One Year In Business - Equipment Rental
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- เผยแพร่เมื่อ 4 ต.ค. 2023
- We survived the first year in the world of equipment rental! We definitely have had our up's and down's but over all it has been an extremely rewarding experience! What type of video would you like to see next?
Skyway Equipment Rental
www.skywayequipmentrental.com
Love to see it. I've been in the equipment game since 2019. My focus is telehandlers.
Here my 2 cents.
All equipment is the same in terms of what the new stuff and older models. Yeah don't get me wrong the new stuff might be a little plush and cool tech but generally speaking. A excavator moves dirts, telehandlers lift material and so forth. Nothing has really changed. If you're just starting go to auction and find you're focus type. Then rinse and repeat the model type and year. Saves the headache of learning new service and repair procedures for yourself and any mechanic doing work on your stuff. I don't like the smaller equipment stuff because it's a lot more demanding which might be hit or miss depending on your lifestyle. Plus I don't need to haul it myself. I sub my transportation out saves me the headache of that and the overhead. Eventually I would get a truck but for now it's okay for me. I rather buy 4 teles at 50-70k at auction then a new one for 200k. Give them some love and paint and rock n roll. Then the bigger stuff is less likely to get stolen. Keep in mind this is all passive for me. Once you have your system in place buy in bulk for service parts and oils. I did dive into the ground heaters this year but it just didn't pan out the way I liked. Only had one rental on it sadly. But it's okay. Also if you can get a hydraulic hose setup you'll be able to provide that service for people outside of rentals. I haven't done it yet but it's on the plans. I'm a small fleet but it's okay. I don't want to have employees for now. Nothing wrong with them just don't need them. If the machine can't pay itself off in 2-5 years then it might not be good for you. Find the demand in your market. I know dirt equipment is a lot more harsher conditions. The little stuff is more likely to get broken with the higher demand. Be ready to service your stuff too. Gearwrench has a good little tool box setup that I've been using and it's awesome. Milwaukee transfer pump for fueling. Contact a local gas company to get a fuel card might be able to save on bulk (200g+) a torque multiplar on Amazon can save your day with the really big stuff. Milwaukee impact for little stuff. A hot water pressure washer would be nice (don't have one) for cleaning. Milwaukee grease guy with a quick coupler (Amazon).
The new stuff is nice too because you can get service packages but they'll cost ya. But service for a year or two, so your call.
As for the customers, generally speaking. It's construction expect them not to care for it lol. It's part of the industry so don't be upset once the dude gets stuck in a ditch or something Bizzare.
Invoicing and contracts are crucial. Dont be cheap and do a good old hand shake. I've had guys I know all my life try to pull slick stuff on me. Just keep a paper trail of everything. Get a lawyer to draft a contact for 1-3k. Insurance as well.
I haven't done any damage waivers but I'd love to hear what other people are doing. My insurance company is a little weary of it.
Asides that have at it. Its all case by case too so take this with a grain of salt. Dont be scared either. theres so many different types of equipment from machinery to nails guns to concrete forms. Find your preference and go get em tiger.
Ive had my first 4 customers finally since having the doors open in May. Looking forward to more content. Hoping to learn more and make my rental business succeed.
Awesome love it
Please keep posting videos bro! Im planning on starting a rental company here in hawaii. Love th vids!
Thank you! Feel free to reach out with any questions!
Thanks for the video, great job. Looking ti get into the business.
Good stuff! I
Good stuff, I'm looking into starting one.
Thank you! Go for it!
We rent a lot of the mts .Whats nice about the deckovers is you can put 4 mts on them
Amazing video man, please upload more like this. Going back, would you still start with a dump trailer or would you immediately get into skid steers + excavators?
I would do the same thing over again! Start slow and learn / make mistakes when overhead is low. We are still learning & making mistakes but learned a lot from our early days. Check out your local market, you might have no one renting compact construction equipment. In that case I’d say start there!
How have you gone about with insurance?
Are you worried about theft of your equipment? What do you do to secure theft protocol is in place and do you have an insurance coverage for theft???
I just watched another video where he addresses part of this. They have multiple trackers in each vehicle and having the ID of each client gives them a jumping off point if something goes missing.
Hi love your videos thinking about starting a rental company also. I have a few questions: when you financed the equipment was it through ur personal credit or the business? What was the income needed to afford the financing? Thank you!
Thanks for the insight! Any plans on making it a more passive business model? I was thinking clients could come pick up the equipment from you which could reduce the workload. Potentially hire employees to drop off/educate on equipment. Also, if you had to do it over what would be your first piece of equipment you would buy? Would love to get started myself! Thanks!
Hopefully in the near future we’ll be able to hire some help! I would suggest a skid steer if I had to go back in time.
How about starting with the mt100?
Great video. Do you offer consultation?
Do you do consultation calls ?
What truck would you recommend for a rental business like yours?
Hey how are you?? I love your videos, i literally just started Timely Rentals, I have 5 pieces of equipment that I have not rented yet..I have them because I own a construction company..Any tips or advice for advertising???
Facebook and Craigslist would fetch you some good business!
Give all the free platform a try! You’ll be surprised at the amount of money you can make off them for free
you got your CDL for that trailer ? That's class A all day long
I was thinking the same thing!
Yes Sir🫡
Good video! A couple questions: How did you manage the equity? The upfront cost of new machines is really high $$$
How do you keep people from stealing machines? Insurance? Iron clad rental agreements?
How fast did you get your CDL? Assuming weight is over 26k lbs.
Thank you! Cost is a big factor when getting into this. Of course you can get a new machine, also check local auctions / marketplaces. I’ve seen good deals on used machines, look for newer / low hour machines.
All customers must sign a contract prior to rental starting. We also keep a copy of their ID & credit card.
@SkywayEquipmentRentals I just started a dumpster roll off business this past July and I have pondered on the idea to rent out equipment also. I have many questions but one I'll ask is what platform are you using for payments and a contract? Did you create a website with a payment option included on it?
How did you find people to rent your equipment?
Lots of paid & free options. Facebook, Instagram, Google. We do a combo of everything
What size life on the f250? Ty great vid
Awesome. How do you guys handle the safety part, like do people have to put $500 down on a credit card, do you verify their identity? Background checks? Would love ur input.
We require ID & credit card with matching name
Any insurance company suggestions?
There are many different brands out there. I’d just do a search for exactly what your in the market for. Not a super easy process unfortunately
Did you know how to operate before you purchased?
We’ve both operated different types of equipment prior, but when we get a new piece we spend a few hours getting comfortable operating it!
Awesome thanks for sharing!
Wheres your DOT numbers? They are free to apply for, not worth getting fined over.
I'm in houston tx looking at getting in the same business. I appreciate you taking the time to make these videos. There definitely helping me In the process. 🫡