your password has been reset successfully, Please login again.

How to Start a Vehicle Rental Business?

the vehicle rental business entails huge risk but on the same side, gives immense space for growth.
BY Jaspreet Kaur
Feature Writer, BusinessEx
Nov 13,2018

In the vast Indian market, well-established businesses with high turnover rates are readily joined by millions of people like sheep. In the tech-driven world, people choose business opportunities which are easily accessible without spending much time in questing customer requirements. To determine the requirements of todays generation, a thorough analysis is needed which, in turn, can enumerate various services which are highly used and, in reality, is low. One of these businesses is the vehicle rental business.

Vehicle Rental Business

The vehicle rental business is a fresh and affluent sector in the Indian industry. As the growth rate of the business, the risk involved in the business is also high. Owing to which, setting up a vehicle rental business or seeking a vehicle rental business for investment should be a well-thought decision.

As said, the business entails risk, from dawning period till the end. In the beginning, the entrepreneur has to decide out the course of the business, which means whether he wants a contractor daily hire operation or some other mode. Secondly, what type of vehicles the entrepreneur wants to deal in. Thirdly, where the company should be established and subsequently deciding insurance policies that would be immensely required backing up the business.

If all these decisions are rigorously made, then entrepreneur is halfway of establishing his business model.

The Target Audience in the Vehicle Rental Business

A report in Statista (a portal for statistical data) states, Revenue (in Car rental business) is expected to show an annual growth rate (CAGR 2018-2022) of 8.5%, resulting in a market volume of US$523m by 2022. This suggests the growth prospects associated with the vehicle rental business.

The main element that is required to increase the growth of the business is the target audience. In the vehicle rental business, the key users of the services are tourists, travellers and corporate executives. Apart from primary users, there are secondary users too that are, government agencies, working class, field managers and city dwellers.

An entrepreneur should approach these users so as to increase sales number and augment the business.

Ideas To Prosper In The Business

Today, rendering services do not guarantee recognition to an enterprise. For it, the entrepreneur needs to work hard and come up with unique services that allure customers as well as increase sales figure. For new entrepreneurs, digging out distinguished services can be difficult. Thus, here are a set of services wherein the vehicle rental enterprise should expertise.

  • Transport vehicle rental services
  • Corporate vehicle rental services
  • Leisure vehicle rental services
  • Individual vehicle rental services

Furthermore, the entrepreneur can provide various other services besides the aforementioned services. Adding more services mean keeping more vigilance on the business and in turn, earning more profit. So, entrepreneurs should add on varied services in their list so as to attract customers.

Follow the above-mentioned tips and enhance the newly purchased or established vehicle rental business.

Please add your Comment
SIMILAR Articles
December 14, 2018
Facility management is the broad term which incorporates various small and big management services ...More
By Jaspreet Kaur
December 14, 2018
With the advancing time, new construction materials have emerged in the market and correspondingly, ...More
By Jaspreet Kaur
December 12, 2018
An abundance of private industries have initiated healthcare enterprises to serve medical patients a ...More
By Jaspreet Kaur
December 11, 2018
he selling process of the small-scale business is intricate and demands to take various things into ...More
By Jaspreet Kaur
December 11, 2018
The software companies are updated with newly established trends and thus, render effective services ...More
By Jaspreet Kaur
December 10, 2018
The automotive manufacturing companies invariably suggest keeping the car engine cool ...More
By Jaspreet Kaur
December 10, 2018
Automobile plays a pivotal role in an automobile’s performance ...More
By Jaspreet Kaur
December 07, 2018
The automobile accessories manufacturers need to ascertain ways to publicize the business and increa ...More
By Jaspreet Kaur
December 07, 2018
Unlike the foreign electronic industry, the Indian electronics industry is quite big and diverse ...More
By Jaspreet Kaur
December 06, 2018
The automobile repair and maintenance business needs to go the extra mile to resolve customers’ prob ...More
By Jaspreet Kaur
December 05, 2018
The electrical supply sale, which is surging in the Indian market, has increased as compared to othe ...More
By Jaspreet Kaur
December 04, 2018
Essential tips to start the ambulance business, contingent on one’s capital ...More
By Jaspreet Kaur