Asian Fortune Your source for all things Asian American
By Bridgewest
The last few years have meant a great economic development for many countries which has helped businessmen all over the world to come up with new successful business ideas in industries dedicated to large players only. One of the best examples is the automotive industry which until now was segmented into those producing cars and those selling them. However, the development of the infrastructure has enabled new possibilities for small enterprisers who wanted to succeed in this sector and a car rental business proved to be a profitable solution.
If you are wondering how to set up a car rental company, the actual company registration process is not complicated, but the steps to complete before you get there must be carefully planned and executed. So, let’s see what it takes to open a car rental business.
- Choose the niche you will address based on your budget
The budget is the most important aspect when setting up any type of business, but when you’re considering a car rental company, it becomes the most important step to succeeding. Once you have the budget set, you can target two main types of clients: corporate one and individuals. Of course, you can also decide to cater both categories, however a clear separation should be made between them. From here you can branch out and offer simple daily or long-term rental services or you can rent cars for special events or you can create a fleet made of exotic cars.
- Choose a location for the company and create the car fleet
When you choose the location, you should consider how easy it is for the company to be found and having sufficient space for the cars to be kept. The best situation is the one when you can rent a space where the office is located in the same yard as the parking lot. The latter should definitely match the number of cars you want to offer for hire. Once the location is chosen, you should start gathering the vehicles.
- Registering the company
Once you have all the facts straight, it is time for you to register your economic activity which should take the form of a company. Now, there are many jurisdictions you can decide for depending on the continent. Asia, for example, has some of the best markets for offering car rental services in combination with the facilities related to opening companies.
In Malaysia, for example, foreign enterprisers can open international companies in the province of Labuan through which they will benefit from important tax incentives and the amounts saved this way can be reinvested in the business.
- Promote your car rental services
Promoting a company is no longer optional, but mandatory in a world in which you have a serious competition. In the case of car rental businesses, it is even more important as this industry has simply exploded in the last three years. Ads, banners and even having a website where you promote your rent-a-car business can make the difference between you and your competition.
Starting a car rental business is not difficult as long as you plan it well and are realistic about the expectations. We explained above the most important steps you must follow, however you can always adjust them to your needs and the market you address and have a successful business.
