Updated: Sep 23, 2020
The opportunity to make money is always there. You can definitely make your money work for you if you invest in things which you can rent out to people; and there are so many niches for such business.
Read the following ideas and determine whether you have a market to serve in your locale.
Party supplies. People love celebrating occasions-- birthday, wedding, anniversary, baby shower, graduation, promotion, reunion, etc. We are social beings and we just love to spend happy moments with the people who matter most to us. With this in mind, one of the best and low-cost investment that you can rent out to people are party supplies. People buying these stuff is most unlikely because they are bulky and expensive considering it might be used only one or twice in a year. Common party supplies include chairs, tables, cookwares, utensils, lines, decorations, other catering supplies and tents. You can start out small then expand your business into high-end party supplies and equipment to cater for grander events.
Tent. You may opt to just focus on renting out tents. There are many different forms and sizes of tents you can invest into. Different types include canopy tents, traditional pole tents, sailcloth tents , cross cable frame tents, structure tents, pop-up canopy tents, and dome tents. Having a variety of tents allows you to cater for customers with different needs.
Car. When people travel, especially when going out of the country, many rent a car so they can get around. Bringing one's own car can be more expensive considering the cost of fuel if traveling by land, possible maintenance, or freight (air/sea). People or smaller companies, who cannot afford buying a car yet, but need it are also potential customers.
Tools. Investing in tools is a good idea if you are a handyman or already in the construction or cleaning/maintenance business and want to make extra cash on your available tools. Knowledge on repair is also a plus on your edge so you won't have to hire another person to fix the tool if it gets broken. Aerators, air compressor and nail gun, air conditioners and heaters, augers, breakers, carpet and floor installation, carpet blowers, carpet cleaners, chainsaws, compactors, concrete grinders, concrete mixers, concrete saws, core drills, dehumidifiers and fans, drain cleaners and plumbing tools, drywall tools, floor buffer and sanders, floor strippers, generators, hammer drills, insulation and other tools, ladders and scaffolding, lawn and garden equipment, lawn movers, leaf blowers, mastic removal and concrete prep, moving and lifting equipment, paint and texture sprayers, power tools, pressure washers, pumps, stump grinders, tile saws, tillers, trimmers and edgers, and vacuums-- this is a list of common tools you can invest into and rent out to people.
Heavy and large equipment. Investing in heavy and large equipment requires more capital, but it can be profitable because most likely, you will not have much competition. Aside from the price, they are also large and it would require a huge lot size for storage. In my article, Most Viable Ways to Earn Passive Income, I have mentioned about a distant relative who made his fortune investing in heavy equipment. Large and heavy equipment include earthmoving equipment, landscape equipment, aerial equipment, and dump trailers.
Boat. If you live near a lake or ocean, or if you own a beach resort you can invest in boats. Common types of boats that people rent are sailboats, jet skis, houseboats, yachts, and fishing charters.
Medical equipment. Having a background in healthcare and desire to do entrepreneurship part-time or full-time suit a medical equipment rental business. Medical equipment commonly used by people are oxygen concentrators, oxygen tanks, wheelchairs, hospital beds, cpap masks and machines, nebulizer machines, ramps, stair lifts, walking aids, mattresses, power chairs, and scooters. If you decide to engage in this type of business, be sure to you have excellent knowledge in disinfection and sterilization, as well as inspection of the equipment for any damage. This will keep your customers/ patients safe from harboring infectious microorganisms and from other bodily injuries.
Concession food carts. Because concession carts are small and portable, it is easy to market them. My favorite go-to concession carts when attending parties (especially when I was a kid) are the ice cream and cotton candy carts. An ice cream cart is a pleasant sweet treat that many people love. Whether a party is hosted indoor or outdoor, it is a perfect addition to the dessert menu for the guests. When we were kids, our father would always bring us to his work's Christmas party. There, the ice cream and cotton candy carts usually get emptied first. Other awesome concession food cart ideas are hotdogs, pretzels, popcorns, candy bars, burgers, pizza, french fries, nachos, and sandwiches. If you have a knack for establishing a food business, you might be interested in the following books available in Amazon. Just click on the link to direct you to Amazon's page.
Inflatable photo booth, bounce house, dry/wet water slide, and obstacle course. We have a family friend here in Illinois who invited us twice to her grandchild's birthday party. The mom rented an inflatable water slide on one occasion, and an inflatable bouncy house on the next. The kids had so much fun playing on the inflatables. A few months ago, we also went apple picking at Apple Holler in Wisconsin. They have a huge jump pad which the kids really enjoyed too. An inflatable playground is an excellent avenue of entertaining very active kids. Moms won't have to worry over their child getting hurt from hitting on a hard surface. Companies that conduct team building activities among their employees can also rent obstacle course inflatables.
