Thinking about opening an exotic and luxury car rental and leasing business? We tell you what you need to know to get started.
(article continues below)
Best Practices: Business Plans for Exotic & Luxury Car Rental & Leasing Businesses
In a startup exotic and luxury car rental and leasing business, there is no substitute for a high quality business plan. The effort you invest in the creation of your plan now will pay off later in lender responsiveness, investor attention and strategic confidence.
The most effective exotic and luxury car rental and leasing company business plans include a comprehensive chapter on finances. Not surprisingly, lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
Subsequently, a thorough understanding of business plan financial basics is a prerequisite to effective business plan writing for exotic and luxury car rental and leasing businesses.
Don't Ignore Competitors
Long before you open an exotic and luxury car rental and leasing business within your community, it's worthwhile to see how strong the competition is. Use the link below to generate a list of competitors nearby. After following the link, enter your city, state and zip code to get a list of exotic and luxury car rental and leasing businesses in your area.
Prior to opening your doors for business, be sure you fully understand the competitive landscape and where your new business will fit in.
Turning Competitors Into Collaborators
If you are seriously contemplating launching an exotic and luxury car rental and leasing business, it's a smart move to learn from folks who are already in business. If you think owners of nearby exotic and luxury car rental and leasing businesses will give you advice, think again. It'd be crazy for them to teach you the business.
But, a person who owns an exotic and luxury car rental and leasing business in a location that is not competitive to you may be more than happy to give you a few tips, once they realize that you are not going to directly compete with them in their community. In fact, they are often very willing to share startup advice with you. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Where do you find an exotic and luxury car rental and leasing business manager who is willing to talk to you but doesn't live nearby?
No problem! Just use the link below and try a random city/state or zipcode. Then start dialing for advice until you are successful.
Exotic & Luxury Car Rental & Leasing Business Acquisitions: Financial Considerations
Startup exotic and luxury car rental and leasing businesses carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. Many entrepreneurs buy an existing business for the sole purpose of tapping into the financial benefits of an established customer base.
But most importantly, existing exotic and luxury car rental and leasing businesses have documented financial histories. Although you can create pro forma earnings and financial statements for a startup, a business-for-sale should have a well-documented, multi-year history of financial performance.
Is Franchising the Right Option?
Young entrepreneurs are big on innovative marketing concepts, but fall short in the area of real world marketing experience.
In a franchised business startup, you get an immediate payoff from an established brand as well as the benefits of first-rate marketing resources.
If you're contemplating an exotic and luxury car rental and leasing business launch, it's worth considering whether or not a franchise is a better fit for your entrepreneurial goals. For more information, click on the link below to browse our auto rental franchise directory.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you currently own an exotic and luxury car rental and leasing business, try these useful resources:
If you sell to exotic and luxury car rental and leasing 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.