Are you thinking of starting a limo business? 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. But let's see what it actually means to have a limo business, all its glorious and nasty bits. An LLC is a more formalized type of legal entity. 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. Catchy Business Name Ideas Suitable for a Limo Rental Business. 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. It is however expected that the industry will perform better in the next five years (2016 to 2021). Pace yourself, expand slowly, offer services that are in demand and invest in Marketing - especially SEO. Raleigh/Durham, NC. The software should also have GPS to ensure your drivers find the best route to your customers’ destinations. Once a customer has decided that they would like a limousine service, they usually call the limousine company or go to their website to book a service. The equipment that you would need in order to run your limousine rental business successfully are; phones (landline and cell), printer, computer, navigation system, payment software and headset. List of Niche ideas Within the Limo Service Business That You Can Specialize in. Market Size & Industry Statistics. This is also largely dependent upon the area where you are providing your services. The industry is a highly fragmented one as there are no major companies that dominate the market. For those that have large fleets, they earn more than 47 percent of the industry’s revenue, with the largest companies being franchises. In IBISWorld report concerning the limousine and town car service industry, it states that even though the industry has no companies with a dominant share in the market, the industry still generates $11 billion annually and had more than 4 percent increase between the periods of 2011 to 2016. Unlike the corporation however, in the S corporation, the owners are taxed on their personal tax returns just like the LLC and the partnership form of legal entity. A corporation is a legal entity that is deemed separate from the owners who are regarded as shareholders. This is so that you do not waste valuable resources buying a franchise that would not work for your business in the end. 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. 1.2 Mission. Knowing these things is important especially as competition is stiff and you might not get to offer services every day. Having suffered the worst recession in nearly a century, the economy of the United States has begun to recover and has seen consumer confidence increase which has also led to an increase in disposable income and the need to spend on discretionary and luxury items such as limousines and other luxury car services than alternatives like taxis. Work for someone, hone the skills, and see whether this could be your world. Established, Profitable Limousine Business Franchise Opportunities Franchise Resales Maryland Businesses For Sale Maryland Franchises For Sale Maryland . 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. Today's market is huge, so there is rarely a service that works based on "build it and they will come" principle. Asides from all these, this is a very interesting and lucrative business for the entrepreneur with the right mind. You would get constant work and bookings while offering your services at a bit lower rates. 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. 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. So put on your entrepreneurial hat and let’s proceed. 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. Limo Profits was founded by Ed Stapleton, Jr. in an effort to help limousine, bus and car service operators generate more leads, book more reservations and become more profitable. Most entrepreneurs are always overwhelmed by what marketing channels they would use that would be effective for them and also how much they would need to set aside as budget in order not to waste resources. 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. Over and above there are five types of legal structures available to any entrepreneur looking to start their business in the United States of America and they are; sole proprietorship, partnership, Limited Liability Company (LLC), Corporation and S Corporation. More than half of limousine services during the week are for business and corporate customers. 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. 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. As opposed to fixed income, having your own business means that you can't make plans ahead and that saving is a good idea. Clients will drink and party inside your vehicle, and sometimes they won't be able to hold that liquor down. Established in 1996, the website is an international marketplace of businesses for sale. ... We only allow 20 businesses per information request. Starting a limo business can be fairly simple but you can earn a lucrative profit.The limousine business has grown by an average annual rate of 2.7% over the last 15 years and brings in revenues of over $12 billion in the US alone.The limousine industry is divided into two distinctly different markets, Corporate market and Occasional market. Entrepreneurs who wish to protect their company names, logos and domain names might have to get in touch with an attorney who has experience with helping businesses in this industry trademark or protect their intellectual property. Profitable North Carolina Transportation Company Has Been Saved. #6. You will be your own boss and your success will largely depend upon yourself. The revenue in the limousine industry is based on leisure and business travels. Following these steps correctly makes for the difference between a successful limo rental business and one that’s at risk. And, the more luxury service you provide, the more it will be demanding. Clients are usually on the lookout for punctuality and not being able to offer this is likely to make you lose customers. Specialty transportation. A profitable specialty limousine business is available for sale due to the retirement of the owner. If you are thinking you will be driving a high class clientele only, then you are mistaken. Even though the industry has recovered, it is expected to recover more in the next five years (2016 to 2021) as there will be an increased demand from private households, celebrities, corporate travelers and tourists. Starting your business from scratch or buying a franchise is totally the prerogative of the entrepreneur as each option has its own pros and cons and must therefore be thoroughly studied by the entrepreneur before choosing one that will align with the goals and objectives of the business. You will be the only one deciding about where you will put in your hours and well, how many hours to put in in the first place. You will be right there when they celebrate their birthdays, have fun with their friends, and you will be able to paint the city where you drive in your own words, to show  newcomers and tourists what you see. This is because in 2016, there were only about four major players in the industry accounting for less than 6 percent of the total industry’s revenue. All limo business offer same services and same rides. 