Rent out Your Property Archives

Posted by: egle on April 24, 2024

Post Views: 2,543

How to Make Money with Your Bike: Bike Rental Businesses, Peer-to-Peer Rent and More

Do you have a bike that often sits unused? Would you like to make some extra money? Or maybe you would like to start a bike rental business? It’s a great time for both. The sharing economy is here: according to the statistics, the number of bike-share bikes more than doubled from 2016 to 2017. Want to be part of the sharing economy? Read our tips to learn how to rent out your bike and earn money.

Should you rent out your bike peer-to-peer or start a business?

When thinking about renting out properties, there are two main ways you can go about it: peer‑to‑peer services or starting your own business.

Peer-to-peer rentals mean that you will probably find a platform and post your rental property. Then, other people might become interested in your rental bike and book it. They are great if you have maybe one bike which you do not use all the time. They also take little time: it is perfect as a side hustle or a source of passive income.

However, if you have more than one rental property or plan to expand your inventory, you can consider starting your own business. Of course, it will take much more time and effort. Learn more about starting your own rental business here. Let us give us some quick tips about running a bike rental shop: first, keep your bikes well-maintained and clean them after every return. Have clear rules and agreements and remind people to return their bikes on time to keep your business running smoothly. Finally, bring your business online: you can get more clients this way.

How to rent out your bike for extra money

Starting a business can be a lot of work. You might also need to have better and more inventory. What if you just want to have some extra income? A source of passive income, so you earn extra money doing basically nothing.

What do you need to rent out your bike for extra income? Your bike and a bit of time. Usually, you only have to get the app or go on a website, post a photo of your bicycle, maybe add a short description, set the prices and perhaps dates, and that’s all! You then wait for someone to book your bike. Of course, the company whose platform you are using usually takes a commission when you rent out the bike so they can earn money too.

Spinlister might be one of the bigger bike-sharing apps. It is free to list the bike on Spinlister: instead, they will take a 17.5% fee on every rental you make. They also provide a guarantee of up to $1,000. You can decline requests if you do not have time or for any other reasons.

In Europe, there is the Donkey Republic. They say that they currently have 18,000 bicycles in 62 cities, mostly in Europe, and 27 partners. You can contact them at donkey.bike if you also want to become a partner. Another app popular in Europe that you could use to rent out just one bicycle is ListNRide.

Regarding some small, local bike-sharing communities, there is some like Cycle.land. Cycle.land, founded by a Lithuanian, is focused on the community in Oxford, UK, but you may also use it to list your bike even if you live elsewhere. It is free to list the bike, and they do not charge service fees. Many companies focus on sharing bikes in one geographical region, so it might be easier to search for bike shares in your particular place rather than searching for one global app.

Consider also renting out your bike or bikes on XRental. Our motto is allow partners to make money so we will not rip you off in commissions. Of course, we care about providing a good experience to the clients: your bike should not be too worn and cannot have issues. Otherwise, we would be happy to have you as a partner! Contact us if you wish to post an ad.

How much can you earn

If you want to make extra cash, it matters how much you can make, right? The earnings very much depend on various factors, including the location, the market value of your bike, the duration of your rentals, how many days a month you plan to rent out the bike. Of course, the better your bike and the more popular the location, the more rentals you can get. Shorter rentals tend to be more expensive, but you have to spend more time doing them. For most people, it is easier to rent out the bike for a whole day or several days.

Prices for the bike rentals depend too. For example, on Spinlister, you can rent out a bike for $13 an hour and $50 a day. But those are some of the higher prices. $30 a day would be pretty typical. You could also list $5 per hour and $20 a day to be on the cheaper side.

ListNRide has a calculator that lets you approximately count your possible earnings depending on the market value of your bike and the number of days you are planning to rent it out. Check it out here.

Tips for bike rentals

There are some things to keep in mind if you want people to be interested in your bike. First, of course, it must be in good riding condition. Then, you should set the right price. The easiest way to do it is to look at how much similar bikes cost in your location. The better the bike, the more it will cost. Check out different bike types here.

To make your advert appealing good photos are very important. Smartphones today take pictures of high enough quality, so this shouldn’t be a worry. Just make sure you take the picture in a good light: avoid direct sunlight and darkness. The whole bike should fit. The photos look best when ¾ of the background is the wall and ¼ is the ground.

When you post an ad, it’s good to include as many details as possible. You can list your bike’s specifications and any extra features if you offer them.

Also, be responsive. Whether you accept or deny a request, do it quickly. Be helpful and answer people’s questions. It can help you get better reviews and rankings.

Perhaps you are also interested in renting out your car? Learn more about it here!

Posted by: egle on April 23, 2024

Post Views: 866

How to Rent a Boat: 6 Tips for Your First Boat Rental

The boating lifestyle is as popular as ever. And there are so many beautiful places to explore by boat, such as Florida, California, the Mediterranean, etc. But owning a boat is both costly and quite a hassle. Renting one is very easy in comparison. Still, if you are planning to rent for the first time, it can seem a bit scary. Read what to consider when you want to rent a boat to feel braver!

Rent the right boat

Before you go and book the boat, take some time to decide what kind of boat fits you best. Do you want a slow, calm cruise or a speedy, fun trip? Perhaps you are planning to fish or enjoy water sports? Make sure that the boat you plan to rent lets you enjoy what you have in mind. Also, do not rent a sailboat if you don’t know how to sail or a super-powerful motorboat if your boating skills are rusty.

