Attractive hub, great utilities, and expansion make UAE one of the best regions to start an equipment rental business. Despite the infrastructural development and more attractiveness for foreign investors, the heavy equipment rental industry will dominate in the coming years. According to the Marketwatch survey, the construction equipment rental market will hit $135.7 billion by 2027.
However, the competition in this industry is very high. So, what’s the right step to take? As per my research, starting with an online equipment rental business is the best entrepreneurial opportunity that can work out.
Let’s understand what the current scenario and scope of the equipment rental business in the UAE are.
Scope of Equipment Rental Business in UAE
The below statistics clearly showcase the growth opportunities for business owners who want to invest in the equipment rental industry.
- As per research and market, the UAE equipment rental market is expected to hit at an annual growth rate (CAGR 2018-2024) of 3.3%.
- As per the survey by Globalnewswire, the equipment rental market segregated into a crane, diesel generator, wheel loader, excavator, and many is in trend. Out of these, wheel loader accounts for the dominant share and will continue to grow till 2025.
- As per GMinsights, the construction equipment rental market will amount to $155 billion in revenue by 2026.
Popular Equipment Rental Websites in UAE
Considering the forecast for the year 2021, below I have listed equipment rental websites based upon their popularity in UAE:
- Machinery Planet
- Al Sahra Rental
- Al Walid Equipment Rental LLC
How to start an Online Equipment Rental Business in UAE?
The basic steps for starting an equipment rental business are common on a global scale. But there might be few differences concerning the legal requirements and formalities.
Let’s understand the simple steps involved in starting an equipment rental business in UAE:
- Research and Planning
Research and planning are the basic steps to be considered for achieving any business goal. This initial step has subdivisions: –
- Detailed market study of what your potential customers are looking for
- How much the user is willing to pay
- Identifying Competitors
This is an essential step as important as that of research and planning. This helps in following what strategy and competing with your competitors accordingly.
- Legal Formalities
Every region has its own paperwork and legal requirements for starting an equipment rental business. The more you keep everything organized, the better will be the growth of your business. Make sure to get your business registered and the equipment insured.
- Launching an Equipment rental website
Designing and developing a website is probably the most important in the equipment rental business. Establishing your business online brings more brand awareness to your customers and generates more revenue in the long run. However, equipment rental websites also need to address other important aspects such as looking out for deals and buying equipment, payment processing, security, checkout procedure, etc.…
Best Equipment Rental Software in UAE in 2021
Choosing the right equipment rental software is one of the most important decisions in your business. There are hundreds of equipment rental software that are available in this regard. But finding the one that suits your business needs is really a tough decision.
So, I am suggesting equipment rental software that is fully customizable, scalable, and trusted across the globe – Yo!Rent. This white-label platform has been used by several businesses and is a flagship product of a renowned company, FATbit Technologies. Yo!Rent is packed with top-notch features.
Let’s take a look at features that make Yo!Rent a Whitelabel equipment rental solution: –
- Provision to rent and sell
- Multi-level buyer subscription
- Multilingual and multi-currency
- Multiple payment gateways
- Transaction management
- Inventory management
- Real-time stock availability
- Localization settings
Alternatives to Yo!Rent
Sharetribe and Arcadier are among the most prominent alternatives of Yo!Rent, and they also help in starting an equipment rental business. There are some unique features of Yo!Rent here that is absent in the competitors such as:-
- Instant Online Demo Availability -The platform Yo!Rent can provide an instant live demo for all the four interfaces, such as front end, buyer, seller, and Admin. In addition, you can schedule a personalized demo for your business by contacting FATbit Technologies.
- In-built analytics & Reporting Feature – The product Yo!Rent automates in-depth reporting features for distinct sales attributes. This helps in understanding the overall performance of the store, such as order trends.
- Affiliate Management – Yo!Rent comes with an easy-to-use affiliate management system that can rapidly increase your brand visibility and generate revenue. Using this software, you can track, report, and payout different affiliates.
You can look at the client reviews of Yo!Rent acts as the most reliable source of information if you are interested in the solution.
Yo!Rent Client Reviews
Here I am sharing some of the recent reviews published by Yo!Rent clients on platforms like G2.
You are always suggested to check out multiple software before selecting the right one. That is why I have shared some of the alternatives in this blog.
You need to visit this equipment rental software’s websites and try out their demo to understand better. Start with Yo!Rent Demo right here!