Five Pillars of Good Business Practices by Rent Your Ride

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Businesses are like living organisms: they need constant attention to grow and prosper. A business can fluctuate for many reasons, ranging from a change of direction to a tumultuous business environment or new competitors. To grow in the right direction and maintain a stable business, the CEO and management must continuously analyze the internal and external structure of the business.

No matter how hard a CEO tries, failure rates for businesses are relatively high. The United States Bureau of Labor Statistics reports that nearly 20% of small businesses in the United States fail in the first year, and by the end of the fifth year about 50% of businesses have closed. Only a third of companies survive beyond the 10-year mark.

Michael Okoye, the founder of Rent your ride, seems to have found the secret to the company’s growth and success. Rent Your Ride is an online peer-to-peer rental service that was founded in 2016.

What led to this tremendous success? For Okoye, these are his five pillars of good business practice that he and his team put into practice.

The Rent Your Ride website launched in 2017, followed by the app launched in 2019. Rent Your Ride saw its most significant growth in 2021, a year after the app redesign. According to Michael Okoye, his company saw a 600% increase in the number of users year over year.

What led to this tremendous success? For Okoye, these are his five pillars of good business practice that he and his team put into practice.

“The main principles of Rent Your Rides’ business practice are innovation, honesty, world class customer service, sharing and passion,” says Okoye.

According to Michael Okoye, a business can deliver the best user experience through innovation, which then spills over to the tenant with world-class customer service. Rent Your Ride strives to constantly improve and lead the way through innovation. Team members meet twice a week to discuss how to implement new innovative features in the platform going forward. The idea of ​​Rent Your Ride itself was thought out in a spirit of innovation.

Additionally, Michael Okoye believes that honesty is mandatory for a business to be successful. “The culture of Rent Your Ride is honest, which creates a more reliable platform for users,” Okoye said. Rent Your Ride is completely transparent about all costs associated with using the platform. There are no hidden fees or costs and the company always makes it clear what the fees are for.

Constant innovation and honesty guarantee world-class customer service. “Delighting our users, going above and beyond, being one step ahead of their questions and concerns is what we value through world-class customer service,” Okoye says. “I think it’s extremely important that the user is heard and feels that their questions or concerns are being addressed on a personal level. “

Often times when someone trusts a product and is passionate about it, they like to share everything about it. The Rent Your Read team has created a Facebook group where platform hosts can share tips and tricks for navigating the platform as a host and ultimately making more money.

Michael Okoye has been obsessed with cars ever since he saw his first supercar, a Ferrari F355, in the color Rosso Corsa, in third grade. As he got older, Michael began to explore ways to start his own business. What first occurred to me was an exotic car rental business. These were his favorite types of cars, and the small town he lived in didn’t have one for the others. Then he realized that he was creating a platform where everyone could list their own cars (all types) and rent them. His passion for cars and for connecting people with them has been alive from an early age. Passion is vital for the success of a business.

“We have a passion for what we do. Our passion is the driving force of the company. All of our team members are passionate about the big picture we try to create through our core values, ”said Michael Okoye.

By following these five pillars of good business practice, Okoye and his team at Rent Your Ride gained over 8,000 users in a city in the first 18 months, and during the pandemic the company became the go-to source for rental cars during the rental car shortage.

The company is now operated by Okoye, Joe Sworyk and Aaron Badescu. Prior to founding Rent Your Ride, Okoye worked at Mercedes Benz Winnipeg and became the company’s youngest sales consultant. Badescu was the co-founder of HighKey Technology Inc, and he helped the brand reach over $ 1 million in sales. As long as this duo continue to implement these core business values, for Rent Your Ride, great success awaits you.

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