It’s winter, yes, which means it’s also nearly spring. Tourists, commuters and cycling enthusiasts will soon be out in full force. If you’re a business looking to entice more customers and create unique revenue streams, there’s an immense opportunity to earn more money in 2023 with a bike share program.
At Joyride, we help entrepreneurs and business owners operate eco-friendly shared mobility systems, from sourcing and purchasing bicycles and creating customized Rider Apps used to rent the vehicles, through to automated tools to track and grow your business. So whether you’re just getting to know the world of micromobility or you just got inspired to kick things off, it’s time to spring into a new venture with attainable goals and financial milestones. Below, we’ll look at the key reasons you should consider a bike share program under your own brand.
What is a bike share program?
A bike share program offers users an environmentally-conscious travel option on a short-term rental payment. It relies on a system of self-service stations. Depending on the system, users can check out a bike using a membership, a credit card, or simply a swipe in their Rider app. After each use, they can park the bike at any other kiosk or anywhere in the given geographical area.
Many sizable cities already have a robust vehicle sharing system managed by either private companies, agencies or private-public partnerships. And these are only growing. That’s because quality bike share programs come with various benefits such as:
- Flexible and cost-effective commute for users
- Active transportation for short trips
- A sustainable and eco-friendly solution
- Positive impact on cities by managing traffic
- An active community of bike sharing consumers
What bike share programs look like in 2023 and beyond
The bike share program is the pandemic mobility winner. Statista Mobility Outlook for 2022 reflects that the shared mobility sector projects to reach US$274 billion. While developing countries like India and China currently drive the concept of micro mobility, growth in Europe is predicted to be the fastest across the globe. In 2021, the European e-bike market was valued at USD$9 billion. However, it is expected to reach USD 18.26 billion in 2027, registering a CAGR of 12.97% during the forecast period of 2022 and 2027.
These numbers speak for themselves. Perhaps it’s just the right time to either kickstart or expand a shared system of electric scooters, bikes and mopeds. Bike-sharing helps commuters opt for a suitable vehicle, ride to their destination and park the bike in a nearby docking station.
Joyride’s white-label software gives you the flexibility of building the kind of fleet your business needs with significantly lower costs. In fact, outsourcing your software and backend fleet management to Joyride can reduce your operating expenses by more than 90%, thanks to automated tools and affordable SaaS pricing models.
From a user perspective, hassle-free commutes, lower maintenance and cheap pricing has turned this trend into a long-term sustainable solution. For businesses like hotels and commercial campuses, offering a bike-sharing service immediately adds value to your guests and residents at little to no extra operating expenses. Your biggest worry will be where to place the bikes for rent.
What’s in it for you as a business owner?
As a bike-share or scooter-sharing company, you can make more money than you think. You can cover your initial investments within the first three months and start to earn profit from Q2. For public bike-sharing, the fleet size will determine the amount of profit your drive per month. With a private sharing model managing a B2B fleet, such as the aforementioned hotel scenario, your profits can be even better.
Whether you choose a public or private sharing system, what converts your e-bike into a gold mine is the power of your Rider App. As your business backbone, it helps you win customers, keep the payment processes floating and lets you gain new users through direct marketing tactics (think promotional campaigns with local retailers, email marketing and referral programs). Making money with shared vehicles has never been easier.
1.) Quicker scaling means faster ROI
One of the advantages of white-label branding is the freedom to explore emerging markets and quickly launch your fleet. Joyride’s competitive pricing makes it simple for businesses to scale to profitability. We also extend support for acquiring more shared vehicles, docking stations and other hardware needs. Joyride’s Vehicle Hardware Team is literally on standby to get you the solutions you need at the prices you want.
2.) More satisfied customers mean more business
Your Rider App is for customers to find bikes, make payments and get in touch with you. So the end-user experience matters. Joyride’s app ensures users experience better responsiveness (on any device) and easy navigation. This makes their rental process a breeze with how-to tutorials, multiple payment options and quick verification processes, and lets your customer service team focus on queries that require a personal touch.
3.) Joyride financing means ready capital
Initial investments may seem challenging, especially if a micromobility business was not on your radar. But if you still want to jump on the bandwagon of growth, Joyride has financing programs for our customers that can unlock immense possibilities. It’s an answer to all your software and hardware needs. We have supported many businesses with vehicle-based financing at competitive interest rates, and you could be next.
4.) Franchising means more funds
Another quick way to make your vehicle-sharing system more lucrative is by adapting the B2B model and joining a franchise. If you want to get going immediately, this model can give you access to all the resources you need.
You also get the branding of an already existing successful business to convey your customers about your credibility. Another option is managing other franchisees under your brand name. You can operate multiple franchisees through Joyride’s single dashboard and make more money through royalty fees every month.
Now’s the time to ride
We have been working hard to help you do more with our software. Continuously adding new vehicle partners, educating you through our Joyride Academy learning platform and getting you the direct support you need are just some of our efforts to provide you with an unmatched micromobility experience.
Contact us today to learn more about how you can earn more money in 2023 with a branded bike share program.
