Moving box rental is a profitable business for so many reasons. It is a low-waste, eco-conscious side hustle that brings in consistent profit. Before you dive into your business idea, make sure it’s a good fit for your town or city. In this blog, we’ve laid out a few important points to help you figure that out.
1. Market Research
If your area has a high percentage of renters you will typically see more frequent moves than areas dominated by homeowners. College towns, cities with a vibrant job market, and areas experiencing population growth are promising options. Another indicator is the local economy. An area where employment opportunities are growing is a good target because more people are moving in and out.
2. Competition Landscape
Check if there are any existing moving box rental companies in various areas within your city. An area with fewer moving companies might offer a great opportunity, but understand why the competition is low. Is it due to low demand, or has no one tapped into the potential market yet? Always offer a little extra than your competitors.
3. Regulatory Environment
Some regions have stricter regulations for moving box rental companies than others. Make sure you meet the licensing requirements, insurance obligations, sanitation, and any other regulatory hurdles needed.
4. Infrastructure and Accessibility
You or your team would need to use major highways and roads to make quick deliveries or pickups. Find a storage facility that is accessible for local and long-distance moves and also helps you reduce operational costs and improve service times. When finding a facility, think about your business needs in terms of office space, storage, and parking for your vehicles.
5. Community Needs
Engage with your local community through Facebook groups, forums, surveys, local fairs, or local business groups to gauge the demand for moving services. Don’t service all moves right away. Pick an audience, whether it is college students, young professionals, or downsizers. Then create services that cater to their exact needs. For example, college students move a lot and usually don’t have cars. If your service includes dropping off boxes right at their new places, you’re really making things easier for them.
6. Cost of Living and Operation
Higher costs of living can translate into higher wages for employees and higher costs for warehouse space. Make sure to also work operational and rental costs into your pricing strategy.
7. Strategic Partnerships
Areas suitable for a moving box business are also robust with realtors, property managers, and other home service businesses. Approach them with collaboration ideas that are mutually beneficial. Some examples include discount coupons for their clients, cross promotions, and joint packages.
8. Test the Waters
Before fully committing, consider offering a limited range of services or operating in a smaller area or just amongst friends and family. Gather some real-world data on people’s needs, problems they face while moving, and how your business helps them.
After thorough research and analysis, weigh the pros and cons of each location based on the factors above. Some extra help is always appreciated. Just like our 14-Week Side Hustle Course by Carrie’s Courses. Focused on starting a moving box rental business, Carrie guides you on all topics from market research to setting up a website. Book a Clarity Call with Carrie today.
