Start a weekly car rental business for rideshare drivers

Rideshare and delivery drivers who do not own a suitable car or would rather not carry the cost of owning one.

A weekly rental fee per car, sometimes with a bond. Steady weekly bookings mean income is more predictable than casual day hire.

• Vetting and managing drivers
• Keeping on top of servicing and paperwork
• Clear communication and firm, fair agreements

• Insurance is the big one: confirm in writing that your policy covers hire for rideshare use
• State rules for rideshare vehicles and registration can differ, so check with your state transport authority
• Wear and tear is higher on heavily used cars, so budget for servicing and tyres
• Late payments and abandoned cars, so use bonds, direct debit and a clear agreement
• Registering for GST may be needed once turnover reaches the threshold

Estimates suggest startup costs are typically around $20,000 to $100,000, depending on how many cars you buy, their age and condition, and your insurance. Budget for servicing and tyres, as heavily used cars wear faster.

Monthly revenue is typically estimated at around $1,500 to $7,500, depending on the number of cars, your weekly rates and how often they are rented. Late payments can affect cash flow, and revenue is not profit.

Confirm in writing that your insurance covers hire for rideshare use. Check state rules for rideshare vehicles and registration with your state transport authority, use bonds, direct debit and a clear agreement, and check GST registration once turnover reaches the threshold.