If you’re an excavator operator or have been in the construction business for a while, hiring an excavator may add a stream of profit. With the major infrastructure projects emerging in the construction market and industry, we’re expecting substantial growth in the business of construction equipment rental providers. The equipment rental industry is booming and experts are foreseeing an even further increase this year. With such, you can exploit this trend of the rental industry for your business by buying an excavator and become an excavator hire company.
But before going for some excavator shopping, you need to consider some important points to ensure your efforts are well-rewarded. In today’s post, we’re going to explore how you can go about self-employment as an excavator hire company. So, let’s delve in:
Study the market – know your opportunities
Before you get started with any buying activity, make sure you know what’s going on in your area. Know your opportunities in terms of projects that are going on in your area. Every construction project is unique and with so many types of excavators to pick, you must know the requirements of your client. So, do your homeowner on what type of excavators your potential customers are looking for. You can get in touch with subcontractors or general contractors in your area and ask them about how often they need the services of excavator Rental Company and what type or brand name they prefer.
Advertise your services – make sure they know you’re available
Get your name out there as an excavator rental agency. Enlist your business in your local online directory or hire an outreach agent who will help you reach out to project managers or contractors. If you are already in a construction business you would have got some links and references, so use them to earn business leads.
Know the sizes and types of excavators for your fleet
There are a plethora of excavators available in the market, some are commonly used while others are only required in specific applications. With such, you should try to target commonly used excavators at the start and then target the other types. You also have to consider the size of excavators and it depends on the scope of work of your client.
Set your rate on daily hire basis
As a guide, you can peak into the rates of your competitors and set your rate slightly less than that. As you’ll gain experience and have happy clients, you can gradually increase your rate. You can set your rates based on an hourly basis or daily basis. The excavator rental daily hire rates are more profitable than hourly basis. But you have to work yourself through projects before having a rate that is more profitable for your business.
The bottom line
Being self-employed has its pros and cons but all you have to do is to keep a good fleet of excavators. The construction industry is competitive and you need to fight that out to reap a profit.
Now that you’ve made it through all of our tips, let’s get off to a great start as a rental business success.