Many companies rent DVDs.
Rental stores allow people to use items for a short or extended period of time instead of purchasing them. Rental stores include video rental stores, furniture rental stores, and technical equipment rental stores. Before beginning your rental store business, determine what type of rental store you wish to open. Choose rental items you are familiar with and research items to understand proper pricing. If you choose to rent technical equipment, research the industry that will rent your equipment in order to better understand your customers.
Instructions
1. Visit nearby rental store competition. Determine beat the competition by offering a higher quality product, lower prices or better customer service. Video and game rental stores face competition from online rental programs such as Netflix and Gamefly.
2. Stock items that customers rent and create an inventory of items. Purchase point of sale hardware and software for easy tracking of inventory. You can buy this software from companies that print customized receipts. Include a way to keep track of customer rentals so you can hold customers accountable for rentals they do not return. Establish appropriate customer fees for unreturned rentals.
3. Lease a retail space for your rental store. Choose a store with plenty of lighting, in an area with plenty of parking, near major roads. Rental stores typically need locations with ample space to display rental stock.
4. Apply for a business license with your state and local government. Check with your local and state government for specific rules and guidelines on business licenses.
5. Stock your store with merchandise. Include adequate samples for your customers to view. If you are renting videos, include some televisions in your store and play movies as customers shop.
6. Hire and train employees. You will want to hire a manager, and at least two full-time cashiers. Compare your business to nearby businesses to determine your staffing needs. Some video rental stores have at least two employees working at all times while some bicycle rental stores only have one employee working at a time.
7. Advertise your store with through methods such as flyers, coupons, Internet and radio advertisements. Focus on advertising the benefits of renting rather than purchasing.
8. Open for business.
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