Wondering how to start an office furniture and equipment rental and leasing business? We take you step-by-step from start to success.
Office Furniture and Equipment Leasing Fundamentals
Office furniture and equipment leasing is a stable and potentially growing industry in the U.S. Traditionally, new or cash-strapped businesses opt for lease plans that enabled them to spread the cost of furniture and equipment over a longer time period. Although leasing is still a good option for these firms, larger companies are also getting into the game as a way to free up needed capital.
Startup entrepreneurs in the furniture and equipment rental industry need to possess a firm grasp of the selling points they can offer to businesses. With a well crafted sales and marketing strategy in your corner, you should be capable of selling leases to any business -- regardless of its size or capital position.
Flexibility is a key trait of successful office furniture and equipment leasing companies. From the beginning, you'll need to be prepared to offer a variety of products and leasing options, tailored to each customer's unique asset requirements and circumstances.
Growth Strategies for Startup Office Equipment Rental Companies
Smart office equipment and furniture rental startup owners know that business growth is their first priority. But businesses aren't weeds -- they don't grow by themselves. To hit strategic benchmarks, you will need to drive growth in your organization.
- Growth by Geographic Expansion. Geographic expansion is the first place many startup entrepreneurs look for expansion. However, geographic expansion may or may not be the best way to increase revenues and your bottom line. If you haven't adequately penetrated your current market or lack the necessary capital to cover the added cost of a new location, geographic expansion is off the table -- for now.
- Growth by Technology. Technology has the ability to deliver revenue growth in a way that maintains healthy ROI. A more effective company website, email campaigns, online marketing initiatives and other tactics can be leveraged to ramp up your business without incurring dramatically higher costs.
- Growth in Services. In B2B equipment and furniture leasing, growth is often achieved through the delivery of value added services. Professional space planning, installation, asset management and other services can form the cornerstone of an effort to expand the depth and reach of your startup.
Proven Strategies for Office Furniture & Equipment Rental & Leasing Company Business Plans
The idea of writing a business plan is intimidating to most aspiring office furniture and equipment rental and leasing business owners. If it's comprehensive and well-written, however, your business plan will serve as a strategic anchor point and a calling card for external stakeholders.
After you have written you plan, you'll also need to develop a strategy for your next steps.
To optimize the impact of your plan, it's important to consider a distribution strategy. Without exception, the most effective business plans also leverage an organized process for tracking business plan distribution.
Don't Ignore Competitors
Before you open an office furniture and equipment rental and leasing business within your community, it's essential to determine how you will fit in the competitive landscape. We've provided the link below to help you generate a list of competitors near you. After following the link, enter your city, state and zip code to get a list of office furniture and equipment rental and leasing businesses in your area.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
If you want to open an office furniture and equipment rental and leasing business be sure to have a conversation with someone who is in the business. If you think owners of nearby office furniture and equipment rental and leasing businesses will give you advice, think again. Why would they want to educate a future competitor?
However, an entrepreneur who owns an office furniture and equipment rental and leasing business in a location that is not competitive to you will be much more likely to talk with you, given that you don't compete with them in their area. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Where can you find an office furniture and equipment rental and leasing business founder who is willing to talk to you but doesn't live nearby?
Easy. Find them using our link below and start calling until you are successful.
Leveraging the Branding Benefits of an Office Furniture & Equipment Rental & Leasing Business Acquisition
Branding a new business takes time, resources and a lot of hard work. Given the choice, most new office furniture and equipment rental and leasing business owners would prefer to buy an existing brand rather than invest the time and energy it takes to build a new brand.
To compensate, one of the techniques entrepreneurs use is to buy a business to get an established brand. In the hands of marketing professionals, the process for creating brand awareness is still long and gruelling.
However, an office furniture and equipment rental and leasing business acquisition can put you at the helm of a brand that is already highly trusted by your target market.
Is Franchising the Right Option?
The probabilities on your surviving in business are greatly increased if you opt for franchising and benefit from the prior work of others and their lessons learned.
Before opening an office furniture and equipment rental and leasing business, you would be wise to assess whether franchising might simplify your entering the business.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing office furniture and equipment rental and leasing business, try these useful resources:
If you sell to office furniture and equipment rental and leasing businesses, this isn't the right place for you. These resources are more appropriate for you:
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