When you focus on developing online reservation systems for rental businesses, you come across a wide variety of intriguing and cutting-edge business ideas. The options are many and exciting to consider, from those who have made their passion their career to those wishing to supplement a full-time job.
We put together a variety of ideas based on what we’ve seen in this business, from outdoorsy to incredibly specialist to hobby-focused, if you’re thinking about beginning a rental venture but feel overwhelmed by the alternatives and need a little inspiration to get the entrepreneurial juices flowing. In this post, we will be brainstorming. Ready?
Properties For Rent That Are Investments
Owning a rental property is often an investment. This is so that even if you may profit from the rental property, you aren’t required to work there. Landlords frequently employ staff members like property managers or maintenance crews.
According to the IRS, you may discover that you actually have an investment rather than a business if you own a property that you rent to a renter and utilise the profits to pay the expenses associated with that property.
To demonstrate that it’s a business rather than an investment, you must show the IRS that your management operations are ongoing throughout the year and performed frequently enough.
However, it’s crucial to keep in mind that renting out a house might be a business, as you’ll see in a later paragraph. To demonstrate that it’s a business rather than an investment, you must show the IRS that your management operations are ongoing throughout the year and performed frequently enough.
You are more likely to be seen as a company if you rent out a home to a renter and take on the management responsibilities that require you to replace a water softener or service faulty equipment.
But rental property businesses not only revolve around real estate. Here are some more creative ideas to try this year:
1. Mobile Drinking Systems
Although you might bring the bar to your party, some individuals prefer to celebrate at the bar. The two- and one-tap systems are ideal for small-group tailgating, picnics, barbecues, etc., while the tap party trailers are designed for larger gatherings like weddings, golf tournaments, and festivals. When you build your company around a good that will always be in demand, like beer, you are acting like an entrepreneur.
2. Party Yacht
Undoubtedly, the day you buy a boat and the day you sell it are the two best days of boat ownership. But whoever stated that hasn’t even dabbled in the boat rental industry! Consider all the different types of clients you may serve with a houseboat or party boat: family reunions, bachelor/bachelorette parties, corporate vacations, etc. In addition, you can claim a rental property depreciation for your yacht.
3. Party/Luxury Bus
For landlubbers, this appeals in a similar way to party boats. The buses themselves are destinations in and of themselves thanks to their luxury. This kind of service not only has a year-round market, but it’s also a great opportunity to infuse a tried-and-true company model with your personal sense of flair and whimsy. For instance, we’ve seen business owners buy used school buses and transform them into the ultimate party mobiles, which are ideal for ferrying wedding guests between locations.
Consider a customised chauffeured luxury car service if you want to look sleek and smart. One vehicle is always a good place to start, and you may expand your fleet from there.
Think canoes, kayaks, paddle boats, standup paddle boards, and (our personal favourite) gigantic SUPs if being out on the open water makes you smile broadly. Start off modestly; a part-time operation may get along with a fleet of only five boats.
Before increasing your inventory, take the time to thoroughly improve your client experience, establish the foundation of your business, and set yourself apart from competitors.
A few things to think about as you investigate this possibility—read up on the rules and regulations of watercraft rentals in your state, on-water liability insurance, and look for an organisation that can provide community and insight along your journey.
4. Electric Bicycles, Segways, and Scooters
Renting out mopeds, Segways, or electric bikes is a viable business idea to consider if you have some mechanical talent and live close to a busy region that draws a lot of tourists. These cars appeal to a wide range of individuals, expanding your customer base. They are cosy, convenient, and just plain entertaining.
In tourist hotspots and adult playgrounds like Las Vegas and Hawaii, scooter excursions are immensely popular, and Segways continue to be a major tourist attractions in tech hubs like Austin and San Francisco. If you want to start a business right now, look into franchise opportunities that could put your company on a fast track to revenue, profit, and expansion.
5. Outdoor Sports, Fitness, and Activity Gear
Wide open areas…wide open opportunities! The ideal place to start in this particular area is by taking into account the local environmental circumstances where you are headquartered. There’s certainly a pastime nearby that fits your environment wherever you are. If you enjoy being outside, this is a fulfilling way to continue doing what you love, spread your enthusiasm to others, and earn some extra money. Consider…
- A lake or river nearby: fishing gear
- Ski, snowboard, snowshoe, and tubing equipment should be available nearby.
- Climbing equipment near a mountain range or rocky location
- Surfboards, boogie boards, hand planes, wetsuits, and snorkel gear close to the ocean
- Hiking equipment near a national park
- Sandboards/sand sledges next to the sand dunes
6. Party Equipment
The options in this group are as vibrant as a handful of confetti. Consider this: Most people don’t have inflatable bounce houses, chocolate fountains, or bubble machines stashed away in their hallway closet (wait, you do? Can we come over?).
People resort to vendors when it’s time to throw a party. This particular rental market offers a lot of flexibility—and opportunity—whether you want to build an inventory of goods or specialise in one thing that earns money on its own (audio equipment, for example). Here are a few examples:
- Concession stands (snow cones, cotton candy, popcorn, cotton candy fountains, slushies, and margaritas)
- Bouncy castles
- Audio apparatus
- Smoke generators
- Tables, chairs, and tents
- A CO2 tank
- Bubble maker
- Karaoke equipment
- Engaging video games
All-terrain vehicles, or ATVs, are common across the nation, from the forested areas of New York to the verdant stretches of Hawaii. For travellers who are serious about immersing themselves in their environment, they offer thrilling appeal even though they come with some startup challenges. The best site to hire an ATV is “near to approved off-road regions or backcountry recreational locations where the machines are allowed,” according to eHow. If you intend to conduct business inside the boundaries of a park or national forest, check with the state or federal body in charge of the area to find out what permits or licences are necessary.
8. Photo Booths
You probably already know those picture booths are as much of a standard at weddings as the DJ, the cake, and the bouquet thrown in the last seven or so years. Since the photo booth trend doesn’t seem to be going away anytime soon, it’s a great side business to consider—especially if you value flexibility and fun.
Before taxes, some photo booth owners claim to make about $100 an hour in gross profit. Working two events in one weekend will definitely net you around $1,000. Downside? Due to the fact that most corporate functions and weddings occur on weekends, it may interfere with your social life.