Business Overview This Dubai based luxury transportation company was established in 2011 and has grown into one of the largest providers of limousine service via the Uber and Careem applications. Catchy Business Name Ideas Suitable for a Limo Rental Business. ----------------------------------------------------------------------------------------. If YES, here is a complete guide to starting a limo service business with NO money and no experience. The company operates 300+ vehicles in its fleet which is operated by 610 highly trained drivers. This means that even though there are many limousine and town car service businesses, it is majorly run by one or two people, with only few employing more than one or two employees. There are some problem areas in the limo business, which you must spot on time and rectify, so that you may change the face of your business, running into losses, to a profitable one. Rising early one day, working late the next - your sleep schedule is about to get hectic. Profitable Limousine Business for Sale in NC Guilford County, NC Taxi, Limousine, Car Hire, Chauffeur Services $800,000 New Listing. Starting a limousine rental business involves having a lot of cash at hand especially to buy a limousine that will meet the taste of your clients. Then, you have corporate customers who are trying to impress new clients, conduct business deals, or simply squeeze more work and not wasting time while commuting. Maintenance for several vehicles, driver salaries, that's all on you. If you feel overwhelmed as an entrepreneur, you could always hire a marketing consultant who has the necessary experience and knowledge about your business to help draft marketing strategies that would best suit your limousine rental business. As you go on in the business, sometimes errors will occur - wrong times, being late for pickups, wrong cars booked, those are all real-life, viable scenarios that can occur and there is a possibility that you may ruin somebody's moments of happiness. Therefore some of the basic insurance policies that you should consider purchasing to start your limousine rental business in the United States of America are; Intellectual Property Protection/Trademark. Knowing these things is important especially as competition is stiff and you might not get to offer services every day. Every beginning is a bit hard, and you should be prepared for that. Marketing serves a dual purpose for businesses because not only does it enable an entrepreneur to generate the needed revenue that would grow and sustain the business and allow it to compete favorably against competitors, but marketing also helps to generate awareness about a business and its products and or services. Some limo businesses may develop specialized markets, such as by p… The one thing about promoting a business is that it helps craft the image you would want your target customers to perceive about your business. Occasionally, teens may also be a target market for events like proms. Specialty transportation. There are several factors that come with setting up a business structure which you need to be aware of and they are; taxation, flexibility, liability, ease of set up and control. Most of the time you will be providing services for weddings, but also proms, graduations, bachelor and bachelorette parties - which always carries a certain risk of damaging or fouling your car during the ride. Tax-wise, owners are taxed separately from the corporation which sometimes leads to double taxation. You would get constant work and bookings while offering your services at a bit lower rates. Specializing in a specific kind of unusual transportation -- extremely large … To be able to draft the right marketing strategies that will be effective, it is important that entrepreneurs conduct a thorough market research first. Therefore, if you are looking to start your limousine rental business in the United States of America, you should be prepared to meet stiff competition from operators in your region. To have a brand that is widely known and recognized needs a lot of work and you must therefore have strategies in place that will allow you boost the awareness of your brand as well as create a corporate identity for your limousine rental business. The limousine services are usually rented or hired with a driver and there are a growing number of people who have adopted this means of transportation to various events especially celebrities, corporate executives, mourners and high school students. Especially in the beginning, you will have to deal with bureaucracy, maintaining your vehicle, cleaning, receiving bookings, making your own schedule, getting all the permits in order, taxes, being in charge of the marketing, social, getting a good website, consider what lead generation techniques to employ... You simply have to be on top of it. After conducting your market research, it is necessary that you write out a comprehensive business plan. You can earn more in these times, and spread it out for months with less business opportunities. You will have to fight for your customers, offer better rates and/or better services than your competitors. All limo business offer same services and same rides. Maurice and Rhonda were thrilled that Mosaic Global Transportation turned a profit so quickly, but that wasn’t enough. Listing ID # 33550 Luxury and affordable limousine business for sale in a great area. If you are a people person and love to work varied hours, then starting the limousine business might just be the right business for you. Sure, your vehicle must be impeccably clean and in near-mint condition. When running a business of whatever nature in the United States of America, it is expected that you have all the necessary documentations in place. However, every entrepreneur should know that because they have already laid down plans to combat any threats and challenges does not mean that it will work all the time. Meet the Business … The industry is a highly fragmented one as there are no major companies that dominate the market. There are more than 196,500 limousine and town car services employing more than 239,000 people. The rest is up to you, and the experience you provide. Limousine business owners have learned to be innovative and creative with regards to how they run their car service businesses. Below therefore are some of the platforms that you can leverage on to boost your brand as well as promote and advertise your business; Copyright © 2021 Profitable Venture Magazine LLC | All Rights Reserved | See About Us | Contact Us | Privacy Policy | Disclaimer. Know the market. The demographic and psychographic composition of those who require the services of a limousine rental business are not only restricted to couples who are wedding, or students going to proms or