Are you about writing a car rental business plan? If YES, here is a sample SWOT analysis for a car rental company to help you form a competitive strategy.
Car Rental Business Plan – Economic Analysis
Before venturing into this business, it is one that you would need to carry out a feasibility study on. You would need to put so many factors into consideration so that your business does not fail before it even starts. Chief amongst your concerns should be how you intend to draft strategies that would distinguish you from your competitors.
You would also have to draft strategies that would ensure that you get a share for your business either by carving out a niche for yourself, or by ensuring that your unique selling point is attractive enough to get you noticed to your customers. This means that you would need to draft a business plan that would aid you and make you see clearly whether the car rental business is worth venturing into.
Another thing you should consider before starting this business is where you intend to get your start-up capital from. Bear in mind that banks and major financial institutions will likely lend to already established and successful car rental businesses than a start-up business. This means you would have to be extra aggressive in getting funds to start up your business.
Another thing to consider is where your business will be located, if you intend to start on a medium or large scale, you would need to ensure that your location is large enough for the fleet of cars you intend to use for your business, and also convenient for your staff and customers to access.
A Sample Car Rental Business Plan SWOT Analysis
Car rental business is one of the many businesses that can easily generate sales with little stress as long as they are well positioned and equipped to carry out their services. We are building a standard car rental services business with variety of complimentary services which is why we have decided to subject our business idea (company) to SWOT Analysis.
Ordinarily we can successfully run a normal car rental services business without the stress of going through the required protocol of setting up a new business including writing a detailed business plan, but because of the nature of the kind of car rental business we want to establish and of course the huge start – up capital involved, we don’t have any option other than to follow due process.
We hired the services of Dr. Angela Bozeman, an HR and Business consultant with bias in startups to help us conduct SWOT analysis for our company and she did a pretty job for us. Here is a of the result we got from the SWOT analysis that was conducted on behalf of McElroy® Car Rental Services, Inc.;
Aside from the large fleet of comfortable and highly reliable cars under our rental services, McElroy® Car Rental Services, Inc. is centrally located in a densely populated industrial and residential estate in Fort Lauderdale, Florida; our location is in fact one of our major strength.
Another strength that counts for us is the power of our team; our workforce and management. We have a team that are considered expert in the car rental industry, a team of hardworking and dedicated individuals.
McElroy® Car Rental Services, Inc. is a new business which is owned by an individual (family), and we may not have the financial muscle to sustain the kind of publicity we want to give our business. As a new business, we are also quite aware that it will take time for us to build trust with our clients.
We are centrally located in one of the busiest areas in Fort Lauderdale, Florida and we are open to all the available opportunities that the city has to offer. Our business concept also positioned us to be a one stop shop in the car rental line of business.
The truth is that there is no standard and well – equipped car rental business within the area where ours is going to be located; the closest car rental services company to our proposed location is about 6 miles away. In a nutshell, we do not have any direct competition within our target market area.
Some of the threats that are likely going to confront McElroy® Car Rental Services, Inc. are unfavorable government policies, seasonal fluctuations, demographic / social factors, downturn in the economy which is likely going to affect consumers spending and of course emergence of new competitors within the same location where our car rental business is located.