A taxi business is sure lucrative but it requires preparation and thorough research. The Taxi Business Production and Service Process The taxi business has no means of production or raw materials to manufacture but only peculiar services to render, Services that are built on the movement of man from a location to another.
You might love the idea of becoming your own boss and setting your own timetable for work.
But do you know what do you need to do to get started? And are you aware of the hidden costs? Read on to discover the essentials, from average earnings to how to get the best price on your taxi insurance.
Firstly, how much does it cost to start a taxi business? When you start a taxi business, your biggest initial outlay is likely to be your car. You might also be able to find a great deal on a second hand cab — just watch for high mileages.
A hybrid or fully electric vehicle is essential if you want to work in London. The initial outlay may be higher than a diesel or petrol vehicle, but you should see savings on the cost of fuel consumption.
And if you need to take any tests these can add up too. Tests you might need to pay for include: To prove you are fit and healthy to drive.
Costs for this can vary. Other parts of the UK may also expect you to take a test showing that you know the area well. This may be included in your application fee or it may be charged extra.
If you fail the first time, you may also have to pay an additional amount to take it again. It identifies if you have any convictions or cautions that would prevent you from working with the public. For example, how are you going to let people know about your taxi business? Budget an amount for advertising in local directories and printing fliers to leave at key locations.
And make the most of modern technology by signing up to apps like MyTaxi or Gett for a small fee. How much can I earn as a taxi driver? The amount you can earn varies on how many hours you work, where you work, and when you work.
But remember that the amount you make in fares is only half the story. How much does taxi insurance cost?
Of course your location, vehicle, and any previous claims or penalty points will affect this cost. Turning a profit Cheap taxi insurance can cost you more in the long run.
Beware if it seems too good to be true, as it probably is.
You should double check for policy exclusions that could leave you out of pocket if you do make a claim.Starting a Taxi Business from Home With One Car – A Complete Guide Taxi insurance (private and public hire taxi insurance) Auto insurance; Public liability insurance; Writing a Business Plan for a Taxi Business.
Yes starting a taxi business requires thorough research and consideration penned down as a business plan, not just for keeps. Feb 16, · Starting up a private hire taxi business? My Profile My Preferences My Mates.
Search My Stuff. What's New 3 12 24 So, his plan is to get a suitable car, then offer his services locally. create a vibrant taxi and private hire market, with space for all providers compliance, as well as stricter entry to flourish, while driving up standards requirements, is clear for all to see.
Tips To Starting Your Own Private Hire Taxi Service (5) 23/11/ news business I’m penning this for all of you attempting to pursue a career within the leisure business and chose an MBA to get there. Taxi & Chauffeur. Whether a sole trader or managing a company with a number of taxi or private hire vehicles, we can help.
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