In the powersport industry, businesses are discovering an exciting avenue for growth and customer engagement: rental services. Beyond the traditional role of selling new and used equipment, venturing into the rental business opens up a realm of new revenue opportunities.
Here are 5 compelling reasons why a business selling powersport equipment should consider making a strategic move into the rental market.
1. Expanded Customer Base:
Offering rental services attracts a broader audience. Not everyone is ready to commit to the upfront cost of purchasing powersport equipment. By providing rental options, your business becomes accessible to enthusiasts, occasional users, and those wanting to try before they buy.
Offering rentals will cater to a diverse audience, including beginners eager to test the waters before investing in their own equipment. This approach allows potential enthusiasts to immerse themselves in the sport, discover its allure, and make an informed decision about a long-term investment. By providing a convenient and affordable rental option, you can attract a new wave of enthusiasts who could turn to you to make their future equipment purchases.
2. Increased Revenue Streams:
Diversifying revenue streams is a key strategy for business sustainability. Rental services introduce a new income stream, providing more revenue alongside one-time equipment sales. This dual approach creates a more resilient business model.
3. Brand Visibility and Customer Loyalty:
Establishing a rental arm enhances brand visibility. Renters become familiar with your equipment, creating a connection that may lead to future purchases. Additionally, a positive rental experience can foster customer loyalty, turning one-time renters into repeat customers.
Listing your rental equipment on Recreogo.com will also increase your visibility! When you use Recreogo, your inventory is automatically listed on our Marketplace. Through our network and marketing efforts we will promote your listings to a growing customer base.
4. Competitive Edge:
In a competitive market, diversification is a powerful tool. Offering rental services sets your business apart, positioning you as a comprehensive powersport solutions provider rather than just an equipment seller. This differentiation can attract a wider customer base and give you a competitive edge.
5. Online Bookings make rentals a breeze:
Instantly upgrade the customer experience by adding online booking to your website with an outfitter booking software like Recreogo. In just a few easy steps a link can be added to your website directing digital customers to your very own booking portal. Within the booking portal customers will be able to see live availability, book and pay for the rental.
But getting into the rental business isn’t all roses and sunshine.
Venturing into the rental business is a big decision and it shouldn’t be taken lightly. If you’re interested in getting into rentals, we encourage you to look into the amount of staff you’ll need to check customers in and out; the insurance and liability coverage that you’ll need to cover renters; the maintenance costs to maintain well-used equipment; and the potential for damage to your equipment.
There are a lot of factors to carefully consider when venturing into the rental business, and we urge you, as an outfitter, to research how the change will impact your specific business. But if you’re ready to get going with rentals, Recreogo is here to help you make the switch!
You can read more on our blog about what it means to be a Recreogo partner, or book a call with us. Let’s talk about how you can enter the exciting world of rentals!