The rent-to-own industry serves a growing market in this country. The industry has been around for generations, and today, it’s expanding its reach to include millennials and other non-traditional rental-purchase customers who prefer to spend on experiences over items.
Getting started in the rent to own industry takes understanding the business and knowing what to expect. It’s why we created this guide.
1. Review the Rent to Own Industry
The first stop for any future owner thinking about becoming part of an industry should be the hard facts about it and what those details mean for future expansion.
In the case of the rent to own industry, also called rental-purchase, that means digging into its past growth history. This should be required reading for a prospective owner, as it can provide a compelling snapshot of the industry’s overall potential.
A History of Growth, with More to Come
The rent-to-own market has been expanding for years. Consumer electronics and appliance rental comprise a significant portion of the business, attracting customers with disposable income and a preference for the latest gear.
The furniture rent industry is the other major market under the microscope. It’s expected to see a combined annual growth rate of 5.8% over the next decade.
2. Start with a Solid Financial Base
Every business requires an outlay of capital as part of the ownership process, and that’s the next stop for someone interested in the rental-purchase industry.
Joining the rent-to-own industry as an owner can take more capital than other industries, depending on the brand they are with. That’s partly by design and helps to narrow the field to those dedicated to joining the business.
Entry Cost Can Filter Potential Owners
The nature of the industry influences entry cost — rental purchase requires an initial inventory buildup, which takes ready capital to do right.
Every brand will have different specifics on entry, so take the time to dig in and identify the brand that works best for your situation.
3. Examine the Brands, and Find the Right One for You
That look at the different brands within the rent-to-own industry should begin with carefully examining the franchise’s public documentation.
Every brand must lay out the specifics of how they do business. Look into the documentation, learn how each franchise operates, and use that information to help make an informed decision about which one to choose.
Get the Most Out of Franchise Disclosure Documents
Franchise disclosure documents should include a rundown of expected revenue, location space requirements, and other business essentials.
Perhaps most importantly, the disclosure documentation also includes a list of standard fees and royalties and the responsibilities of the franchise and the owners. They can provide much-needed clarity and point a future owner to the rental-purchase brand that might suit them best.
4. Unlock Your Potential: Exploring the Rent to Own Industry with Our Brand
After doing the homework and legwork and selecting the brand in the rent to own industry that connects with them, it’s time to meet the people behind the franchise.
It’s in the best interests of all parties to ensure everyone can work well together before making a binding commitment. Discovery Day is designed to help make that a standard part of the process.
Get to Know the Leadership During Discovery Day
Plan to sit down with the senior leadership at the rental-purchase brand. Know the questions you want to ask beforehand and be ready to answer some.
Discovery Day can be a precious tool for both the potential owner and the franchise. Use it to address any concerns, and don’t be afraid to drill down on critical topics like support and expansion plans — the more comfortable all sides are, the better for the brand’s prospects.
5. Sign On, and Open Your Own Rental-Purchase Business!
This is the exciting part.
It might have been a long road to get here, but the time has come to sign with the brand in the rent to own industry that connects with you. However, the owner doesn’t have to do everything on their lonesome.
Brand Support Can Be Crucial
The brand should help with every stage of the onboarding experience and can help smooth the way. Expect assistance with location selection, build-out, training, and much more.
And the support shouldn’t end when the owner opens the doors for the first time. Look for assistance whenever an issue arises, and don’t be afraid to reach out for advice and a helping hand if needed.
Own a Piece of the Rent to Own Industry with Premier Rental-Purchase
Moving from inquirer to owner takes drive, energy, and a knowledgeable and enthusiastic partner in business. That’s what Premier Rental-Purchase has built our approach to provide to our owners.
We’re becoming one of the nation’s leading rental-purchase franchises, with a presence nationwide and conscientious, high-quality customer service that’s unsurpassed in the business. It’s made us a hit with our customers and the owners on our team.
Want to find out more? Contact Premier Rental-Purchase today, and start your ownership journey with us!