Mamanul Haque Onik
Car rental will always be in high demand in every city. This is because hundreds and thousands of people are either searching for “cheap car rentals” or “car rentals near me”. This is the prime reason why it is becoming one of the areas which we think everyone should focus on as part of his personal finance planning.
A rent-a-car business in Bangladesh has already been appeared as a competitive industry. If anybody wishes to step into this business, he can start it just knowing some steps to success.
Here you need to learn to maximize your odds of success. So, first of all, decide whether you need to run a contract base or daily hire operation or build up your vehicle options to start a vehicle rental business.
And this sort of business can be very rewarding when you can handle the risks involved with vehicle rental. Just like any other type of business, a rental car business shouldn’t be taken lightly.
Before stepping into this business, it is important to know the industry model in Bangladesh. It is also significant to be aware of car rental business models, including the contract hire and daily hire. Your customers will get to rent a car for a specific number of hours for the daily hire.
Moreover, it is important to know how well your employees are performing. When these all are ‘okay’ then consider following the below steps to start your business.
First Step: Business Plan
Getting a well-researched business plan is a key consideration while starting a rent-a-car business in Bangladesh. When you have a good business plan, it will help you getting success in all aspects. You can search for a car rental business plan on the internet if you don’t know how to prepare one. And there are a lot of car rental business plan templates that you can adopt from.
Thus you can get help from the internet to prepare your own business plan. You need to give a financial highlight of the business if it’s an existing car rental business possibly seeking for funds in order to expand the business. Also, it’s important to know how you want to apply the funds, which is indicated clearly in the business plan.
In order to find out as much as you can on your competition, do some research on the type of market in your area. You’ll need to develop your own marketing plan with your business plan for independent start-ups. As the national operators can hire vehicles out cheaply, you should offer something different to enticed customers. Among the great options, locations near airports, hotels and train stations are well judged.
Car rental business will soon experience explosive growth if there is an opening of a new airport within your area of coverage. This is because people will need cars to drop them off at the airport.
So, car rental companies to take them to the hotel or their destination when people are coming from other places too. With these all aspects, it’s not should ignore the importance of a prime location of your rent-a-car business.
Third Step: Business Marketing
Sometimes, the word of mouth does magic that thousands of dollars advertise could not do. And it’s essential to know how to make a network.
If you want to run a successful rent-a-car business, you need to market the business but it needs not to be expensive while marketing your business.
Moreover, you can create a website if you want to make your company appear more professional. This will make easy to corporate clients who seek a car rental service on the internet.
Fourth Step: Financial Resources
Financial resources are extremely important if you want to start a rent-a-car business. Although used cars are not totally reliable, new cars can be expensive. It is advisable to go for new cars if you do not want to keep spending money on repairs. In this case, you will be able to do this easily when you have sufficient capital.
Fifth Step: Reliable Drivers
It is important to select reliable drivers for your rent-a-car business. You need to bless your star if your car rental business has a dedicated and trustworthy team of drivers. Any car rental company’s drivers are like the engine room. So, they can get your business into troubles if your drivers are bad.
The writer works with Bangladesh Post
“Before stepping into this business, it is important to know the industry model