The road is eternal, the wind is constant. What else comes with a guarantee like that?
If you’re a travel buff, this line probably resonates with you. With a bike and a helmet, you can rummage through the hustle and bustle of the city with ease or take a fresh breath of air on an empty highway – two wheelers can fit right in anywhere.
With public transport affected in the past few months, bike rentals have seen a striking spike in the demand. As a booming $300M market, renting bikes can be a profitable business idea.
Why should you start a bike rental marketplace?
Bike rental market comes with an impressive pool of opportunities in months to come. According to a study, the Compound Annual Growth Rate (CAGR) of two-wheeler rental marketplace is forecasted to register at 7% during 2020-2025. Startups like Bounce, RentOnGo, and ONN have capitalised on the need for convenient travel options in metro cities. Talking more numbers, Bounce secured a whopping $105M in Series D funding in January this year. Stats like these show the tremendous growth opportunities bike rental market harbours.
What are the steps you need to take to launch your bike rental marketplace?
Research your market – Before you dive into a business plan, you need to first know what you are dealing with. Research your potential customer base and your competition.
Define the geographic area & inventory – The next step will be charting out the blueprint of the localities you will serve. Find out the busiest spots of the city that will ensure good traction. You will need to find strategic spots to park your bikes for easy accessibility. After this, you will have a better idea about the number of bikes you will need as the basic inventory to start your business.
Comply with government regulations – Bike rentals are regulated under Section 75 of Rent a Motorcycle Scheme, 1997 and Motor Vehicles Act,1988. Register your bikes with your local transport office. You will also need to go through your state’s transport regulations for any additional requirements. Ensure you are thorough with the guidelines and have all the necessary permissions and licenses to start a bike rental.
Set up your bike rental system – Once your business roadmap (pun intended) is in place, focus on getting your rental business live with a bike rental management software that caters to your use case. You will need a seamless client-side app with a powerful dashboard for all your admin work.
Tiger, for example, is a low-cost and quick rental marketplace builder that offers a variety of power-packed features under one roof.
What makes Tiger the ideal bike rental software?
You can easily start and grow your bike rental services with Tiger. Build your customized marketplace website and adaptive customer app for iOS and android. Let your clients search & select their bikes with advanced filters and collect payments via payment gateways. Tiger also offers an in-built chat feature, and easy-to-incorporate CRM system. You can also automate your advertising and promotions to reach out to your clients. And if you have queries, our support team is happy to assist you round the clock.