Do you want to start your own business once you leave university? But don’t know what to do? Then why not start your own taxi company? It might not sound like the most interesting business opportunity in the world, but a successful taxi business can be incredibly profitable.
If the idea of launching your own taxi company appeals to you, then you will probably be interested to know how you could make a success out of it. As well as, what you need to do, to initially launch the business.
Here is our guide to everything you need to know about starting your own taxi company and making a success of it.
Research the competition
It is crucial that before you launch your new business, that you take the time to research the competition. Think about how you could make your company stand out from the competition. What can you do that your competitors cannot?
Look at how many other taxi companies are already operating in your area – is another one needed? If you live in a small area where very few people use taxis, then starting a taxi business there may not be a good idea. It might be best to launch your business in another location instead.
Think about vehicles and equipment
Think about what you will need to buy to launch your business and how much it will cost. Not only will you need to buy enough vehicles, you will also need to invest in transmitter equipment, as well as a GPSTrackIt to help you keep on top of where each of your vehicles is.
Can you afford to cover the cost of everything you need to make your new business venture a success? If the answer is no, then perhaps you could look for an investor or could take out a business start-up loan?
You will need somewhere to run your business from
While it’s all well and good starting off working from home, you need to have enough space to store your vehicles when they are not in use. So unless you have a lot of space, it might be a good idea to consider renting an office space or area of a commercial parking lot.
If you plan on offering your taxi services to your entire city, then it is a good idea to choose an office space that is centrally located. This is so that you can get to all areas of the city quickly and efficiently.
Advertising is crucial
The most important thing you can do to help your business get off the ground is advertise. Use social media as well as traditional advertising to market your new business.
One of the best forms of advertising for taxi companies is via billboards and leaflets. Invest in billboard advertising. Billboards near train stations, bus stops, schools, hospitals, and nightclubs are all ideal locations. It is also a good idea to get a business advert put in your local telephone directory so that when people are looking for taxis they come across your details.