Think about the number of people too. Certain boats can only fit a certain number of people: do not forget this. Also, if you want to save a bit of money, remember that the prices are higher on the weekends. Renting for a lengthier period is also more cost-effective than renting short-term.

Plan in advance

Planning in advance is always good: it is even more essential if you plan to rent a boat in a popular location. The earlier you book, the better price you can get.

Also, get to the boat early. We recommend being there at least 30 minutes before. Usually, you have to file paperwork, which takes time. Remember to read the agreement attentively so that you do not miss anything. Also, you can talk with the owners, get some information and tips, which can really come in helpful.

Make sure the boat you rent is in good condition

The last thing you want is to become stranded on the water because of some malfunction. So before you go out to the water, make sure that everything works well! If you notice some issue, bring it up with the owner or the rental company.

Check the outside appearance too. We also recommend taking pictures. People recommend taking photos when you rent a car, so you do not get blamed for doing something you did not do later. The situation is similar with boats: better to take a picture before taking off, just in case.

Pack what you need

It is essential to be prepared well for your boating trip. Since you will probably book your boat early, weather conditions might not be perfect when the day comes. So make sure you dress appropriately. Have an extra set of clothes, in case yours get wet. Remember to pack water and some snacks. If you are planning a longer trip, you might also need more clothes and toiletries.

Also, have sunscreen, especially if the weather is sunny. Sun rays are more powerful when they reflect from the water. A cap and sunglasses may also come in very handy!

However, do not overdo it and travel lightly. Packing too much will burden your trip and can spoil your boating experience.

Know how to boat

It may seem obvious but make sure you know how to control the boat you will rent or have someone that knows. Learn and follow the boating rules in the region you plan to take your boating vacation. Different states have different age and safety requirements. For example, you can take a boating course before the trip: they are usually short but highly beneficial. The important thing is to keep safe at all costs.

If no person in your group knows how to boat well, hire a captain. Usually, captains come together with larger boats, especially yachts. But you could find and hire independent operators to control the boat you rent.

Be prepared in case of an accident

Hopefully, you will not face this. Still, be prepared. For example, have the contact number of a marina. Let someone know your boating plans. That way, they can contact someone to help you if you are running late because something could have happened to you.

Also, have insurance. For example, you could check with your insurance agent if you could extend your policy temporarily to cover boat rentals. You can also purchase temporary coverage.

Perhaps you own a boat yourself? Learn how to rent it out!

Posted by: egle on April 19, 2024

Post Views: 1,208

How to Rent out Your Car: Ways, Earnings, Tips and More

Do you have a car that often sits unused? Would you like to earn some extra cash with it? You can rent it out. There are many people who often look for rental cars. It can be a passive source of income to help cover the maintenance costs, monthly payments, or just earn have extra spending money. In this article we will cover how to rent out your car to others, so read on if you are interested.

Why rent out your car?

There is more than one reason people rent out their cars.

You make extra cash. Your car can cost you more than $8,000 per year if you drive about 10,000 miles: you can check out the statistics of the costs here. You might also still be paying for your car to financial institutions (make sure you are not breaching the contract when renting out the vehicle in this case). When you rent out your car, you can earn at least several hundred dollars a month: many people get over $700 every month.

Your car does not sit unused. Cars are designed for people to use them. If they sit idly for a long time, problems might arise. When you rent out a car, you avoid this risk.

You may qualify for tax reductions. If you rent out your car, it can be treated like a small business. It means that you can get tax reductions. Just remember to track all your expenses diligently.

Of course, renting out your car has its disadvantages too. You have to manage the requests, which takes time. You will have to check and clean the vehicle between renters. People will use your car constantly, and there will be more wear and tear. Also, accidents might happen. Although insurance should cover you, it is still a hassle to deal with them and fix the car.

How to rent out the car?

The best way to rent out a car is with a company, not by yourself. Of course, you could post an ad on Craigslist, but we do not recommend it. In some places, it can even be illegal for you to rent out the car yourself.

The most popular app for renting out cars is Turo. There is also HyreCar, Getaround, etc. Each company has its requirements set: for example, you cannot list a car on other platforms if you want to list it on Turo. Usually, the mileage has to be under 130,000 miles or so in most companies.

You can also post an ad for your car on XRental. Our motto is allow partners make money, so we will not try to rip you off. Of course, we have requirements too: the car must be in good condition so that the renter is happy. If your vehicle has bald, worn tires, we would not be able to guarantee a good experience for the client, so we do not accept such cars. Otherwise, we would be happy to have you as a partner. Contact us if you would like to list your car for rent and earn!

How much can you earn?

This question is often the most important for many people. Of course, it depends. For example, renting your car by the hour can earn you much more money, but you also need to give it more time. Even every day can be too much: many people choose three days as a minimum duration. It also depends greatly on your location. Some cities, especially large ones, have more people that want to rent a car. In such high-demand cities, popular cars are most in-demand, such as Tesla. In places with lower demand, the vehicles mustn’t be as popular. It also depends on your car: the better it is, the more you can earn.

Companies that let you list your car on their platforms take a fee, often for both listing and insurance. For example, Turo takes from 15 to 40% of the amount you receive. If your insurance would cover your car when you rent it out, you could refuse the company’s insurance and earn more.

