Issue link: http://psai.uberflip.com/i/1155755
W EEKLY EDITION AUGUST 14, 2019 Tips for Making Money in the Portable Sanitation and Rental Business By Karleen Kos, PSAI Executive Director If you are bidding on a large event, you may be willing to take a deposit at the time the agreement is signed that is less than the full contract amount. If you do, be sure to get at least 75% of the rental fees by the time you deliver. All of these policies should be communicated with your bid and in your contract language. In any case, don't approve finance for your customers any more than you can afford to lose if they don't pay you. Your bottom line will improve if you can eliminate non - payment situations. 2. Add something "free." Everyone loves to get something for nothing. You can do this without harming – and maybe helping – your bottom line. Customers will often try to get you to reduce your prices. Haggling drives the market down and adds a low - value message to the negotiation. Instead, offer to throw in something extra you hop e they will buy in the future. Adding a bonus is how some companies successfully introduce their existing customers to new products a nd services too. 3. Offer extra consumables. Everyone has run into the problem of toilet paper disappearing or hand s anitizer running low. Consider writing your contracts so that the amount of tissue or sanitizer provided with a weekly rental is easily under stood. This detail will manage customer expectations and provides an upsell of toilet paper/sanitizer from your company. Then deliver a sealed package or carton to the site supervisor with a note that explains how much the customer will be charged for brea king the seal and using the product. This strategy provides a revenue stream for you, gives the customer a way to deal with shortages of consumable products, and provides the site supervisor with a better idea on what is happening in the units. 4. Anticipate your customers' needs and suggestive sell. Anyone who has ever been asked, "You want fries with that?" knows about this tactic. Keep a list of things that are typically rented in various scenarios such as work sites, weddings, marathons, and so on. Then b e sure to suggest them to customers as you are discussing their needs and contract. 5. If you don't have it, find it. If you don't have what your customer is looking for, take the time to find someone who does. Whether you rent from someone to then re - rent i t to the customer, or simply suggesting another provider, keeping your customer happy is an investment in future business. P AGE 8 CONTINUED ON PAGE 9