Here at Anything For Hire we work with a long list of vehicle hire companies and where many see this as an overcrowded industry the truth is it just gets bigger and bigger. With the constant demand for more lavish vehicles paired with our need to let loose and treat ourselves sometimes there is certainly room for new hire firms to join the network.
If you are considering becoming a vehicle hire operator then note that it entails a lot more than simply buying a few vehicles and marketing locally, with many legalities and essentials built into the set-up process. Here are just a few:
What licence you require will depend on what type of operation you wish to set up, with taxi, hackney carriage and private hire firms requiring different documentation. All of the information you need can be found on the Gov.Uk website along with the application forms to fill in. Be sure to look into licencing as a priority, ensuring no time delays in your business plans.
The same applies with insurance with operators requiring bespoke policies including public liability in most cases. What we will say is if you are planning on buying big-ticket vehicles then high standard policies are a necessity, supporting you and your business in the event of an at fault or a claim for an accident that wasn’t your fault.
There are now many insurance companies and brokers offering great deals to this niche insurance market, the most up and coming being High Gear Insurance; a firm passionate about taxi insurance & commercial vehicle insurance.
Having a tight-knit operation is essential when running a vehicle hire firm, with timing being everything. For this reason, you must be clear when it comes to availability, creating a balance between not squeezing customers in and turning away work.
Use Brokers, Aggregators, Comparision websites & Marketplaces
Nowadays the cost of advertising & marketing is rather high, making it difficult for hire firms to market their vehicles without breaking the bank. This is why we advise anyone to use a broker, allowing someone else to do the legwork and promote your services for you. The most popular examples include Regency, and People 2 Places, all taking a small fee for the delegation of large volumes of work. You can also learn more about the Anything for Hire marketplace which a great option for hire companies.
If you are vehicle hire firm with advice for those just starting out then be sure to leave your comments below.