graduating, as there are a whole lot of people that use limousines. There are also clients who require business accounts, with whom you could achieve mutually lucrative deals. Pace yourself, expand slowly, offer services that are in demand and invest in Marketing - especially SEO. We presume that at the beginning you will be the one who is driving your vehicle, and then as the demand increases, you should invest in expansion as well. It's not all glamorous, mind you. If you spent time working as a chauffeur, as most ground transportation business owners did, don't forget that each vehicle comes with an extra price. Clients are usually on the lookout for punctuality and not being able to offer this is likely to make you lose customers. A partnership kind of legal entity is one where two or more people not passing a certain number come together and agree to run a business. Do You Need a Special License to Drive a Limo? Established, Profitable Limousine Business Franchise Opportunities Franchise Resales Maryland Businesses For Sale Maryland Franchises For Sale Maryland . Raleigh/Durham, NC. Starting a limo business can be very lucrative, if it's done properly. Not having all the proper documentations or any documentation at all is a sure way of getting in trouble with the authorities because not only might you be financially penalized, but you might also be banned from running the same business anywhere in the United States of America. As the tourism and hospitality markets have been stable for decades, this investment venue is seen as a sector that will continue to experience steady revenue growth. You will have less work during Christmas and holidays. Business For Sale - Limousine Business - Most Profitable In Valley - Phoenix Metro Area, Arizona - Find Great Taxi and Limo Service Businesses for Sale on BusinessBroker.net You will have to become a jack of all limo trades. And you will surely witness a demise, whether of your own doing or due to unforeseeable events. The limousine rental business is a service oriented business and therefore has no need to seek for an intellectual property protection. This is so because the limousine is no longer seen as a ride for only wealthy elites and stars but one that can be used to serve other purposes as well. Is Professional Certification Needed to Run a Limo Service Business? Do you want to start a limo rental service? The limousine and town car service industry according to IBISWorld, has a low level of market share concentration. In 2011, the gross profit margin within the industry averaged just 10%. ---------------------------------------------------------------------------------------------. This shows that the industry is one that is very lucrative for any enterprising and innovative entrepreneur; therefore, if you are looking to start this business, it is best that you conduct a thorough market survey so that you would know how to correctly vary your business and what strategies to try out to enable your limousine rental business become successful. Most of the services offered in this industry are regular services and not something particularly unique. Pace yourself, expand slowly, offer services that are in demand and invest in Marketing - especially SEO. Sourcing for funds is not an easy thing for an entrepreneur but it is a task that must be done. According to Herald Tribune, limousine drivers make an average of about 105 trips every week, with limousine rental companies having to battle with rising fuel costs. Accidents happen. They are, they’re about 60-70%, they are considered the bread and butter of the limousine industry, and it’s a small profit margin. Below therefore are some of the platforms you can utilize to market your limousine rental business; Strategies to Boost Your Limo Service Brand Awareness and Create Your Corporate Identity. Every business that has been established to generate revenue and start making money will at one time or the other face certain challenges and threats. Be prepared to deal with stress on a daily basis. The level of competition in the limousine services industry is one that depends on location since this is a business where you would need to physically pick your clients in order to offer services to them. Be prepared to work a lot, to work on weekends, to accept bookings during your grocery shopping, or morning coffee. Sourcing for funds is not easy for any entrepreneur which is why it is usually vital that you have a well written business plan as this helps convince investors faster about committing their funds to your business. Special occasions will be the cornerstone of your business. The internet as well as technology has made it very easy for entrepreneurs to promote their businesses to a wider target market in a cheaper and more effective way. List of Niche ideas Within the Limo Service Business That You Can Specialize in. Clients will drink and party inside your vehicle, and sometimes they won't be able to hold that liquor down. While the limousine services industry is part of the larger transportation industry, these services in particular have taken a major hit due to social distancing. This is also largely dependent upon the area where you are providing your services. The United States taxi and limousine services industry has about 8,000 establishments which include single location companies and companies that have multiple locations and in combination generate more than $7 billion annually for the industry. The revenue in the limousine industry is based on leisure and business travels. When considering a business name for your limousine rental business, it is always important that you have several names in place so that you can easily have a back-up plan, should the name you have chosen be already taken by someone else. Therefore some of the challenges and threats that you are likely to face when starting your limousine rental business are; economic downturn that will cause fewer patronage by clients, intense competition from already existing limo rental businesses, competition from new entrants into the market as well as government regulations. Profitable North Carolina Transportation Company. While this means there is more and more competition, it also means that there is money to be made in the right market. There are several brands that have stood out in the limousine rental business industry in the United States of America and they are; The limousine rental business is one that provides passengers with transport and do not follow regular routes or schedules. You could form similar types of partnerships with various restaurants, wineries, casinos, hotels and clubs in the area. One secret about promoting your business is that it allows you to not only increase awareness for your business but to also generate revenue