Expand your Fishing Rental Business with YoRent Rental Software

The fishing equipment industry is worth $13.3 billion today and expected to capture another $5 billion in the next 7 years. In comparison to the North America region, Europe is expected to show more extensive growth. The primary contributors behind the rapid growth in the fishing industry are increased interest for sports fishing and rising popularity amongst children. However, to meet the surging demand, fishing equipment rental businesses need to adapt modern digital practices. In addition, they also need to upgrade their value proposition in order to compete with both existing players and new entrants in the market.

In the following insights, we will cover everything you need to know about online fishing equipment rental businesses including key players, product catalog, and operational models.

Leading Fishing Equipment Rental Businesses in the Online Market

Let’s take a look at some renowned fishing equipment rental businesses that are successfully operating online with the help of a rental platform:

• The Gear Shack
• Eagle Claw
• Rent This Rod
• Ocean Premium

All these aforementioned players rely on online rental platforms that simplify bookings by accepting rental orders online. To do so, these websites have a booking calendar that accepts rental date inputs from customers and shows equipment availability. In addition, these websites have rental invoicing algorithms that ensure proper and accurate invoices are prepared for payments. 

With the help of online payment gateways, monetary transactions are easily handled online and the business only needs to ensure timely delivery and return of the fishing equipment.  

Types of Fishing Equipment to Rent

The product catalog of online fishing equipment rental stores can be very diverse and include categories like:

• Fishing rods
• Nets
• Hooks
• Lines
• Winches
• Spears
• Spearguns
• Lures
• Knives
• Cold storage boxes
• First aid kits

Business Model of an Online Fishing Equipment Rental Store

The business model varies from business to business, depending on the business owner’s preferences and market dynamics. For some businesses, the business model can be very long and inclusive of several processes. For reference purposes, we have stated a business model below that includes all essential details. You can also customize the following business model based on your requirements.

• Step 1: The product/business owner uploads detailed listings on the platform, including product images, descriptions, specifications and pricing
• Step 2: Customers browse the preferred equipment and select rental dates through the booking calendar, submit a security deposit and pay rental fees
• Step 3: Customer get the product through the selected fulfillment method, i.e., self-pickup or delivery
• Step 4: After usage, the customers return the equipment
• Step 5: The business owner inspects the equipment and reimburses any damages with the rental security 
• Step 6: The owner returns the remaining security amount to the customer

Revenue Streams to Utilize

There are several ways to generate revenue on a fishing equipment store:

• Rental fees
• Add-on products and services
• Subscription packages
• Display ads
• Gift cards
• Product bundling

Key Features for Fishing Rental Website

For successful fishing equipment rental operations, bellow is a list of all the features that you will require:

• Booking Calendar: Required to show equipment availability and accept rental dates
• Rental Invoicing: A separate invoicing module configured to generate accurate and reliable rental order invoices.
• Rental Security Management: A module to help you collect rental security from customers and store it for reimbursing any damages.
• Insurance Add-on: The other option to safeguard your rental fishing equipment is to charge a small insurance fee at checkout.
• Document Verification: Required to verify the identity proof of customers.
• Product Comparison: To help customers find the right equipment for their requirements.
• Inventory Management: For tracking the real-time flow of inventory and preventing shortages.
• Overdue and Upcoming Returns: To keep tabs on all upcoming returns and take necessary actions, like sending notifications and reminders.
• Late Returns Management: An option that will help set and levy varying late return charges depending on the number of days in delay.
• Tiered Pricing Option: Multiple pricing options including hourly, daily, weekly and monthly rental pricing.
• Request for Quote: Allow customers to request price quotes for bulk or complex orders
• Rental Buffer Period: An option that will sync the equipment maintenance and servicing period with the online inventory.
• Multilingual and Multi-currency: To help you target non-native English speaking customers and other audiences.

How YoRent Helps?

Yo!Rent is the industry’s most advanced rental software that supports a wide range of rental business operations including fishing equipment rental. With the help of Yo!Rent, not only business owners can automate their fishing equipment rental operations but also increase efficiency, cut down overall operational costs, target new audiences and get full-fledged reports to make important decisions.

Furthermore, as Yo!Rent supports both rental and sales operations, it gives business owners the flexibility to offer their products for renting or selling or both. In addition, the software comes right out of the box with all aforementioned features and is available at a one-time cost. Being a self-hosted solution, you will also get to install Yo!Rent on your own preferred hosting servers, and thus will get no restrictions on features, listings, user profiles and transactions. 

• Available at one-time cost
• Complete white label solution 
• Fully customizable
• Fully scalable
• Next-gen features

Conclusion

The opportunity in launching a profitable fishing equipment rental store is very real. Due to the rise of the rental economy, experience economy and increasing disposable income, the consumer base in the fishing equipment industry is expected to grow. For a strong start, you can invest in a ready-made software that will reduce your time-to-market and help you leverage digital marketing for business growth. In addition, automation of major important tasks will reduce your overall operational costs and provide you with more time to focus on business planning and strategy.