If you’re looking for a way to earn extra money while avoiding the pitfalls of a part-time job, you might want to consider starting a Turo business. This type of service has been around since 2010 and has been touted as a way to rent out your car for short periods of time.
In the past, the Turo company had a different name, RelayRides. It was relaunched as Turo in 2015, after receiving several rounds of funding from major venture capitalists. With a little forethought, a Turo business could be a profitable investment for you.
Starting a Turo business requires a small initial startup fee, plus some minimal administrative work. You’ll need to list your vehicle and decide how much you’re willing to charge. You can also take advantage of Turo’s insurance options to ensure that your vehicle is protected against any accidents.
You’ll need to list the appropriate information about your car on the Turo website. The site offers a variety of tools to help you do this, such as multiple pictures, a detailed description, and a pricing scheme. Depending on your location and the needs of your customers, you might have to make a few tweaks. To get started, visit the site and create an account. Once you have an account, you’ll need to list the vehicle and add photos.
As with any other business, you’ll need to figure out how much you’re willing to charge for the use of your vehicle. A good rule of thumb is that you shouldn’t charge more than the vehicle is worth, especially if you’re using it for a limited amount of time. After that, you can determine how you’re going to reinvest your earnings.
For many people, this is an easy way to earn extra money. However, there are a few drawbacks. First, you have to remember that you can only make a profit if you list a car that’s at least 12 years old. Second, you have to factor in maintenance costs. And finally, you have to plan for repairs and replacements.
One of the more popular revenue streams is the commission that you’ll receive for renting your car. Turo’s car-sharing business model includes effective monetization strategies to help you make the most of your income.
Other things to consider include determining how you’re going to keep track of your vehicle. There are a few different tracking devices available on the market. Some, such as GoldStar, let you immobilize your car. Others, such as GPS, are useful for finding your car.
Starting a Turo business isn’t a walk in the park. Although it’s not as difficult as renting out an apartment, you do need to keep up with maintenance and storage. Plus, you have to find a safe place to store your cars.
Of course, you’ll have to pay taxes. The IRS allows you to deduct certain costs such as business start-up fees, as long as you make less than $12,550 in gross annual income. But be sure to consult your tax professional if you’re unsure of how to best calculate your taxes.