufacturing companies.

This is so that they can gain a huge share of the target market, and keep generating revenue that would give them a healthy bottom line.

The use of the internet has made things quite easy for equipment rental companies, as most have built websites that has Search Engine Optimization (SEO) so that they could be amongst the top searches for customers who searched for equipment rental companies online.

There is also the trend of using online directories or paying Google so as to be able to appear in different forums, websites and blogs that register for Google’s Adsense. Asides this, owners of this kind of business always network with manufacturing companies as well as other stakeholders in the industry to help increase awareness about them.

8. Our Target Market

There are all sorts of people who make rent equipment for several purposes; this means that we cannot restrict our customers to a certain group as we have a huge target market to cater to here in Atlanta, Georgia.

Asides from having a large number of potential customers, we are also strategically located here in Atlanta, and have also chosen several other strategic locations in which to create awareness about Tack Rentals (TR). However to help us get a better perspective of our target market, we have carried out a market research that will not only help us understand their demands, but will also help us see what they would be expecting from us.

We therefore are in the equipment rental business to cater to the following group of individuals and industries according to our market research:

  • construction industry
  • agricultural industry
  • Mining Industry
  • Aviation industry
  • Individuals and Businesses dealing In forestry
  • Individuals and Businesses dealing in medical equipment
  •  Waterways
  • And other customers who generally lease heavy and light equipments for various activities

Our competitive advantage

Every business that intends to make profit knows that it is likely to have competitors and so it would be wise for such a business to set out competitive strategies that would ensure that it has an edge over its competitors either in the same location or in the whole industry.

With this, Tack Rentals (TR) has several competitive strategies which it intends to deploy against its competitors in the industry.

Our intention of being amongst the top ten equipment rentals in the United States of America and the only exclusive go-to equipment rental company here in Atlanta, Georgia means that we fully intend to deploy several strategies to ensure that we achieve this objectives, whilst maintaining a healthy bottom line.

Our different equipment are of high quality and so would not give our customers any hitches once they are being rented out. Not only do we stock the best equipment, we also ensure that our equipment are given a thorough inspection before and after use by our highly competent maintenance team.

Our customers would have the option of using our support personnel whenever they lease our equipment, this is so that any hitches that crop up during the use of our equipment would not only be speedily resolved but also recorded accurately for use by the company for future purposes.

Lastly, we offer the best customer care, the type that cannot be found anywhere in other similar start-ups in the industry. Our customer care executives are deeply knowledgeable about trends in the industry and are highly trained to handle our different types of customers no matter their temperaments.

9. SALES AND MARKETING STRATEGY

  • Sources of Income

Tack Rentals (TR) is an established company in Atlanta, Georgia whose aim is to offer several services to its customers based within its target location.

We intend to give our customers several niche services that will ensure that they do not have to patronize our competitors, and that will also earn us income from various sources. Therefore, Tack Rentals (TR) will therefore generate income by offering the following services;

  • Rentals of heavy equipment such as bulldozers, excavators, trenchers, and backhoes

10. Sales Forecast

The equipment rental business is such that will always grow especially as most businesses in America cannot go without leasing one or several equipment every day.  Our strategic location in Atlanta – Georgia has made us quite optimistic of generating revenue and making profit from the second year of operation and from which we can then grow and expand our business from there.

We conducted a critical analysis of our chances in the equipment leasing industry based on data and information that was gathered from several similar start-ups in the industry and based on our location as well. It is from this critical analysis that we were able to come up with the sales projections.

Below are the sales projections for Tack Rentals (TR) based on factors such as the location, positive state of the economy and lack of a competitor arriving during the stated period;

  • First Fiscal Year-: $800,000
  • Second Fiscal Year-: $1,600,000
  • Third Fiscal Year-: $3,200,000

N.B: The above sales projections were carried out based on several facts and information from the industry. The above projections are based on the facts that there will be no change in the factors listed above. However, should any change occur either positively or negatively, it is likely to have an impact – increase or decrease – in the projected sales figures.

  • Marketing Strategy and Sales Strategy

Even though the equipment rental business is a lucrative one, there are still several businesses within this industry collapsing and all because they did not carry out adequate marketing. Marketing is the process by which businesses research on and identify their target market so as to be able to draft the necessary strategies that would be effective on the identified target market.

Marketing is the major source by which a business makes its revenue to sustain and eventually expand it. Therefore, we have conducted a thorough marketing research on our target market and have identified several ways we would attract customers to our equipment rentals business.

To aid us in carrying out this market research, we sourced for the services of a reputable marketing consultant who is knowledgeable in this field to help us look over our market research and not only review it but also draft the right strategies that would see us standing out in our marketing campaigns.

Empowered to work with the hired marketing consultant is out marketing team, who understanding our corporate core values and foundation have to ensure that each marketing strategy promotes the company positively to existing and potential customers while also generating the intended revenue for the company.

We do not also intend to dismiss the importance of technology as we intend to incorporate it into our marketing strategies.

We are fully aware of the power of the internet and will deploy all means to ensure that we maintain a strong online presence that will be helpful when marketing our equipment rental business. Therefore, the marketing and sales strategies we intend to adopt for Tack Rentals (TR) are;

  • Ensuring that we introduce our equipment rental business to all our target markets in our location by sending out formal letters that include our rates and a powerful brochure to the management of each companies
  • Ensure that we thoroughly advertise our equipment rental business in local newspapers, magazines as well as on radio and television stations
  • Make use of direct marketing for our equipment rental business
  • Use our official website to market our equipment rental business
  • Use our social media platforms – Facebook, Twitter and LinkedIn – to massively market Tack Rentals
  • Ensure that we are listed on online as well as offline directories

11. Publicity and Advertising Strategy

Publicity and advertising is a very important aspect for any business that intends to play an active role in generating revenue whilst also creating the necessary awareness it needs for its brand. Due to this it is very essential that we carefully draft our publicity strategies that would project our image positively to our customers – existing and potential.

We have also hired a brand strategist who is quite knowledgeable about the industry and knows which strategies would likely be beneficial to us in the short and long run, to help look over our strategies and help to modify or draft new ones that we would implement in ensuring that Tack Rentals (TR) is not only known here in Atlanta but in other surrounding cities as well.

Therefore the platforms we intend to use in promoting and advertising Tack Rentals (TR) to our various customers are;

  • Ensuring that we pay for Google Ads to help advertise our business on all web pages, forums and blogs that is guaranteed to give us the maximum exposure
  • To sponsor relevant school programs that is related to equipment in our local community
  • To place adverts in local newspapers, magazines as well as on radio and television stations
  • To use the social media platforms, such as Facebook, Twitter and LinkedIn to massively educate people about the advantages of patronizing Tack Rentals (TR) as well promoting us as well
  • To ensure that our billboards are strategically and conspicuously located all around Atlanta, Georgia
  • To ensure that we distribute our handbills and paste our fliers in strategic locations

12. Our Pricing Strategy

We know how important pricing is to a company and so we intend to take our pricing strategy very seriously when it comes to setting the rates and prices for our customers.

We would give our customers an affordable price or rates for our equipment, and will ensure that the price given fetches us a good margin that will cover not only our overhead but our running costs as well. However, in order to attract customers to our business and make them loyal to us, we intend to reduce our rates during the first few months (3 months) of business.

The rates would not however be lowered to the point that they affect our business negatively, we would only be running on low margins. We would however raise our prices later so as to conform to what is obtainable in the rental industry.

  • Payment Options

The days where there were only one or two ways by which customers could pay for services or a product is long gone as there are several available platforms available to suit the different needs of the customers. At Tack Rentals (TR), we are a business that understands that our customers might have different preferences and so we have different payment options available.

Therefore, the payment options we intend to offer all our various customers are;

  • Payment via cash
  • Payment via check
  • Payment via bank draft
  • Payment via Credit Card
  • Payment via Point of Sale (POS) Machine
  • Payment via online payment portal

The above payment options were carefully chosen by our bank and we have been assured that they will offer our customers no problems during transactions.

13. Startup Expenditure (Budget)

The equipment rental business is a capital intensive business especially if one intends to set up a business that is of a certain standard.

