Start a Bicycle Rental Business

Start a Bicycle Rental Business

Bike rentals tend to perform very well at places that witness frequent tourist visits. By starting a bicycle rental business, you’ll see many travelers and tourists taking your bicycle on rent in order to enjoy their rides in and around your place for just a couple of hours. Even in places like beaches and parks riding a bike is a very adored activity.

You will enjoy conducting a bike rental business more provided you live nearby a beach or a tourist destination. It is good and great if you already operate a business near any such place. You just need to add bicycle rentals and therefore maximize your earnings. To get started with your own specialized bike rental business, here are almost all the requirements you need.  

Legal formalities 

Before you even get started, you need to get a business license while submitting an application form to your regional transport authority. In India, you may also need to get your service tax registration probably after a year or so in case your revenue grows more than Rupees 10 Lakh annually. Online registration is easily available.

Getting you started

Moving beyond the legal requirements, you will be looking for a shop available for rent located near to your tourist destination. Keep in mind that your shop must have sufficient space for bike racks. Add success to your story while preparing a business plan and learn about your competitors you might be facing in your place. Your competitors are necessarily people doing the same business. Even taxi and auto drivers can be impacted by your business. You need to negotiate a win-win situation with them. 

Buy and showcase a fleet of bikes {10-20} to the visitors who will be passing by your shop. Moreover, purchase a few racks to ensure the safe parking of your bicycles. If you want to keep your startup costs contained, consider buying second-hand bikes. However, you will be making them look new and attractive to tourists while taking them for repairs.

The major portion of your startup costs will go for buying bikes, racks, helmets, and other equipment that ensure safety to the riders. There will also be a need for using a small amount for maintenance and other daily utilities. 

You will also be in need of having an insurance policy to help your bike rental business stay unharmed. It is because renters might sustain bodily injuries while riding your bikes. 

Networking yields good results. Network with your local business establishments to send you customers. They may include hotels, restaurants, etc. Put up glamorous signage to add strength to your marketing efforts. However, it should be placed on the front side of your shop so that tourists who pass by get to notice you easily. You should not lose on using social media platforms as well. After all social media does help in promotion. You should also put up a website to capitalize on the online booking opportunity.