Finding transport that is affordable and helps you to explore the different vacation spots easily is hard to find, as any tourist would agree with me. A bike rental company can prove to be the perfect solution for this dilemma. As people can hire bikes and return it after their exploration spree. There is indeed immense demand for two-wheeler rentals but there are roadblocks that need to be identified so that more people can kickstart their bike rental company with minimum hassles. In this article, we will do exactly that and bring people closer to their dream of starting their own bike rental companies.
Let us now look at some of the challenges
The first step towards starting your own bike rental company is the need for licensing. You have to register your bikes with the RTO (Regional Transport Office). It is a time-consuming process and nearly takes about a month. You need to comply with many checklists mentioned under the Rent a Motorcycle Scheme of 1997. A considerable amount of money is also required for these processes but is something that cannot be avoided for a startup.
Before you launch your own bike rental company, make sure that you have a clear statement of purpose, because once you start getting customers it might not be according to your calculations. You may have to handle more customers than you think. Therefore having proper planning into your operations is a thing of utmost importance even if you think you are not going to scale. So make proper SOP’s before you start your bike rental agency to have the best control over your business operations in the long term.
There is a high probability that financial institutions might not back you when you are in dire need of money. They might not share the same passion that you have to start something new and fresh. So it#34sigs very important that you find a suitable source of angel investment/ seed funding before you go on with your startup so that you have enough funds to run your business without any hurdles.
Fraudulent activities cannot be avoided. Cases of theft may arise. So it is inevitable that your assets are protected. Have your own ways to tackle such situations by having an air-tight KYC system and commercial insurance in place.
You need to have a Unique Selling Point (USP). Do anything in the best interest of your customers. For example, if your competition is charging high deposit fees, you can always make do without it. Also, identify what your customers need and provide them the opportunity to realize it. Make sure to provide your customers with a top-notch standard of services and efficient customer support.
Within the first year of your business activities, start planning for the second year. Hire people who will suit your business needs aptly. Build a good rapport and relationship with your customers as they will give your business the best mileage through word of mouth.
The first year of your bike rental business will test your resilience. You should be willing to change your mode of operations and reinvent your business model if required. Keep believing in yourself and never give up because there is a high demand for two-wheeler rentals in the sharing economy and people are on the lookout for a medium of transport that is affordable and at the same time gives them the freedom to explore places independently.
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