In generating start-up capital for our equipment rental business, it should be noted that the bulk of the capital would go into purchasing these heavy equipment, while the other heavy spending will be on paying employee salaries and bills. Therefore the key areas where we intend to spend our start-up capital on are;

  • Total fee for registering the business in the United States of America – $750
  • Obtaining of licenses, permits and accounting software as well as other legalities – $3,250
  • Cost of hiring business consultant – $5,000
  • Insurance coverage (general liability, asset insurance, workers’ compensation) – $3,000
  • Cost of purchasing several equipment for business start-up – $600,000
  • Operational cost for the first 6 months (employee salaries and utility payments) – $200,000
  • Cost of leasing and renovating a facility for use for at least 1 year – $100,000
  • Marketing expenses (grand opening party promotion and general marketing) – $10,000
  • Other start-up expenses (furniture, stationeries, computers, printers, and phones) – $9,000
  • Cost of store equipment (security, and ventilation) – $3,000
  • Cost of purchasing two heavy duty transport trucks – $155,000
  • Cost of launching a website – $1,000
  • Cost of throwing a launching party – $5,000
  • Miscellaneous – $10,000

From the above analysis, we would need the sum of $1,100,000 in order to not only start but successfully run our equipment rental business here in Atlanta, Georgia. It should be noted that the bulk of the capital will go into buying the heavy equipment that would be rented out to various customers as well as payment employee salaries and lease and furnish the facility we intend to use for our business.

Generating Funding / Startup Capital for Tack Rental Business

Tack Rentals (TR) is owned by businessman Mr. Rocha Taylor, who has over 10 years experience in the industry. In seeking for funds to start this business, Mr. Rocha intends to source for funds from different sources including the bank and external investors, so that his business can start off successfully. Therefore the areas where he intends to generate start-up capital for Tack Rentals (TR) are;

  • Generate part capital from sale of personal stock and properties
  • Approach the bank for a loan
  • Approach a private investor for a loan in exchange for part equity

N.B: Mr. Rocha Taylor was able to generate $100,000 from the sale of personal stock and properties. The bank in which Mr. Rocha Taylor approached for a loan of $500,000 has given approval after verifying his documents. The loan from the bank will be repayable in 7 years with a 3% interest rate.

Mr. Taylor has additionally approached a private investor for the sum of $500,000 in return for 3% equity; the deal is nearly being done as both parties are waiting for the lawyers to fine-tune the agreement.

14. Sustainability and Expansion Strategy

A business that has no sustainability and expansion strategies has no future, and so because we have established our business not only to make profit but have a future as well, we intend to ensure that we implement our sustainability – employee competence, customers’ loyalty – and expansion – reinvestment – strategies to our advantage.

One first aim of sustaining our business is to ensure that we employ those who are very competent and have a good understanding of how to run the business. In a bid to ensure that the business runs smoothly, we intend to pay our employees well exactly what is obtainable in the industry for start-ups such as ours, and ensure we provide them with a great welfare package.

We intend to share our profits with our management team especially those who have shown a great commitment and zeal for at least a 3 year period; and we also intend to provide incentives by promoting lower end staff after conducting periodical performance appraisals.

Retaining our customers is such a big deal for us and we intend to ensure we deploy all the strategies that will make our customers stick to us.

We intend to offer them excellent customer care, by always listening and attending promptly to their complaints and also responding to whatever enquiries they might have. We will also reward loyal customers by providing discounts every now.

Having a healthy bottom line is important and so we would ensure that we re-invest part of our profit back into the company so that we do not need to source for external sources to fund our company all the time. We believe that once we apply these strategies, we would be able to not only sustain but also expand our equipment rental business as well.

Check List / Milestone

  • Business Name Availability Check: Completed
  • Business Registration: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Securing Point of Sales (POS) Machines: Completed
  • Opening Mobile Money Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Conducting feasibility studies: Completed
  • Generating capital from family members: Completed
  • Applications for Loan from the bank: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents and other relevant Legal Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
  • Recruitment of employees: In Progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business both online and around the community: In Progress
  • Health and Safety and Fire Safety Arrangement (License): Secured
  • Opening party / launching party planning: In Progress
  • Establishing business relationship with vendors – wholesale suppliers / merchants: In Progress
  • Purchase of trucks: Completed

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5 Things to Include in Your Equipment Rental Business Plan

Whether you're just starting an equipment rental company or looking for ways to improve how you do business this year, it's crucial to create and constantly monitor the business plan that works best for achieving your specific goals.

equipment business plan

There are multiple aspects to an equipment rental business plan. It should cover how you plan to make your business successful. Just a few of these include working through revenue sources, aligning with business legalities, identifying what innovative equipment you plan to offer, and more.

Starting and growing a business is hard work, and it's important to have a solid foundation. Here are a few must-haves to incorporate into your equipment rental business plan in order to rise to success.

1. Revenue sources

Identifying revenue sources is one of the most important parts of building your business plan–it's what's going to make or break it. In what ways are you going to generate income for your heavy equipment rental business? Here are just two options.

Brick-and-mortar store

Obviously, you need a place to house the equipment you plan to rent out to contractors. If you're not sure where to set up shop, research the customer base in a particular area. Check out your competitors, as well. Will you have enough of business there to be able to grow?

Online presence

Because of the constant rise in technology, you'll want to include having an online platform in your equipment rental business plan, or you'll be left in the dust. Create a plan for how you'll succeed digitally. 

One thing to do is to start a website. Whether you opt for online transactions or you just want to showcase your wide array of equipment, getting onto the World Wide Web is likely to increase your bottom line. Make sure to include these major items on your website:

  • Available equipment
  • Contact info
  • Business hours

Don't forget to optimize for Local SEO. This is a crucial part of your online presence considering your customers will most likely all be local. Learn more about Local SEO here .

2. Business legalities

You can't create an equipment rental business plan without including your plans regarding legalities, taxes, and insurance.

There are several business types you could check out. Limited liability can be a good fit when starting a small rental company. However, make sure you talk to a business mentor or accountant before making a decision.

Insurance is necessary to avoid having your business shut down by a customer who's suing you for injury or damage. The following are a few types of insurance to consider including in your plan:

  • General liability
  • Property insurance
  • Commercial vehicle insurance
  • Workers' compensation

3. Equipment maintenance

Your business plan should include an efficient maintenance and repair process that you can implement after receiving equipment back from your customers.

There may be some cases in which contractors bring back your equipment damaged or missing parts. And don't forget to plan a preventive maintenance schedule to make sure your equipment continues functioning to its full potential.

If you're just starting out and you're familiar with the equipment, performing the maintenance yourself can help you cut corners and save money. You could also consider supporting a local shop that specializes in equipment repairs, or you could hire an in-house mechanic. Keep in mind in-house mechanics may be more efficient for your business in the long run.  

BONUS TIP : Be sure to keep up-to-date photos in your equipment maintenance records. Take photos before and after a piece of equipment is examined and repaired (if necessary) upon its return. This will help you determine how the machine was treated in a particular customer's care.

4. Marketing strategy

A marketing strategy is important for the growth of a company, and a brief outline of your strategy should be included in your rental equipment business plan. Here are two aspects to consider:

  • Social Media Social media platforms like Facebook and Instagram can help increase brand awareness. From there, you can post and share photos, customer stories, and blog posts you've published. This builds connection and trust with potential and current customers.
  • Advertising If you want to advertise your business, consider digital ads on Facebook and Google and print ads in trade magazines. If you're not sure where to get started with Facebook advertising, Boostpoint , a SaaS company associated with Equipter, can help! 

5. Innovative multipurpose equipment

Don't play guessing games when it comes to buying equipment for your business. Potential investors in your business want to know that you've done your research and plan to serve your community to the best of your ability. To find out what equipment you should purchase, scope out your competition and learn what your potential customers need. 

After finding out what's important to them, make sure to stress that you'll focus on quality equipment rather than quantity. It's better to have a few pieces of equipment of superior quality than a large fleet of unreliable and easily damaged machinery. 

rb4000 for roofing

The Equipter RB4000 is a low-maintenance, innovative piece of equipment that serves contractors in roofing, general construction, and restoration across the US and in lower parts of Canada. Click the link below to find out how it can enhance how your equipment rental company does business. 

