Thinking about opening a taxicab service? We tell you what you need to know to get started.
Essential Features of Business Plans for Taxicab Services
Ask a dozen people how to write an effective business plan and you'll get a dozen different answers. But despite the diversity of approaches, there are some business plan features that are absolutely essential.
If your plan lacks required elements like an executive summary or marketing plan, it could jeopardize its potential to deliver real benefits to your startup.
But in today's business environment, it's also important to discuss the external factors your taxicab service is facing. As a rule, we recommend including a PEST (Political, Economic, Social & Technological) analysis in your business plan as a way of addressing potential threats and opportunities at the macro level.
Long before you open a taxicab service in your area, it's essential to determine how strong the competition is. Try our link below to get a list of local competitors in your area. After following the link, enter your city, state and zip code to get a list of taxicab services in your area.
Is the local market large enough to support another taxicab service? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
Once you've finished assessing the competion, the next step is to learn as much as you can from somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. What's in it for them?
Fortunately, somebody who runs a taxicab service in a different city will be much more likely to talk with you, given that you don't compete with them in their area. In that case, the business owner may be more than happy to discuss the industry with you. If you are persistent, you can find a business mentor who is willing to help you out.
How does one go about finding an entrepreneur who is running a taxicab service who is willing to talk to you but doesn't live nearby?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Buying Advice for Taxicab Service Entrepreneurs
Many entrepreneurs elect to acquire a profitable taxicab service instead of navigating the challenges of a business startup.
Yet for many entrepreneurs, financing represents a major hurdle to buying a taxicab service. Business acquisitions are easier to finance than business startups, even though the financing process can still be exhausting.
Our Business Acquisition Financing Tips have the information you need to successfully navigate the challenges of financing your new business.
Franchising May Be a Better Way to Go
You should know that your odds of avoiding failure in business are substantially improved if you go the franchising route and benefit from the prior work of others and their lessons learned.
Prior to starting a taxicab service, you should check out whether franchising might be the right move for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you already are in business and came here to learn about growing an existing taxicab service, try these useful resources:
If you sell to taxicab services, you're in the wrong place. These resources are more appropriate for you:
If you are interested in starting a different kind of business, please browse our directory of guides below.