Start-up cost: $7,500–$12,000
Potential earnings: $50,000–$80,000
Typical fees: $12–$15 per half-hour rental
Advertising: Flyers/brochures (give some to the chamber of commerce
or travel agencies), Yellow Pages, banner ads on travel or
local chamber of commerce Web sites
Qualifications: Knowledge of bicycle maintenance
Equipment needed: Fleet of bicycles and repair kits; may need storage space
Staff required: No
Hidden costs: Liability/theft insurance
What You Do
Remember the days of the bicycle built for two, when tourists rented bikes to
explore island areas where cars either didn’t exist or were blessedly limited? Those
days are still here—but the majority of bicycle rental businesses are now clustered
around crowded tourist spots such as Michigan’s Mackinac Island or Florida’s
sandy beaches.
Many bicycle rental shops are now featuring Rollerblade rentals
as well, especially in places like California. Regardless of what you decide to offer,
you’ll be amazed at how much money can be made in this relatively easy business.
Each day you’ll take a fee for short-term rentals, offering the possibility of instant
repeat business or a large number of daily rentals. And since most bicycle rentals
are cash transactions, you’ll have instant money. What could be easier than that?
What You Need
Your main costs stem from the fact that you must buy a good fleet of bicycles,
typically twenty to twenty-five of them at a cost of $300 or so each. If necessary,
you can also rent garage space for $100–$300 per month. If you invest in only
used bicycles, your maintenance costs could potentially be high.
Considering that
you’ll be earning $12–$15 per half-hour rentals, you could make a sizable amount
of money very quickly in this business if you’re in a tourist area (especially one that
doesn’t allow many cars). Don’t forget to spend some money on advertising; for
instance, a few strategically placed banner ads on travel or chamber of commerce
Web sites can bring significantly more tourist business than mere reliance on word
of mouth.
Keys to Success
Do your homework and choose the right location for this business. Rental space
should be included in your start-up costs. Obviously, it will only be seasonal in
northern climates. Is that all you want? Or would you rather make money from
this relatively simple, straightforward business all year long? You decide. Either
way, you’re bound to make a decent piece of change.
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