Why Choose Equipter Equipment for Your Rental Fleet?

Business plans for equipment rental companies are essential for attracting investors to get a kickstart on your next venture . Be sure to do your research to get a big picture view of how to create a plan unique to your vision.

equipment rental business plan pdf

Equipment Rental Business Plans

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Galerie de Beaute will be the first salon mall in the state, sub-leasing mini-salon units to hairdressers, nail technicians, aestheticians, and massage therapists.

Tools Rental Business Plan

Borrow My Tools is a start-up company serving the San Mateo, CA community with home improvement tools for lease or rental.

Starting an equipment rental business makes a ton of sense in today’s world. With a trend towards minimalism and reducing environmental impact, allowing customers to rent the equipment they need versus purchasing outright is a win-win for both you and your customers. You might be wondering how much inventory should I take in, and how long should rental terms be, and the like.

The only want to determine these scenarios is putting the effort into creating a business plan that will unpack and optimize your equipment rental business opportunity. Get started today by perusing our selection of equipment rental business plans.

If you’re looking to develop a more modern business plan, we recommend you try LivePlan . It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.

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How to Create a Business Plan for a Construction Equipment Rental Company

Blog Author

No matter what kind of business you’re interested in starting, you’re going to need a well-put-together business plan if you’re going to succeed.

Not only is planning essential to your success, but it’s also something that any lender will have to see before providing a loan to start your business. With a good small equipment rental business plan, you can make a great impression and get the funding you need.

Your business plan should start with an industry overview, which serves as a sort of introduction. This brief section will discuss the general state of the construction industry to serve as a lead in to why you believe that your business will be profitable in this area.

The Industry Overview section should include some publicly available statistics on construction and rental industries, total revenue in the country and the state, growth percentages over the last few years, and other very general information at this point in your plan.

The Industry Overview

The executive summary.

The executive summary is just that, a summary. In this section, you can go over why you’re interested in starting a construction equipment rental company, what kinds of services you’re going to provide, and some details about your background.

While this is one of the first sections of any heavy equipment rental business plan PDF template , it’s often the best practice to write it last. Because it serves as an introduction to the remainder of the plan, you should have a very firm idea of what’s to follow.

Your Services

Next, you’ll need a thorough description of what your actual services are going to be. In the case of equipment rentals, you’ll describe that you’ll be acquiring equipment to rent to individuals and companies in your area.

At this point, you should consider if rentals are going to be your only service. Most rental businesses sell at least accessories for some equipment and often provide repairs as well. If you intend to provide additional services, you’ll have to include them here.

The Mission Statement and Vision

While this section might seem like a bit of departure from the more practical parts of the business plan, it is expected and will be included in any construction equipment rental business plan PDF templates.

Here, you’ll generally explain that your mission statement and vision are to provide quality service as a rental business and to thrive within the market. You don’t have to make up something about values or principles; you’re here to start a business.

The Structure and Roles

Getting back to the details of how your business is going to run, you’ll have to define what the roles in your company are going to be. Depending on the size of the business you’re setting up, are you going to be the CEO, owner, manager, or all three?

Small businesses could just be one person, or perhaps several who all share in a variety of duties. For larger endeavors, you’ll have to define roles like maintenance manager, rentals and leasing manager, and more.

The SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. It’s a way of looking at your business to find which areas you believe you’ll excel in and which will present challenges.

For your strengths, you might like to mention any past experience in either equipment or business in general. You don’t want to go too far into your weaknesses, perhaps just mentioning that there are plenty of competitors, but make sure to mention how your business plans to differentiate itself.

Your Sales and Marketing Strategies

Here, you’ll have to explain how your business plans to present itself and put itself out there to get started and find customers. Some common strategies might include brochures, a website, social media, or ads in local print publications.

You should also specify who your target market is supposed to be. Are you exclusively renting heavy equipment to construction contractors? Are you renting smaller equipment to mostly homeowners?

Your Sales Forecast

When dealing with lenders, they’re going to want to know how much money your business plans on making. While determining these kinds of forecasts can be difficult, you can often base them on industry averages within your region.

These should be broken down by fiscal year, so basically stating what you forecast your sales to be in the first, second, and third years of operation. Any information about a similar business would be very helpful in putting this together.

Your Pricing Strategy

So you’ve acquired some equipment to rent out, but how much does it cost to rent? Are there additional fees? Do customers have to put down deposits? What payment methods are accepted? These are some important questions to answer in your pricing strategy.

This section should also reference the ratio between equipment costs and rental rates to demonstrate that equipment rentals will be profitable over the lifetime of the equipment.

Your Business Expenses

Of course, your business plan is going to have to include a breakdown of your expected expenses. This breakdown will have to include both the initial expenses of opening your business and the ongoing operational expenses you can expect to continue into the future.

Your startup expenses will play a big part in justifying any loans you’re seeking, and a well-defined explanation of operational expenses will play a big part in demonstrating that your business can be profitable.

If this all sounds like a bit much, you can greatly streamline the process of developing your equipment rental business plan by downloading our straightforward business plan template PDF.

Setting Up Your New Rental Business for Success With Quipli

Even with an effective business plan, your rental business needs careful oversight and the right tools to succeed. Quipli provides an integrated platform that combines your inventory management and online presence to make online bookings that much easier for your customers.

To find out more about the many features of the Quipli platform and what they can do for your business, Contact our Team at Quipli for a demo of online equipment rental checkout software t oday!

Get Started With Quipli’s Construction Rental Equipment Software Today

Learn about Quipli’s rental software

equipment rental business plan pdf

About the author

Kyle Clements

Kyle Clements is the Founder & CEO of Quipli, a provider of modern software for independent equipment rental companies. Kyle has a decade of software startup experience and has been part of several successful ventures that have become publicly traded or been privately acquired, such as Uber and Clutch Technologies. In the past few years, Kyle has completed thousands of customer interviews understanding needs and trends in the growing equipment rental market. Kyle brings a unique perspective to the equipment rental industry and is passionate about partnering with independent equipment rental companies to run their operations more effectively and assist them in creating an impactful experience for their customers.

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equipment rental business plan pdf

It should be noted that there is no special software required to use these templates. All business plans come in Microsoft Word and Microsoft Excel format. Each business plan features:

  • Excecutive Summary
  • Company and Financing Summary
  • Products and Services Overview
  • Strategic Analysis with current research!
  • Marketing Plan
  • Personnel Plan
  • 3 Year Advanced Financial Plan
  • Expanded Financial Plan with Monthly Financials
  • Loan Amortization and ROI Tools
  • FREE PowerPoint Presentation for Banks, Investors, or Grant Companies!

1.0 Executive Summary

The purpose of this business plan is to raise $110,000 for the development of a heavy equipment rental business while showcasing the expected financials and operations over the next three years. Heavy Equipment Rental Service, Inc. (“the Company”) is a New York based corporation that will provide for the rental of construction equipment to customers in its targeted market. The Company was founded by John Doe.

1.1 Products and Services

The Heavy Equipment Rental Service is primarily in the business of renting equipment in conjunction with minor and major construction sites that require specialized construction equipment.

The Company will maintain an expansive inventory of construction equipment that are commonly used in conjunction with construction. Currently, Mr. Doe is sourcing a number of vendors from which the business can acquire large inventories of rentable products.

The third section of the business plan will further describe the services offered by Heavy Equipment Rental Service, Inc.

1.2 The Financing

Mr. Doe is seeking to raise $110,000 from as a bank loan. The interest rate and loan agreement are to be further discussed during negotiation. This business plan assumes that the business will receive a 10 year loan with a 9% fixed interest rate. The financing will be used for the following:

Acquisition of a Compan vehicle for delivery.

Financing for the first six months of operation.

Heavy equipment inventory purchases.

Mr. Doe will contribute $25,000 to the venture.

1.3 Mission Statement

Heavy Equipment Rental Service, Inc.’s mission is to become the recognized local leader in its targeted market for rental of construction and heavy equipment.

