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This business involves a taxi moving passengers and goods between locations of their choice. The taxi business is unlike any other mode of public transport where the service provider determines the pick-up and drop-off locations. A taxi business can be started small with a few cars and drivers, and as time goes on, it can be expanded gradually as you begin to profit.
What Does It Take to Start a Taxi Business Successfully?
But you need to understand and research this industry to be able to know the various competition and needs of the public before investing your funds. Indeed no business is ever easy to start; only a focused individual with a hunger for success can start this business and achieve success.
This industry in the United States is very competitive. The United States taxi industry includes about 7000 establishments with about $6 billion in combined annual revenue. No major companies dominate the industry, which gives you an equal opportunity and an open market. The taxi industry is labor-intensive: annual revenue per employee is about $70,000.
Starting and running a taxi business is not easy, it requires thorough research and consideration penned down as a business plan, not just for keeps but as a reminder of what the business is all about, the goals laid down and the set procedures to achieve them within a particular period.
You should start your taxi business plan by stating explicitly the objective of the taxi company, its missions, and achievements, highlights of the taxi company, its business description and a detailed strategy of achieving the company’s goal. Note that your business plan should be able to describe the service you intend to give and set the criteria and priorities right.
Your business plan should also be able to carefully explain your financial plan, cash flows and the projected profits or losses in other to work accordingly and strive to make more of profits. Business plans for a new taxi business must be kept simple and within an achievable time frame.