Apartment. Building an apartment requires a huge capital, but they last long. My mom invested in an apartment in 2009. After several years she was able to pay off the loan she made, and was even able to purchase another lot from that apartment's income. Her apartment has a good location as it's close to two universities and a hospital. Most of her tenants are students and employees. One commercial space is also being leased by a law office with a longer term.
Formal wear, wedding gown, costume. It is not uncommon that people would rent a formal wear, a wedding gown, or a costume. Unlike casual wears, these types of clothing are seldom used; and yes, even wedding gowns are rented. It is much cheaper and more practical to rent these clothes than buy and stock them. Furthermore, we don't really like using the same formal clothes when we attend parties. We must admit it that it can be quite embarrassing to get photographed or seen using the same clothes in different formal occasions. Although some may really don't care.
Audio equipment. In larger events, audio equipment is a must. Investing in a quality sound system is a prudent decision if you want to succeed in this business. A good sound (from a played music or voice of the master of ceremonies) keeps an event lively. A few years ago, I attended a birthday party and I was asked to deliver a short message to the celebrant. When I spoke over the microphone, it was a little bit awkward because the sound was distorted. For a speaker, hearing his/her distorted voice can be annoying. Although you must remember that high quality audio equipment doesn't necessarily mean buying something that is expensive. There are times when other factors such as the size and type of venue (outdoor or indoor) can affect the quality of sound produced.
Arcade game. Bringing fun to a party can be made possible through arcade games. Both the young and old enjoy sitting behind that screen. The thrills bring on laughter and happy moments.
Book. Although our current time is the era of digital products, many people still prefer some traditional methods of doing things, such as reading a physical book rather an ebook. If you live in a place where there is no access to public libraries, you can establish one where people can rent books.
Movie. Watching movies is an enjoyable and relaxing diversional activity. However, not all people could go to a theater to watch every movie they want. Busy work schedule, having claustrophobia and/or nyctophobia, ticket cost, or sometimes religion-related warning against going to movie theaters can hinder one to go and see movies in theaters. If you are interested in opening your own movie-rental business remember to obtain the necessary license before doing so to avoid problematic legal implications.
Sports and fitness. Promote awareness of the importance of physical activities on overall wellness, and turn your passion into business. Invest in sports and fitness equipment which you can rent out to people.
Truck. There are different types of trucks according to their size and maximum weight capacity. There are small, light, medium, and heavy trucks. Trucks have many uses; hence different forms have been built.
Event venue. If you enjoy meeting new people and organizing events, you can put up your own event venue. You can lease a place or build your own venue if you have a vacant lot; although the latter requiring more funds. Oftentimes, those who manage an event venue business also offer catering services to their clients. You can also make connection with photographers and florists to offer a complete package to your customers. In addition, this type of business requires creativity so you can make an astounding atmosphere that your clients would love as they celebrate their big day and create wonderful memories.
Office space. Investing in a commercial space is another profitable business. The lease term can be longer and it is more likely that the lessee will request for a renewal of contract and stay longer especially if his business thrives well. It would be difficult for a business owner to move to another place once his customer base has already been established. Make sure to choose the right location for this business. A high-traffic area is a big factor for success in an office space rental business. If your house has a good location and you have an extra room which can be converted into an office space, it may be a good source of partial income too.
Photography equipment. It is undeniable that cameras, lenses and other accessories can be quite expensive, depending on the brand. There are people who would be willing to rent these stuff because of their passion for photography or it could be that they are just starting a photography business and cannot fully invest in different types of lenses. Rental contract can be from days to months.
Artificial flowers. My aunt attended a wedding ceremony in Korea, and she was fascinated with the beautiful flower arrangement in the wedding venue. When she touched them, she was surprised that those were artificial flowers. Artificial flowers are very economical because they don't rot and so can be used several times. Furthermore, it is an advantage for your customers to be able to choose different kinds and colors of flowers (even those out of season kinds) to be used in their occasion.
Karaoke machine. Singing in a karaoke is so much fun. This is an awesome way to entertain guests. In the Philippines, where I grew up, people are accustomed to renting karaoke machine on almost every occasion-- birthday, baptism, wedding, anniversary, fiesta, graduation, etc.
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