Choosing to open a car rental services company is a big decision. This is a very competitive market, yet there is always a demand. This means that you need to ensure you have every step in place to ensure success now and moving forward.
You will want to start by putting everything down on paper and considering your options. In order to run a successful car rental services company you are going to need to plan, prepare and research, identifying what your customers will want and be looking for when visiting your area. Are you going to target business travellers? Are you going to be available to families? Are you going to specialise in performance vehicles? All these things are important considerations which must be considered before you even start thinking of opening your doors.
Remember that the car rental services industry is highly competitive and this means that you need to know your target market. If you live in a busy city area and you are thinking of providing vehicles to anyone and everyone, then consider what types of vehicles they will need. Are you only going to offer short term rentals or are you going to add long term solutions in as well? Another big consideration you need to determine, based on your target market and who you are hoping to attract. Remember if you intend catering to everyone, then you are going to need a wide range of vehicles, ensuring you cater to everyone.
Think of the rental options you will provide and what is going to appeal to your target market. Short term rentals are a must, this enables you to appeal to visitors, families and business travelers who are only in town for a few days. Your short term rentals should be affordably priced and provide your customers with value for money, while ensuring that you make a good profit. You may want to consider long term solutions, especially when targeting the business services industry. If your travelers are in town for a month or more, they are going to want their own vehicle to get around in. If you can provide this service, then you can increase your revenue opportunities moving forward.
Next you will need to buy your vehicles and this takes financing. Unless you have an overflowing bank account, you are going to want to secure the financing you need to buy a fleet of vehicles. Obviously the bigger your fleet the more money your business will make. You will also want to focus on variety offering everything from small compact vehicles to SUV’s and minivans. This way you know that you are appealing to all your potential customers, increasing the chances of you securing the rental.
Your location is also going to impact your success. While you probably are hoping most of your customers will book in advance, you are going to have the odd walk in here and there. An airport, station or busy city location is always a good option. You want to be close to hotels and within easy traveling distance of main airports and travel routes. In the event you cannot be based at these locations, ensure you provide a drop off and collection service, ensuring that your company remains appealing to your entire target audience.
The final and probably most important factor to consider is your insurance. Don’t go for the cheapest rate when opening a car rental services company. You want the best insurance package that protects you and your vehicles at all times.