Friends say some funny things sometimes, especially when they have been drinking. Have you ever heard one of your crew say that if “you guys had your own party bus business then it would be easier/ more fun/ safer to go out”? While starting up a party bus just to aid in your own enjoyment of partying is not a great idea, the idea of such a business can work for some people.
Starting your own business has hurdles, no matter how small the particular business will be.
Startup requirements for a small party bus company:
1-The bus will probably be the most costly initial item that is needed.
Research before you buy! You might be considering buying an older party bus type of limo. Make sure though that there are no limitations on how old this type of limo can be. There are laws about how old a limo can be before it can’t be used in service anymore.
2-Business plan.
Don’t even try to go into business unless you either have a very good understanding of the industry or you plan on doing plenty of research. When you put a business plan together it will give you an outline of how things will proceed. It should show how much capital that you will need for the first year at least, and what your particular niche will be in the industry. A good business plan is worth all of the effort that is put into it.
3-Funding ideas or plan.
Getting the money together to launch a new business can be tough. That is one reason why having a good business plan is so important. If you can show a possible investor what you know about the business and what you have learned from your research it will go a long way toward giving that investor the belief that you will get them a good return on their money.
4-Insurance for the bus and the business.
Insurance is crucial in any business. In a business that uses a vehicle it is even more important to have the right type of coverage and enough of that coverage.
5-operating expenses.
Think hard and be sure to include all of the possible operating expenses. A good rule of thumb is to be sure and have enough capitol to stay afloat for a year before needing to depend on the income of the business. Getting through that first year can mean a whole lot of hours put in by the entrepreneur.
