If you are knowledgeable about or interested in home furnishing and want to open a business, consider starting a furniture rental company. This is a needed service, as many people cannot afford to pay for furniture all at once. With careful planning, your furniture rental business can be very successful.
Things You'll Need
- Retail location
- Warehouse space
- Moving trucks
Decide what type of furniture you want to rent. Not only will this help you target your marketing, but it is also easier than trying to rent every type of furniture there is. You can consider renting kids' furniture, bedroom furniture, living and dining room furniture, or luxury brand furniture.
Choose a retail store location. Pick an area for your furniture rental store that is highly visible, or that is located near complimentary businesses, such as appliance stores, electronic stores or home décor retailers.
Secure a warehouse space. You likely won't be able to put all of the furniture in your retail store, so you should rent a warehouse to put extra stock in. This will also keep your store from looking cluttered.
Buy or lease at least two moving trucks, or secure a contract with a truck rental company. This is needed not only if you plan to offer delivery services, but also for moving furniture back and forth from the warehouse. Established truck rental companies in your area may let you lease a few of their trucks at a discounted rate.
Stock your retail location and warehouse with wholesale furniture. To get furniture from known brands, you will need to show them your business licenses and tax ID, and they will then let you establish a wholesale account, which will allow you to buy furniture at a deep discount.
Set your furniture rental policies. This includes how long furniture can be rented, any needed deposits or fees, what happens if fees are not payed and what happens if the furniture is ruined while being rented.