Business Studies

Name
Professor
Course
Date
BUSINESS INTERVIEW
BUSINESS OWNERS NAME: FREDLOCK HUBBS
BUSINESS NAME: HUBBS CAR RENTAL COMPANY
REASON FOR SELECTION: I chose the business because it is one of the smallest businesses that is trending in the United States which is forecast to grow in the near future. The business also was accessible and I could reach the owner very conveniently who had time for me and was able to cooperate by answering to my questions as expected. The interview questions included:
1. When and how did you get started with this business?
The business that I now venture in came to my mind when I completed my studies and did not get a chance to be employed anywhere. I, therefore, started the company of car rentals with one of the vehicles that I inherited from my father which brought less income by then. After some time, I then started collecting cars from people who would like to lease and put them to use in my company where people could now hire them. I got different collections from different car owners in my location, and the number of vehicles in my stock increased significantly (Shaheen and Adam, 32).
2. How does the business operate?
The business operates in two perspectives, first from the collection of different cars of different brands from car owners who lease them to me for a particular period an of times for a fee. After the collection, I then advertise and put the cars on hire where some other different people hire them for a higher fee than I got them leased to me.

The cars are hired at a daily fee which different on specific days of the week. For example from Monday to Thursday, the price of a five sitter car is $100, and from Friday to Sunday it’s $120. For the seven sitter cars, the prices are $140 from Monday to Thursday and $160 from Friday to Sunday. From the owners, however, I pay weekly $350 for five sitters and $400 for the seven sitter cars. The cars are also under my maintenance, and the owner also pays some part of the money used to service them regularly 9 (Car Rental Industry Profile: Global, 75).
3. What some of the markets of the business?
We have different markets from the local area for example event planners who hire our cars to plan for their events such as weddings. Some are also different individuals who might not be owning cars but could need to move from one place to another efficiently and privately. We also have churches which hire the cars in large numbers ranging from 5 to 10 cars whenever they are going for trips or missions elsewhere. Also, some private organizations hire the vehicles on contract for particular periods of time, i.e., three months.
4. What are some of the advantages of this business?
First, it is profitable as I can make enough money to increase the numbers of vehicles in stock and even buy my own. The business is also marketable mostly in its location which is an urban area, and we get more clients from the local area.
5. What are the strategies you use in your business in general?
I manage the business myself and other two people who assist me in the management. I also advertise the business on different platforms such as social media to attract more customers. The prices offered here are very convenient and pocket-friendly. I also venture in collecting different types of vehicles in large numbers to be more competitive in the market.
6. How do you market the business?
I market the business through online platforms such as social media, for example, Facebook where we have our Facebook page where our clients can contact us with. We also have an app which helps us to register clients and market it in the media. We also depend on our original clients for referrals (Jantsch).
7. What are some of the challenges you face in this business?
First, there are challenges of stiff competition from other car hire companies in the town who strategize on more advanced ways of operation. There is also fluctuation in the market opportunities as there are some periods where most people do not prefer hiring the cars probably when the demand has gone low. Also, there are also accident risks that might occur when our customers get accidents or misuse the cars (Raimbault and Barr 55-61).
8. What are some of the plans you have for the business?
In future, I would like to have different cars where the company owns most of them. I would also like to create more branches in different cities as an expansion of the business. Also, we are looking forward to offering flight services too for the business.
Analysis:
The car hire business is one business that is very easy to establish as it does not require much capital and owned resources. It is also a profitable business which depends on the number of clients and the number of vehicles in stock. The firm also operates simply as one is eligible for making profits by using different business ideas and not investing much in them. The business also has an extensive and prospective market that is growing in the world today. Also, the car rental company can only thrive or do well in urban areas where most of the market is based. It is also competitive as most of the offer almost the same services and products. There are also very few risks in the business which could be affordable and can be prevented easily. It is also easy to market the business in the urban centers and online where customers could be attracted by the quality services it offers.
In summary, I have learned a lot form the interview. I have learned that most of the small businesses today do not require much capital but require very good business ideas to establish them (Abrams 23.45). I have also learned that for a business to prosper, the ownership and management must be comprehensive and committed to reaching the business goals. I have also learned that the business owner is one committed person for the business and engages mostly in the industry by committing his time and resources to it. Also, car rental business is a growing business that is forecast to be one of the most profitable companies in future. In conclusion, the business depends on the nearest or local population for its market as the cars are hired by people who can access the organization with easy where it is located and contact the business.
Works Cited
Abrams, Rhonda M. Successful Business Plan Secrets & Strategies: America’s Best-Selling Business Plan Guide! 2014..
Car Rental Industry Profile: Global. Datamonitor Plc, 2003.
Jantsch, John. Duct Tape Marketing: The World’s Most Practical Small Business Marketing Guide. Thomas Nelson, 2011.
Raimbault, Catherine, and Anne Barr. Emerging Risks: A Strategic Management Guide. Gower, 2012.
Shaheen, Susan, and Adam Cohen. “Innovative mobility carsharing outlook.” University of Berkeley, California (2013).