A van rental business is a company that hires out commercial vehicles for a fee, whether it’s to private individuals or companies.
There’s a big market for this service and plenty of potential to expand, with many niches and options available to explore. In fact, it’s estimated that the market for vehicle rentals in the UK contributes around £49 billion annually to the economy!
So if you’re thinking of starting a van rental business, here are some helpful pointers you may need to know to ensure its success:
The Potential to Build Your Van Rental Business
Starting up a van rental business can be lucrative as there are many businesses and individuals that may require the occasional need for a van but don’t want to buy one themselves.
There’s plenty services your hire van can provide, including transportation for senior citizens, a vehicle for those moving homes, transporting medical equipment/supplies and general courier services.
Of course, it depends on the type of van you have to which service is most suited for your business. However, once you’ve chosen your niche, you can aim to secure long-term contracts for your fleet.
This will prevent your vehicles from standing empty for long periods of time and also give you scope to expand your business.
Some Tips for Getting Started
Once you’ve decided on the service your van will provide to customers, you’ll have to prepare the vehicle.
This includes having all the paperwork in place, a valid MOT and service history, as well as giving it a deep clean to make sure it’s in top shape for your customers.
Also, don’t forget about taking out self drive hire insurance. This insurance is a legal requirement and covers the vehicle and driver while the van is being rented. It protects against accidents, damage and other risks that could threaten the profitability of your business.
What Skills Will You Need?
When starting a van rental business, you need to think about some of the skills required to ensure that it’s successful.
Strong organisational skills are required if you have a large fleet of vans as you will need to keep track of where each vehicle is and if it’s being utilised efficiently.
Also, you’ll often be working with customers so you’ll need good customer service skills to provide the highest level of care. It would be helpful to have an awareness of marketing techniques so you can get your business out to the public and begin to build a customer base.
To get started on your journey to running a successful van rental business, carefully consider what you want your van to be used for and build a business plan around that.
Vehicle hires and rentals contribute to a very profitable market, so if you select the right niche, take care of your vans and spend some time on marketing, your business can grow and grow!