Start A Crane Rental Business – Buy A Crane Business For Sale

Cranes are like the industrial project movers of the 21st century – they hang over construction sites, looming, swiveling and lifting multi-ton items. Indeed, cranes are a vital part of the construction process – without cranes many buildings simply wouldn’t get built.

Read these articles to get ahead on the industry:

Some rental cranes have the capacity to lift over 20 tons, which means that the crane itself has to be heavier. Starting a crane business requires significant capital, knowledge of the market and a big insurance policy. You cannot be afraid of a little bargaining for advantage. Are you still ready to start your own rental crane business? Here is how to start your own crane rental business.

In this post, you’ll find out the following:

Create A Crane Business Plan For Investors

There are various factors to include in your crane business plan. The construction industry is one of the most popular markets in the country. As a result, many construction companies are in need of reliable crane, rigging and lifting services. In fact, most builders are looking for businesses that provide high-quality heavy equipment to transport over-sized materials, items and supplies. As a crane business owner, create a plan to develop an efficient crane rental and service company. Read on to discover the factors you should include in your crane rental business plan.

Research Equipment And Crane Rental Company Costs

The first component to include in your crane business plan is market research. Review the crane market and determine what is needed to succeed. Certainly, there are varying costs for crane rental services. Typically, contractors prefer cranes and rigging machines that can lift items of about 8-300 tons. Plus, construction teams usually need versatile cranes that can boom capacities of about 30 to 300 feet. Of course, look at the competition and create a technique to stand out. For example, if most of your competitors sell 18 to 25 ton cranes or 30 to 50 ton cranes, consider selling 80 ton cranes. As a result, customers can rent small cranes for simpler projects and heavy rigging lifts for more complex projects in one location. Certainly, include market research in your crane rental business plan.

Here are some ways to differentiate from crane rental near me:

  • rigging warehouses
  • boom coverage
  • heavy hauling
  • equipment dealing
  • demolition operations
  • mobile crane rental
  • tower crane assembly

Local Crane And Rigging Company Competitors Comparison

You need to survey the market. It also helps if you have been in the construction industry and if you have a finger on the pulse of the industry. When it comes down to it, it may only be smart to start a crane service if your community or city needs one. There may also be the case where your city or community already has a crane corporation that construction companies are not happy with. This is a great opportunity to jump in and take a corner of the market. To determine if you have a good potential market, do a market research survey of the existing crane rental companies. They will be offering services like heavy hauling, rigging services and various cranes for rent. You can easily look up their social profiles to see how their services are selling. Are their customers happy? Do they have great reviews? If not, it might be a sign that you can compete with the existing corporations.

Some of the hottest markets for crane rental companies include:

  • Phoenix, Arizona
  • Detroit, Michigan
  • Miami, Florida
  • Las Vegas, Nevada
  • New York City, New York
  • Chicago, Illinois

Learn more about competitive analysis:

Find A Crane Business For Sale Near Me Online

Secondly, find a crane business for sale and document your data. If you find a good deal, you can buy a crane rental business to begin your venture. Look for a profitable, turn-key company with years of experience. As a result, you have an increased chance of acquiring their revenue, customers and investors. More so, crane businesses for sale are offering their inventory of machines. Therefore, you can own heavy lifting instruments such as hydraulic trucks, all-terrain cranes and fork lifts. Plus, you can gain access to public and private sectors from industries in communications, mining, energy and manufacturing. Definitely consider buying a crane company and include the information in your business plan.

Choose, Set Up, And Register Business Entity Structure

Whether you purchase a crane business for sale or bootstrap a startup, you will need to form an LLC, corporation, partnership or business entity. Depending on who owns the crane company, you may need LLC creation services. Business entity formation serves as the foundation of your company, defining the crane company operations, missions and goals. Furthermore, you will need an official company name to receive payments from customers. Additionally, a limited liability company (LLC) or corporation (C-Corp or S-Corp) may offer protection from lawsuits or other liabilities. Work with a business lawyer or accounting professional to determine the best business entity structure for your crane company.

