Beginning your own RV and/or camper rental business is a superb opportunity to showcase your entrepreneurial skills and make money, but to be successful it’s critical that you plan out your business down to the smallest detail before you officially start it up.
Beginning an RV business is something that virtually anybody can do as Outdoorsy.com points out, and to start your own you’ll just need to follow some basic steps.
Here are the top five steps to starting an RV rental business:
1 – Form Your Company
The first step to starting an RV rental business is to actually form your company. The two best options here will be to make your company either a sole proprietorship or a limited liability company.
You will also need to brainstorm and decide upon a name for your business and file all of the necessary paperwork.
2 – Evaluate Your Competition
As with any business, you will next need to evaluate your competition before you even get your company started. Seeing the strength and weaknesses of your competition is essential to your success so you can see what’s working in terms of marketing and what isn’t.
To avoid direct competition, it’s better to focus on a specific niche of RVing. For example, if most of the other RV businesses in your area are higher priced, you can focus on budget RV rentals instead.
3 – Buy The RVs
How can you run an RV rental business if you don’t have any RV’s available to rent? In order to run an RV rental business, you will need to have a minimum of one RV vehicle available to rent. With the more vehicles you have available, the more money you can potentially make.
Don’t think that your business has to begin big. The vast majority of successful RV rental businesses today started small with just two or three vehicles and then worked their way up from there. Most dealerships will also offer you a discount if you plan on buying more than one vehicle at once.
4 – Draw Up Your Rental Agreement
Just as you would need to draw up a rental agreement if you were renting a house, so you will need to do for your RV’s as well. Whenever you rent an RV, make sure you get the details of the renter so you will be able to find them should they not come back.
5. Get Insurance
Last but not least, you must get each of your vehicles insured should any become damaged or in need of repair. You should also know that a typical auto insurance policy like you would get for a car will not be suitable for an RV, so review your options carefully.
Starting Your RV Rental Business
These are the five basic steps that you will need to follow to start your RV rental business. There’s a lot more information out there for you to learn, so don’t halt your research here.