How Renting Equipment Can Grow Your Business
Category: Equipment and Solutions
If you own a construction business, you know the importance of finding ways to grow while keeping profits high and costs low. But purchasing and maintaining a fleet of construction equipment can be a financial drain on your business.
One way to cut costs is to expand your business through rental equipment. As rental solutions continue to develop, contractors are choosing renting over buying more and more. In 2019, the heavy equipment rental market saw 2.1% growth with a market worth of $45 billion. By tapping into this market, you increase your company’s potential for expansion.
Here are some specific ways in which you can grow your business by renting equipment.
1. Reduce Costs
There are numerous ways that renting equipment can reduce your business costs, including:
- Site delivery: Many rental companies deliver directly to your job site, saving you time and money on delivery logistics such as securing permits for oversized equipment, fuel costs, toll costs, production downtime, wear and tear on vehicles and more.
- Maintenance costs: Rental companies also typically provide regular maintenance and necessary repairs, and you also won’t have to worry about long-term storage costs or things like property taxes and licensing costs.
- Purchase costs: Buying heavy equipment is a significant expense, especially for small contractors. For shorter-term projects with specific equipment requirements, renting can save you money over the long term. And renting before you buy also gives you the opportunity to test the equipment and make sure it is the best fit for your business.
2. Increase Business
The biggest impact on your bottom line is the amount of business you’re able to do. And to successfully bring on new contracts and clients, you need to have enough of the right equipment available. When you rent equipment, you’ll be able to take on more jobs than you would be able to otherwise.
You will also be able to gain access to equipment more quickly, as you won’t need to wade through all the buying logistics first.
3. Get the Latest Technology
An important aspect of expanding business through rental equipment is giving your customers access to all the latest and greatest equipment. Rentals often also have integrated technology such as diagnostics, data analysis, remote operations and more. These advancements will increase the efficiency and productivity of your operations and help you isolate areas where there is opportunity to increase your bottom line.
How to Grow My Construction Business
With many great benefits, rental options are an ideal choice to expand business through rental equipment. Some ways you can grow the rental portion of your business include:
- Choose high-quality machines: Make sure you choose equipment from top brands and manufacturers that have been competently maintained.
- Provide accurate estimates: Cost-accurate estimates make it easier for customers to plan their budgets. Make sure to provide advice on the best machine and provide on-time delivery and pickup.
- Deliver superior customer service: Take care of all your customers’ needs, from their initial search to providing excellent maintenance and repair services, as quickly as possible.
Choose NMC Rental
Use rental equipment to begin growing your business today. At NMC Rental, we have a large selection of equipment available for rent. To find out more, contact us today.