Here are some resources on choosing a business structure:

Discover Construction Heavy Equipment Financing For Small Business

Next, include crane financing options in your business plan. Discover crane financing options to fund your company. Of course, consider partnering with crane leasing companies. As a result, you can lease high-quality cranes and lifts from trusted vendors at a discounted price. Or, you could take out a loan with a dependable crane financing company. Most financial institutions provide great deals for owners with bad credit and competitive offers for those with good credit. In fact, the leading crane capital company allows you to pre-qualify for over a $100,000 construction financing loan just by filing out a single application page. Certainly include crane financing options in your organization plan.

Buy Rigging And Mobile Crane Rental Insurance Coverage Online

When starting a crane rental company, you’ll need general liability insurance to cover the business. In high risk industries, the policy cost of business insurance will depend on the scope of the rental company. Your company might offer strictly cranes for rent. In these cases, you may have to insure the physical damage of the crate or rigger. However, if you are offering master riggers or licensed operators, you might need additional coverage for workers’ compensation, surety bonds and excess liability insurance. Moreover, this type of rental business insurance may require additional risk management solutions for the following business models. According to your risk quantification and risk management tools, you should consider the following types of liability insurance.

Commercial Liability Insurance Coverage Options:

  • Riggers liability insurance
  • Commercial general liability insurance
  • Auto liability insurance
  • Commercial property insurance
  • Business interruption insurance
  • Inland marine insurance
  • Excess liability insurance
  • Worker’s compensation
  • Health insurance
  • Rental insurance
  • Crime insurance

Calculate Crane Rental Service Costs Near Me

Finally, include crane cost factors in your crane business plan. Calculate what customers will be charged for when renting from your heavy machine inventory. Based on your inventory, prices may differ immensely. For example, small mobile cranes typically cost about $200 a day. Meanwhile, larger crane rental pricing can cost more closely to $1,000 a day. Plus, large tower cranes can cost up to $15,000 per month to rent. Of course, also consider delivery and assembly fees, permit fees and qualified personnel certification fees. Moreover, the used construction equipment fees for operating on the project site. Certainly document your crane rental costs in your business plan.

There are various crane rental costs to consider when calculating rates. Calculating accurate crane rental prices can be a difficult task. In fact, as there are thousands of different crane models, features and specifications, there is no direct answer on what to charge customers. As a crane rental business owner, develop fair prices that intrigue clients from all industries, such as an agriculture business, and beat out the competition. Read on to discover the crane rental costs to consider when calculating rates.

Different Type Of Cranes Rental Businesses

Consider the type of crane when calculating the rates for crane rentals. Determine prices for each machine in your crane fleet. For example, smaller sized rigs such as mobile cranes should cost less than other machines. Mobile cranes are easier to transport and are more versatile around the job site. More so, mobile cranes are effortless to set up and tear down. Typically, these machines can be rented for about $150 an hour. On the other hand, you may want to charge more for heavier machines such as tower cranes. This rigging solution requires a more intense set up process because it is stationary. Usually, these advanced cranes are rented monthly for a rate of about $5,000. Certainly, consider the type of crane you are renting out when considering prices.

Rental Crane Lifting Capacity

Another factor to consider when calculating rates for crane rentals is lifting capacity. Establish a price for rental machines based on how much they can lift. For example, smaller sized cranes that can lift about 25 tons, such as a boom truck, can be priced anywhere from $600 a day to $6,000 a month. Or, for heavy machinery that can lift up to 1,000 tons, such as a crawler crane, consider a price range between a couple hundred a day to $20,000 a month. Certainly, contemplate lifting capacity when calculating how much to charge for a crane rental.

