Rather than allow your RV to sit in your driveway, why not use it to make some passive income by renting it out to people?
Did you know that over ninety percent of recreational vehicles in the United States are used for only thirty days a year or less? You could put your RV to good use by renting it out while earning extra money from it at the same time.
By just renting out two or three RV’s a year, you’ll be able to make thousands of extra dollars. While you may believe that starting an RV business is complex, the truth is it’s actually rather simple as Outdoorsy.com points out.
Here are the top tips for starting an RV rental business:
Secure Funds For Startup Costs
Starting up your own RV rental business will require an initial monetary investment from you. Depending on how many RV’s you plan to rent out, you can plan to spend anywhere from ten thousand to fifty thousand dollars to start your business. If you currently can’t afford that but would still like to start an RV rental business, starting saving up.
Get Insurance
Each one of the recreational vehicles in your fleet must be insured, with no exceptions. There are a variety of insurance options for RV’s available so you can weigh the pros and cons of each one.
At minimum, you should expect your RV insurance to cover collision coverage, motorist coverage, and medical payments coverage should any passengers become injured.
You should also highly consider insurance that offers full replacement coverage, meaning that if any of your RVs become stolen or damaged beyond repair, then the insurance company will completely cover the cost of the vehicle.
Make Sure You Have All The Required Documentation
As with any business, there’s a lot of paperwork that you will have to fill out to rent out your RVs. You must make sure that your rental clients clearly understand the terms of conditions before they take the RV.
Additional documents that you will need to prepare include emergency contact forms, rental application forms, a rental contract agreement, an overview of how payment is conducted, and vehicle damage/replacement costs as well.
Market Your Business
You can’t expect to get any clients if they aren’t aware of your business, so just like any small business you will need to market yourself effectively.
The best marketing tips are to promote yourself on various RV websites, distribute brochures and flyers around town, promote yourself on the major social media outlets, and start a website and blog and begin learning good SEO strategies so you will become more relevant and prominent on search engines.
Starting An RV Rental Business
These will be the best tips for you to follow for starting your own RV rental business. This can definitely turn into a lucrative money making opportunity for you, but only if you know what to do and follow the tips you have just learned effectively.