Starting your own RV rental business is bound to be a very rewarding experience, especially if you’re looking for an additional source of passive income or for an entire career change.
But to make it as a successful RV renter, you need to understand the business and know each step that you need to take to guarantee your success. Being successful in the RV rental business will require you to conduct careful research and practice patience. This isn’t a business that will make you rich overnight, but it is a business that will slowly but steadily grow your income over time.
Once you decide that this is indeed something you would like to pursue, all you really need to do is start researching and brainstorming before you officially launch your business.
Here are the main four steps you must take to start your own RV business:
- Be Strategic About Where Your Business Is Located
Part of being a successful RV renter means being in the right location. For example, if you are located in a small town where the average annual income is around forty grand or less, then you might want to seriously consider relocating to a larger urban area where the average annual income is higher and you have a higher chance of someone being interested in your RV.
In addition, if you eventually decide to scale up and buy more RV’s to rent, you’re going to need a place to keep them. You’ll either need to lease or purchase a location where you can actually keep each of your RV’s. If, however, you are only renting out one or two RV’s that you own, then just keeping them at your property should work.
- Learn About How The RV Rental Business Works
Now you will need to look into how RV rental businesses actually work. You can conduct this research in a number of different ways: read articles online, talk to people who actually rent or sell RV’s, and so on. Your goal here is to figure out the ins and outs of this business, so you can gather as much information as possible about the RV industry before you launch things on your own.
Part of what you’ll need to do here as well is develop your own business plan that clearly outlines everything about your business: your mission statement, your source(s) of funding, what your startup costs are, the types of RV’s you rent, any other products/services you offer, projected expenses and income over the long term, the cost of renting one of your RV’s, and so on.
Writing a professional business plan is something you must absolutely do. Not only does it keep you organized, but if you ever need to search for investors when starting or scaling up your business, they simply won’t be interested in working with you if you don’t have a business plan to present to them.
- Square Away Everything Legally
Even if you’re planning on only renting out one RV (many American families do), this is still officially a business and as a result you will need to ensure that all the legal aspects are squared away. You will need to pay a visit to your courthouse and find out every document that you will need to apply for in order to legally run your business.
Examples of documents that you will more than likely have to apply for include permits, a tax identification number from the Federal government, and a business license from your state and possibly your city or county.
This isn’t the fun aspect of starting a business by any means, but it is still completely necessary. By running your business without following this step, you could find yourself in a heap of legal trouble later on.
- Promote Yourself
Now all you need to do is promote yourself to attract customers. There are many ways in today’s day and age to advertise your new startup business: you can print and distribute physical copies of fliers around town, build a website or a blog, start social media pages and network through relevant groups, or even rent a billboard if you want to.
In your advertising, be sure to include the brand and types of RVs you offer, your contact information, and any discount pricing or special deals that you offer too.
Starting Your Own RV Business
Don’t let the scale of starting your own RV rental business discourage you from following through on your plans. There are many people who make thousands of dollars a month in extra income just by renting one or two RV’s that they own, so there’s no reason to think that you can’t do the same as well.