Duration Of Crane Rental Service

Next, you need to consider the duration of the rental when pricing your crane business inventory. First, determine hourly rates as you would for an hourly rental car. For smaller machines, you can charge anywhere from $100 to $200 an hour. Or, customers can rent a crane for a full day. For example, you can charge $500 for a full day during the week and $450 during the weekend. Plus, create a weekly and monthly pricing plan. For larger cranes, you can charge anywhere from $2,000 a week up to $7,000 a month. Of course, these rates can be altered based on crane model, features and usage. Certainly, consider rental duration when pricing your crane fleet.

Transport And Assembly Of Cranes

Of course, contemplate transport and assembly when determining the price of a crane rental. Certainly, more mobile cranes, you don’t have to charge much for transportation and set up. On the other hand, larger cranes require shipment of equipment, machine assembly and crane disassembly. As a result, you can charge extra for manual labor. More so, consider other factors, such as fuel and equipment storage, to increase fee prices. For example, you can create a policy where customers need to pay $1.00 for every mile you have to travel for transportation. Definitely consider transport and assembly when calculating the prices for your crane rentals.

Crane Operator Companies Rental Costs Near Me

Furthermore, consider operator costs when developing crane rental prices. Some businesses are looking for crane operators when renting heavy machinery. Hire a reliable crane engineer to manage projects and work with customers. Of course, you can charge clients another $70 to $110 dollars an hour to employ an operator. Certainly, communicate with your customers about insurance policies to protect operators, machines and businesses in case of a disaster. Consider charging for a consultations about securing their business, employees and livelihood. Surely, contemplate operator costs when creating crane rental prices.

There are several crane rental costs to consider when calculating prices. First, establish a rate for different crane types based on size, features and models, such as a crane needed for commercial roofing verse a crane needed for skyscraper development. Secondly, consider the crane’s lifting capacity when pricing your machine fleet. Next, contemplate rental duration and create fees for daily, weekly and monthly plans. Of course, you can charge customers for transportation and assembly to cover fuel, labor and energy. Furthermore, charge clients that need to employ an operator to run their crane operations. These are several crane rental costs to consider when calculating prices.

Secure Funding For Tower Crane Rental Business Costs

Also, it is important to have the capital you need to start a crane rental business. You will need at least a million dollars to start your business. If you think about it, there are many start up costs included in starting and running a crane rental business. For instance, you need insurance, space, employees and, of course, a fleet of cranes. So, it is important to meet with and strike deals with venture capitalists. These venture capitalists will be able to give you the money upfront in exchange for some kind of percentage in the corporation. If you do not want to go to a venture capitalist, you may have to leverage your assets to finance the new corporation. It may be very difficult to secure a bank loan, alternative loan or other types of funding over $500,000. Once you have been selling crane services for a while, you can looking into other sources of funding.

Here are several ways you can finance your crane rental business:

Apply For Crane Business Credit Card With Tax ID

When opening a rental business, apply for a corporate credit card. In fact, companies offer credit cards for heavy equipment financing purposes. You can use revolving commercial credit cards to buy necessary equipment. Then, use the revenue to pay off the debt with special financing options and flexible payment terms. Plus, some credit card companies will give you a 15-day to 30-day grace period to make payments without penalty. Of course, you may have to check or repair your credit to get approved. If you have bad credit, the company may collateralize the financing with the purchased heavy equipment.

Here are some tips on getting a business credit card:

Purchase Crane Construction Equipment For Sale

Of course, document the equipment types you want to include in your crane inventory. There are a variety of heavy lifting machinery you can offer. For example, provide telescopic cranes, which offer a boom with numerous tubes that fit inside each other. In fact, you can purchase mobile cranes which hold a steel truss or telescopic boom on a type of mobile machine. More so, consider offering tower cranes for rental. This modern balance crane is fixed to the ground and then used to access large heights and heavy lifting abilities. Plus, there are other crane rental options to consider, including truck mounted cranes, rough terrain cranes, overhead cranes and loader cranes. Surely, in your business plan, include the type of crane equipment you will purchase.