1.4 Mangement Team

The Company was founded by John Doe. Mr. Doe has more than 10 years of experience as an entrepreneur. Through his expertise, he will be able to bring the operations of the business to profitability within its first year of operations.

1.5 Sales Forecasts

Mr. Doe expects a strong rate of growth at the start of operations. Below are the expected financials over the next three years.

1.6 Expansion Plan

The Founder expects that the business will aggressively expand during the first three years of operation. Mr. Doe intends to implement marketing campaigns that will effectively target construction companies and contractors within the target market.

2.1 Registered Name and Corporate Structure

Heavy Equipment Rental Service, Inc. The Company is registered as a corporation in the State of New York .

At this time, Heavy Equipment Rental Service, Inc. requires $110,000 of debt funds. Below is a breakdown of how these funds will be used:

2.3 Investor Equity

Mr. Doe is not seeking an investment from a third party at this time.

2.4 Management Equity

John Doe owns 100% of Heavy Equipment Rental Service, Inc.

2.5 Exit Strategy

If the business is very successful, Mr. Doe may seek to sell the business to a third party for a significant earnings multiple. Most likely, the Company will hire a qualified business broker to sell the business on behalf of Heavy Equipment Rental Service, Inc. Based on historical numbers, the business could fetch a sales premium of up to 4 times earnings.

3.0 Products and Services

3.1 Rental of Heavy Equipment

The primary revenue center for the business will come from providing construction companies and contractors with a plethora of construction equipment. Equipment that the business will provide includes, but is not limited to:

Large Scale Construction Equipment

3.2 Ancillary Services

The Company will generate secondary streams of revenues from other services related to renting equipment such as delivery of items, setup, onsite management and cleanup/pickup of equipment. Management expects 20% of the Company’s aggregate revenues will come from these services.

4.0 Strategic and Market Analysis

4.1 Economic Outlook

This section of the analysis will detail the economic climate, the equipment rental industry, the customer profile, and the competition that the business will face as it progresses through its business operations.

Currently, the economic market condition in the United States is moderate. Unemployment rates have declined while asset prices (such as equities and real estate) have increased significantly. As such, the Heavy Equipment Rental Service will be able to remain profitable and cash flow positive at all times through its high gross margins.

4.2 Industry Analysis

The tools and construction equipment rental and supply business consists of 4,500 suppliers across the Untied States that rent saws, presses, drills, cranes, large scale construction equipment, and related items used in conjunction with construction.

Among these market agents, aggregate yearly revenues are approximately $4 billion dollars per year. The industry employs more than 30,000 people, and provides annual payrolls in excess of $900 million dollars.

The growth of this industry has remained on par with the growth of the economy in general, and is expected to remain as such as time continues.

4.3 Customer Profile

The primary clients of the Company will consist of small to medium sized construction companies and contractors. Among these customers, Management has outlined the following demographics:

Operates as a construction company.

Operates as a general contractor or subcontractor.

Annual revenues of $250,000 to $5,000,000

Annual EBITDA of $100,000 to $1,000,000

4.4 Competitive Analysis

This is one of the sections of the business plan that you must write completely on your own. The key to writing a strong competitive analysis is that you do your research on the local competition. Find out who your competitors are by searching online directories and searching in your local Yellow Pages. If there are a number of competitors in the same industry (meaning that it is not feasible to describe each one) then showcase the number of businesses that compete with you, and why your business will provide customers with service/products that are of better quality or less expensive than your competition.

5.0 Marketing Plan

Heavy Equipment Rental Service, Inc. intends to maintain an extensive marketing campaign that will ensure maximum visibility for the business in its targeted market. Below is an overview of the marketing strategies and objectives of the Company.

5.1 Marketing Objectives

Develop an online presence by developing a website and placing the Company’s name and contact information with online directories.

Implement a local campaign with the Company’s targeted market via the use of flyers, local newspaper advertisements, and word of mouth advertising.

Establish relationships with general contractors througout the target market.

5.2 Marketing Strategies

Mr. Doe intends on using a number of marketing strategies that will allow Heavy Equipment Rental Service, Inc. to easily target individuals and businesses within the target market. These strategies include traditional print advertisements and ads placed on search engines on the Internet. Below is a description of how the business intends to market its services to the general public. The Company will maintain a sizable amount of print and traditional advertising methods within local markets to promote the heavy equipment rental services that the Company is selling.

Heavy Equipment Rental Service, Inc. will also use an internet based strategy. This is very important as many people seeking local services, such as renters of construction equipment, now the Internet to conduct their preliminary searches. Mr. Doe will register Heavy Equipment Rental Service, Inc. with online portals so that potential customers can easily reach the business. The Company will also develop its own online website showcasing the services offered by the business, relevant contact information, and preliminary pricing information.

Finally, the business will develop ongoing relationships with general contractors that will subcontract the rental of construction equipment to the Company.

5.3 Pricing

In this section, describe the pricing of your services and products. You should provide as much information as possible about your pricing as possible in this section. However, if you have hundreds of items, condense your product list categorically. This section of the business plan should not span more than 1 page.more than 1 page.

6.0 Organizational Plan and Personnel Summary

6.1 Corporate Organization

6.2 Organizational Budget

6.3 Management Biographies

In this section of the business plan, you should write a two to four paragraph biography about your work experience, your education, and your skill set. For each owner or key employee, you should provide a brief biography in this section.

7.0 Financial Plan

7.1 Underlying Assumptions

The Company has based its proforma financial statements on the following:

Heavy Equipment Renta l Service will have an annual revenue growth rate of 16% per year.

The Owner will acquire $110,000 of debt funds to develop the business.

The loan will have a 10 year term with a 9% interest rate.

7.2 Sensitivity Analysis

In the event of an economic downturn, the business may have a decline in its revenues. In the event of an economic recession, the Company may have issues with top line income as individuals and businesses scale down new constructions. However, despite decreases in revenues, Heavy Equipment Rental Service, Inc. will be able to remain profitable due to the very high gross margins generated by the business.

7.3 Source of Funds

7.4 General Assumptions

7.5 Profit and Loss Statements 

7.6 Cash Flow Analysis

7.7 Balance Sheet

7.8 General Assumptions

7.9 Business Ratios

Expanded Profit and Loss Statements

Expanded Cash Flow Analysis

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  • Equipment Rental Business Plan

Equipment Rental

Equipment Rental 645

BUSINESS PLAN

RICH RENTALS

777 W. Langley Ave. Bradenton, Florida 89201

February 1992

Rich Rentals is an equipment rental business providing a wide variety of tools and machinery for the Do-it-Yourselfer. This family-owned venture seeks to provide a competitive service to its customers and secure a long-term financial opportunity and livelihood in which the entire family can participate .

  • BUSINESS OBJECTIVES

PRODUCT AND SERVICE

Market potential and competition.

  • REVIEW OF FINANCIALS

REVIEW CONCLUSIONS

  • GOALS AND PROJECTIONS

MARKET ANALYSIS

Promotional, organizational, financial projections.

Since 1988, our business has suffered from cash constraints. We have used the services of University of Southern Florida's Business Analyst Program, Small Business Development Center, and our accountant to analyze the problem. Our large number of assets and varied services have made our situation difficult to analyze. However, we now know the basis for our cash shortages, and they are as follows:

  • The addition of small gas engine repair to our services.
  • Increase in our labor force to accomplish the above.
  • Financing the needed small gas engine parts inventory through existing cash flow and accounts payable.
  • The age of some key rental equipment.
  • Our low equity position.

This plan specifically addresses several methods that we will use to correct the cash flow, profitability, and equity deficiencies.

We have already initiated several changes that have had positive results. The future changes fall into two categories: Management and Financial. When these changes have all been implemented, the company will be within industry norms in two years, as will be shown later in the plan.

