Updated: Mar 10, 2021
The best assets to rent out are ones that are compact, valuable and require expertise to use them. Assets like these make owners a lot more money. With all that in mind, it's hard to imagine you doing better than drones. A drone (or unmanned aerial vehicle) is essentially aircraft without a human pilot on board. While they've been around a while, it's only over the last decade their use cases have increased tremendously as their size got smaller and smaller. Drones are now used for film production, transporting packages, helping scientists track wildlife and so much more. Read on to learn how to make money renting drones out.
A Booming Business
The drone business is booming and one reason is the relatively low price of entry; you don't have to spend hundreds of thousands of dollars on a helicopter to get started. A few years ago, a starter drone for sale would've cost you over $1,000. Today, it's possible to buy an advanced drone for as little as $300. This has allowed more people than ever before to start their own business with these aircraft, but if you're looking to rent out drones for income, note that there are some things you'll want to keep in mind so that you have an idea of what kind of business model will work best for your needs (and so that your customers are happy).
Drones come in all shapes and sizes, from large planes capable of lifting equipment into the air such as heavy cameras (for example) or larger packages, to smaller drones built only for personal use like taking selfies or doing aerial surveys. Businesses tend not to favor large costly drones but small ones which can be rented out much more easily.
How to Start a Drone Rental Business
The renting out business model is simple, but there are a few things to keep in mind when thinking about how you are going to go about this. For one, if you spend a certain amount of money on your initial set up, you can actually make more money if you're able to rent it out frequently. This is the case for many drones already out there that have been used for film or commercial purposes. Like any business, drone rentals must be planned and operated efficiently.
Although it can take some practice to learn how to fly and focus on aerial photography with a drone, it really isn't that hard. The success of the whole operation depends on how much time and effort you put into making sure your customers get value from their rental experience. Most people won't need aerial photography as much as they will need aerial data collection (such as crop spraying) or videography (even wedding videos). Therefore, ask yourself where your customers' needs lie and concentrate most on those areas so that you can stay away from what's not needed quite so much (such as filming the whole wedding ceremony).
Platforms and Facebook Groups
To maximize their profit, some people in this business rent out drones completely on their own, without using an online platform. However, I recommend newbies use an intermediary to assist with transactions and customer acquisitions. It just makes life so much easier. There are many popular platforms for renting drones, but today, we'll focus on Sharegrid.
Sharegrid is the best online platform for renting, buying and selling professional photography and film gear in your community. So if you want to rent out your drone(s) to filmmakers, this would be the best way. Film and TV productions are in constant need of drones and drone operators for aerial shots and more.
-Rental profits are paid directly to your bank account. Over time, your drones can pay for themselves.
-Instant coverage on every drone you rent out, at no cost to you. In addition, all renters must have verified coverage to rent on ShareGrid.
-Sharegrid's security team uses cutting-edge ID verification technology to screen renters. This ensures renting through ShareGrid is very safe.
-Sharegrid is also a thriving community. You can connect with like-minded people in your business and share resources.
Besides platforms, you can also acquire customers by joining Facebook groups related to the industry you'd like to be involved with. Not to mention, if you're considering starting a business, it's always a good idea to make connections in the process. It may take more time, but when people are sharing their experience with others, they are building up trust and credibility among each other – which is a great thing if you want your customers to return again and again.
It's also a good idea to have a reasonable price in mind. This doesn't have to be very high due to the fact that you're doing this for consistent passive income. Use sharegrid and other online platforms to assess the going rate for different drones. Of course, demand for your drone will be based on where you are located.
Planning and Effort
The drone industry is booming and growing rapidly. Ultimately, if you're looking for a unique way to generate passive income – especially from home – then drone rentals are a good way to go. Remember, however, that this type of business does require some planning and effort. In addition, think about how much money you're willing to invest into your operation before you get started (if any). Lastly, I recommend you become an expert on your drone(s) before starting your business. In fact, for even more income, you can attach yourself as an operator.