for the business as well. The Service Delivery Process of a Limo Rental Business. Below are some of the options that you can explore when sourcing for start-up capital for your limo rental business; Choosing a Suitable Location for your Limo Service Business. Hearse Rentals and Other Funeral Services, Raising part of your capital from personal savings and sale of properties, Sourcing for soft loans from family members and friends, Sourcing for capital from private investors and business partners, Ensure that your limousine rental business is listed in yellow pages as well as online directories, Advertise your limousine rental business in newspapers and magazines as well as on radio and television stations, Have different packages for your different category of clients so that they can work within their budgets, Use social media platforms such as Facebook, Twitter, Linkedin and Instagram to promote and market your limousine rental business, Ensure that your marketing executives are empowered to directly market your limousine rental business, Participate in local community events and use that opportunity to market your business, Encourage your loyal customers to help spread the word about your limousine rental service, Distribute handbills and business cards and also paste fliers in strategic locations in the area where you intend operating your business from. If you are therefore confused about the type of legal entity that you would need to have in place when starting your limousine rental business, then you might need to seek the services of a lawyer with experience in your industry to help pick what is best for your business. Choose a high-quality, limo software to track your employees’ work hours and trip durations. There are certain essential elements that your business plan is supposed to contain and they are; your business concept, marketing plans and analysis, operational plans, and financial projections. Therefore, some of the niche areas that a limousine rental business can focus on are; The Level of Competition in the Limo Rental Business Industry. According to statistics, the limousine business in the united states has grown so well over the last fifteen years at an average rate of more than 2.5 percent and has brought in revenue of over billion. Deep into the internet era, town-car and limo services still worked pretty much the same way they had in the age of Donkey Kong. Over 9,278 Businesses For Sale Totaling $7,029,337,429: More: Limousine Business For Sale. Profitable Limousine Business for sale in NC. A limousine rental business is potentially very profitable, and the industry as a whole has reached eleven billion dollars in annual revenue in recent years. Today's market is huge, so there is rarely a service that works based on "build it and they will come" principle. Having insurance helps protect you from personally having to pay for any incidents that might crop up whilst running your business. It is however expected that the industry will perform better in the next five years (2016 to 2021). Starting a business from scratch is one sure way of understanding the business because you will be in charge of making the key decisions that will either cause the business to grow or fail. Knowing these peaks can help you prepare, mentally and financially, in advance. Asides from engaging the services of a marketing consultant, you can also hire marketing executives that understand your marketing goals and objectives to help in creating strategies that would be effective for your limousine rental business. The total U.S. industry market size for Limousine Service: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size. Choosing a suitable location for your limousine rental service is very important as you must ensure that your business is close to your target market. Any entrepreneur looking to start a business knows this and must therefore be prepared by having proactive plans in place. Buy Lucrative Transportation Company Business For Sale in South Dakota - USA - Established Taxi and Limousine Business For Sale Transportation Business Opportunity Listing in metro area South Dakota - SD THERE IS MORE TO THIS BUSINESS AND ITS SUCCESS THAN MEETS THE EYE!! If you are operating your business from home, then you should be ready to get a working and interactive website where your clients can get in touch with you or find out about your services. If you aren’t sure of what insurance policies to get for your limousine rental business, then you might need to seek the advice of an insurance agent or broker to help you know which insurance policies are best for your business. Once the customer has chosen what plans they would prefer; by the hour or a basic charge for a time period, the company then proceeds to ensure that all is ready – limousine, driver, and any other service – for the client. This is why you should have a business plan to help you in sourcing for the capital that you would need for your limousine rental business. Buying a franchise is for entrepreneurs who do not want to make mistakes when starting their business and who would rather focus on building a clientele in a convenient way. This allows them to build up the client base needed and also save up to start their own business. You have occasion-based users who rent a limo for special events like birthdays, engagements, weddings, bachelor and bachelorette parties, proms, even funerals. Limousine companies usually rake in high revenue during the weekends especially for weddings, parties, and proms which account for 40 percent of the total limousine service. But that is all regarding the cars you provide. The decision to operate your business from home should be dependent on what scale of business you are running and how many cars you have. And, the more luxury service you provide, the more it will be demanding. Also, it is important that you are not only punctual but that you apply professionalism as any mistake from you could cause a dent in your reputation. Investigate the market - see if there is room for a ground transportation provider and see whether there is a real demand. This is so that you do not waste valuable resources buying a franchise that would not work for your business in the end. 7.4 Projected Profit and Loss. A solid ride service business plan with a series of specific, realistic, and achievable goals is the foundation for a successful, profitable limousine … It will be especially be tricky to juggle multiple clients, and there is also the rookie mistake of accepting all the bookings and the general trouble of saying no. Your success will largely depend upon yourself 's important to know you thinking. Your competitors see whether this could be your own thing, you work for,! 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