Have you been considering starting a golf cart rental business?
Maybe you do not have enough information on what it takes to start a golf cart rental business in your state
This article will provide answers to all your questions.
Read along as I take you through all you need to know.
What is a Golf Cart Rental Business?
A golf cart rental business is a type of business where you give up golf carts for hire to interested persons.
The golf cart rental business is a very lucrative business if you are in a place where golf carts are in high demand.
There are many types of golf carts, ranging from pushcarts, pull carts, electric carts, remote-controlled carts, etc. Depending on the requirement, these can be used for diverse purposes ranging from short drives to grocery stores and neighboring homes to ferrying guests around at a wedding.
Fortunately, golf tourism and cart usage during vacation are increasing day by day, which makes the golf cart business more profitable.
How To Start A Golf Cart Rental Business
The golf cart rental business is relatively growing, and the demand is high these days. However, starting a golf cart rental business requires some steps to ensure its success.
The success/downfall of a business in its foundation i.e. in its start-up from the beginning. To start a golf cart rental business, follow the steps below:
To start a golf cart rental business, you need to have an appealing business plan that contains the values, goals, and objectives of the business.
A well-drafted business plan gives the business direction and increases its chances of getting possible investors.
The planning starts with selecting a befitting and attractive name that will correspond with branding, staff, equipment, etc.
A good business plan should have the following sections in it:
- Business description
- Market analysis
- Services to render
- Marketing strategy
- Profit projection, etc.
Register your Business
To startup as a legal golf cart rental business, you have to register under the association the business falls under.
However, before going ahead with the registration of your business, decide which type of business you want to operate I.e. sole proprietorship, general partnership, limited liability company, corporation, etc. this will determine the tax and legal duties.
Registering will give you access to know the rules and regulations governing the type of business you are about to start.
Register for Tax
Taking your time to read all about the laws, rules, and regulations governing a golf cart rental business will save you a lot of time and money.
The type of business you choose to operate together with other aspects of a golf cart rental business will determine the tax and obligations that are expected of you.
You will need an Employee Identification Number (EIN) if you wish to employ staff, which is beneficial if you want to apply for loans.
Sourcing for Funds
With a well-written business plan, you still need money to execute those plans if you don’t want the business to fail.
Getting a golf cart alone is expensive not to talk about other aspects of the business plan, which is why you need proper funding.
After accurately calculating all that will cost you to start a golf cart rental business, you can self-finance, and source funds from friends, families, etc.
Moreover, small businesses enjoy the benefit of applying for Small Business Loans (SBA), borrowing from banks, etc.
With a golf cart rental business plan, the tax return of the business owner, and a document stating how the money will be spent, you can easily get a Small Business Loan (SBA).
A Business Location
Upon securing the startup fund, the next thing to do is the find a good and strategic business location.
Securing a good business location is very essential to the business because customers will come there to rent the golf carts, so it must be easily accessible.
In addition, this location must be safe and secure.
You can employ the services of scouts, real estate agents, etc. to help in securing a suitable business location in your state.
Equipment and Insurance
With the startup funds at hand and a very good business location has been secured, the next thing is to start buying the required equipment.
Have an accurate type of equipment to buy so as to stay within budget and prevent unnecessary spending.
For your business to function well, you need to get a good insurance policy. This is to ensure that your business is fully covered and protected.
Without enough promotion and a sound marketing strategy, it will be difficult to make a profit. These promotions increase the awareness of your business and the services rendered.
To promote your business, you can:
Create a website
The digital advancement of the world has made this a must. Through the website, a lot of interested individuals or companies will reach you easily.
Endeavor to design a website that projects all the business represents, goals, values, objectives, etc. You can employ the services of a website designer.
Create Social Media Sites
Social media sites increase the online presence of your golf cart rental business and can be used to advertise the business too.
Some of the social media sites you can open are Facebook, Twitter, YouTube, Instagram, LinkedIn, etc.
Paid ads help you target specific audiences, be it in a specific location, etc. These ads are productive. You can run paid ads through Facebook, Yelp, etc.
Frequently Asked Questions
How much does it cost to buy golf cart?
Answer – A used golf cart can go for as low as $1200. However, if you want to start a golf cart rental business, you should consider buying a 4 seater golf cart, which will cost around $8000 each.
How much does it cost to start a golf cart rental business?
Answer – You can start a golf cart rental business with at least $18,000 based on the type of business you want to operate. If you are looking at a large-scale business with 10 golf carts, it will cost you up to $80,000.
Is a golf cart rental business worth it?
Answer – Yes, it is. You can make up to $500 per week. Over time, you can invest the profit into the business to grow to a larger scale. Also, the maintenance cost of a golf cart is not high.
A golf cart rental business involves giving out golf carts to tourists, or interested individuals for hire to help them move around.
There are several steps involved in establishing a golf cart rental business successfully, which have been duly explained in this article.
Now that you have all the information you need, what else is holding you back from establishing that business?
Start the process today!