The bike rental business has come up as a very low investment high profit kind of a business in the recent years. It is a simple business to set up provided you have the right guidelines. That is where we come in. We’ve gotten a number of request in the last few years from interested parties across the world to publish some interesting step by step guidelines to how one can start their own profitable bike rental business, so we curated all the information from our research team and our panel of business analysts and put it down for you.
Without further ado, let’s get down to it.
Step no. 1
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Make a Business Plan
We’re not just talking about the discussion that you have with your friends over a bottle of beer. A business plan means you have to take it seriously. Prepare a proper presentation. If need be, download a template and work on it. Once you start doing that, as you fill it out, you will realize that there are many aspects to the business that you probably did not even think about.
The key things that your plan must include are:
- What is your budget?
- What are your tentative investments?
- Who are your prospective investors?
- What is the timeline by which you are expecting any kind of returns?
- What are the commitments that you will have to make?
- Where are you going to position your office space?
- What is the staff that you plan to hire?
Make sure to break down the business plan in phases. Phase 1 is the Birth phase. This is when your business starts. Phase 2 is the Grinding phase. Now is the time that requires maximum thrust. And finally, Phase 3 which is the Sustenance phase. This is a plan that you will have once your business is established and needs to be maintained.
Step no. 2
Get the Legal Stuff in Order
We’d like to think that getting by a business is easy, but the most difficult part is to organize and sort out the legal paperwork. Every state has different laws, so we might not be able to help you with what needs to be done in your region, therefore, it might be best to hire a lawyer who can set you up with all the necessary licenses and the legal documentation that is necessary.
Remember to include the areas of operation in your permits and licenses and not just the area where you headquarters is supposed to be at. It might seem tedious in the beginning and you may be tempted to put these things on the back burner for the moment, but trust us, things will only get more difficult if you procrastinate them.
Step no. 3
Identify the Target Audience
This is the most important thing that you must do. It is important to identify the target audience that your business will cater to. Remember that it is always wiser to focus on one niche and customize your business around it rather than keeping it generic.
For example, if you are in a college community area, it might make sense to focus your attention toward college students and teachers to rent your bike. You can customize offers and plans to lure in more and more customers each day.
Step no. 4
Devise a Marketing Plan
We love to think of ourselves as the best people to know what to do with our business, but unfortunately that isn’t true. We need to rely on the expertise of the professionals if we want to see quick, clean and efficient results.
Get a marketing team on board rather than outsourcing the task. Marketing is a continuous activity and you will need to have a steady and on going plan to make sure that your business is being branded and marketed in the right way.
Step no. 5
Get an app
One of the fastest way to make sure that more and more people can easily rent your bikes and use your services in general is to give your customers and app through which they can access you at any time. The best way will be to buy an on demand bike rental apps.
If you look closely on the internet, you will find hundreds of companies developing these apps. All you need to do is get your hands on the right kind of app and et viola! You’re all set. Ensure that you only purchase your app from a white label on demand mobile app development company with a fairly good experience in building and launching on demand apps. The preferred experience should be over 6 to 8 years so that you are confident that they have enough knowledge of the market trends, business fluctuations, consumer behavior and so on and so forth to create an app that is worthy of and suits your business requirements.
Conclusion
It’s party time! That’s it! Oh did you think it was going to be very tough? Well, it isn’t. However, make sure that you follow each and every step carefully. Draw up our business plan in all seriousness and remember to compare it with your projections and actual numbers from time to time to get the right idea of which direction your business is headed towards. Make sure you have a solid marketing strategy to enable people to continue seeing your brand out there. The higher the brand recognition, the higher is the number of your users going to be. And lastly, make sure that you purchase a great on demand bike rental app from a reputed and reliable white label on demand mobile app development company with at least 6 to 8 years of experience in the industry.