To give you some numbers, let’s compare the most popular car-sharing companies. On Turo, the average host makes about $550 per month. It’s similar on Getaround, on which a host seems to make $500 a month on average. Of course, you can earn more. Getaround says you can make $10,000 a year. HyreCar claims that you can make up to $12,000.

Check out our article on how much you can earn when you rent out your car in Dubai.

Tips for renting out the car

There are several things you can do to attract more renters and earn more extra cash. First, make sure your car rental ad is appealing. Have good photos. Take a picture of your car from the front and side. Ensure the vehicle is clean. Also, create a good, clear description so that renters know what they are getting.

Before setting the price, research what is the price for other vehicles in your area. It will help you get an idea of what the price should be. Also, be very responsive: do not let requests sit unanswered. People will simply look for other cars then. Be as helpful as possible when answering. Also, make sure that insurance covers your vehicle when it’s in the hands of renters.

To ensure rentals are smooth and you have as little trouble as possible, remember several things. First, take many pictures of the car for yourself as you can, such as 60 or so. Include objects such as side mirrors, seatbelts, etc. Pictures will help you recover money if renters damage something.

Finally, remember to clean the car between guests and to maintain it well. Fix any arising issue as soon as possible. It will both make your guests happier and help avoid accidents. And do not leave any personal items in the car: it’s simply not cool.

Perhaps you also own a parking spot? Maybe you are not using it much? You can also rent it out for extra cash! Check out our article on renting out parking spaces.

Posted by: egle on April 8, 2024

Post Views: 5,345

How Much Can You Earn When You Rent out Your Car in Dubai?

Did you know that Dubai was a desert 20 years ago? And now it’s one of the most luxurious cities in the world. There are many roads, and many people traveling. Do you have a car you do not use all the time? You can rent out your car in Dubai and make extra money! Read on to learn about car rentals in Dubai and how much you can earn.

Car rentals situation in Dubai

Dubai, the most populous city in the UAE, known for its luxury shopping and nightlife, is definitely a famous tourist attraction. It is astoundingly beautiful and has more than one attraction to boast of, such as Burj Khalifa, the tallest building in the world. People come to Dubai to relax on the many beaches, try various experiences such as desert driving, shop tax-free in the many malls, enjoy varieties of great food, and more. And getting everywhere by car is the most comfortable way.

Dubai has a very good road infrastructure. The roads are great, and the congestions are not so bad. Public transport will not get you everywhere, and taxis can get costly. Also, fuel is affordable, there are many parking spaces available, so it’s popular to rent a car in Dubai. If you want to, you can also rent or rent out parking spaces!

There are also quite a few car rental companies, from big ones, such as Hertz and Avis, to small local ones. It is quite beneficial for the renters, of course. But you can also earn with your car: demand for rental cars is high in UAE and Dubai.

How much can you earn by renting your car in Dubai?

It really depends. The two most important questions are how much your vehicle is worth, and how many days per month will you rent it out. If the market value of your car is around $25,000 and you rent it out 15 days a month, you might make $6,000 a year or 22,000 AED in Dubai. If your car is worth $40,000, you can earn $10,000 a year. That can at least cover your car upkeep costs. And with good vehicles and dedication, you could be raking in even more!

Short-term rentals are pricier, so you can earn more. Of course, they also take much more of your time. When you rent out your car for two weeks, you do not have to do much throughout them. Read more tips for renting out cars. Perhaps you want to start an exotic car rental business? We covered that too!

How to post

There is more than one way to post a car rental advertisement in Dubai. The best ones, of course, are using an app or a website. Although you usually have to pay commission fees, you have a comfortable platform, a high chance of finding people, help to handle payments, insurance, etc. For example, there are car-sharing apps such as Friendycar, where you can list your car.

We also recommend posting your ad on XRental. You can make more with XRental because our motto is “allow partners to make money”. However, we want to ensure the highest quality possible and great experience for both owners and renters. We handpick and pre-approve all advertisements, so if a car has worn, bald tires, it will not be picked because we could not ensure quality. But if you care about quality and want people to have good experiences while also making money yourself, we would be glad to have you as a partner!

Final tips when renting out a car

Although renting out a car can make you extra cash, it has its dangers. Firstly, there is naturally more wear and tear when you rent out your car regularly. Also, although your car will be insured (usually by the company on whose platform you will list it), accidents can occur, and it’s a bother to deal with them. Finally, you have to meet the renters and give them the keys, although there are such solutions as smart locks. The vehicle also has to be clean and well-maintained.

To sum up, in Dubai, rental cars are in demand, and although there is more than one rental cars company, you can also make money. Depending on your vehicle and how many days a month you can rent it out, you can earn more than $10,000 a year. Just remember that you will have to spend some time renting the car out and maintaining it.

Posted by: egle on April 7, 2024

Post Views: 747

How to Make More Money With Boat Rentals: Tips for Boat Owners

Do you rent out your boat when you are not using it? We already briefly covered the basics of renting out a boat and why it is great. This article covers how to get more renters and earn more with boat rentals. We will share tips on making your advertisements more attractive, getting good reviews, and earning more money.

Things to consider before you post your rental boat advertisement

If you are planning to rent out your boat, make a plan and research first. How much competition is there in your town? How much do other owners ask for similar boats, and how booked are they? Such research will allow you to adjust the price. Also, think about the seasons. During the high season, the prices are usually higher, so you can raise them a bit. But during the low season, there are way fewer people, so you might not get any bookings. Regularly adjusting the price can help you make much more money than sticking with the same price all the time.