Business Objectives

In the summer of 1983, my wife and I began discussing the possibility of relocating to Bradenton, Florida and starting a family business. We were attracted to Bradenton because of its proximity to family, the lifestyle, and the ability to raise our children in a more controlled environment. After months of discussion, market studies, and reviewing several different potential business opportunities, we decided on the equipment rental business. The equipment being rented by the existing equipment rental business was in very poor condition and they had recently filed Chapter 11 Bankruptcy. We spent time evaluating their particular circumstances and determined that their failure was primarily related to overextension financially, brought on by the tremendous drop in oil prices significantly hurting this area, as well as an absentee owner.

The salient points in our consideration were as follows:

  • To provide our family with long-term financial opportunity and to provide an adequate standard of living.
  • To have a business where competition could and would be limited.
  • Long term, we wanted a business that was in a growth industry with greater opportunities for the entire area.
  • To open a family-owned business in which our children would later have the opportunity to participate and learn just how important small business is to the future of our country.

The equipment rental business met all of our needs.

Our primary product/service mix is:

  • We must FIRST provide equipment that is in good working condition.
  • We must provide the equipment when it is needed.
  • When necessary we will provide our equipment at a competitive price, BUT ALWAYS at a profit.
  • We provide complete written "HOW TO" information on all of our equipment and detailed verbal or visual explanations when needed.
  • We provide pickup and delivery for a fee.
  • Last but far from least, when our customers have a problem, we go to them. The completion of their job becomes our No. 1 priority.

Also…

We also provide, for sale or rent, most accessories needed to use our tools and equipment.

We provide "damage waiver" to create a worry-free environment for our customers and ourselves by charging a ten percent mandatory fee. This has been very successful in our operation.

  • We are a Ryder Truck Rental Agent. In that capacity, we are able to provide consumers with a complete range of moving needs, from trucks to dollies of all kinds, pads, trailers, towing equipment, boxes, and related supplies.
  • We are a Kubota Consumer Products Dealer with the ability to sell parts for the complete Kubota Tractor line. The bulk of our profit and sales is directly related to Bilt Contract Co. and the mines in our area.
  • We are a Western Union Agent with the capability to send and receive money, mailgrams, and telegrams. They provide an IBM Computer which we also use to run the business.
  • In addition we are a Briggs & Stratton Service Dealer. However, we have decided as of March 1, 1993 we will no longer provide small engine repair service to walk-in trade. We will limit this end of our business to the more lucrative commercial trade which will also reduce our manpower requirements and make it easier to schedule the work around our needs. We will no longer allow outside repair work to conflict with the needs of our rental business.

Rich Rentals has been in business now for almost eight years and we have maintained detailed financial information since the beginning. Our projections for 1992 are included in this business plan and are based on historical data, and augmented with the latest charges that are outlined in this plan. In addition we have maintained records of most requests for equipment that we were unable to fill for whatever reason, and thereby have an accurate estimation of demand.

When we opened our business in 1984, unemployment in Bradenton was at one of its highest levels and the mines were doing poorly. Because of this, we and experts from Quick Rentals performed detailed market analysis prior to making our final decision. Quick Rentals provided regional and community market and site location analysis and start-up aid. Bob Shafer who owned Quick Rentals, and his family had extensive experience in this industry, having opened over 150 stores through Quick Rentals. The potential for success was here especially with the Bilk Contract Co. construction just beginning. In addition, the size of the community and our knowledge of the existing rental store indicated that we could soon be the only equipment rental business in Bradenton. Since 1988 we have been the only rental equipment business in this market area.

We know the current market potential for Bradenton is only partially reflected in our historically-based financial projections. Certain rental equipment additions and planned construction for 1992-1993 will enhance our revenues for the near future. Further information on the local economy, including recent newspaper articles are available upon request.

REVIEW OF FINANCIALS: 1990 VERSUS 1991

Revenues are up substantially: (Balance Sheets and income statements outlining this have been prepared and are available upon request.)

  • Rental is up $8,059.00 or 4 percent before implementation of Damage Waiver.
  • Rental & Sales Combined are up $34,274.00 or 13 percent.
  • Gross Profit is up $32,363.00 or 17 percent.
  • Total Income is up $29,307.00 or 13 percent.
  • Rental Revenue/Equipment Cost is up from .95 to 1.06
  • Rental Revenue/Net Rental Equipment is up from 1.39 to 1.69 or an 18 percent improvement.

These improvements reflect our rate increases beginning in October 1990, which made up for no real rate increase since 1987. As a result our return on equipment investment in Bradenton has improved substantially. THE POTENTIAL IS HERE.

Expenses went up as well: Wages paid to employees were up $13,952.00 or 33 percent and equipment repair costs were up $14,610.00 or 72 percent. Wages were up because, we increased our labor force by one full-time individual in early 1991. Prior to that we had added a third full-time person in 1988. This was to provide the necessary personnel required for the additional repair volume created by adding the Kubota and Briggs & Stratton line. Due to the nature of our business our efficiency per man hour decreased proportionally making the addition of outside service work not profitable. This fact had escaped our analysis because all of our personnel shared responsibilities and duties. Service was also the only area where we encountered substantial competition.

The results of adding manpower are clear. We slightly increased our profit from "LABOR AND DELIVER" plus "NET SALES INCOME" by $559.00 over 1991. However, when you subtract the increase in total wages paid over previous years, you can see all we did was create a deficit of http://$13,393.

In addition our increase in "Equipment Repair Expenses" are two-fold in nature. First, because of the manner of accounting (non-cost), we are unable to track all items to the proper department. Therefore, the shown expense account is higher than it should be, by about $3,218.00 or 47 percent over 1990. Much of this expense is related to customer repair work and not rental maintenance. Secondly, we have had excessive repair costs on some of our large equipment (Skid Steer Loader, Trencher/Backhoe, Tractor, and one Compressor) of approximately $6,952.00. The current management goals will reduce and contain these costs.

In 1991 we could have shown additional income of about $8,459.26. This was a paper loss on a John Deere Tractor and a Kubota Riding Lawn Mower that were sold primarily because they were beginning to cost us a lot more in repairs than they could possibly earn. This adjustment should be noted when comparing 1991 to previous years. This comparison indicates an improvement in our revenue over previous years related to the addition of Damage Waiver and our aggressive rate increases beginning in 1990.

Even before the end of 1991 it became apparent that several changes were still needed to improve our financial situation. Our analysis merely highlighted much of what we already believed. Even though our revenues were up in 1991 we still did not have the strong financial showing possible primarily due to higher labor and equipment repair costs. As a result of this information, we have made certain decisions and established some long and short range remedies as follows

GOALS AND PROJECTIONS FOR 1992

First, we have already DECREASED OUR WORKFORCE by two employees and will maintain this level, except for possibly temporary workers during peak periods.

We will be CONCENTRATING ON STRICTLY THE RENTAL BUSINESS and EXTENSIVELY LIMITING OUR REPAIR BUSINESS to commercial accounts. This should decrease scheduling problems we have had with homeowners and other individuals.

WE WILL TERMINATE our Kubota and/or our Briggs & Stratton agreement IF ASKED TO INVEST ADDITIONAL TIME OR MONEY. Currently our inventories are more than sufficient to support our rental business. Our analysis has shown service work to be a loser.

Review the potential for Total Quality Management in the business.

We have REDUCED OUR PERSONAL INCOME.

We are practicing COST CONTAINMENT on a daily basis.

We have REFINANCED BOTH OF OUR COMPANY VEHICLE NOTES.

  • Bradenton National Bank, 1988 pickup, from $356/month to $262/month, a $94/month savings.
  • NFCU, 1987 Van, from $383/month to $215/month, a $168/month savings.

We are requesting that G.E. Capital assist us in one of the two options listed below in our efforts to upgrade our equipment and to realign our cash position as follows:

  • To finance a new Ditch Witch 3500 and 1020 Trencher through our G.E. Capital line if possible, and to reamortize the lease at close to the current payment amount. The net purchase amount would be about $28,500 after trade-ins.
  • Extend our lease approximately one year or extend it sufficiently to reduce our payment by about $700/month March through November.
  • Change our reduced payment months to December, January, and February to match our needs.
  • Release the Ditch Witch 2310 trencher and A220 Backhoe to be used as a trade. This will allow us to upgrade critical equipment and reduce maintenance cost. This combination unit is now five years old and the engine is now bored to .040 over. If not traded soon this machine combination, which creates substantial rental revenue, will become a liability.

