Starting a profitable business with friends is no easy task. First, make sure your friends have the right personality to make good business partners. If you are confident in the reliability of your co-founders, we will share the main tips on how to organize a business and not lose the charm of friendship. You should also thing where you have same values as your good friend.
First of all, you should think about the business scope and main market, create the strategy and make an analysis. Create some business metrics to count possible advantages and disadvantages of the business scope. Start with SWOT and competitor analysis.
Vans for hire as a profitable business option in the UK
Many visitors to the UK are interested in renting large, roomy cars. This makes it possible to go on an exciting journey with the whole family or company and has many advantages:
- Possibility to travel with a company without separating in public transport.
- It’s cheap. You will be able to save on fuel, as it is much cheaper to fill up a Van than it is to fill up several compact cars.
- A roomy vehicle will provide enough space for all passengers and their luggage without sacrificing comfort.
- For added comfort, you can rent a luxury Van to be able to relax on the road, moving on any surface.
- Enough space for passengers to stay overnight if you haven’t found a suitable hotel.
Before drawing up a business plan, we recommend that you check the pricing policy and offers of 9 seater self drive hire with rental24.co.uk in the local market. Check out demand, rental dynamics, and popular car model selection. This service is offering huge amount of different car models from many car groups. So, as a user you are able to put some filters and select the most suitable car to hire for yourself and for your wallet.
The location of the rental point also plays a role. At the airport, railway station, or near the sights, the rental will be in greater demand and the price can be inflated. The competition there is also higher, so think about how to lure the client to your side. Use this tips to provide more valuable service.
Become a recognizable brand
Advertise your Van hiring options to a wide audience, feel free to hire marketers – this is your chance to stand out from the competition. Develop a modern functional website, and offer customers discounts and promotions. Look for profitable marketing alliances: with convention centers or hotels. Mutual advertising will attract many interested people to you.
Distribute and optimize your profits
You must be ready to invest in a business for the first time without making a significant profit. Agree with fellow co-founders of the company in advance about your financial expectations to avoid future misunderstandings.
Do not allow civil strife between business owners – profits should be divided equally or in accordance with the position held. Do not forget also about ordinary employees. Receiving a good salary and a reward system, employees will be motivated to develop in your company. So be prepared not to get a high income from the first weeks of your start. Be smart and patient.
Cheap van hire for both customers and owners
Get maximum results with minimum investment. If you choose a lender, spend more time searching, but find the best conditions. Looking for a fleet – rent or buy only those cars in demand in the local market, and look for an opportunity to dispose of or resell an unwanted car profitably. Do your best, because every percentage saved increases your profits.
Make a protocol of behavior in a conflict situation
When starting a business with friends, one of your goals is not to quarrel over a joint venture. Even the closest friends who understand each other can hate each other during a stormy clarification of work issues. Anticipate this moment by developing a conflict resolution protocol.
Documents and rules
Write down the ground rules of your company on paper, draw up a business plan and budget, make sure all the founders agree with them, and sign them. Settle the legal side of the issue, car rental is a business with a lot of responsibility.
Register your business and sign a profitable contract with an insurance company. So you protect yourself from material compensation for injuries and breakdowns. The client will be ready to pay more for purchasing insurance at the rental point. Double check all the taxes issues and issues which you might meet when registering your business.
Be honest and build a business on trust
Open and honest communication within a team is what you should strive for in business. Trusting friendships are a good basis for strong business relationships. You cannot control all the processes in the company, so you should learn to trust your employees and hire professionals.
Analyze statistics and improve your business model
It is important to analyze sales statistics and the popularity of renting certain Van models. Regularly compare your progress with competitors and check the market offerings to catch new trends. Reevaluate your business model immediately if you feel like your business is stagnating or you are not making progress toward market leadership. Compare your possible competitors and take the positive experience from them. It will also help you to avoid some small mistakes which your competitors already created.
Now you know what to look for when you get the idea to start a business with friends. We hope that your friendship will be the foundation for a great company and that work conflicts will not interfere with good relations. For more information, read the article 4 Strategies For Building A Strong Business Partnership With Friends by Forbes. Take care of your business with following up our advices. Let’s hope that everything would be good and you will have a fast growing business.