Make sure that your insurance covers your boat in the hands of renters. Whether it’s damage to your own boat or another, medical bills, or legal assistance, better be safe and insured than sorry. Of course, you will have to pay to upgrade the insurance. Some boat rental sites also offer to insure your boat throughout renting periods, but it costs too.

Finally, be prepared to meet your renters. Many book last-minute, so be sure that you can meet them or find someone who can. For this reason, most owners prefer long rental periods, from a day to a week, because it would be hard to manage more. During the meetings, provide instructions and tips for the renters. You can also take them for a quick ride to let them get familiar with the controls.

How to make your boat rentals ad appealing

Have nice pictures. The better the images, the more likely people will become interested. If the photos look bad, renters are likely to skip the ad. Smartphones today take good pictures, but it is still better to take them with a professional camera or hire a photographer.

Write a good description. Just like people seeking to rent an apartment, people looking for boats want to know as much as possible to make the best choice. Help them!

Respond quickly. If you were looking to rent a boat yourself, found the one you like, and contacted the owner, you would like a quick response, no? If you take too long, your prospective renters might lose interest in your boat. Replying soon lets the people know you are excited about renting your boat and makes them like you more, thus increasing the likelihood of a good review. Some sites even rank quick responders better.

Have a captain available. In peer-to-peer boat sharing, bareback rentals are the most common: it means that you rent the vessel alone. Larger boats and yachts are usually chartered with a captain. But some people might not have a captain, and might still want to rent your boat. You can be the captain yourself (have a license then) or connect with captains to hire if there is a need. By providing this option, you can get more renters.

How to get good reviews for your boat rentals

Good reviews are crucial. People are social creatures, and they want social proof, knowing that other people enjoyed products, services, or experiences. A good review is just that: someone says they liked your boat, and people are more willing to believe they will enjoy time on your boat too. And the more reviews there are, the more willing they will be! So make sure to provide good customer service to have good reviews.

Add extra features. Just like when you offer vacation rentals, think what you would like to have when you rent a boat for your vacations or a party and include it. For example, add water toys or fishing gear. Also, it’s a good idea to leave a welcome basket, wishing the guests to enjoy the boat. It would be a lovely surprise for them to find! You could also leave a cooler with bottled water and snacks, beach towels, etc.

Clean and maintain your boat. Make sure that everything works so that there is a minimal chance of trouble. Also, have all the safety equipment in good condition, such as life vests. Finally, leave the boat clean. You can scrub it yourself or hire cleaning services.

Meet them nicely and leave instructions. We already mentioned meeting the clients: try to cover as much as possible during the meeting, from controls to routes. They will also likely appreciate you leaving notes and suggested routes. You can even include menus from nearby restaurants!

Ask for a review. Sometimes people would gladly post a good review, but they forget or need a little incentive. When the rental period is over, write to them asking whether they enjoyed the experience and politely asking to leave a review if they did.

Conclusions

Some of the most important things when renting out boats are a plan, research, and insurance. Make sure your schedule allows checking-in renters and that your boat is clean and well-maintained when they come. Post an informative ad with high-quality pictures and be responsive to get guests, and provide good services to get good reviews. Then, enjoy earning money with boat rentals!

Posted by: egle on

Post Views: 734

Why is it Good to Rent Out Your Boat And The Basics of Boat Rentals

Do you own a boat? Does it sit idle most of the time? Boats cost quite a lot. It is estimated that maintenance is roughly 10% of the purchase cost. But owners use boats only ten days a year on average, according to the statistics. Why don’t you rent out your boat on the days you are not using it? You can earn money to cover all the maintenance costs and more!

Why is it good to rent your boat?

The main reason is to earn money. Insurance, slip fees, and maintenance all cost a significant amount of money, whether you use the boat or not. Renting out the boat could cover all these costs and provide additional income for you. Renting out your boat also keeps it in good working order. If the boat sits unused for a long time, issues can arise once you want to use it. When you rent it out, this risk decreases a lot as it will be regularly used. Also, you will have many chances to check the boat and fix issues without them growing into big ones.

Secondly, there is a demand for boat rentals. Many people love the idea of spending time on a boat. But purchasing and maintaining it costs a lot: as you probably already know if you are a boat owner. So they want to rent a boat, which allow them to experience all boating pleasures with no commitment.

How much can I earn?

Like very often, it depends. The better your boat, the higher the rental price. Check out different boat types. So, size matters, as well as age, maintenance, amenities, etc. Usually, boat owners earn enough to cover the maintenance costs, at least. An average boat renter might make more than $7,000 a year. Top renters make more than $100,000. And some may even make $200,000 a month! It might sound crazy, but it’s possible. But you will probably need more than one boat unless it’s a megayacht, a type of a yacht.

Take into account that the earnings may drop once you count everything that goes into your boat cost. You might have to pay fees to post ads on sites, pay the boat insurance, pay for storage, clean your boat, fix issues, etc.

The most important things to consider when renting out a boat

The very first thing you should consider is how you are planning to post an ad. The most common way is choosing an app or a site because it’s comfortable and safe. You could post an ad on Craigslist or the nearest bulletin board, but there is no insurance that the person will be reliable. Of course, you wouldn’t have to pay a commission fee which sites usually require in exchange for providing a platform to post an ad, help with payments, etc. A site might ask for about 40% of your listed rental price. Others might not take a cut from your payment but ask you and the customer to pay extra fees for the platform. Boat renting sites include GetMyBoat, Boatsetter, and Click&Boat.

