Interested in small bicycle rental business ideas? If YES, here is how to open a bicycle rental business shop with no money and no experience. How much does it cost to start up?
How to Start a Bicycle Rental Business
Are you thinking of opening a bicycle rental business some day? Do you need a well detailed and accurate guide on starting a bicycle rental business? If you keep nodding in agreement to the above ask questions, then this is a comprehensive article that contains the basic tips and advice that will help and improve your bicycle rental startup process.
Bicycle rental business is now, ever than before, witnessing more demand and patronage these days, and this is as a result of the oil prices that has risen. No wonder, tourists would prefer renting out a bike rather than going for cars.
So therefore, if you reside in an environment where private means of transportation stays scarce or a vicinity that is so narrow that automobiles wouldn’t be able to pass through, then starting a bicycle rental business would be a perfect business opportunity for you in such an area. You will however find the following tips on starting a bicycle rental business helpful.
What is Your Bicycle Rental Business Start-up Capital or Costs?
Starting a bicycle rental business doesn’t require millions of dollars, but yet you will need to have the enormous amount of dollars in your purse. The big part of your finances need to be set aside purposely for acquiring a standard fleet of bicycles.
Also, you will need to get the repair kits available for the maintenance and repair of your bicycles. Depending on the number and quality of the bicycles that you would be acquiring, you will need to spend something around $8000 for a nice fleet of over 20 bicycles.
Fairly used bicycles -if you actually go for them -may lower the acquisition capital, but the maintenance fee would be naturally higher if you try to bring them up to have equal value with quality ones.
Ensure you adequately maintain a varied fleet, renters’ needs and desires may vary from each other. For instance, mountain bicycles are popular and common, having it on your inventory is nothing but a great benefit to your bicycle rental business.
However, you don’t have to discard the other types as some of your potential customers and renters may find them appealing for their use. Some other important costs that you will have to maintain to keep your bicycle rental business flourishing include the insurance cover (liability and theft) and the likes.
So therefore, the number one tip for starting a bicycle rental business is for you to ensure that you have more than enough startup capital on you.
A Business Plan and Adequate Knowledge of the Bicycle Renting Industry
Starting a bicycle rental business is a profitable and rewarding exercise, but it is ideal to come up with a plan on how the business will look like in detail before you begin.
In addition, having a thorough knowledge of the rewarding bicycle rental business is the key to starting the business. The bicycle rental industry has its own unique tricks of the trade which is of great benefits to having a knowledge of.
This vital information you need about the business can only be obtained from someone who has a vast experience in the business, and essentially, someone who will be a potential competitor.
There are several bicycle rental businessmen out there who are willing to talk and discuss the tricks of the trade with you, mind you, finding them wouldn’t be easy, may hap, it will take some bit out of your time.
An Ideal Location for Your Bicycle Rental Business
Your bicycle rental business needs to be located at a strategically chosen place or position for it to attract, capture and captivate the attention of the customers easily. An interesting position for your business is a place nearer to the highway, which will aid the motorists and the tourists to see the bicycles you put on display for rent.
Another suitable spot for your bicycle business is a location where rental services like the movie and the camera rentals are situated, these are places where renters often visit regularly, they wouldn’t hesitate pedaling through this area.
However, the importance of selecting the right and better location for your bicycle rental business is a common tradition for small business startups. Choosing the right location for your bicycle business is one of the critical factors to its success.
Having choose a perfect spot as your bicycle rental business location, the next thing you need to do when starting a bicycle rental business is to get all the start-up equipment ready. The major startup equipment require for a bicycle rental business is nothing but bicycles.
Addition to bicycle is safety equipment like a helmet and a central location. You can get started with just a small booth, as time goes by, you can relocate to a wider facility as your business grows up with a well expanded revenue stream. Another important thing that needs to be considered and addressed prior to launching your bicycle rental business is insurance.
If one of your renters gets hurt while riding one of your bicycles, you will need a strong insurance to cover your personal assets plus your rental shop from legal liability, take note!
Consider the Competition in the Bicycle Rental Business Industry
Sequel to opening a bicycle rental business, it’s advisable you do some findings on how the business of your who-be competitors are.
Find out if the competitors are really doing a good job, and it is very imperative you understand their strengths, weaknesses and look for ways you can adopt to stack up against them.
Rental Charges Rates
You should decide your Bicycle rental charges by the time spent. It should be in order of the hour spent be it half-day, full-day and/or weekend. Charges vary from one rental market to the other, but you need to be lenient on your prospects while billing them since you are just starting out; first impression they say it last even longer.
However, the bicycle rental business has been a lucrative venture over the years. For this reason, it wouldn’t be a big deal if you decide to venture into the industry as well. Master the above tips very well if you are looking for the strategies involved in starting a bicycle rental business, this article is indeed a comprehensive business startup guide for wannabe like you.