The heavy equipment rental industry in the United States is a substantial market, with a total valuation of approximately $52 billion. This sector comprises over 5,900 businesses, collectively contributing to the nation’s economy. On average, a typical heavy equipment rental company in the US boasts an annual turnover of $8,800,000. As for salaries, heavy equipment rental business owners can expect a wide salary range depending on the size and success of their business, with averages from $50,000 to $200,000 per year.
The amount of rent you charge your tenants should be a percentage of your home’s market value. Keep chaos at bay while making your business more efficient and profitable by implementing software like Rentman, which provides you with a centralized and real-time overview of your entire equipment landscape, ensuring that the right items are available at the right time and that your company doesn’t miss out on bookings.
Renting heavy machinery to trucking companies and local businesses is a great way to earn. You’ve already got the heavy equipment—now it’s time to put it to use and make some money. Here are a few ideas to get you started:
- Rent out your equipment. You can rent it out to other businesses or individuals who need it for a specific project or time period.
Starting a heavy equipment rental business can be a lucrative venture. This guide provides an overview of the steps you need to take to get your business off the ground, from obtaining the necessary licenses and permits to establishing a maintenance plan.
- Growth forecast – The global equipment rental business is projected to grow more than 60% by 2023 to regain its 2019 total of more than $87 billion.
- Number of businesses – In 2021, 10,873 tool and equipment rental businesses were operating in the US.
With 5,973 businesses in the US and a total market size of $52 billion, the average heavy equipment rental business generates sales of about $8.8 million per year, and the average salary for the owner of a heavy equipment rental business in the US is $110,377 per year.
You can earn consistent cash through renting. Here are the steps to follow to start a successful equipment rental business and why buying someone else’s is a better choice.
The equipment rental business is rewarding yet risky. The equipment rental business can be a solid source of passive income, and most importantly, your investments will always be safe. You can begin as a one-person entrepreneur, and later on, you can form a small-sized company.
What is the most profitable thing to rent out? Some commonly profitable rentals include clothing, baby gear, tools, and vehicles.
Heavy equipment rental includes high-cost machinery like bulldozers and excavators. Rental rates depend on equipment type, duration, demand, and operating costs. Additional delivery services also contribute revenue.
The global equipment rental market will grow over 60% by 2023, regaining its $87 billion valuation. In 2021, 10,873 U.S. tool and equipment rental businesses operated. Launching or expanding an equipment rental now capitalizes on this growth.
Profitability in rental machinery comes from high rates despite maintenance costs. Profitability varies based on demand, rates, and operating costs. Construction equipment like excavators and lifts rent well due to high purchase prices and project nature.
Renting your own camera gear through KitSplit is easy, earning $10-$1000 depending on the gear. ToolRent also automates tool rentals, earning similarly per rental.
Putting equipment to work earns consistent cash if you plan for expenses and buy durable gear initially. Buying existing rentals simplifies starting compared to launching independently.
Ensure you research machinery to buy for a rental business. Properly inform yourself to start equipment rentals successfully.
The first rental business step is fully understanding the industry and technical details. Digitally map an actionable roadmap after realistically verifying your idea. Connect all relevant dots beforehand.