Consider posting an ad on XRental: our motto is allow partners to make money. We want you to earn as much as possible. We are renting boats in multiple locations already and plan to expand to cover the whole world.

Another important thing is insurance. The usual boat insurance will likely not cover damages made by renters. So make sure to update it. It’s usually not expensive to upgrade, and rental insurance can cover both repair and medical costs. Some sites like Boatsetter insure their rental boats up to $1 million, but sometimes the damages can exceed this amount. The site might also ask for extra fees.

There are also other ways to make money with your boat than just boat rentals. For example, you could offer charter fishing services, which means that you would take the guests on a fishing trip. Of course, you need to have a license, know the waters well, know how to fish, take into consideration the weather, etc. You can also make sight-seeing tours for the tourists in popular locations or even vend something like ice cream from your boat!

Did you learn anything useful? Perhaps you have already started a boat rental business or want to know more? Click here to learn tips for making more money with your boat rentals.

Posted by: egle on April 6, 2024

Post Views: 578

Should You Rent Out Your Apartment Long-Term or Short-Term? We Answer

Do you have an apartment you want to rent out? Of course, you want to make as much money as possible from rent. And although most people say renting long‑term is the best, there are advantages to short-term rentals, especially in popular spots. Read on to learn more!

Advantages of renting apartments long-term

Let’s look at the advantages of long‑term rent first. Such leases are six months at minimum and generally last for 12 months. There is a reason why it is a traditional and often a common choice.

Stability. Your rent will be coming in steadily for 12 months. No matter the high season or the low season, you will have a stable income. Tenants also usually pay utility bills, so one more worry off your shoulders.

Easy management. Although you might have to screen the tenants more thoroughly to find a good one, you will only have to do it once a year or even more rarely. You won’t have to advertise the apartment often too and constantly prepare for new guests. And you might not even need to furnish the place since long-term renters often bring their furniture.

What about short-term rentals?

Short-term rentals, often also called vacation rentals, rarely last longer than a month and might be just a few days. When it comes to apartment rentals, location is the most important factor. This factor also often influences the decision whether to rent short-term or long-term. Do you have an apartment in a warm, popular vacation area such as Hawaii islands or San Antonio and Tampa cities? Then a short-term rental is likely more profitable. Here are some of the advantages of short‑term rentals:

Higher-income potential. It’s simple: short-term rental prices are higher, especially in a popular spot. The management costs are also higher than with long-term rentals, but the profitability of a short-term rental apartment in a good location usually exceeds the costs by far. You can also adjust pricing way more easily. And you can benefit from some tax breaks and deductions for a short-term lease.

Flexibility. Would you like to use the property yourself sometimes? With short-term rentals, you have many different terms coming and going, and there is no rule that you cannot use the apartment for your own vacation between those periods. On the other hand, when renting the apartment long-term, you can’t just come for the weekend.

Management is getting easier. Before, renting for short periods was much like a second job because you had to do so much. But nowadays there are many platforms such as Airbnb, VRBO, or Xrental which do a lot for you.

However, if you are thinking about short-term rent, make sure it’s legal in your area. Some municipalities limit short-term rentals, so there is affordable housing for long-term residents. For example, the shortest rental period might be 30 days, or you might need to pay a fee. Penalties for not following rental rules can be very harsh.

So, is it better out your apartment to rent short-term?

It depends on you and your apartment for rent. Is it in a popular vacation spot, and are you prepared for lots of management or hiring a property manager? Are you prepared to renovate, furnish the apartment, and make the guests happy? Then short-term rental is the way to go. If you look for stability and easier management, a long-term rental might be better.

For some properties, hybrid rental works best. During the high season, you can rent the property for several days or weeks. And during the low season, rent it out long-term, such as for six months at a cheaper rate. This way can ensure high profits all year round.

Even if you only have a free room instead of a whole apartment, you can still rent it out! Such rentals are also popular with Airbnb. Not only do you earn some extra cash but you also get to spend time with people from other places, often other cultures.

Posted by: egle on January 27, 2022

Post Views: 1,199

How to Start a Limo Business in 2022: Everything You Should Consider

Have you ever wanted to start a limo business? Do you think you know what it takes? Whether you are just curious or seriously considering the idea of running a limo service business, you are in the right place. We will overview the basic things you should know before you start such a business.

Overview of the limo industry

You have to understand the limo business well if you want to start one. So, you should definitely read up on it a lot. But here are some basics.

In this business, you will offer limo services to customers. Customers can include companies that deal with business people; individual people celebrating various occasions; celebrities using limos to get from one place to another. You could be both the limo owner and the chauffeur. Or you can have a whole fleet and hire many chauffeurs.

The limo industry is growing. It experienced steady growth from 2014 to 2019. Of course, it was affected by COVID-19 and experienced a decline in 2020 with the lockdowns. Read this extensive report on the industry in the US by Ibis World to learn more.

In this business, your customer is an affluent person. Often, customers only want limo services for special occasions. So you likely need to have a wide customer base to run a successful business. Corporate clients are considered good clients in this business because they are experienced and know their needs well.

Useful skills to start this business include auto knowledge, driving skills, navigational skills, interpersonal skills, and attention to detail. With auto skills, you could save on maintenance costs; with driving skills, you can be a chauffeur yourself.

