How To Start Wedding Car Rental Business?
Many people throughout the world hire cars for the big day, i.e. their wedding day. Wedding cars are in huge demand throughout the world. Thus it is a profitable venture to enter into but, how should one start a wedding car rental business? This article explains the necessary things you must act upon to start a wedding car rental business.
The first and the foremost thing that you must do is a thorough research of the business you want to enter into. You must evaluate whether or not it is suitable for you, how much will be the expenditure, when will I start reaping the returns, do I have enough links to exploit in the said business, what is the level of competition involved, etc. To answer these questions you must thoroughly search the internet, read case studies of businesses which have been successful in this line, talk to people who are established players in this business, do some market survey to get an idea of the demand potential, etc. Home work is definitely the first step as this will make you clear in your mind whether or not this business is the one made for you.
The next step is to make a detailed business plan. In your business plan you must mention the scale of your business, demand forecasts, projected expenditures, profit margin, modes of advertising to be used, etc. Your business plan acts as a reference point every time you get stuck up somewhere. Making a business plan is not as easy as it seems to be. You must fully get into the flow of things to create a suitable business plan. Also, it is not a rigid thing. You can modify it according to changes in the economic conditions and your plans.
Based on the expenditure forecast you must arrange for finances. In the wedding car rental business, you will be required to incur expenses on purchasing a car, fuel, parking, staff salary, mechanical costs, wear and tear, insurance, advertising, promotion, legal expenses, accounting expenses, office expenses, etc. You must arrange for sufficient funds that last till the time your business touches break-even point. You must also keep a buffer amount for the unforeseen circumstances when things do not turn out to be as expected by you. You can use your personal savings or take help from family and friends. You can also approach a bank for an overdraft limit or a bank loan. Venture capitalists are also available if you require more funds. Other options for raising money are small business funding companies, angel investors, etc.
Once you have sufficient funds you must buy the cars that will be utilised for the purpose of your business. If your budget is limited it is recommended to buy only two cars to start with and slowly enhance the range with time. You can also buy second hand cars in good condition. You must make sure that the interiors of the car are well maintained and clean. You must go for decent colours like white, black, etc. Loud colours like yellow, orange, etc. shall be avoided as they may not be the choice of everyone.
The next action item is to get the necessary insurance for the cars as cars are the most valuable asset in your business. You must choose the insurance policy that offers the maximum benefit at minimal cost. You must then complete the legal formalities required in opening a wedding car rental business. You must take the necessary permits and licences required for the same. You can take up a small room on rent for the purpose of operating it as your office. You may also opt for a virtual office.
Once everything is in place, you must start promoting your business. One of the most effective ways to promote a wedding car rental business is by tie up with wedding planners, wedding photographers, wedding decorators, wedding florists, wedding caterers, etc. Look for those businesses which are well established in the market. This can be a win ? win situation for you as well as the other business as both of you have common customers but there is no element of competition involved. They can refer their customers to hire a car from you and you can refer your customers to take services from them. Other ways to promote your wedding car rental business is through printing advertisements with photographs of your cars with a happy couple in local newspapers and wedding magazines. You can also list your business under suitable categories in online directories. You can also advertise on wedding related websites with a banner or a pop up advertisement. You must clearly mention your contact details in the entire promotional materials otherwise all your efforts will go in vain.
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