People usually have one or maximum two vehicles per family. Most of these cars are family sedans or SUVs that can hold a maximum of five people and some luggage. So when families are off on a voyage with many others, like a trip with extended families, it is required to hire a bigger vehicle. If you are looking for a business idea, starting your own vehicle hiring company can cater to this market.
Which market gap to fill?
Typically an entrepreneur must look to fill a market gap, or a need in the society. Hiring out vehicles is indeed a requirement, but there are many service providers doing this. So you can look for a niche where there are not many competitors. For example, off road tours could be one opportunity. You must find suitable people to drive that kind of vehicles and they should have an idea of what to expect in an off road trip. Although there is some level of competition, wedding car hire Gold Coast can be another demanded service.
A challenge many entrepreneurs face is finding subordinates who are as passionate as they are on the business and catering to customer needs. So when you hire people, try to gauge their attitude; are they excited to provide a good quality service? Do they understand the importance of that? You can perhaps make them experience a bad service and based on that, make them understand how important customer service is. Today, no business survives without a good after sales service and industry is even gearing up making AI/ robots to take calls, note down or record problems and provide solutions. You might not be able to afford a robot but you can undoubtedly find and train some good human resources for the company. They may leave after some time, but remember that is the cycle of business as is the cycle of life.
A business needs investment. If you are the sole investor at the beginning, all the profits will be yours. You can also try to string some people along as co-investors. It is important to measure and have an idea about breakeven time; a new business won’t bring in profits the moment it started. So don’t worry if for a year or two you are merely managing the costs and going on almost a loss. If you have other investors they also must understand it. Also a business needs constant investments during its growing period. You might have to buy few more vehicles, maybe invest in a luxury brand such as Mercedes Benz vans, hire more people, erect an office space, hire personnel for the office etc.
A business will be successful as far as you understand what the injections it need, at which times. Without a sound plan and prudent investments it is not easy for a business to be profitable.