Are you the type of person who is obsessed with numbers, you own a car and wants to get into a money-making business? Then get into a car rental business. It will get real money. Furthermore, there are times when you and your family are on a vacation and your car is just kept ideal like that. So you can put it into the use this way.
Getting into car rental business does involves a large amount of money and also does not have lot of risks. There are many companies in which you can attach your car such as Uber cabs, Ola cabs, ZoomCar, etc. Do some research and find out which company is best for you. So take steps cautiously and you will surely make profits.
Here are some of the options available for you to rent out your car:-
Ola Cabs :-
Everyone can attach car with Ola Cabs and can make good incentives on monthly basis. The procedure for attachment is very smooth and simple. Reach out to Ola office in your city get to know about current bonus and incentives plans. Remember, In Ola Cabs, you have to provide a car with driver.
Also Read : – How to Attach Car with Ola Cabs
Uber Cabs :-
Similarly, you can also attach your car with Uber and can make good incentives on monthly basis. In Bangalore, there are many Uber cabs driver who are making around Rs 80,000 to 90,000 and more on monthly basis.
Check out – How To Drive With Uber
ZoomCar is providing self drive car rental service in various cities of India such as Bangalore, Hyderabad, Chennai, Pune, Delhi, etc. Recently, they have launched a program call ZAP or ZoomCar Associate Program. In this program, they are looking for members who want to make money by giving their cars to ZoomCar.
ZoomCar will help you in getting finance for the car. Read more about ZAP here
Many travel agencies are always looking for cars for their business needs. Try to connect with such travel agency in your city and inquire about the car rental option.
Companies & Call Centers :-
In Cities like Bangalore, Delhi and Hyderabad you can rent out your car to call center for pickup and drop of their employees. Local travel agencies are responsible for providing cabs for call center employees and you can easily connect with them in you city for attachment procedure.
Here are some of the points you should take into consideration if you decide to rent out your car to companies and call centers.
- Market Research:
A good market research helps you to get to know your customers and their needs. If you decide to give your car on rent to some company or call center, make sure you do a complete research on them. It helps to decide on which type of car is required by the client, the technology you need to employ, the fleet size etc.
Decide from where you want to get funds for your business. You can go for loans, venture capitalists or you can also raise money through other investors. It will also help you to decide on what amount of money you can invest in your business.
- Manage risk:
Make sure all your cars are insured. Furthermore, when you buy cars for your business, make sure you have a plan as in how to dispose of the cars if the market is not in a great condition and you are going through a loss.
- Decide your fleet as per the market:
Make sure you decide the size and kind of fleet according to the needs of the customers. What kind of vehicles are in demand like mini, micros, sedans or hatchbacks. Decide to buy the car according to the demands.
- Know your customer:
It is very important to know your customer. If your customer is a switcher, try to give him or her some offers so that they can stay with you for a longer time. If your customer is loyal then give him/ her some loyalty programs. You can also design referral programs to acquire new customers.
Decide on how you want to do the pricing. Is it according to the number of miles the car has travelled or according to the type of care they are hiring? Set the price accordingly. It is also important to take other incumbents into consideration while deciding the price.
If you are starting your own private car rental company then Invest in technology that can help you and your customers to track the type and the number cars available at the time of booking. You should also design a payment system where customers can easily make payments.
- Hire good employees:
Employees are the backbone of any business. So it is very important to hire good employees and make a thorough background check of each one. It enhances their reliability.
Try to do as much marketing and promotions you cans. Try to give offers, freebies and goodies which will attract more customers to use your cars. This will also promote your business through word of mouth.
This business needs less effort and a minimum amount of investment because you will buy your car in finance from the bank. Make sure your decisions are not whimsical. You should know why you are doing as to what you are doing because your decisions are ground work for your actions.