Thinking about opening a motorcycle and motor scooter rental business? We tell you what you need to know to get started.
Motorcycle and Scooter Rentals
Many entrepreneurs have done well by starting a motorcycle rental business. Take EagleRider, for example. They pioneered the Harley-Davidson motorcycle rental concept and the guided motorcycle tour business back in 1992 and are still going strong. You can rent Harley, Honda and BMW motorcycles from them. Scooter rental businesses are equally popular. These businesses are part of the recreation and specialty travel market, which is currently growing at a much faster rate than the rest of the travel industry. Motorcycle rental and scooter rental makes sense for businesses that are already selling motorcycles and scooters. In effect, you can offer a try-before-you-buy option to your customers. The end result is increased sale of both new and used motorcycles and scooters.
Elements of a Motorcycle & Motor Scooter Rental Company Business Plan
Every business plan is unique. However, the most effective business plans do address specific sound business plan elements:
- Mission Statement – Your description of your motorcycle and motor scooter rental business's reason for existing.
- Goals & Objectives – Goals are broad targets; objectives are the tactics you'll use to reach your goals.
- Financial, Marketing & Action Plans – Specific plans that describe your business environment, demographic targets and quantitative estimates.
Evaluate the Competition
Before you open a motorcycle and motor scooter rental business in your town, it's a good idea to see how many competitors you have. Try our link below to get a list of local competitors nearby. Just enter your city, state and zip code to get a list of motorcycle and motor scooter rental businesses in your community.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
As part of your due diligence on opening a motorcycle and motor scooter rental business, you really ought to have a conversation with someone who is in the business. If you think owners of nearby motorcycle and motor scooter rental businesses will give you advice, think again. The last thing they want to do is help you to be a better competitor.
But, a person who owns a motorcycle and motor scooter rental business in a location that is not competitive to you may be willing to share their entrepreneurial wisdom with you, given that you don't compete with them in their area. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
Where can you find a motorcycle and motor scooter rental business entrepreneur in another community?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Top Three Reasons to Buy an Established Motorcycle & Motor Scooter Rental Business
It's almost always preferable to buy a motorcycle and motor scooter rental business than to pursue a motorcycle and motor scooter rental business startup.
You'll want to conduct a comprehensive due diligence process, but here are three arguments why you should think about buying instead of a startup.
- Initial Revenue. Startups struggle to bring in revenue right out of the gate while existing businesses usually have a steady stream of income.
- Operational Efficiency. When you're shopping for a motorcycle and motor scooter rental business, be sure to look for ones that have all of the necessary processes and systems to ensure seamless operations from your first day of ownership.
- Funding. Lenders, investors and other funding sources almost always prefer business purchases to startups.
Franchising May Be a Better Way to Go
Speed to market is an essential factor in startup success. Franchise startups dramatically shorten the startup cycle, giving your business a fast track to earnings, profits and growth.
While it's true that franchising has both benefits and drawbacks, our rental franchise directory will give you the tools you need to evaluate whether a franchised startup is a good fit for you and your goals.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you already are in business and came here to learn about growing an existing motorcycle and motor scooter rental business, these resources will come in handy:
If you sell to motorcycle and motor scooter rental businesses, we've got better information for you elsewhere on our site. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.