Guide to Setting up a Hire Business

Setting up a Hire Business

The jobs market has been a tough place in recent years for graduates which is why many have turned to setting up their own business. The key to this is, start your plans while you are at uni because you are surrounded by people that will be able to help you.

You are sure to have a finance lecturer so why not go to them and ask them to look through your plans and see what they say?

You are also likely to have a marketing lecturer too, so have a chat with them and they might be able to suggest some things you can do to get your business off the ground. However, before all of this you need to decide what you want your business to be.

There is just simply so much choice, it can quite literally be anything you want it to be which doesn’t make the decision easy! Well one suggestion might be that you want to run a van hire company which means that you will be looking after a fleet of vehicles.

TIP: Vans will depreciate in value over the lifetime and you will need to factor in a residual value (the amount that you will be able to sell it for in 10 years’ time) you will then need to work out how much it will depreciate by each year.

When running a hire company there are many rules and regulations that you will of course need to follow especially when it comes to road safety. It becomes slightly more complicated too when you start offering drivers with the hire vehicle but this doesn’t mean that it isn’t worth it.

GoMotorFleet have supplied us with the some information that you should consider when it comes to driver safety. You need to have a driver safety policy in place and ensure that your employees are aware of it. This is because it helps company drivers to carry out safe practices and keep good driving habits but it means that you as the employer are covered and in terms of compliance. Now you need to know what is included in a driver safety policy: Road safety, mobile phone use, impaired judgement, safety of the vehicle are all things that you should include.

Road safety

This part of the driver safety policy should remind drivers about the Highway Code and their responsibility to follow the laws of the road. It should also state the maximum amount of driving hours that they are allowed to complete as well as how long they can drive for before they need to take a break. You should also state the length of time that your drivers need to have a break for and each journey needs to be planned safely in a timely manner to promote safety.

Mobile Phone Use

Here you need to state that mobile phones must not be used whilst driving as it is illegal and you as the employer may be held liable if you do not state it in the policy. Most businesses are supplying hands free which should be included in the policy.

Not only will this but you also need to state that drivers should not access any messages, social media or emails whilst they are driving.

Impaired Judgement

Within the policy you need to state what drivers should do if they become tired and you also need to state that drivers must not be in control of a vehicle whilst under the influence of drugs or alcohol.

You will also need to state “morning after” advice too. You are allowed to test your employees but this needs to be stated and done so in accordance with the law.

Safety of a Company Vehicle

You also need to ensure that your drivers know how to carry out any safety checks on tyres as well as wheels, lights and seat belts. They also need to know how to use the ABS as well as safety equipment should they break down.

 

There is a lot to learn when running a business but with a bit of research, time and effort you will see the rewards. There is nothing as satisfying as creating your own business as seeing it grow so why not start your future now!

 

 

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