Starting a Bicycle Rental Business
The bicycle rental industry has been a popular venture through these years. It wouldn’t be surprising if you decide to enter into the trade as well. To find out how to make money loaning bikes to other people, scroll through our article as this will serve as a good business startup guide for people like you.
Bicycle rentals has never been more in demand these days now that oil prices are rising, and tourists would rather rent bikes rather than cars.
If you live in a place where private transportation is rare or a place small enough that automobiles cannot pass through – leaving bicycles and motorcycles as the only mode of transport – this business is perfect opportunity for you.
A Thorough Knowledge of the Bicycle Renting Industry
The industry has its own tricks of the trade that would be beneficial to have an awareness and knowledge of. You can only get this important information from someone who has experience in the trade, and essentially a potential competitor. There are a lot of bicycle rental businessmen who would be willing to discuss the trade with you, but finding them will take quite some time.
Start-up costs for a Bicycle Rental Venture
The core of your financing would obviously be set aside for acquiring a fleet of good bicycles. You would also need to have repair kits ready for the maintenance of your fleet. Although this is depending on how many bicycles you would be acquiring and the quality of these bikes, you would spend at least US$7,500 for a fleet of 20 to 25 bicycles. Second-hand bikes may lower this acquisition cost, but maintenance would naturally be higher as you bring these bikes up to par with quality. Make sure to maintain a varied fleet, as renters’ needs may be different from each other. For example, mountain bikes are popular and having these on your inventory would greatly benefit you. Do not discard the other kinds as some renters may find them suitable for their use.
Other costs that you may have to maintain in order to keep your bicycle rental business going include liability and theft insurance, as your bikes could be in danger of being stolen by ill-minded renters or thieves they encounter along the way.
A Good Location for Bicycle Rental Business
Your business needs to be in a strategically chosen position in order for it to attract customers easily. One good position is a place right beside the highway where motorists and tourists can see the bikes that you are offering for rent. Another would be to join in a location where other rental services like camera rentals and movie rentals are located. These are places that renters frequent regularly, and would also help build up the attention that is needed to be around your rental business.