Most of the sample business plans you find out there focus on the stuff: You need to understand that having equipment does not equal getting results and making money in this business. What typically happens is that the taxi business owner recognizes the need for promoting his taxi business. Due to the workload of most taxi business owners, this decision is frequently limited to giving away business cards and is highly influenced by what an advertising salesperson comes with that week.
LinkedIn The Indian taxi market is very profitable and attractive. It is all about how to place your resource and how you get the best out of it. It is a fast emerging mature market in India. Market in detail Since the price of the fuel is rising and the need of transportation is not satisfied with the public transportation, you can consider this market as an open and ever-growing one.
It is a vendor driven market with moderate barriers of entry into the market. Scope of the market The market looks very crowded in a large picture. However the market is flexible to new comers.
Since the market is almost mature, it is important to have a niche before you start the business. You should be able to provide a strong value proposition to your business.
The scope of such business in urban areas is very much profitable than semi-urban or rural areas. Requirements This is one of the most flexible businesses.
You can either hire or lease a lot of taxis and hire good human resource or work on a percentage basis with the drivers who already own taxis.
The office space that you would require is very limited. However, you would be requiring a large open space to accommodate taxis.
You would need a software package to manage bookings and other operations and a receptionist to manage the basic administration. Return on investment Say, you have opted for the freelancing option. You would have to spend a major amount on spacing.
It would come around one lakh per month if you want to accommodate a lot of taxis in your premises. For other expenses and assets, you would require almost lakhs during start up and not more than one lakh working capital per month. If you are planning to provide monthly income to the drivers, you can break even within a year.
If you are planning to provide percentage based compensation to the drivers, it might take a little longer to break even, but it would help to increase the profitability of the business on a long term basis. There are a lot of competitors who have poured more than crores into the business.
Thus, you need to make sure that you are exposed to the customers to gain a better market share. Retaining the customers is the main element of profit in this business. The growth in this industry totally depends upon your human resource.
How your drivers drive and behave would determine the brand value of your company. Even one misfortune can put your business out of the market in no time. Apart from these, there are a lot of other factors that would determine your growth starting from the location, niche, number of cars, your business model and so on.
But, you would need a little more than individual clients to generate more profit. Get affiliated with any company to get more customers and also try to provide value added services like lady drivers to attract more customers.
Do not get into a price war. It would not be profitable and it would take a lot of time to break even. Do not expect very high revenue within the first year.
If you are able to break even within the first year, it means you are on a fast growing track. If you are able to get fifty loyal customers by the end of the first year, you are doing well in terms of customer base. If you are able to concentrate on tier I and tier II areas, you would be able to see a three digit growth rate.
Your growth is highly connected to the way you advertise your business. Online booking services and mobile apps would increase the flexibility of the business and attracts more customers. As stated before, this is a mature industry.
But, there are a few unexplored territories in this market. It is important to sort out those areas and create a business model that would suit that niche. If you are planning to start the business and then find a niche, there would be a considerable delay in the speed of breakeven and also reduction in the revenue generated.May 14, · How to Start a Taxi Company.
In this Article: Is this a good business for the area? Developing your taxi business Assembling your fleet Developing the business location Promoting your taxi company Hiring staff Community Q&A. If you enjoy driving and working with people, knowing how to start a taxi company might be something you want to do%().
hi. i have a register business but i have no money to begin with it. i also know the whole staff of the business because i was a driver for a long time and there are still people who still phone me and asked if i still driving.
all the in and outs of the taxi business. i need help . Jul 03, · Before you commence the operation of your taxi business in India you should have a business permit. You need to contact the local government agency in order to find out about various other legal requirements necessary for starting a taxi business in India.
Are you interested in starting a taxi or cab company with one car? Do you need a sample taxi business plan template? If yes, then I advice you read on. A detailed business plan for a taxi business should start with an objective of the taxi company and goals, its missions and achievements, highlights of the taxi company, its business description and a detailed strategy of achieving the company’s goal.
Factor the cost of marketing your services into your business plan. Views · View Upvoters · Answer requested by. Mohit Jagwani. What kind of permit is needed to start a taxi business in India? What business should I start? How can I start a taxi business in a small town of india?