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If you are searching for ways to earn money by being self-employed, a taxi business is an increasingly viable option.

With the popularity of Uber and other ride-hailing apps consumers are using taxis more often than ever before.

Of course, as with any new business venture you should do your market research first. Ensure your area has the demand for taxi services and that there is not an overbearing of competition that could dash your chances of making good money.

Once you have found your market, you can put your business plan and strategy together to ensure you stay on track with your business model and goals. A business plan will also help to secure a loan with the bank or investors, so this is a necessity. It will be necessary when deciding the type of business account you need, such as an aggregate merchant account. Let’s take a look at the other considerations you will need to mull over before starting your own business.

Where to Start: Insurance

Once you have the funding required, you will need to buy a taxi or a fleet of vehicles, depending on the size of your business. After that it’s time to get taxi insurance.

Quotezone can help you find the most affordable taxi insurance by comparing quotes from a wide range of providers, which means you should save both time and money.

Taxi insurance will be much more costly than ordinary car insurance, so if you’re a new taxi driver be prepared to pay quite a lot more.

Payment Methods

Once you have the taxi and the insurance, you will almost certainly want to invest in a card reader. While many customers do still pay with cash, a growing number expect taxi drivers to accept card payments.

Another great method of payment is an app that allows users to book trips and pay through the app, although you might want to hold off on developing this kind of app until your business is more established.

Stand Out from the Crowd

Once you have your business plan, you will need a marketing plan. You need a way to attract your customers and to announce your arrival. If you are on a budget, create a social media page on Facebook, Twitter, Instagram or YouTube. Research how to do proper social media marketing for better advertising to a wider audience. Hire a marketer if you can afford one. If not, start by introducing your brand in local or community newspapers and by branding your taxi to catch the attention of commuters.

A fresh, fun, smart and vibrant taxi can be all the marketing you need. Remember to also add important contact details that are visible from a distance.

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