How to start a business by renting a bike/motorcycle

Bike Rent Business

Friends generally people use the bike mainly for their own rides. But if we want, we can also earn money by renting the bike. Nowadays there are many tourists and travelers who are looking for cheap and accessible rides for a few hours, they are usually in high demand at tourist places. Where a bike can be a better option for them, today we will tell you how you can start a business by letting the bike for hire.

If this business is done in a systematic way, then you can earn well.

So today we will tell you in different steps how to start bike/motorcycle rent business.

Step 1: Plan Your Business

A clear plan is necessary for success in business. It helps you understand the nuances of your business. Some important topics are:

What are Business Startup Costs?
Who is your target market?
How much can you charge customers?
What would you name your business?

What is the cost involved in opening a bike rental business?

This business can be started with a very modest investment. Suppose you are thinking of starting a business with 10 bikes, then you have to pay attention to the following points.

What are the ongoing expenses for the bike rental business?

Cost to buy 10 bikes

Places for bike parking, office and maintenance, places near tourist spots usually attract people more.

Other related costs such as helmets and bike locks

Repair expenses

Need to hire a bike mechanic until you can do the repair work yourself.

Employee’s salary

Bike insurance etc.

Step 2: Get the necessary permits and licenses

Always try to get necessary permits and licences since failure to do so, may result in heavy fines or even your business could be shut down.

Step 3: Register for taxes

You have to register for a variety of state and federal taxes before opening for business.

If your state has not enacted specific laws, contact your RTO with the application set out in the bike rental scheme. Typically, you will need to start at least 5 bikes and they will need to be registered under the commercial category.

Step 4: Get Business Insurance

Like licenses and permits, your business needs insurance to operate safely and legitimately. Business insurance protects your company’s financial losses in the event of a covered loss.

Step 5: Choose which bike to buy.

Typically, this usually depends on the type of customers you are acquiring. Cruiser bikes such as Royal Enfield, Avenger, etc. are in demand at locations in or near hill stations. For metro traffic, Activa or low CC bikes should work well. However, there is no rule of thumb. It works purely on your decision and budget.

Step 6: Promote Your Business

Start promoting your business now. You should take the help of traditional as well as digital medium for publicity. Because the more people know about your bike rental business, the more people will come to take service.

Some important things to take care of :-

Always be careful while renting a bike. Always verify the person’s identity and driving license before renting a bike

Install GPS in your bike to track your bike speed and location.

Tell your customers to wear helmets and follow traffic rules.

Ask your customers to sign a contract with you where you can write your terms. These conditions should focus on preventing anyone from riding a bike. Being clear from the beginning will help build a good relationship between you and your customers.

Keep records properly. Typically, you will need to find a safe place where you will keep your records. A good record helps a business run trouble-free.

 

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