The RV rental business has been booming in recent times. Since avid travelers don’t have the luxury of exploring international destinations due to the pandemic, they have a renewed interest in their local surroundings. RVs provide the perfect means of transport.
If your camper is packed in your driveway and you barely use it, it could be the perfect way to earn some extra money. However, it would help if you did it right to ensure you’re raking in handsome profits and not biting more than you can chew. The trick is to cut costs where you can and maximize your profits. The following tips will come in handy.
1. Save Up
If you don’t already own a camper trailer, the first step will be to purchase one. The easiest way to purchase a camper trailer with all the modern amenities is through camper trailer finance in Brisbane, when you use the right lender, you’ll get a good deal specific to your camper. However, you could also choose to save up the cash yourself.
Most lending institutions charge a hefty interest for unsecured loans. As a result, you may end up using up most of your profits to pay off the loan for some time. Not to mention, even with a hassle free VAT registration service, you’ll still lose quite an amount on taxes. You can cut back on this expense by saving up for the RV for some time.
Decide which type of RV you need, find out how much you need to purchase one, and start saving towards it. You don’t have to raise the entire amount. You can raise half the amount and then take out a loan. This way, you’ll only have half the amount plus interest to pay back, which is way more affordable than repaying the entire amount.
2. Store the RV in Your Garage
If you don’t have a garage, RV storage can create a dent in your wallet. According to NerdWallet estimates, it can cost up to $1,500 and even more to pay for RV storage, especially if it’s in a high-cost-of-living area. The prices go even higher if the vehicle is large.
Therefore, it’s best to use your premises for storage purposes. If your garage is not big enough, find other affordable options. For instance, a friend may not mind storing the vehicle for you at a fairer price or even for free.
3. Rely on Rental Companies
Dealing with a rental company seems counterproductive because they take a portion of your profits to make money. However, renting out your RV by yourself, and running all the day-to-day operations, and dealing with the challenges are way more expensive.
Think about it. A rental company takes about 20% of the entire rental fee and takes care of everything else, including:
- Dealing with any problem the renter faces when they have the RV
All you have to do is sign up on the company’s site and leave the heavy lifting. If you handled everything, you’d spend a lot of money on marketing, dealing with operations, building a team, and more.
Therefore, 20% is a fair price. In fact, you get way more than you pay off. However, you need to work with a reliable company to ensure you make money. Go for a company that has an excellent reputation and a large following. This way, you’re guaranteed you’ll make money from their site. Some of the companies you should consider include:
- RV Share
4. Think Outside the Box
If you’re not up for using RV rental companies, you need to be smart when it comes to your rental business to increase your profits. Sure, renting out your RV to friends and relatives will bring in some money. However, this approach isn’t sustainable because your market is limited.
And even if you’re relying on a rental company, that isn’t enough as well. You have to wait until the company has rented the RV to someone to make money. If you decided to rent your camper for town events such as sporting activities, concerts, and community gatherings, you would make so much more.
Most people would forgo the idea of staying at a hotel to stay in an RV where they have the freedom to move from one place to another and enjoy their surroundings. However, this strategy will require a lot of marketing on your part. You can save on marketing by relying on free advertising platforms such as social media. Get as many friends and relatives to spread the word as well.
5. Stay On Top of Your RV Maintenance
If you want to run a successful RV business, you can’t afford to have a “wait unit it’s broken to fix it” mentality. Most RV owners wait until parts have broken to replace them because they believe there’s no need to fix what’s not broken.
While it’s unnecessary to replace what’s working, it’s crucial to have a regular maintenance routine to ensure the vehicle is running fine. It may seem expensive to take your RV for regular maintenance, but it’s not. You get to identify small problems and fix them before they become major issues that cost more money.
Apart from regular maintenance, it’s also crucial to learn how to fix different things on your own to cut back on costs. We’re not encouraging you to go full-on mechanic (although it doesn’t hurt if you can). We’re talking about changing things like broken windshield wipers, changing your own tires, and other small tasks. While it may not seem like much, it goes a long way in saving you money.
Like any other business, an RV rental business requires proper planning and execution. Before you start this business, identify your target audience, know how much money you’ll need to