These days, companies are constantly evaluating new ways to increase and diversify their revenue streams. There are plenty of opportunities out there; you just have to identify them. If you’re already using inventory management software for a retail operation, one such opportunity is with equipment rentals.
Companies like Windward Software develop fully integrated business management software that features optional modules such as rental software. With it, you can easily add a rental component to your business that lets you:
- Track inventory movement
- Monitor your service department
- Log customer rental history
Best of all, you can manage both your retail and rental operations using a single software package. Whether you’re new to the rental game, or you’ve been doing it for a while, this is a solution worth considering.
Which Business Types Does this Work For?
Naturally, some types of businesses are better suited for rentals than others. However, others might surprise you. Let’s take a look.
Furniture stores: While furniture is primarily a retail market, many stores have opened up to the idea of renting their product to real estate companies so they can stage homes for sale.
Garden centres: While many homeowners buy hand tools and other essential equipment to maintain their yards, they might not justify the expense of purchasing larger, less frequently used equipment such as:
- Lawn aerators
- Rototillers
- Chainsaws
Power Sports Stores: If you operate one of these stores, you probably already have a service department to look after your customers. You wouldn’t have to drastically change the way you operate if you decided to start renting dirt bikes, quads and snowmobiles. The shop is already there, so it’s a natural fit.
Other business types that work well for rentals include:
- Audio/visual equipment
- Heavy equipment
- Outdoor power equipment
- Sporting goods (bikes, snowboards etc.)
- Tool rentals
- Party supplies
Which Features Do You Need?
For rental software to work properly, it requires a real-time inventory management software component that instantly and easily tells you:
- Which items are available?
- What items are booked (reserved or currently rented)?
- Which items are overdue?
Without this, you could struggle to track the whereabouts of your inventory, which could result in:
- Double-bookings
- Missed sales opportunities
- Misplaced inventory
The other important feature you need is powerful POS software performance. It should be able to handle both sales and rentals seamlessly. In fact, it should be able to do add both retail and rental items to a single invoice. Additionally, it’s nice to have the ability to transfer rental equipment to your retail inventory pool, and visa versa.
For more on the benefits of rental software, read our post: 3 Ways Equipment Rental Software Will Save You Time.
Powerful inventory management software is important for companies that have a rental component to their business operations. Windward System Five has an optional rental software module that helps you track your product at all times. Call us to learn more.
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