If you can build it properly and strategically, launching a bike rental business is certainly not an option to fail. Bike rental business has been steadily growing over the past decade or so and there are a few mysteries of success for the startups. If you are thinking on the lines of venturing into this prospective field then follow the expert tips and advice to gain the trust of your customers and be a part of this booming small business industry.
Ideally, the key to success in bike rental business is just like any other. You must have the following qualities and features:
- A brilliant and immaculate business plan
- Strong execution of your business strategies
- High level of commitment to provide quality service
- Choose the best location for your shop and
- Have an effective and meticulous marketing and advertising program.
It is essential to have all of the above to stand out from the fierce competition.
It is hard but not impossible
Just as any business, success for startups is hard to come by but that does not mean it is impossible to achieve. It requires a lot of hard work and effort to perform this confoundedly difficult task. You will need to come up with great and innovative ideas that will be better and unique than the others in the similar trade. Apart from that, you will need to make arrangements of adequate funds to cope up with the low turnover in the initial months and in the offseason and most importantly you will need to do what you say or promise to deliver.
Like most things in life, it is not an easy task to aspire what you intend to especially business. Most people start businesses that are essentially not software startups. It may be opening restaurants, bike rental NYC, shops and professional service but getting customers and delivering what they want is the key to success. It will set the course for success of your business.
Get Answers To Important Questions
To start with, you must be curious all the time and stay assured that only a cat is killed that way, not humans. Ask questions and find relevant answers to it. Contact and consult experts or any successful business owner for tips and suggestions but do not let them know about the upcoming competition from you. Questions that will help you in your venture include:
- What does it take to start
- How to go about it
- How much does it cost
- How will you know people will come and
- How to retain them.
You will find that more than starting a business it is even more difficult to keep it running and make it work.
Things to know
There are a few things that you need to know for your bike rental business. Firstly, you must be obsessed with bikes and your rental business. Without passion and a superior level of commitment, there is no other alternative to success in this business. You will need to know:
- The bike price guides
- The stolen bike economics
- Strategies to catch bike thieves and
- The folks you can ask for help.
The Start-Up Costs
The cost to start a business for bike rental NYC depends on several factors. The way you want to do the business is the prime factor amongst all.
- Location of your shop is another factor that will determine your startup cost. A shop at a premium location will certainly cost more than a shop in a less expensive neighbourhood just like the size of your shop will.
- It also depends on whether you will do most of the work yourself and manage your cost aggressively or hire a big and strong supporting team right at the outset.
- How you renovate the retail spot, plan your initial inventory and provision of a buffer to last at least the first year must also be a part of your business plan and its cost.
Another important aspect is the operational cost of your business. Cost if utility, employee’s salary, initial capital and most importantly the bills of borrowed finance will comprise your business operational cost.
Raising your business fund
There are many different ways to fund your business. All you need is to be prudent with your choice and weigh all the options along with its pros and cons before finalizing on any one or a couple of it.
You may put in a small amount as initial capital and get the other major part financed. You may even bring in additional equity investors if you need a large sum of money but for that, you must be okay with giving away more of your company.
It is tricky for a new small business to avail finance from a bank as it will be unknown to the bank and there will be no significant asset or financial history for the bank to review. You may need to personally guarantee the loans and at the same time have good personal assets and a high credit score.
The bottom line is that without a loan no landlord will give you a lease and without a lease, a bike rental shop will be an esoteric notion that will be difficult to fund.
Launching A Bike Shop
When location and financing are in place, focus on getting bikes. It is best to strike a deal with the bike manufacturers who are on the lookout for such rental shops. It gives them large volume to sell and the rental company may have them at a discounted price along with a few exclusive rights and even give a line of credit to finance at 0% interest.
Make aggressive predictions about your revenue for the first year and be conservative to avoid bad spending decisions.
Build Your Business
Now is the time to build your business to acquire more customers. Deliver better service, satisfy every customer and create positive word of mouth and ruin your business on cloud-based aps. If you build faith amongst your customers you will build your business.