Limo service business is an area with good prospects for entrepreneurs. Not very many companies have ventured into this line of business. The business can be formed by an individual or a group of people who come together with a common goal. It provides transport services in Limousines at a fee. These vehicles are luxurious and ranked highly. The service aims at providing clients with prestigious experiences at affordable rates.
Limo services make events special by giving them a touch of class. They can also be devoted to airport transport, whereby they pick clients from major airports to hotels or meeting venues. Wedding parties provide a good market. In some places, the limos are hired for a memorable shopping spree. Try the
What you need to start a limo business
Capital and legal requirements
A well-drafted business plan is a handy tool for any startup. It gives an informed direction on the way a business should go. It is important to know the regulations and legal requirement of operating a transport business in a particular area of jurisdiction. Determine the capital required by doing research. Compile a report on all the initial and overhead costs expected to be covered. How will the business raise the required amount? This could be through bank loans or contribution by each member. Have accounting software to help in the efficient management of business expenses and revenues. With this software, the business will be able to monitor cash flow, project profits and avoid losses.
Establish the level of competition in the market by talking to companies already in the market and device strategies to perform better. Take note of the common challenges to be better equipped. Network and create a good rapport with the already established businesses to gain and grow through referrals. Give highly competitive rates that are budget friendly. Identify the needs of the target market to serve them better. Are they business executives, parties or college graduates? Pay attention to changes in the business environment to remain relevant.
Take advantage of the Internet and establish a digital presence. Have a professionally designed website that will be able to attract heavy traffic to the site. Employ the use of SEO for the site to be ranked highly. Create a brand awareness campaign that will have the desired impact on the clients and prospective clients. Create an interactive mobile app that will facilitate a seamless interaction with customers. Reach a larger market by advertising the business on social media sites.
Aim at continuously improving the service by paying attention to customer feedback. Employ highly qualified chauffeurs with valid driving licenses, proven years of experience and who conduct themselves with decorum. A chauffeur who is qualified to provide first aid will be a plus to the business. Ensure that the limousines are serviced regularly; they are clean and with functional amenities.
Carry out on the job training to equip staff with better knowledge. Have an insurance policy that covers both the business and the clients. Ensure that the insurance and license are updated as required.