Ibiza is a famous Spanish island due to its tourist popularity. Establishing a business in Ibiza is a profitable thing, subject to a competent approach in its conduct. Below we will share important tips on how to profitably establish a business in Ibiza, and what nuances you should consider.
How to start to establish a car rental business in Ibiza?
Understand the field
Starting a business involves studying the market and the consumer. The best way to understand customers is to be in their shoes. Opening your own Ibiza car rental service is not an easy task due to the huge competition. Check out the best companies in the local market.
We recommend using OK rent a car Ibiza upon arrival on the island. You will undoubtedly feel focused on the client and his needs. OK Rent a Car has a full 10 years of experience in the field, with locations in Portugal, Spain, and Italy.
Select the class of cars to rent
An easy way to stand out in the market is to be unique in something. Find your in-demand niche. Do not try to imitate the big experienced companies at the initial stage, so as not to burn out. Grow in the rental of a certain class of cars and gradually gain momentum, capturing the market.
The great competition requires a large rental car variety. You should not buy all the models in a row for the fleet – find out which cars are in high demand in the local market. Get your own experience in the field: work in car repair or as an employee in car rental Ibiza.
Take care of the image and design
On the island of Ibiza, it is difficult to win the attention of a client. Ibiza Airport is full of bright signs of car rental companies at every turn. Come up with a unique design and style for your company to grab the customer’s attention. Do not save on marketers and designers – this greatly contributes to the company’s image and its popularity among users.
Get a good insurance company
As a business owner, you take responsibility for the quality of the services provided and the health of the passengers of the rental cars. The provision of insurance is an important legal requirement, take care of it right away. The insurance company’s fee will not be detrimental to the business, as customers cover these costs when they purchase the policy.
Complete all documents
First of all, register your business with the help of a business lawyer and an accountant – this is how you get tax advantages. Take care of a work permit and a license. Think carefully about the content of the lease agreement. Consult with a lawyer and write down in detail all the points of responsibility of both parties.
Write a business plan and budget
Write down the business plan in detail – so you can not miss the main organizational points. Your main goal is to profit from the percentage for renting a vehicle and providing additional services to the client. Read the detailed guide here – Car Rental Business Plan Template.
When budgeting, be careful when evaluating services. We have written down the points that should be the main ones when distributing the initial capital:
- Legalization of business and necessary documents
- Expert advice (accountant, lawyer, business lawyer, designer, marketer)
- Employee salaries
- Acquisition (rent) and maintenance of a vehicle fleet
- Car maintenance
- Renting an office and space for a vehicle fleet
- Uniforms and equipment for employees
Keep records and do research
Keep a record of all the data you may collect about the operation of your company. This is a good method to analyze the work of the company and take into account the needs of the consumer, which are changing. Be in trend, give the client what he wants – and your success is guaranteed. This algorythm works perfectly in most of the cases. However, sometimes the clien doesn’t really know what he or she wants. In this case, you’ll need to figure out the client’s needs yourself.
We have outlined the main points to consider when setting up a car rental business in Ibiza. Read more about the value of innovation in this area in other articles.