We are requesting that SBA reamortize our loan to allow for four months without payments starting in June. We would like the maturity date to remain the same. This would result in an accumulation of $9408 in operating capital.

We have purchased a new Skid Steer Loader from Case. This was necessary because:

  • Our previous unit was giving us constant problems and we were unable to keep it on a good long-term commercial rental. Maintenance costs were running very high.
  • There is a real need for a good small loader with optional pallet forks in our rental fleet. The demand is there from a broad range of customers. Our cash flow would be enhanced by at least $161/month, over the new payment amount based on historical information available.
  • We used our old unit as a $2,000 trade-in.

We renegotiated a long-term rental we have had with Biringer effective January 1, 1993, from a previous level of $750/month to $920/month. This is a contract we have had for over two years and it should go for about two more.

THE CHANGES WE HAVE INITIATED SHOULD SAVE AN ANNUAL COST OF $23,436 PER MONTH. (A chart outlining this information has been prepared and is available upon request.)

Rich Rentals has several areas where we maintain a sustainable competitive advantage from the standpoint of being the only service provider in town for the areas of equipment rental; Kubota sales, parts, and service; and Bostitch and Interchange Air Tools and Fasteners. Areas of limited competition are Western Union (one competitor) and Ryder Truck rentals (one competitor; U-Haul).

Marketing Strategy

It is our goal to extend the very best service and equipment to our customers at a competitive price. Our prices must remain competitive to prevent competition in the rental business from within Bradenton and the surrounding areas.

Target Market and Market Share

Our target markets for rental equipment has been and will continue to be:

  • Small contractor - 45 percent of total
  • Industrial sector - 25 percent of total
  • Homeowner - 30 percent of total

They are listed in order of profitability. Since we are currently getting all of the small contractor and industrial rentals we can fill, we most exploit the homeowner segment to a greater degree than in the past.

Our target markets for Ryder truck rentals are:

  • People moving out of town - 70 percent of market
  • In town moves - 20 percent of market
  • Commercial moves-10 percent of market

They are listed in order of priority. Ryder Truck Rental has estimated our share of the truck rental business at 52 percent of the local market. As of April, we became a zone leader for the distribution of Ryder trucks. This will be a revenue enhancer from the standpoint of having additional trucks to rent when needed.

Our target market for Kubota sales is as follows:

  • Industrial sales - 40 percent of market
  • Institutions and business - 20 percent of market
  • Upper middle-class homeowner - 40 percent of market

Western Union is a service we provide because:

  • They provide a computer and software that can be used in other areas of the business.
  • To increase walk-in trade with other revenue potential.

We plan to enhance our rental income by selectively targeting the homeowner market. Our goal in the coming years is to continually increase the homeowner segment of our rental business by eight percent over the previous comparable period. We will continue our existing efforts directed at the contractors and industrial areas.

We will target the realtors as a vehicle to promote greater usage of our trucks and trailers. In addition, Michelle's Moving will also enhance the sales and rentals in this area. Our goal is to increase this area by a factor of six percent on an ongoing basis. Ryder has some discretionary co-op advertising that we will avail ourselves of when possible.

We will continue our sales in this area. Promotion will be minimal because of the excessive labor demands it creates for our service. We have backed off outside service since we have determined that to be a loss area.

Michelle's Moving

Since this area is a contract with Biringer, it will require no promotion. However, if it appears to be profitable after this one-year contract period, we will entertain moving into the local moving business as a separate venture. There is only one existing business providing the service in Bradenton at this time.

The primary thrust of our promotion program in 1992 will be in the form of "DIRECTMAIL" and "DOOR TO DOOR"flyers directedat the "HOWEVERE" market in hopes of expanding our rental business. In the past we depended primarily on radio and newspaper. Most of our potential customers in this trade areaare aware of "WHERE WE ARE" and "WHO WE ARE", but not "WHAT WE HAVE" and"HOW THEY CAN USE US TO THEIR ADVANTAGE".

  • Our mailing list can be directed to individual neighborhoods and we will tie discounts and promotions to each mailing to determine their effectiveness.
  • Thank you letters with additional promotional information and a ten percent discount on their next rental will be a key part of our direct mail campaign.
  • Our mailings will highlight individual tools, how to properly use them for maximum results, and new ideas. We will stress our concept of personal service and just how "rich" we can make their rental experience.
  • We will be utilizing DOOR TO DOOR on a trial basis.

We will begin promoting our equipment rentals by using retail outlets of related merchandise.

  • Automotive equipment, pullers, transmission jacks, hoists, torque wrenches, impacts, timing light, etc. We will provide a coupon worth $2 off any equipment rental at the counter of outlets such as Kmart, Walmart, American Auto, Wilsons, etc.
  • Ryder trucks, moving equipment ad related supplies, such as boxes and tape. In a joint effort with Ryder, we will provide a coupon worth $5 on any local rental and $15.00 on any one-way rental to every real estate agent in Bradenton. We are considering a promotional incentive for the referring agent courtesy of Ryder.

We will continue to use some radio and a minimum newspaper contract of 240" annually, coordinating those mediums with our direct mail campaign.

A detailed outline of our " 1992 ANNUAL CAMPAIGN" will be completed by the end of May as follows:

  • It will be budgeted by type of advertising.
  • It will be itemized by type of equipment and/or service by promotional period.

To help promote the business and provide a higher level of service we will also be setting up an answering machine to give basic after-hours information and emergency numbers for our customers who call after hours and weekends.

Michelle's Moving could become our biggest move in 1992. We will begin in May 1992 providing contract moving services between offices for Biringer Bradenton, Florida. In the fall of 1991 we were approached by Biringer Purchasing to bid on these moving services. This basically consists of providing one full-time employee in a supervisory/labor capacity with assistance from day labor as needed, a Ryder truck, and any necessary moving equipment, about five to six days per month on average. Advance notice will be provided by Biringer to allow us sufficient time to schedule our manpower.

In the past this service had been provided by a local moving company but was not satisfactory. Our long-time relationship with and the availability of all the necessary moving equipment was what brought them to us. This service concept tied in well with our goals to expand our revenues by offering additional services for Biringer that complimented what we were already doing. The basic service contract should be very profitable and will increase the sale of moving boxes which is also very profitable. In addition, it does not require us to invest in any new equipment to provide the service.

For better control of equipment repair costs we will improve our record keeping to include all costs as well as information. In addition, we will return to keeping track of rental revenues by equipment. This information when combined, will give us better data when buying new equipment. We have implemented weekly and monthly P&L Statements as a management tool.

Until further notice any manpower requirements over the basic two employees will be strictly on an as-needed, temporary basis. We are in the process of building financial models to use as a management tool to provide keys for when we must cut back on manpower or other expenditures.

This business is centrally located in Bradenton, Florida at 777 W. Langley Ave. The business is situated on a lot 101 feet by 165 feet, with a 2,450 square foot metal building built by us in 1984. One third of the building is the showroom display area. The Ryder trucks are parked in the front area of the business and across the street in a parking lot.

The business currently has all of the equipment that it needs to operate except for the following replacements and/or additions required:

Equipment Rental: Rich Rentals

Labor Force

Our labor force consists of the owners, Jim and Michelle Griffith and two employees, Dave Weager and Donald Carp

Dave Weager is 29 years old, married with two children, and has 11 years experience as a mechanic. He was hired by us September 5, 1988 and is currently our Shop Foreman with an hourly wage of $9.25.

Donald Carp is 30 years old, married with two children, and was hired on August 18, 1988. He had previously operated his own lawn service business. He is currently a Rental Clerk and primarily responsible for equipment maintenance and service. He is also our parts man with an hourly wage of $6.25. Both employees are Bradenton natives with extensive local knowledge and contacts. A resume outlining the qualifications and experience of Jim Griffith has been prepared and is available upon request

Equipment Rental: Rich Rentals

It is the goal of management through this plan to maximize cash and profitability. This is being accomplished as follows:

  • Cost containment through ongoing analysis and aggressive daily management.
  • Revenue enhancement through the marketing plan and ongoing evaluation and adjustment of our rental rates.
  • Cash Management

The monthly P&L Statements reflect our success to date, in terms of increased profitability over the same period a year ago. These are available upon request.

