Steps to Start an Online Oilfield Equipment Rental Business
How Oilfield Equipment Rental Software Simplifying the Business Challenges
The oilfield industry is expanding at an astonishing rate. New oil rigging sites are being explored and set up for extraction work on a global scale. However, setting up an oil rig also requires several equipment and in the modern world, where renting equipment is more effective than purchasing, oil extraction companies prefer to rent their inventory. To fulfill their increasing demands, you can launch your own oilfield equipment rental business.
In this guide, we have included everything you need to do in order to start your online oilfield equipment rental business, but before that, it is also important to take a look at industry’s key challenges.
Challenges in the Online Oilfield Equipment Rental Industry
Businesses in the online oilfield equipment rental industry face several challenges. These challenges exist due to the need for constant upgrades in technology and involvement of heavy machinery. For oil companies renting out off-shore oil rigging equipment, it is especially important to meet the dynamic demand, which is possible with proper planning and the right business strategy.
Equipment Customization Demands from Oil companies
Rigging equipment such as drills, trucks, excavators, waste management systems, etc. come with various types of attachments. Some companies also require temporary modification for each and every operation. Business owners can meet all these customization demands by selecting an oilfield equipment rental software with rental add-ons and Request for Quote (RFQ) features. While oil companies can select attachments in the rental add-ons during checkout themselves, RFQ orders require some manual attending.
Heavy Cost of Oilfield Equipment
Purchasing oilfield equipment, even heavy equipment in general, is a very costly capital investment. To meet the increasing demands for more equipment, oilfield rental equipment companies are obligated to find multiple sources of the same. However, to overcome this challenge, oilfield equipment rental businesses can adapt asset-light business models or even introduce an optimal rental pricing policy that helps them recover their investment cost and generate profit in the shortest time possible.
Need for Licensed Operators
Heavy commercial machinery requires proper licenses. Many equipment, such as heavy-duty trucks and rigs also require licensed operators. It is difficult for oil rigging companies to find licensed operators for their oilfield equipment. Thus, oilfield equipment rental businesses face the demand for operators as well. On an online oilfield equipment rental business, entrepreneurs can provide equipment operator and maintenance services as an additional add-on.
Increasing Complex Offshore Rigging Opportunities
Offshore rigging operations are more complex and expensive than on-shore rigging operations. Oil rigging companies need special equipment, technicians and flexible partners to successfully undergo offshore operations and extract oil. However, with an increasing number of opportunities in offshore areas, the need for equipment is also getting more diverse. To overcome this problem, not only do oilfield equipment rental businesses need to upkeep their inventory but also require to stay updated with modern industry practices and technological advancements.
The Speed of Technological Advancements
Continuing from the previous point, the technological advancements in the oil and gas industry are reshaping the way oil companies carry out their operations. In the 21st century, oil companies are paying more importance to advanced IT-based infrastructure, strengthened with the help of Internet of Things (IoT). Another technology streamlining operations in the oil and gas industry is Radio Frequency Identification (RFID), with the help of which, oil companies can more efficiently perform drilling and well cleanup operations. Along with IoT and RFID, there are several other technological advancements making it easier for oil companies to operate in even the most unconventional regions and locations. To keep up with the modernity, oilfield equipment rental businesses are suggested to offer the latest technology and machines.
Steps to Start an Online Oilfield Equipment Rental Business
After covering all major parameters and factors governing the oilfield industry, we can map out a brief outline to help you launch your own online oilfield equipment rental platform. While the initial steps of the outline focus on research and business strategy, the latter are more inclined towards the software technology for digital enablement.
Find a Market
North America, Gulf Countries, China, South East Asia are the leading regions for oil rigging operations, especially on-shore rigging. You can establish your headquarters in any of these regions and cater to the oilfield equipment rental requirements of domestic oil extraction companies. For business expansion, you can expand your business to different states of a country. However, business scaling may take its necessary time.
Select your Business Name and Domain Name
Selecting a business identity appropriate for the target market is highly recommended. The identity will include various aspects, such as the licensed business name, brand name, domain name, etc. In the modern day, digital marketing practices such as Search Engine Optimization (SEO) highly require the brand name and domain name of a business to be the same for better ranking and digital exposure. For this purpose, selecting the brand name and domain name together is a very helpful and cost-saving approach, saving investment in rebranding.
Select an Oilfield Equipment Rental software
Traditional scratch development approach is not advised today especially for the business niches for which readymade off-the-shelf rental software are available. Not only do these software save your time but are also tried and tested many times to ensure performance and accuracy. If you are looking for a one-time cost software, then you can go ahead with Yo!Rent oilfield rental software. It is one of the most feature-packed rental software available in the market and also comes with one year of free technical support.
Purchase a Hosting Server
After you have selected a rental business software for your online equipment rental platform, consult the software’s team for requirements. In the case of a self-hosted software, you will be required to purchase a hosting server on your own. While, self-hosted software do give entrepreneurs the freedom to select a hosting server of their choice, consulting with the software’s official team can help you find the most appropriate server and streamline software installation/implementation.
Setup the Equipment Rental Software on the Server
Once you have purchased the hosting server, the rental software company will install the software and share complete documentation with you. With the help of the tools and features available in the software, you can set up different web pages, product listings, blogs, discount offers, payment methods, etc. To grow your online oilfield equipment rental business, you can also use various marketing tools.
Summing Up
With a clear strategy in mind, it is easy to set up your oilfield equipment rental business and start earning money. You can also experiment with revenue streams to increase your profit. Regarding the software technology, we recommend YoRent oilfield equipment rental software that has advanced features like rental security management, late returns/cancellations management, rental agreement, product inspection and more.
Source: www.linkedin.com/pulse/how-start-online-heavy-equipment-rental-business-saurabh-thakur
About the Creator
Saurabh Thakur
Saurabh Thakur is a Digital Marketing Strategist & business consultant who aids entrepreneurs in establishing effective digital touchpoints, boosting sales, and fostering business growth.
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