The rise of online taxi booking apps such as Uber, Ola Cabs, Lyft and others have truly revolutionized the taxi industry. Gone are the days of over priced taxis and spending time bargaining with taxi drivers, with these apps we have ushered in a new era of cab hiring. Now, at the tap of some buttons on your smartphone you can easily hire an auto, a sedan cab, a SUV cab or even luxury branded cabs from the comfort of your home. The taxi will come right up to your door to pick you up and will take you to your destination.
The issue of paying for taxis have become very easy and you can now input your credit card details and have every cab ride that you take credited to your credit card. The ease of ordering and paying for a taxi has truly opened the world to the newer and better mode of transport. This is especially in the case of huge metropolitan cities. The huge number of people living in these cities have great trouble finding affordable transportation, as the public transport system is overcrowded while private taxis are too expensive. Online taxi hailing apps have catered to this huge audience and has become a hit with us all.
Now, big name taxi hailing companies such as Uber and Ola have started incorporating vehicle rental into their repertoire. With the addition of car rental softwares, this market has yet to be dominated by any big name and this is where you can make or break your bank by starting your own vehicle rental business. So this article will help you and guide you through the steps in order to start your own car rental service.
First of all, you will need to carefully analyze the current market for vehicle rental business. As you can imagine, vehicle is in high demand in huge metropolitan cities as well as popular tourist and vacation spots. As a result, you will need to carefully sift through your competitions and try to come up with a niche to fill. There is a popular saying which applies to all aspects of life, “If you fail to prepare, then you prepare to fail” and this is true in the case of starting your own vehicle rental service as well.
Secondly, decide what type of rental operation that you wish to undertake. Currently there are two types of vehicle rental operation: a. Users will rent vehicles for a set time, whether it be just a few hours or more than a week, and b. Daily hire, where users will only rent vehicles for the duration of a day.
Now, that you have researched on the particular niche to fill as well as the type of vehicle operation that you wish to do, now you need to start amassing your fleet. You have the choice of just straight up buying your fleet of vehicles which can be very expensive on the spot or lease vehicles which will on the whole be less heavy on your wallet at the time but will eventually cost you more than outright buying your fleet.
When you are selecting which vehicles to buy or lease, imagine yourself in your customer’s shoes. If you are looking to hire a vehicle, what type of car would you like to hire? Do you want the car you rent to have features such as GPS? Do you want the car you rent to be clean and regularly serviced? If the answer is yes (as it should be) to all the above questions, then there you have it. Your fleet of vehicles will have to be comfortable, clean, have amenities such as GPS system as well as regularly serviced. Doing so will incur you a higher cost, however the amount you pay will be worth it in the end. It is also a great idea to establish a relation with your local repair shop. With your fleet, the local repair shop will have a great increase in his business and as a result you will be able to avail a discount as well. Win win situation for the both of you.
Now, there is more to starting your own vehicle rental business than what I have just mentioned, however this list/article should help you with the process of starting your own vehicle rental business.