Motorcycle culture has become more and more mainstream. Now that people are spending their holidays closer to home, they are looking into alternative ways, like motorcycle touring, to enjoy their holidays. This provides an opportunity for business, especially for motorcycle rentals. But like any other business, you will have to do your research and make some informed choices if you want to put your hat in the ring. Here are some of the things that you need to consider before opening a motorcycle rental company.
- Do You Know the Business? There is no substitute for experience. It is not enough that you like to ride and enjoy the culture. To make good decisions, you really should have some experience on the business end. But if you have business experience you could build a plan around someone else with experience, or better yet an experienced team.
- Choose your Bikes: The type of bike you specialize in will have a big impact. You want to access the customer base that frequents your area. Wheels Honda can help you make the right decisions.
- Make a Business Plan: This is true for any business, your chance for success is only as good as your concept. You need to do a lot of research, learn your market and study similar businesses to see how they operate. Are there other businesses like yours in the area, and if so, how are they doing? Is there high demand or are they struggling? What are they doing that you could do better, what is your advantage? If possible, see if you can go through the financial papers of another rental company and learn about the cash flow situation. Do not underestimate the importance of advertising. Leave room in the budget for promotion.
- Arrange your Financing: If you are getting a business loan, make sure you shop around and find a financial partner that understands what you are trying to do. There will be surprises along the way, and you are going to have to rely on your relationship with your lender to get through. Try to get good terms on credit lines and interest rates.
- Create Your Storefront/Corporate Presence: Make for yourself a professional look that also represents the freedom of motorcycle touring. Your image is important, especially if you are new.
- Develop Consistent Procedures: Have a clear strategy and then fine tune your system until you get it perfect. It may take many years before you get it right, so don’t be too rigid at first. Make sure you have strict rules on payment, and that all rentals are covered by credit cards, also make sure you have a business license and adequate insurance.
A motorcycle rental business is a part of the tourist industry, so you will need to adopt some of the practices. Be friendly and offer lots of advice. Your customers will appreciate the information, and if you give them good advice it will affect their experience. You want to generate good feedback and return business. If you follow these steps you should be on your way to success.