Whether you’re thinking of starting a temporary fence rental company from scratch or are simply looking to expand your current service offerings to include fence rental options, you’re embarking on a wonderful opportunity.
The fence rental market is growing steadily as more and more companies embrace the benefits of renting fencing for their job sites and various projects, so now is the time to get your business in on the action.
Still, even a business with plenty of opportunities for growth won’t manage itself. A new rental company in the process of pivoting from another line of business (such as fence contracting, for example) faces unique challenges that call for adequate preparation and an efficient logistics plan.
In this comprehensive guide, we’ll go over what you need to know to make a robust success of your growing temporary fence rental business. From smart rental inventory management to efficient transportation methods, we’ve got you covered.
Understanding Rental Inventory Management
When a temporary fence rental business is first getting started, keeping track of your inventory isn’t too complicated a job yet. You’re still growing your customer base, and your available product catalog is probably still limited, as well. Even if you’re still learning the ropes when it comes to inventory logistics, managing things is still simple.
But things won’t always be this way. As your business grows, your inventory will, as well. You’ll eventually need a better management system to help you keep track of everything. Implementing a streamlined digital system that monitors your inventory in real time can help take the guesswork out of the process.
You should also keep best practices like the following in mind:
Organize your existing inventory into categories to simplify the tracking process as you continue to build your stock.
Ensure your system covers all necessary bases for keeping track of your product. Include data on how many panels you own, where they are at any given time, and how many more you’ll need to cover future projects.
Develop a system for coordinating the start and finish dates of your clients’ projects to ensure enough products are available for new agreements.
Perform regular audits to ensure your digital records match the actual amount of physical product you have on hand. (Once a quarter is generally a good frequency to shoot for.)
You’ll also need to implement a system for protecting your inventory once it’s in the possession of a customer. Rental agreements should include terms and conditions that dictate what happens if your temporary fencing is lost, damaged, returned ahead of schedule, etc.
You should also get into the habit of thoroughly inspecting your fencing before it goes out to a customer and after it comes back to prevent damage, keep track of product condition, etc.
Schedule Control
Smooth, streamlined scheduling is more than just a good idea when you’re in the temporary fence rental business. It’s an absolute must, as it helps businesses like yours adequately handle concerns like the following:
Ensuring customers can count on you to come through for them when they need you
Avoiding delays and inventory shortages
Determining when to order new inventory, as well as how much you need
Understanding and meeting customer needs and expectations
Keeping your business scalable and profitable
Let’s go over a few actionable scheduling strategies to consider and implement.
Use appropriate rental software
The right software is a lifesaver when it comes to managing your rental business. Rental software not only monitors and tracks your available inventory in real time, but it can help you maintain an efficient, accurate schedule when you integrate it with a booking calendar.
It’s absolutely the best way to prevent frustrations like double-booking and overbooking, as well as improve the customer experience.
Prioritize communication
Communicating clearly with customers, suppliers, and team members helps keep your rental business on track and prevents scheduling mistakes. Take the time to confirm and finalize dates for returns, deliveries, and product rentals. Have a protocol in place for managing early or late product returns, new deliveries, etc. Follow up when there are issues to ensure customer satisfaction.
Prepare for demand surges
Although peak demand periods can differ from one area to the next, it’s important to be adequately prepared for them when you run a temporary fence rental business.
For example, industries like construction and event planning tend to peak from May through September when the weather is mild. Prepare for those periods by implementing inventory logistics that ensure you'll have extra products on hand to meet demand.
You should also consider partnering with a fencing distributor like SONCO to help you handle unexpected rental surges as needed. SONCO leverages a warehouse system that ensures expedited fence panel delivery to or from any point in the country, so you’re covered wherever you are.
Transportation and Delivery
Streamlining the logistics of transport and ultimately delivering your rental fencing to your customers is another key part of managing your business well. Your customers will be counting on you to drop off and pick up products as needed, and a well-coordinated transportation process can help you do that.
Here are some tips for keeping delivery and transportation as smooth and easy as possible:
Ensure you have enough delivery vehicles to adequately handle demand. It’s also important to make sure those vehicles are located close enough to your customers and their job sites to maintain service speed and quality.
Know your limits when it comes to transportation and delivery. Decide early on how far is too far for your team to travel. You can always reevaluate those boundaries as your business grows and acquires more resources.
Don’t skimp on labor. Maintain dedicated teams to handle different aspects of delivering, picking up, or installing your products. But don’t be afraid to borrow from one team to reinforce another as needed. Hiring temp workers is another solid way to ensure there are always enough hands on deck.
Plan your delivery routes with cost-effectiveness and time management in mind. Use larger delivery vehicles to handle multiple client orders at one time. Send larger crews on those orders, as well, to handle multiple installations and deliveries simultaneously.
And again, you’ll want to leverage the convenience technology and software bring to the table here. For example, route optimization software can help you quickly and efficiently identify the best, fastest, most economical ways to fill orders with the resources you have available.
Common Issues of the Rental Industry
When you’re in the temporary fence rental business, most of your clients will be either construction companies or event-planning businesses. Knowing how to navigate both universal and industry-specific challenges is a must when it comes to good rental business management. Here are some examples.
Weather problems
Inclement, seasonal, or unexpected weather conditions can throw you a curveball when you least expect one. For example, weather changes can cause construction projects to run long, potentially requiring rental extensions or replacement fencing. Outdoor events may suddenly require additional products (such as Anchor Blocks) to reinforce temporary fencing and crowd control barriers. Make sure you’re prepared for these possibilities.
Last-minute changes
Many companies that rent temporary fencing may need to change their schedules or other aspects of their order without a lot of notice. Being able to come through for them with solutions like flexible scheduling, open communication, etc. can help set your business apart in all the right ways.
Compliance Concerns
Clients in both the construction and event-planning sectors need to comply with strict laws, regulations, and safety standards. Stay in the know when it comes to compliance standards your clients need to meet and ensure your product inventory is up to snuff.
Keeping Clients Informed and Other Customer Service Practices
Lastly, it’s essential to remember that your customer is at the heart of what your business is about. Service that goes above and beyond with a smile will always be the X factor that differentiates a great fence rental business from those that are merely adequate.
Implement service policies and standards that promote clear communication, streamlined customer experiences, and exceptional customer service that lets your clients know they matter.
Want to learn more about how to differentiate your business from the competition and keep your customers coming back? Check out our must-know tips for impeccable customer service that optimizes the client experience and encourages repeat business!