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. Use social media platforms like Facebook, Twitter, Instagram and Linkedin to promote and advertise your business, Participate in online discussions with your business handle and educate people about your services, Place adverts about your limo rental business in newspapers and magazines as well as on radio and television stations. 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. Revenue in the limousine rental business industry is highly dependent on how many people travel for business and leisure. Starting a limo business can be very lucrative, if it's done properly. Starting a Limo Service Business – Technical & Manpower Details, Starting a Limo Service Business – The Marketing Plan, town car service industry comprises of only a small, How to Get a Restaurant Depot Membership Without a Business. Investigate the market - see if there is room for a ground transportation provider and see whether there is a real demand. Our mission as a standard limousine and town car services company is to develop a highly successful, profitable business which provides quality luxury transportation services in our city and to become a standard for an ideal limousine and town car services business not only in the State of California but also throughout the United States of America and Canada where we intend launching our business and … Chauffeur Business for sale in Middlesex County. The sole proprietorship kind of business is one that is solely owned and run by an individual. Middlesex County, NJ . If you intend buying a franchise, you need to have carefully research on all the franchises that you would like and see if what they are offering are in line with your goals and objectives. This fact is not however intended to slow down the revenue that would be generated by this industry in the near future. Limousine business owners have learned to be innovative and creative with regards to how they run their car service businesses. Profitable North Carolina Transportation Company. Consider offering executive travel around large business centers, etc. 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. Therefore, it is imperative that you source for funds with which to start and run your business. It is no wonder already existing and well known businesses still go ahead to spend a fortune annually in order to boost the awareness of their brand and create a corporate identity for their business. Limo services are used by a various lot. The limousine business has grown by an average annual rate of 2.7% over the last 15 years and brings in revenues of over $12 billion in the US alone. While keeping the most profitable part of the CATA contract, find an even more profitable use for that vehicle. And you will surely witness a demise, whether of your own doing or due to unforeseeable events. List of Well – Known Brands in the Limo Service Industry. If you are going to be running your business from home, you do not want to be so far from your target market that it takes you a very long time to get to them. While your business may start slow, a good advertising push can ensure that you are the go-to business for weddings, graduations, proms, and corporate events. Therefore, if you are looking to define the demographic for your limousine rental business, ensure that you make it all encompassing to include those that have funerals and other special events. 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. 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. This is a service oriented business which involves picking and dropping off passengers and as such the most that is needed by clients is that they get picked up on time and are dropped at the right destination within the destined time period. Consider what are you going ti do with the storage area - renting those can get hefty. Sure, your vehicle must be impeccably clean and in near-mint condition. Limousine Company Services New Hampshire and Greater Boston Profitable Transportation Opportunity Servicing Greater Boston and NH Financing available. Affluent counties like the United States, the united kingdom and Japan strictly regulate their markets and have high fares for their passengers. You have occasion-based users who rent a limo for special events like birthdays, engagements, weddings, bachelor and bachelorette parties, proms, even funerals. A limo rental service business is much more likely to be lucrative if an owner sets manageable goals as part of his or her business strategy. 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. 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. We also took it further by analyzing and drafting a sample limo rental service marketing plan backed up by actionable guerrilla marketing ideas for limo service businesses. The listing has been saved to your account. Please complete your current requests to continue. The industry has few economies of scale which allows small sized companies to compete effectively against mid and large sized companies. Okay, so we have provided you an in-depth sample limo service business plan template. The patients can be located in the Tri-State area. If you are well positioned, and competition is scarce in the areas you service, the business could be booming. Be prepared to work a lot, to work on weekends, to accept bookings during your grocery shopping, or morning coffee. 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. 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. Having insurance helps protect you from personally having to pay for any incidents that might crop up whilst running your business. This unique limo business specializes in providing patient transportation for specialized treatment facilities in New Jersey. You will have to become a jack of all limo trades. It's nice to know you are contributing to their once-in-a-lietime experience in some way. The limousine rental business is one where customers are provided with transportation to an event or destination of their choice. 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. You have to make sure that your fleet is paying for itself. 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. 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. ----------------------------------------------------------------------------------------. 7 Extra Services or Products a Private Limo Driver Can Offer, Do Car Rental Companies Buy or Lease their Cars, Car Rental Business: How Much to Charge Clients to Hire Cars, 9 Best Software to Help Manage your Car Rental Business, 7 Best Fleet Insurance Policy for a Car Rental Business, How Much It Cost to Open a National Car Rental Franchise, How Much It Cost to Open a Enterprise Car Rental Franchise, How to Run a Successful Car Rental Business and Make Money, Licenses & Permits Needed for a Car Rental Business, Starting a Limo Service Business – Market Research and Feasibility Studies, Starting a Limo Service Business – Legal Matters. Times because they ’ re not seasonal shows that there are no companies! 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