Finally, all people want to know how much you can earn. The average hourly price for a limo is $75-150 in the US. It depends on the limo, time of the rent, location, etc. Read more about limo prices here.

What you need to research before you start a limo business

Research is crucial when starting any rental business. A limo business is no exception. You need a good plan and strategy to run a business well. And you need to research to create such a plan. Let’s overlook a few points of what you should find out.

Know about competition. What kind of limousines and limo services can you get in your town? Perhaps no one offers party busses. Maybe there are not enough shuttle or airport services. Of course, if your town is small, it might also not have many prospective customers. If there is no need, it can be very hard.

Do not try to have a little bit of everything. You can’t have what everyone wants because you probably do not have enough money to get so much money. Find a niche. Even a pink limo can be a niche thing that attracts some people. After all, it worked for the successful limo company Heaven on Wheels, which owns the only pink limo in North Texas!

Also, think about your buyers. Imagine them, maybe describe them to yourself. Customers can be companies, individual people, celebrities. Think about what will be your first buyer, as well as second and third buyers. You have to know their problems and provide solutions to their problems.

Another highly important thing to research is insurance. Read on to learn about it.

Expenses when you start a limo business. Insurance and inventory

There are always expenses when you start a business. And a limo business is not the cheapest one to start. Two main expenses are insurance and inventory.

It can take you many months to find good commercial insurance. A good idea is to find an insurance broker who writes insurance policies. Brokers contact major insurance companies which might not talk to you without an agent. Know about insurance requirements in your area, too: there are usually at least minimum insurance requirements.

Then, of course, you must have inventory for your limo rental business. You need to buy limousines unless you plan to partner with people who own them already. According to Truic, one limo can cost you $50,000 to $100,00. Insurance of one vehicle can be between $600 and $1200. So the costs add up quickly. If you have cash, it will make things easier and maybe much cheaper. Loans are quite hard to come by now. You can consider buying used vehicles, which cost less. However, they have more wear and tear, no warranties, etc.

Other costs include storing vehicles, maintenance, paying drivers. So if you have your own place to store limos, you can save quite a chunk of money. Auto skills let you do basic maintenance yourself and also save. Drivers will usually be paid by the hours they have been working.

Overall, according to Starting Your Business, you need $150,000 to start a small limo business with a few vehicles and drivers. However, a large business with a whole fleet can cost $500,000 to start.

One thing you cannot do without: marketing

Marketing is super important. The internet is the best place to market your business. So, you need to have a good website. We recommend building one with WordPress. Here are the best car rental plugins and car rental themes if you decide to go with WordPress. Make sure your website looks good and is SEO-friendly because it will probably be your best form of advertising.

But you have to advertise as much as you can. Facebook is a good place to do that. For example, you can post on various groups. Try to list your business wherever you can. It will not only let others find you but will also help your website rank higher.

Steps to starting a limo business

We discussed what you should consider before starting a limo business. If you decided you want to do it, here is a list of the steps you have to take.

Have a business plan. You need one both to get a loan and to increase your chances of success as it really helps.
Form a legal entity. The main business entities are sole proprietorship, partnership, corporation, and LLC. Find out which one works best for you.
Name your business. A good name will help you a lot. Read more about finding a good business name here.
Find financing. If you do not have lots of cash yourself, you need financing. You need to have good credit and invest at least 15% yourself for a loan.
Register your business for taxes. You need to apply for EIN (Employer Identification Number) to register your business.
Open a business account. A business account will help you protect your personal assets.
Get the permits and the licenses. If you do not get the necessary permits, you will get a big fine or might even be shut down. So read up on regulations in your area to avoid it.
Get insurance. Insurance will protect your business if a covered loss occurs. You can start with General Liability Insurance if you are unsure with which to go.
Set up accounting. You need to record your expenses and income to track your performance.
Hire employees. As your business grows, you will need to hire employees. That means not only paying wages but also compensation insurance and other expenses.
Create your business website. As we mentioned before, a website is critical for marketing.

We hope that now you know more about starting a limo business. Maybe you need help with your website, rental business, or just want a place to post your ad without being ripped off in commissions? Then contact us now!

Posted by: egle on December 9, 2021

Post Views: 968

How Much Can You Earn When You Rent out a BRABUS Boat? $1,000, Maybe $5,000 a Day? Learn Now

One of the interesting facts about BRABUS, a mad after-market tuning company that focuses on Mercedes cars, is that they have a marine division. They teamed up with an award-winning Finnish boat builder Axopar to produce a line of luxury boats. How much could you earn if you rented out a BRABUS boat? Read on to learn.

About BRABUS Marine

BRABUS is an after-market car tuner that takes powerful cars, usually Mercedes AMGs, and makes them even more powerful. You can read more about AMG vs. BRABUS here. Axopar is a Finnish boat builder that produces a range of exclusive motorboats. They have caught the public’s eye ever since their premiere at the Helsinki boat show and have not disappointed ever since.

According to BRABUS themselves “BRABUS Marine is devoted to redefine luxury day boating through building and developing ultra-exclusive, supremely exciting boats; the result of two companies united in the extreme“. BRABUS and Axopar came together in 2017. They shared the same passion, values, and goals. BRABUS Marine aims to become one of the top 10 luxury boat brands. Their boats have both astounding, instantly recognizable designs, as well as outstanding performance, and amazing drivability.

How much do BRABUS boats cost?