Our goal for this coming year is to accumulate $15,000 in cash for operating and emergency purposes. This will be accomplished via operations. A 12-month cash forecast has been prepared and is available upon request. It projects an accumulated cash balance at year end of $16,142. This will be accomplished via:

  • Reduction in our labor force
  • Reduction in owner's draw from previous years
  • Refinancing our two vehicle notes
  • Recapitalization of G.E. Capital note
  • Four-month SB A payment waiver
  • Upgrading our trencher and loader to reduce maintenance cost and enhance revenue

Pro-forma statements have been prepared and are available upon request. Assumptions based on these are as follows:

Income Statement

  • An increase in rental revenue is projected from 1991, based on the local construction activity, and generally a solid local economy. (Aforementioned newspaper articles support this)
  • Michelle's Moving revenue is projected at 50 percent of the unofficial estimate from the Biringer Procurement office. Therefore, these projections may be very conservative.
  • Sale projections were reduced because we are no longer promoting sales, which are marginally profitable when compared to rental revenue and we are discouraging service work. A most recent financial comparison based on the first two months of 1991 versus 1992 has been prepared and is available upon request.
  • Current financial statements are also available.
  • The labor projection represents one less full-time position and one less temporary from 1991.
  • The moving insurance is additional workman's compensation due to the inclusion of Michelle's Moving.
  • Equipment repair is reduced because of the projected purchase of two new large items that replaced older ones in poor condition.
  • Also, the deletion of the small gas engine area impacts here. We have already rebuilt two of our three larger diesel air compressors.
  • The finance charges should be reduced due to more available cash and reduced payables.
  • The SBA interest payable assumes the four-month waiver.
  • The G.E. capital interest also assumes a recapitalization. Although this is technically a lease purchase, we have always shown the debt on our balance sheet as a financed purchase to more accurately project our equity position in the equipment.

The current pro-forma income statement shows a before tax profit of $73,434. The pro-forma balance sheets have been adjusted for changes in accounts payable and debt service from year to year. The ALP are reduced to $8,500 within three years and are maintained at that level. This reduction is accomplished solely through operations and assumes the SBA Waiver and the G.E. Capital request for 1992. The May 1994 balance sheets show a $50,000 equipment purchase that will be necessary to maintain our rental equipment inventory.

Replacement vehicles are scheduled in 1993 and 1994. Their respective value and debts are shown. The loader and trencher are scheduled for June 1992, and are included in the May statement for analysis purposes. All of these statements are available upon request.

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Sample Catering Equipment Hire Service Business Plan

Catering equipment rental business plan pdf sample.

Merging two major industries which are the catering and the rental industry, the catering equipment industry is estimated at $5 billion and there is still huge potential for continued growth as entrepreneurs interested in this field of business seek opportunities for investment.

The business plan is very vital to the survival of any worthy business venture, and the catering equipment hire business is no exception to this.

Do you need to write a catering equipment hire business plan?

This article aims at providing help to investors/entrepreneurs on how to write a good plan, with this sample, it is expected that it would be used as a guide to aid in writing a unique business plan bearing all the necessary information of the entrepreneurs business concern.

Here is a sample business plan for starting a catering equipment hire service.

Executive Summary

Products and Services

Our Mission

Market Analysis/Trends

Target Market

Competitive Advantage

Sales and Marketing Strategy

Sales Projection

Publicity and Advert Strategy

Payment Channels

Smith’s Catering Equipment Hire, located in Massachusetts , Boston will is a catering equipment hire company that will be making hiring our large collection of catering equipment to our clients which will include both private clients and commercial clients. Our catering equipment will be of the highest standards, and also, the location of our business will be strategic to ensure that it is easily accessible to all.

Our services will not only consist of hiring of equipment alone, as we will also be including interior decoration services to clients who might require such, and also ushering and waiting services. This business will be driven by a motivated and highly trained workforce.

Apart from the catering equipment which we will be hiring, we will also provide services that include the provision of ushering services at events such as weddings , meetings, dinners, and other corporate events needing our services.

Other services include the sale of catering accessories, training for interested individuals and organizations, and the offer of sound advice on catering related events.

Our Vision at Smith’s Catering Equipment Hire is to provide premium service to our teeming clients while ensuring that they are thoroughly satisfied with services rendered. Within our first 5 years of commencement of business, we intend to grow into a one-stop-shop for all catering related equipment hire and advice.

Smith’s Catering Equipment hire has a mission of effectively capturing the catering market share in Massachusetts through the introduction of innovative services that will gain client trust and encourage loyalty.

The catering business has metamorphosed from its formerly crude nature to its present state where it is driven by innovations in equipment quality, the array of related services among others. Occasions are never in short supply, but there are some times of the year that are more active than others in demand for catering services.

Smith’s Catering Equipment Hire will be busy all through the year, as we will be providing hire services during peak periods and training and other advisory services during off-peak periods.

Our target market will be including a wide variety of market segments which will include corporate clients, wedding and general event planners, provision of our services to celebrities, hotels, holiday inns, restaurants, guest houses, holiday resorts, among a long list of our target market who will be requiring our services and expertise.

The advantage we have over our competitors is the drive for excellence in service delivery, thus, we will be making use of only the best equipment available in the industry to create a brand name hinged on excellence for ourselves.

Our workforce will be adequately motivated through the introduction of attractive remuneration packages that will enable them to rededicate their efforts to ensure that we achieve maximum growth. We will hire the services of catering equipment hire a business strategist to drive our vision of being among the best within the shortest possible time.

The sales and marketing strategy to be adopted by us will be all-encompassing, as we will be deploying marketing experts to market our products and services to potential clients, with the sole aim of attracting clients from far and wide.

We will also be relying on word of mouth marketing which we will be encouraging our satisfied clients to do on our behalf. This option will see clients telling their friends and associates about the services we offer.

With research conducted, we have projected a steady rise in profits that will be accruable to our catering equipment hire business within the first 3 years of commencing business operations. However, factors like natural disasters, economic recession, and conflicts have been discounted. Below is a summary of the sales projection representation;

  • First Year $270,000
  • Second Year $510,000
  • Third Year $980,000

The publicity and advert strategy to be used by Smith’s Catering Equipment Hire will be broad-based. We will be deploying the local TV and radio option by placing adverts in these channels to publicize our services to a wide segment of society.

Another strategy is the building of our business website that will showcase all the product and services on offer, plus, we will be mounting billboards in areas with high traffic to ensure that awareness regarding our services is widely spread.

The payment channels will be diverse to capture all payment options available to eliminate the difficulties experienced by clients when trying to pay for services. Among these options is the acceptance of POS payments, cash receipts, mobile money transfers, among several other payment options that exist.

This is a catering equipment hire business plan sample with the necessary contents and guidelines provided. This is only for guidance purposes, as they are only imaginary.

The entrepreneur is therefore expected to brainstorm on what is true for his/her business and provide such information using this catering equipment hire business plan  sample as a guideline.

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Party Rental Business Plan Template

Written by Dave Lavinsky

party rental business plan

Party Rental Business Plan

Over the past 20+ years, we have helped over 500 entrepreneurs and business owners create business plans to start and grow their party rental companies. 

If you’re unfamiliar with creating a party rental business plan, you may think creating one will be a time-consuming and frustrating process. For most entrepreneurs it is, but for you, it won’t be since we’re here to help. We have the experience, resources, and knowledge to help you create a great business plan.

In this article, you will learn some background information on why business planning is important. Then, you will learn how to write a party rental business plan step-by-step so you can create your plan today.

Download our Ultimate Business Plan Template here >

What Is a Business Plan?

A business plan provides a snapshot of your party rental business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategies for reaching them. It also includes market research to support your plans.

Why You Need a Business Plan

If you’re looking to start a party rental business or grow your existing party rental company, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your party rental business to improve your chances of success. Your party rental business plan is a living document that should be updated annually as your company grows and changes.

