Image by Albrecht Fietz
Florida enters millions of tourists every year. They come for amusement parks, nature, beaches and nightlife. Tourists also mean business opportunities for locals. So if you want to start an entrepreneurial journey, catering to tourists in Florida is a great option.
A rental business is perfect. It can provide tourists with everything they need to enjoy themselves without bringing everything from home. There are many types of potential rental businesses, from vehicles to boats to equipment to bikes and everything in between. However, you can’t start renting something you already own and expect to find lasting success. As with any other business, you need to take the right steps to set your business up for future success. Here’s how you can start a rental store in Florida in 2023.
Find a gap
When starting any business, you don’t want to make something that is already widely available to the consumer. Otherwise, you’ll have built-in competition and you’ll have a rough go right away. Instead, you have a great opportunity to start something new and capture customers who aren’t being served anywhere else. In the rental industry, there can be many possibilities depending on where your service area is. For example, if there are many places to rent beach equipment, there may be a need for boat rentals. If you are looking to rent construction equipment, check to see if certain types are not widely available. Find the gap and try to fill it as best you can.
Have a business plan
Never start a business without a plan. A plan forces you to look closely at your potential business and examine how you can make it viable. All of your cost and revenue projections should be established. You will also need to establish your marketing strategy and how you will manage your day-to-day operations. One of the most important features of your plan is that you can map out your goals and how you plan to achieve them. If you have unexpected growth or difficulties, a plan will keep you on track and help you grow responsibly.
Get your products
You need to figure out where you will get the products you rent and how much you will pay for them. There are some tricky aspects to this. First of all, if you rent something, you want it to be of good quality. It needs to withstand whatever the renters throw at it, and it needs to look great when you initially rent it to someone. The other tricky aspect is knowing how much of each thing to rent. You may not know in advance how often certain items are likely to be rented. Most rental companies start with one of two of each product and then expand as they gain more data and experience. This helps ensure that you don’t overextend your investment early on and that you can grow slowly and steadily.
insurance
All businesses need insurance, and a rental business is no different. There are several ways you can find yourself facing a lawsuit. A customer could trip and fall on your property, or one of your rental products could malfunction and cause injury or property damage. You will likely be tracking customer data and a breach could also cause losses for your customers. They will sue to be compensated. If you have a rental business in Florida, then you must have enough coverage to protect yourself from any potential hazards. Even a small lawsuit can drag on for years and financially ruin a business if you’re not protected.
Location, location, location
Regardless of what you rent, it’s always a good idea to be located in a convenient location for your potential costumes. It wouldn’t make sense to run a beach equipment rental shop a few miles inland. Car rental companies always have locations at the airport, and you should keep that in mind. If your tenants are primarily tourists, they won’t be familiar with the area or willing to travel too far to get what they need. Make your products easier to access and you can generate more business.
marketing
Whether you’re marketing to tourists or people who live in your area, local search engine optimization (SEO) can be a powerful marketing tool. For example, when someone is traveling somewhere else and is thinking about renting something, the first step will probably be to look for the products they will rent and the city they are visiting. If you’ve done your SEO work right, your website will appear on the first page of search rankings, where customers can click and get your contact and booking information. Of course, locals will also search for products near them, and you want to be able to capture those customers as well.
Customer service
Owning a rental shop means you will be in a customer service industry. You are trying to meet their needs and help them enjoy their stay in Florida. Customer service it doesn’t just mean providing the service they want, it also means being helpful and courteous in dealing with them. Everything should be clear and easy to do, and your customers should feel good about your brand when they’ve done business with you. If you have staff, everyone should have customer service training and focus on their day-to-day jobs. This includes anyone who is not necessarily customer-facing. You never know when customers will be contacted. A negative experience will definitely end up on your review pages and social media.
A storefront rental is a great idea for a business in Florida, whether you want to cater to locals or the millions of tourists who visit each year. However, you can’t just buy a couple of products and start renting them out. You need a plan and a solid foundation for your business to successfully launch and build for the future.
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