In order to learn how much you can rent with a BRABUS boat, we should also consider how much it costs to buy one. Let’s look at some prices on the market. A 2019 BRABUS Shadow 800 Black Ops cost $453,126 in Spain. A newer and more powerful version, 2021 BRABUS Shadow 900 Black Ops, costs $799,000 in North America. Finally, a 2022 BRABUS Shadow 900 XC Cabin costs $659,787 in Fort Lauderdale.

In short, you need quite an amount of money to get a BRABUS boat. But you can rest assured of its quality and performance. And you can make some money by renting the boats out!

How much can you earn when you rent out a BRABUS boat?

To imagine how much you could earn with your BRABUS boat, we should look at existing rental offers. Of course, the better and newer the boat, the higher the rental price.

For example, to rent a 2019 Axopar Sun Top BRABUS edition of 37 ft in Mallorca, you need $1,700 for one day. For three days you will pay $3,339 if you return the boat in the morning. If not, it will cost $5,000. After all, it will be like an extra day. You will also pay a very similar amount for the same model in Ibiza.

Let’s look at a better model: 2021 BRABUS Shadow 500 Black Ops Limited Edition. Only 28 such models were produced. You have to pay $3,025 to get it for half a day and $6,000 for the whole day. While the price is high, we believe it‘s adequate for the exclusivity you get.

So now you can imagine how much you can earn with BRABUS boats. The better the boat, the more you will earn. But $1,000 a day is guaranteed. With a boat like BRABUS Black Ops, you can easily make $5,000 a day.

Of course, you have to remember that there are many costs involved in the boat rental business. Count in at least 1.5% of the boat’s value for its yearly maintenance costs. You can end up paying 15-20% of its value for maintenance during the ownership period.

Read about the basics of boat rentals and tips for making more money with your boat.

Posted by: egle on November 25, 2021

Post Views: 868

How to Start a Jet Ski Rental Business: 10 Things to Consider

Do you like jet skiing? And do you want to start your own business? You can combine those two things and start a jet ski rental business! If done right, this business can be very profitable. With two jet skis, you could make $10,000. If you have more than six jet skis, you could make $1000 per weekday and even more on weekends. Of course, you need to have a good plan and know some things. Read on to learn what you should consider, at least for starters.

Consider the costs of starting a jet ski rental business

According to Business Name USA, it costs from $3,465 to $35,059 to start a jet ski rental business. According to Starter Story, the average cost of starting a jet ski rental business is $12,272. Different costs include licenses (at least $50), insurance (at least $500), maintaining a website, buying and maintaining your jet ski fleet. Still, it is considered that it is much cheaper to start a jet ski rental business rather than most other businesses. Read more about different costs here.

Finding the best location

Location is one of the most important things to consider when you plan a jet ski rental business. First, make sure that the waters are suitable for watersports because not all water bodies are. Also, it should be a popular location with tourists that are interested in watersports. Visit the place, explore it thoroughly, and acquaint yourself with all local regulations. It may even be illegal to rent out jet skis in the location, and you do not want to get into trouble with authorities!

What’s your competition?

Another essential thing to consider before deciding on your location and other business aspects is the competition. What competitors do you face in a prospective location? What are their strengths and weaknesses? How do they attract people? It would be best if you visit them and learn as much as you can about those things. It can help you create your business plan and avoid any mistakes they made or are making. You can also improve on their strengths to have a more successful business.

Want more general tips? Read our article on starting a rental business.

Decide on your jet ski rental business structure

How do you plan to carry out your business? Do you want to have jet ski tours: you on a jet ski leading a group of people with jet skis? Your insurance will be a bit cheaper if you choose this option. However, you might also not make as much. Of course, you could offer self‑rides, which is one of the most popular options: people like to rent jet skis by themselves. You will probably want to map out routes for people and install GPS markers on your jet skis so that they do not get stolen or lost. You can also offer both tours and self-rides.

Also, you need to choose a business structure. If you go with a company, your liability will be limited. But you could also go as a sole trader, which has its advantages, such as easy establishment, easy dissolution, total profit, etc. But you also have to cover the losses yourself. There are also partnerships, such as family trusts. Decide what type of company is best for you. It is best to discuss this with a lawyer.

Find insurance

Insurance might be one of the hardest parts of starting a jet ski rental business. Not many insurance companies cover jet skis for rent. Some of them might charge a ridiculous amount of money. It is recommended not to choose a company that deals with owners because they might have no experience with a business. If you find a good company that works with businesses and charges an understandable amount, stick with it.

Get permission

Another thing to do is to get a business license. It is usually either getting the insurance or the permission that deters people from starting a jet ski rental business. Getting permission can take several months, and you need to know your business plan. You might need to answer about your insurance, the days and hours you will be operating, where you will be operating, whether you will take up space on the boat ramp, protection for your customers, and so on.

Additionally, you might need a seller’s permit and an EIN. Learn more about the necessary licenses for a jet ski rental business here.

Does it seem like too much trouble to start a jet ski rental business, but you still want to earn with jet ski rentals? You could partner with companies to post rental ads for your jet skis! You could partner with us: our motto is allow partners to make money. We will not rip you off in commission fees. Contact us if you wish to partner!

A good name

You need a good business name to attract people. We recommend choosing something related to the location. For example, Bear Lake Jet Ski Rentals. Why? Because people that come to visit Bear Lake and want to try watersports are likely to google bear lake jet ski rent and your business would pop out in their search results.

