Research and make certain you have a good marketplace for your limo service.
To do that, just open up your phone book and verify that there are limo businesses in your area, which is certainly always a good indication. Many novice business owners incorrectly believe that if there's no competition in an area then it's obviously a great idea to launch their own business in that area, but this is faulty thinking.
You will immediately realize the reason there aren't any limo companies in your area is because there's not enough business in that area. You'll be considerably better off opening your limo company where there are competitors and an established demand; maybe in areas where there's a lot of entertainment companies.
Determine Your Niche.
Airport transportation is going to make up just about Sixty to Seventy Percent of your business's income. Consider airport transportation the staple service of the limousine rental industry, even though it can generate the smallest profit margins by far.
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The funeral sector, however, is additionally a very strong cash flow stream. It is possible to operate a great business enterprise simply by shuttling families to and from churches, funerals to home... although; you may pay a significant personal price by constantly being around sad, mournful people.
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Transportation to and from Wedding ceremonies is a great niche and is essentially only workable (as a steady cash flow) on weekends, which makes it a source for additional cash for your new business. You can build a nice limo service working weddings.
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The key to capitalizing on theses and other short-term limo rental needs is "bookings". You must make sure your daily and weekly schedule remains full of bookings so that there's never a moment where you're wasting time/money hunting for clients.
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Proms & graduations are classified as the largest component of the limousine rental niche for financial gain. Sadly, proms and graduations are only 2 months out of the year, but since they're every year you can certainly plan ahead and build leads for potential customers for your limousine service in the months prior to those events. Get creative; establish deals where students or family groups can pay early into renting one of your limousines so that their financial burden is less when the time comes.
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Celebrity & dignitaries is another lucrative niche you could target. Many VIPs love the idea of being "exclusive" and not having to share their unique perks with other people (not even other VIPs), so they're willing to pay HUGE sums of money for exclusivity of service... with that said, it's not easy to land these clients. To be successful in this niche it's really about "who you know", and also your people skills.
There are many more limousine niches to serve, so - again - get creative and think about where you could provide the best limo service in your area.
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Analyze your start-up funds.
Truth be told, a person doesn't need very much money to start a limo company. Should you wish to establish your limo company the proper way, you may need as little as $45,000 to as much as $150,000 for start-up, and that would cover: buying a vehicle that can serve as a limousine, setting up insurance coverage, obtaining business cards, hiring a professional website designer. At a bare minimum, you could start off with just business cards, a nice vehicle, and a phone number... yeah, that's all!
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As a business owner, you must realize that your focus is to provide a solution to one customer's problem. As a limousine business owner, your success will not be determined by how flashy your limousine is, by how many limousines you have, or by how many options or features you offer to your clients. Your success is determined by the "need" your limo service fills in your target area, one customer at a time.
The limo service is not called a "service" for nothing; you are choosing to become a professional servant. So if you're dedicated to provide a premium limousine service to your client, it doesn't matter how many features or options you lack, your client will be happy to reuse your service (or at minimum, refer you to others).
Allow your business to pay for itself.
Now let's say other clients do send new customers your way but you're booked and don't have the resources. Feel free to sub-contract it to other limousine competitors in your area, taking only a small referral percentage. That additional money can be saved and reinvested into growing your own limousine service. There's lots of money to be made with this particular tactic, and without producing much cost on your end.
Basic Customer Communication.
Get hold of a Toll-Free telephone number and also have your site created. This increases your business's exposure because most people shop over the internet, yet - with services like limousine rental - consumers still like to have a living person to be able to call and talk to for reservations.
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Figure out what type of automobiles to get.
It is usually best to buy at least one Town Car. It's the best overall vehicle that perfectly fits multiple niches from shuttling to and from airports, to transporting clients to business meetings, and even helps with general maintenance costs. Then, of course, it's always ideal to have at least one 10-passenger stretch limo. With these two vehicles, you will be well-rounded as a limousine rental company.
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Obtain insurance.
This is among the hardest task to accomplish because insurance coverage is a little more challenging to obtain. However, when you look into buying cars, be sure to have your insurance in place. It's identified as for-hire livery coverage. You'll need to do some online detective work before moving forward with purchasing your car since it might take up to 4 to 6 weeks to receive.
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Decide Your Fees.
Your cost is essentially determined by what the marketplace will pay for, but first you need to cover your expenses (gas, maintenance, insurance, advertising/marketing) and have a little extra to reinvest in growing your business. Naturally, the greater quality service you supply, the more customers you will book. So after your reach a point where you're barely covering your additional bookings, you can decide to raise your prices to lower your bookings while also compensating for your loss of business.
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Employ Superior Chauffeurs.
The number 1 place to discover good drivers is at the airport. Go to the baggage claim area where there's already drivers working and if you see a nicely dressed chauffeur standing there, pass him a business card and let him know that if he's ever trying to find a great chauffeur position, to contact you. Moreover, posting help wanted advertisements online will bring you plenty of leads but locating quality prospects is always hard.
Try posting your advertisement or service need on online websites like Craig's List or Elance.com.
Market & Advertise Your New Limo Service.
Today, web marketing is the best strategy to use. Google AdWords and other PPC Marketing services certainly produces great leads at a cost-effective price.
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But in order for you to transform these new online prospects into loyal offline clients, it's very crucial that you put them on a subscriber list and send them: postal mail, your business card, a cheap thank you gift, etc. to ensure that you're the first one on their minds the next time they may be needing a limousine service.
You could also network with club owners, restaurants, wedding planners, as well as other sources, to include packages in order to promote your limo services. Combining deals together with local companies is a highly lucrative marketing tactic. You could also search for an all-in-one marketing company to build a custom marketing strategy uniquely tailored to your industry and niche.
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