In order to start a car rental business, you need a fleet of cars, insurance for the vehicles, money for advertising, a referral network, and trusted employees to take care of the cars and manage the business. Making money renting cars involves understanding your market and meeting your customers' needs.
For instance, when choosing cars for your fleet, will a used car satisfy your customer? Or does your customer prefer a luxury car? Auto Rental News advises car rental entrepreneurs to carve out a niche, and choose a unique name and advertising slogan. Print, radio and online advertising will give your business exposure to potential customers, as will a marketing alliance with a local business like a hotel. In this scenario, you ask the hotel to refer people to your car rental business while you reciprocate by referring customers to the hotel.
On the operations front, it's important to examine business fundamentals such as average rental time and revenue generated per customer. Also pay attention to financial considerations like money reserved for repairs and investing in more vehicles. Auto Rental New stresses the importance of retaining good employees through rewards for doing a good job, and committing the business to constant improvement.