What we do not recommend is naming the business after yourself, like Ben’s Jet Ski Rentals. First, it does not say much. Secondly, you might want to sell your business someday: potential buyers might not want to buy a business with someone else’s name.

Start a website for your jet ski rental business

Marketing is a highly important part of any business. And the website is one of the crucial tools in marketing today. Today you can even make a website yourself with little trouble. We recommend WordPress: it is the most popular website builder, powering 40% of all websites.

We also recommend adding a reservation system to your website. Nowadays, people love doing everything from the comfort of their homes, especially booking things. If they plan a trip to your location and plan to rent jet skis, they might want to book jet skis in advance through your site.

Need help with your website? Check out this site.

Buying your jet ski fleet

Getting your fleet is something that will cost quite a bit. The bare minimum if you want to earn is two jet skis. We recommend that you start with at least four jet skis. Seven would be much better, and ten would be awesome. Also, don’t forget that you need a rescue jet ski and a rescue board: people will run into trouble sometimes. We recommend that this jet ski is more powerful than others. For your fleet, some good models include Sea-Doo Spark and Yamaha Ex Series. You can also consider getting one fishing jet ski so you can appeal to fishing enthusiasts.

Some also recommend buying salvage jet skis that need to be repaired because they are much cheaper. However, you need to make sure you can fix them and that repairs will not cost that much. Most do not recommend buying used jet skis for business because problems can often arise.

Marketing

You are not likely to make it if you do not have good marketing. There are various strategies to go about it. For one thing, social media is highly important nowadays and can be a great tool. You can involve influencers, asking them to promote your product. You can also invest in ads. Of course, you must also moderate your presence on social media because negative reviews can ruin your reputation. Also, try to provide a good experience so customers can recommend you to their friends and family. Finally, highlight not just the services but also the experience, such as what people can see when they rent your jet ski. Read more marketing ideas for water activity rental businesses here.

Of course, these are not the only things to consider when starting a jet ski rental business. Research as much as you can before you try: there are many helpful articles and videos on the internet. It is also best to consult a lawyer. And if you try, you can make it! Best of luck!

Perhaps you have some tips about starting a jet ski business? Share in the comments!

Posted by: egle on November 20, 2021

Post Views: 1,022

How to Rent a Jet Ski: Frequently Asked Questions and Tips

Jet skiing is both fun and beneficial. It improves blood circulation, reduces stress, and burns calories. It is also a very memorable experience, which you can do both alone and together with others. However, few people own jet skis. If you want to try them, you will probably try to rent one. You can easily rent and enjoy a jet ski even without prior jet skiing experience. We will tell you all the main things about renting a jet ski for the very first time so you can do so without any fear.

How do jet skis work, and how do you control them?

Jet skis work by sucking the water and pumping it out. First, you have to plug in a key. Then you turn ithe jet ski on by pushing a button on the left side. The accelerator is on the right side. Squeeze the accelerator slowly and bit by bit if you don’t want to start jumping out of the water. When turning, you have to accelerate at the same time. Watch this video for the basics of riding a jet ski:

Remember that jet skis are only supposed to suck up water, not sand or rocks. Only turn it on when there are at least 24 inches of water under you. Also, the key should be always attached with a cord to your jacket or wrist. This way your jet ski will stop if you fall off. Wear a life jacket, eye protection, gloves, footwear, and maybe even a wet suit.

Who can rent and operate jet skis?

In most cases, you can operate a jet ski from 16 years old. You can also rent a jet ski from up to 16 years old, at least from some companies. However, if you are under 18, you need to have a signed waiver from guardians who are at least 18 years old. Also, have a valid photo ID.

Remember that usually, the same laws apply to jet skis as to boats. So, if you need a license for boats, you also need one for jet skis. You need a license to operate jet skis in over 40 states in the US. Jet ski drivers may also need to go through on‑site training. It is best to look up local laws on jet skis to be certain about rules.

Licenses are cheap to obtain. And the boating course is very educational even for experienced boaters. We recommend getting it if you are in the US. License is also often required when you want to rent a jet ski.

However, passengers can be of any age and must not have valid licenses or ID cards. Just make sure they wear a life jacket.

How much does it cost to rent a jet ski?

There are hourly rates and daily rates of jet ski rentals. Some companies rent out for half an hour too. Usually, it costs from $70 to 100 to rent a jet ski for an hour. A full day would cost $300-400.

Sadly, you might be paying more than that. Companies often provide prices without additional fees. Such fees include minimum rental hours, fuel charges, pick up and drop off fees, life jackets, wet suits and goggles rental fees, even car parking charges. So, it is important to read what is included or not. And prepare more money than you think you might need!

Learn more about jet ski rental prices here.

Tips for safe jet ski riding

You can have a great jet ski experience without much experience. However, you have to follow some safety rules and be careful. Here are some tips and precautions:

Wear a life jacket. The probability of an accident is not likely, but they do happen. Life jackets can save a life. Each person on the boat should have a fitting jacket: do not give adult jackets to children and vice versa. Have eye protection and gloves too.

Make sure the weather is good. If a storm is approaching, you should not be out on the water with a jet ski. Just check out weather forecasts from time to time.

Ensure that the passenger is holding on tightly. They must inform the driver if they are not ready to start or if their hands start slipping.

Never operate the jet ski drunk!

Read about the best boating and jet skiing locations in South Florida, California and the whole US.