People these days have become aware of increasing pollution and global warming. They have been supporting government measures taken to save the planet. Many manufacturers have launched differs model of e-scooters. But being in the nascent stage, these environment-friendly vehicles are still expensive. Not everyone can afford them. If you are considering Make Money Online, why not consider launching your own E-Scooter sharing business. Market experts state that global scooter and bike rental market is likely quadruple by 2027! Either create an app to offer dockless rental vehicles or choose a physical location for your business.
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Steps to Electric Scooter sharing business
1. Determine if this business suits you:
You should know the pros and cons of scooter rental industry. It is expanding very fast. You can operate it from your home and make approximately $15/hour per scooter. But you have to compete with several well-established players and carry out regular servicing.
2. Hone your concept:
It will help you to prepare to enter the growing competitive market. Get to know what your competitors are offering, their price points, services, rates and customer reviews. Identify a gap where you can comfortably fill up, like scooter tours, office services. Slowly expand to offering larger electric vehicles.
3. Determine Business Name:
Business name will act as your business identity. Choose something that encapsulates perfectly your mission, services and objectives, but in select words. This will help attract new clients through word-of-mouth referrals.
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4. Business Plan:
A well-developed plan is likely to act as a guidebook. Using it will enable you to launch your startup effortlessly and focus on the end objectives to achieve. Also potential investors and partners will get to know your company vision. Prepare executive summary, business overview, describe services/products offered, perform SWOT/Competitive analysis, evaluate company’s USP, and detail professional background and roles of your management team.
5. Register your business:
Business Registration will be mandatory to do your business legally and safely. It is rather a prerequisite to raising capital, paying taxes and opening up corporate bank account. Also decide wisely considering the location of your Business Registration. It is likely to affect your revenue, legal requirements, taxes and expansion prospects.
6. Register for Taxes:
Whether you want to Make Money Online through a rental app or undertake physical business, you need to apply for EIN (Employer Identification Number). This is to pay taxes. You can get to know more about it from the IRS website. Next select your tax year.
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7. Seek Funds:
No business can be launched without capital including Electric Scooter You may seek funds from internal sources like family, friends, and relatives. If you have collateral to provide and good credit history, then you can get bank loans. You may even apply for SBA assured loans, government grants, angel investors, venture capital or crowdfunding sources. Make sure interest to pay is low.
This type of business requires you to obtain different types of permits and licenses from federal, state and local governments. Liability waivers will be essential that is to be signed by your customers. This is to safeguard you financially from damages in case there occurs accidents and injuries.
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9. Bank Account:
You will have to open a bank account to keep your money, receive and make payments. It will be necessary to maintain separate account for your business so as to not mix it up with your personal finances. Most major banks have accounts that are customized to match their corporate client’s business.
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10. Business Insurance:
This is something that you should not overlook since you will have invested in expensive vehicles like e-scooters. Business Insurance will safeguard you financially from unexpected events. Otherwise, your business will be in grave danger and so are your personal finances.
Launch your business
Once you have followed the above steps, you are now ready to launch your Electric Scooter rental business. But if you feel confused on how to proceed, you should always hire experienced consultants. They will guide you to make correct decisions.