The 6 easy ways to a profitable sharing business
1. Choose quality hardware
When choosing a vehicle, operators need to make sure that it is reliable, connected, sharing-ready, has good battery technology, and that it doesn’t take much to maintain and repair it. It’s a very important decision for business owners as it will significantly affect finance - it should be a strategic choice.
2. Choose quality software
Deciding for a good software instead of building your own will guarantee you more time to structure your business, fewer fees or overhead costs, the support of experts, and the possibility of an easy scaling-up process. At Wunder, we offer a software with guaranteed 99% uptime. This is a high-quality experience for users and a great asset to increase revenue.
3. Optimize operational costs
Operations is an everyday job and anything that can increase its efficiency and decrease its cost will impact profitability. Some of our suggestions to achieve this are: to make sure that your software is able to send automated messages to your team, to partner with third-party providers for anything that’s not your core competency, and to choose vehicles with less downtime.
4. Monitor your data
Data analytics is the most important point of your operations. So important that it even deserves a section of its own. It should be aligned with your strategy and organized into categories. If used right, data can help you define use cases, increase your market intelligence and consequently drive utilization.
5. Choose the right city
The infrastructure, legal requirements, city fees, openness with data and how the climate is in cities where you want to operate will make a huge difference in how smoothly or not you will be able to run your business.
6. Gain and retain customers
Gaining and retaining customers is also a huge point to look into. Your branding, the density of vehicles you have in the streets, packages & memberships and building customer loyalty are all things that you should keep in mind in order to achieve a big and solid customer base.
Download our Ebook
For a more detailed outlook take a look at this exclusive Ebook with 6 easy ways to a profitable sharing business. If you read all the way up to here, the 6 tips above were probably interesting for you. In our Ebook you will find them in more detail.