How to Start a Rent-a-car Business in Bangladesh
Starting a Rent-a-car Business in Bangladesh
Although a rent-a-car business in Bangladesh is a competitive industry, you can start knowing some steps to success. So, before entering the business, you should learn what to do to maximize your odds of success. So, 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. Also, 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”. That’s why it’s becoming one of the areas which we think everyone should focus on as part of his personal finance planning.
Why Start a Rent-a-car Business in Bangladesh
It’s surprising and unexpected that more than 12 million people live in the Dhaka city, the capital of Bangladesh. Besides, there are thousands of visitors from the inland and abroad come to visit the city. Apart from the capital city, there is a huge demand for the rent-a-car service. It means that there is a good chance of starting a rent-a-car business in Bangladesh.
Also, it’ll be a great source of making a good amount of money within a few days. Car rental business or call it car hire business is becoming more competitive because of its high demand. However, you’ll be glad you venture into the business if you know what it takes to operate a successful car rental business. So, these all reasons indicate the thing that you can start the business in Bangladesh with a good knowledge of this industry.
Steps to Start a Rent-a-car Business in Bangladesh
It’s important to understand the industry model before you jump into rent-a-car business in Bangladesh. In this concern, it’s essential 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.
And the people hire daily basis those who has broken down and who need a replacement immediately. Also, be focused on your business whether it needs to be flexible. Moreover, it’s 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. Now, let’s see what comes with a business plan:
- Executive summary of the business
- All the key aspects of your business
- About operations of the business
- Information about the key management
- About the sales of the business
- About the marketing business etc
Second Step: Business Location
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.
Related Article: 10 Renting Business Ideas
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
You need to market the business if you want to run a successful rent-a-car business. However, it needs not to be expensive while marketing your business.
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. You may never have any down moment throughout the year if you can make friends with top marketing executives in different companies and also visit some marketing companies.
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
You need to have good financial resources if you want to start a rent-a-car business. Although used cars are not totally reliable, new cars can be expensive. It’s advisable to go for new cars if you don’t want to keep spending money on repairs. In this case, you’ll be able to do this easily when you have sufficient capital. That’s why financial resources are much essential for this business.
Fifth Step: Reliable Drivers
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. So, it’s important to select reliable drivers for your rent-a-car business.
Some Other Steps to Follow
- Buy your fleet of cars
- Choose the type of car rental business
- Register your car rental business
- Ensure your cars
- Service your cars regularly
- High-quality cars
- Good customer care