Sources of Funding for Party Rental Businesses

With regards to funding, the main sources of funding for a party rental business are personal savings, credit cards, bank loans, and angel investors. When it comes to bank loans, banks will want to review your business plan (hand it to them in person or email to them as a PDF file) and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to ensure that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for party rental companies.

Finish Your Business Plan Today!

How to write a business plan for a party rental business.

If you want to start a party rental business or expand your current one, you need a business plan. The guide and sample below details the necessary information for how to write each essential component of your party rental business plan.

Executive Summary

Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the kind of party rental business you are running and the status. For example, are you a startup, do you have a party rental business that you would like to grow, or are you operating a chain of party rental businesses?

Next, provide an overview of each of the subsequent sections of your plan. 

  • Give a brief overv iew of the party rental industry. 
  • Discuss the type of party rental business you are operating. 
  • Detail your direct competitors. Give an overview of your target customers. 
  • Provide a snapshot of your marketing strategy. Identify the key members of your team. 
  • Offer an overview of your financial plan.

Company Overview

In your company overview, you will detail the type of party rental business you are operating.

For example, you m ight specialize in one of the following types of party rental businesses:

  • Full-service party rental retail store : This is the store to visit when you need everything from A to Z for your next party. Whether it’s chairs and tables, linens, or special cooking equipment, this store delivers your items and picks them up after your party.
  • Partial-service party rental store : You may choose everything you need for your party at this type of party rental store; however, you will need to provide transport to pick up and return all party rental items the next day. 
  • Online party rental business: An online party rental store generally has excellent pricing; however, you will need to go to various locations to pick up and return party items. This may involve visiting more than one location for various items, as the online store doesn’t have a brick and mortar store location. 

In addition to explaining the type of party rental business you will operate, the company overview needs to provide background on the business.

Include answers to questions such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include the number of rentals serviced, the number of positive social media reviews, reaching X number of customers served, etc.
  • Your legal business structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry or market analysis, you need to provide an overview of the party rental industry.

While this may seem unnecessary, it serves multiple purposes.

First, researching the party rental industry educates you. It helps you understand the market in which you are operating. 

Secondly, market research can improve your marketing strategy, particularly if your analysis identifies market trends.

The third reason is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your party rental business plan:

  • How big is the party rental industry (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential target market for your party rental business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your party rental business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments: individuals, families, party groups and corporations.

As you can imagine, the customer segment(s) you choose will have a great impact on the type of party rental business you operate. Clearly, individuals would respond to different marketing promotions than corporations, for example.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the potential customers you seek to serve.

Psychographic profiles explain the wants and needs of your target customers. The more you can recognize and define these needs, the better you will do in attracting and retaining your customers. Ideally you can speak with a sample of your target customers before writing your plan to better understand their needs.

Finish Your Party Rental Business Plan in 1 Day!

Don’t you wish there was a faster, easier way to finish your business plan?

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are othe r party rental businesses. 

Indirect competitors are other options that customers have to purchase from that aren’t directly competing with your product or service. This includes stores that sell tables, chairs, linens, etc., online stores that sell party items, and DIY services for parties. You need to mention direct competition, as well.

For each direct competitor, provide an overview of their business and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as

  • What types of customers do they serve?
  • What type of party rental business are they?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide options for delivery and pick up of party supplies?
  • Will you offer products or services that your competition doesn’t?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a party rental business plan, your marketing strategy should include the following:

Product : In the product section, you should reiterate the type o f party rental company that you documented in your company overview. Then, detail the specific products or services you will be offering. For example, will you provide a petting zoo experience, a holiday-themed party setup and take down, or a casino or bingo fundraiser setup and take down?

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of yo ur plan, yo u are presenting the products and/or services you offer and their prices.

Place : Place refers to the site of your party rental company. Document where your company is situated and mention how the site will impact your success. For example, is your party rental business located in a busy retail district, a business district, a standalone office, or purely online? Discuss how your site might be the ideal location for your customers.

Promotions : The final part of your party rental marketing plan is where you will document how you will drive potential customers to your location(s). The following are some promotional methods you might consider:

  • Advertise in local papers, radio stations and/or magazines
  • Reach out to websites 
  • Distribute flyers
  • Engage in email marketing
  • Advertise on social media platforms
  • Improve the SEO (search engine optimization) on your website for targeted keywords

Operations Plan

While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your party rental business, including answering calls, planning and providing rental equipment, linens, furnishings, etc.  

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to book your Xth party rental delivery, or when you hope to reach $X in revenue. It could also be when you expect to expand your party rental business to a second location.

Management Team

To demonstrate your party rental business’ potential to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company. 

Ideally, you and/or your team members have direct experience in managing party rental businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a party rental business or successfully working in an equipment rental store.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance s heet, and cash flow statements.

Income Statement

An income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenue and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, will you see 25 customers per week, and/or offer large-group rental discounts ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets

Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your party rental business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a lender writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement

Your cash flow statement will help determine how much money you need to start or grow your business, and ensure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt. 

When creating your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a party rental business:

  • Cost of rental furnishings, linens and equipment
  • Payroll or salaries paid to staff
  • Business insurance
  • Other start-up expenses (if you’re a new business) like legal expenses, permits, computer software, and equipment

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your office location lease or a list of contracted parties booked six months ahead. 

Writing a business plan for your party rental business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert and know everything you need about how to start a party rental business. You will understand the party rental industry, your competition, and your customers. You will develop a marketing strategy and will understand what it takes to launch and grow a successful party rental business.

Party Rental Business Plan FAQs

What is the easiest way to complete my party rental business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily write your party rental business plan.

How Do You Start a Party Rental Business?

Starting a party rental business is easy with these 14 steps:

  • Choose the Name for Your Party Rental Business
  • Create Your Party Rental Business Plan
  • Choose the Legal Structure for Your Party Rental Business
  • Secure Startup Funding for Your Party Rental Business (If Needed)
  • Secure a Location for Your Business
  • Register Your Party Rental Business with the IRS
  • Open a Business Bank Account
  • Get a Business Credit Card
  • Get the Required Business Licenses and Permits
  • Get Business Insurance for Your Party Rental Business
  • Buy or Lease the Right Party Rental Business Equipment
  • Develop Your Party Rental Business Marketing Materials
  • Purchase and Setup the Software Needed to Run Your Party Rental Business
  • Open for Business

Where Can I Download a Free Business Plan Template PDF?

Click here to download the pdf version of our basic business plan template.

Our free business plan template pdf allows you to see the key sections to complete in your plan and the key questions that each must answer. The business plan pdf will definitely get you started in the right direction.

We do offer a premium version of our business plan template. Click here to learn more about it. The premium version includes numerous features allowing you to quickly and easily create a professional business plan. Its most touted feature is its financial projections template which allows you to simply enter your estimated sales and growth rates, and it automatically calculates your complete five-year financial projections including income statements, balance sheets, and cash flow statements. Here’s the link to our Ultimate Business Plan Template.

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Since 1999, Growthink has developed business plans for thousands of companies who have gone on to achieve tremendous success.   Click here to see how a Growthink business planning advisor can create your business plan for you.

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  1. Equipment Rental Business Plan PDF Example

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    Since 1988 we have been the only rental equipment business in this market area. We know the current market potential for Bradenton is only partially reflected in our historically-based financial projections. Certain rental equipment additions and planned construction for 1992-1993 will enhance our revenues for the near future.

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    CATERING EQUIPMENT RENTAL BUSINESS PLAN PDF SAMPLE. Merging two major industries which are the catering and the rental industry, the catering equipment industry is estimated at $5 billion and there is still huge potential for continued growth as entrepreneurs interested in this field of business seek opportunities for investment.. The business plan is very vital to the survival of any worthy ...

  19. Party Rental Business Plan Template [Updated 2024]

    Your operations plan should have two distinct sections as follows. Everyday short-term processes include all of the tasks involved in running your party rental business, including answering calls, planning and providing rental equipment, linens, furnishings, etc. Long-term goals are the milestones you hope to achieve.

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