Of course, the heavy equipment you purchase will impact the following:

  • Overall crane rental cost
  • Crane rental per hour pricing
  • Crane rental rates and packages

Here are more resources on buying crane rental equipment:

Consider Buying Used Crane And Equipment

Pre-owned cranes can be a more affordable option for entrepreneurs on a budget. But, they will still require quite a large up-front investment, just as an education franchise would if you were to consider those opportunities. Before ever renting out used cranes, they need to all be inspected and properly maintained. As long as owners make sure to do that, buying used cranes could be a great way to start a crane rental business with a limited startup budget.

Try reaching out to existing:

  • Crane rental companies
  • Tower Crane leasing companies
  • Crane and rigging companies
  • Heavy equipment rental companies

Build Your Crane & Rigging Equipment Fleet

Next, you need to start building your crane fleet. What is a rental company without a fleet of cranes? Indeed, a crane business is not much without a fleet of quality cranes, which is why Bigge Crane and Rigging is probably the best dealer of large cranes for industrial and building purposes. When it comes down to it, you want to go with a name brand, because this will not only ensure that the cranes will last and that your investment was a wise one, but also because you want to offer construction companies quality cranes for their building purposes. Moreover, brand name cranes will ensure safety records and certified equipment are provided.

When building your crane rental fleet, you will want to have a variety of cranes. You will want to consider carrying truck cranes, tower cranes and crawler cranes for various projects. Many rental providers also have rough-terrain cranes for specialized jobs. On top of that, you can purchase trailers to haul heavy loads and rigging equipment for rigging jobs. Without a full fleet of crane rentals, you could end up missing out on sales. Of course, educate customers on how to safely use the crane equipment they rent.

After you have been selling crane rentals successfully, you can reinvest into your more popular selling equipment. If crawler cranes and tower cranes are doing well, it might pay off to buy cranes for sale in bulk. Then, you can add on crane services like crane parts, certified labor experience, job inspections and other heavy construction equipment. Before you know it, you’ll be selling crane services coast to coast. Of course, educate renters on safely using crane equipment to

Protect Your Crane Rental Corporation With Business Insurance

Furthermore, you want to have your crane company insured. This is a crucial process of starting a crane rental company, because you want to be able to protect your business, assets and your worker’s livelihoods. It is very rare that anything should happen – mainly because of how safe and secure cranes are – but you always want to be safe and not sorry. When it comes down to it, it could be a crane operator’s fault if anything does happen, but the last thing you want is for your crane services to get blamed. So, be sure to take out a premium business insurance policy – just so your crane rental company is totally protected.

Stay Up To Date On The Crane Business Magazine

Finally, stay up to date on the latest machinery and technology shaping the construction industry. As your business grows, crane models and designs will change. Pay attention to the functioning of new models and their parts. Educate your employees to ensure they understand the rules and regulations about your products. Of course, you can explain to customers how the cranes should be used, what features they have and why one model costs more than another.

Invest In Outdoor Signage On Tower Cranes

Design and build signage for your tower cranes. Theses tall machines are seen by thousands of people everyday. The custom outdoor signage can give your brand widespread exposure and awareness. Similar to signage on building or real estate signage, you can choose a light up display that offer visibility at night too. Signage banners and lettering can give your new business the advertising it needs to bring in new leads and sales.

There are several factors to include in your crane business plan. First, research the market and implement the data to determine what machines to keep in inventory to increase revenue. Secondly, include your proposition to buy a crane business for sale. Next, document how you will finance your business such as leasing or loans. Of course, integrate the crane equipment options you will purchase for your inventory. Finally, include crane rental costs in your plan to calculate how much customers will pay for each machine. These are numerous factors you should include in your crane business plan.


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  4. Dr. Shahir fowaz Khan

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  5. Thanks for the advice for people thinking of renting cranes to survey the market first and see what other companies are doing. As a potential consumer, I feel like a company with competitive pricing would make the most sense to me as someone to hire. A company with a wide range of services would be important as well.

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