If you learn and execute them correctly, then success is just a few steps ahead.
I am here to give you the almighty whip to crack on your competition, get the edge over them, and to answer your question on how to start a taxi business?
You can start a taxi service business with one car, expanding concurrently as your profits rise. You may not even need an office; initially, just begin your operations at home and then move to an office when your taxi cab business grows bigger.
In this blog, we will be going through the detailed steps on How to start a taxi business Under $15K?
FAQs on Starting a Taxi Service Business:
- How to start your own taxi business?
- How to start a taxi business with one car?
- How to start a small taxi business?
- How to start up a taxi business in the USA?
- How to start uber like taxi service?
1. Perfect Location For Taxi Business
You might have to move to a more populated and taxi friendly city. Small taxi businesses can make excellent revenue in big cities.
2. Research The Taxi Market
Learn About The City
Know Your Competition
Also, search for the problems that passengers have with these taxi services. If you solve those issues with your passenger-friendly taxi app service, people will choose your taxi service over your competitors.
3. Buy Inventory For Taxis
Get a Taxi Car
Now you may think about how to start a taxi business with one car? Either buy a brand new vehicle costing you around $15,000, or you can go for a used car. The budget goes from as low as $3000 to $15,000 and above.
Choosing the cheapest option may seem a good idea at first, but the maintenance and repair cost will put a big hole in your pocket.
The best option is to go with a medium budget car ranging from $7000 to $9000.
Get Dressed For The Part
Such additions and upgrades will cost you around $700 to $900.
4. License and Insurance
You need to apply for this license at your local DMV (Department of Motor Vehicles). Typically a commercial driving license will cost you around $800.
In some states, a minimum amount of insurance is implied before allowing a taxi service. But, if your city doesn’t fall in such states, then you can go to an insurance agent to talk about various insurance policies.
5. Taxi Garage & Office Space
As you grow in size, then you can rent an office with an attached garage or parking lot to park your cabs when not in use. Some prime locations exist in the center of the city; hence, you can offer your taxi services all around the city.
Such places can cost you around $2000 in monthly rent.
6. Mobile App For Taxi Service
You have to hire mobile taxi app developers for this purpose.
Having your own custom-built taxi service app will give you the much-needed edge over your competitors. You should also think about building your taxi business website for larger market penetration.
Start Your Own Taxi Business
To find the real-world problems that you, as an entrepreneur, have to face and give you a basic idea of how to start a taxi business, we approached this blog in a more non-technical way.