Feasibility Blueprint Assessment (Trailer Rental Service)
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Week2Discussion1SweetStudy.docxWeek 2 Discussion 1
Hello Class!
In the current market, a modern person can effectively transport his things without buying an automobile or truck, to be specific. A truck for hire business is one of the most in-demand businesses, mainly in urban areas serving a large percentage of tenants. Thus, the general implication is that as a businessman venturing into the transportation of goods to a customer’s required destination. I need to ensure my truck is in good mechanical, visual condition, and insured.
Based on the readily available resources for utilization in a shared economy business segment, I will utilize my truck and a variety of trailers such as dump bed, landscape, and goose-neck flatbed as the most helpful tools in this business venture. Though a typical truck-for-hire business appears to be common, to some extent, most people that do not own a truck or trailer need to hire this type of equipment for a whole day. Therefore, hourly rental looks to be more convenient and economical for these customers (Richardson, 2015). Currently, I have a truck and flatbed trailer insured and licensed. The insurance and registration prevent unforeseen out-of-pocket expenses when renting to customers who want a quick short-term truck or trailer rental for a multitude of reasons.
When a customer does not need a license or require extra hands for the task, my employee will provide physical assistance along with the truck for a set amount. A renting concept is not restricted to one area; instead, it has an extensive spectrum of uses concerning every type of errand, small or large, which a truck or trailer would suffice. In the article by Founderguide.com, sharing economy has expanded extensively; thus, it is now the right time to participate in doing business to meet numerous needs and other business opportunities arising from this growth (Schor, 2016). A company provides multiple socio-economic and environmental benefits to the community, and a local equipment rental service serves all types of purposes and is locally convenient to customers.
Equipment-for-hire is not a new concept for a business idea; however, the intent and purpose meet customers’ needs and, most importantly, satisfaction. The business has a broader perspective of serving any arising opportunity (HowStuffWorks, 2016). For instance, a specific individual, mainly a photographer traveling, needs to hire some equipment and a truck to transport themselves and equipment. Thus, a share economy growth has involved a series of services from home rentals in providing services to customers during their vacation or using trucks, whether drive or driven, as they tour different recreational places.
Community and density remain the most vital aspects of successful peer-to-peer ventures. Equipment rental businesses’ cannot work without human capital. Therefore, business needs to commit itself to behavior and trust from the community members whereby sharing becomes easy if the space between people remains small. The operation of a local equipment rental serves as a peer-to-peer market for the general area. The business is likely to quickly gain growth potential due to its simplicity and value to potential customers (Schor, 2016). The clarity is how the rental company will connect ordinary citizens while ensuring they interact appropriately and ensure the safety of the goods in transit.
Sharing time and driving expertise with my customer. Some of the customers may need driving services, and as well I may need their time to streamline operations before starting the business. For instance, finding a convenient place for truck parking in town is likely to consume time since accessing relevant city authorities is needed before being allocated a slot. The issue with searching a parking area is that some rental houses do not allow tenants to park any car within the compound.
Various resources for implementing a shared economy business will be required—first, a driver for loading and unloading luggage—an office and separate telephone number for customers to call whenever they need service. A driver must be experienced to provide quality services to potential customers—further, a trustworthy and reliable mechanic to ensure regular servicing and repair. In general, an excellent assessment of what is required will involve equipment registration, purchasing business insurance, obtaining permits and licenses, and establishing business accounting. Once all these requirements are ready, implementation of a shared economy business.
References
HowStuffWorks (Mar 29, 2016). How the Sharing Economy Is Changing the World. https://www.youtube.com/watch?v=Fy-wks5kX1k
Richardson, L. (2015). Performing the sharing economy. Geoforum, 67, 121-129.
