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How to Start a Transportation Business: The Ultimate Guide
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The transportation business touches far more of our lives than we notice. When you think of transportation businesses, you might think specifically about taxi companies or car rentals, but there are so many other options that you might not be considering. Any time you’ve rented a car, bike, or limousine you’ve interacted with a transportation business. There are also other businesses like shipping, transportation services for seniors, taxi services, and more.
If you’re wondering how to start a transportation business, first consider all of the possibilities. Our guide to starting a transportation business can help you define what a transportation business is and will go over everything you need to start a transportation business of your own. It takes a lot of planning, but you can successfully start a business if you’re ready to dedicate time to it.
How to start a transportation business in 8 steps
A transportation business is basically any business that has a hand in transporting people or goods. It can also have to do with providing transportation for other business owners who need help linking their product to their actual business.
These possibilities lead right into step one of how to start a transportation business: choosing the type of transportation business you want to start.
1. Choose the type of transportation business to start
As we mentioned above there are so many kinds of transportation businesses out there for you to choose from to start. You might consider what vehicles you already have at your disposal or what the market you plan to operate in is currently lacking.
Your options for transportation businesses to start include, but are not limited to:
Taxi company.
Senior transportation.
Limousine rentals.
Car rentals.
Bike rentals.
Moving van rental or moving company.
Medical transportation.
These are the basic types, but there are also emerging markets for things like scooter rentals, along with more traditional ones like school bus companies. You might already have an idea of which type of transportation business you want to start.
If not, though, a key part in your journey to starting a transportation business will be doing some research into which transportation type is most in-demand in your area. You can do this research by conducting a market survey, examining possible competition, or checking in with locals in the area you want to start your transportation business in. This will come in handy when it’s time to write up a business plan for your company.
2. Choose a name and entity for your transportation business
The entity you choose might influence your business name, so you might want to choose the entity first. For a transportation business, some entities might make more sense than others. A limited liability company or a limited liability partnership might be good due to the fact that it would shield the partners from personal liability.
Your options for business entities include:
Sole proprietorship : This is an unincorporated business that is owned by one person or owned by a married couple. This is the most common type of business entity in the United States, but it does leave you open to personal liability when it comes to debts and lawsuits, so it might not be best for a transportation business. If you choose to open your transportation business as a sole proprietorship, then the business will have your name as the business name, unless you file a DBA, or "doing business as."
Limited liability partnership: This partnership is an entity that protects the partners involved from personal liability and the debts and obligations of the business. They’re also shielded from the actions of other partners in the business. Limited liability partnerships differ from a general partnership where the partners manage the business equally and take on those liabilities and obligations equally as well.
Limited liability company: On the other hand, an LLC is a business entity that means owners aren’t personally liable for the business’s debts or obligations. They are a bit more flexible than the LLP option and the LLC can choose to be taxed as a corporation or not.
Once you choose your business entity, you also need to choose a business name when starting a transportation business. If you decide to start your business as a sole proprietorship you may need to get a DBA. This is a name your business uses when it operates under a name other than your own, or the name that the business is legally registered as.
In most states, you can look up businesses that are already in existence there, and see if the name you want for your business is available for you to use. Usually, the Secretary of State’s office will have a registry you can search. You can also check the U.S. Patent and Trademark Office. You’ll want to see if the domain name for your desired business name is also available before finalizing your name.
3. Write a business plan
This step involves some of the heaviest legwork and the most research, but it’s how you’ll get a very clear vision of your new business. There’s a lot that goes into writing a business plan, but it will be well worth it once you’ve finished. A lot of the puzzle pieces surrounding how to start a transportation business will come together in this stage. The research you do for your business plan will help you prepare your transportation business for success, plus you can use it later on when you approach banks or investors about possible loans or investments into the business.
You can either come up with your business plan on your own or you can use a business plan template. No matter what you use to make your business plan, make sure it includes:
An overview of the business.
Market analysis.
Pricing plan.
Marketing plan.
Financial plan and projections.
Remember what we said about research? If you’re starting a transportation business, you need to make sure that there’s actually a demand for it before you start operations. If there’s no demand your business will not make it very long.
This research into demand is part of strong market analysis, along with research into what other businesses in the area are doing similar work and providing similar services. Through market analysis, you can identify pain points with competitors or gaps in the market, jumpstarting your success.
4. Register your transportation business and get an EIN
Now that you have the name chosen for your business, you have to register the business with that name so that it’s reserved. This is also when you’ll trademark the name if you need to, which can be done with the United States Patent and Trademark Office.
To register your transportation business, you’ll likely have to visit the website for the Secretary of State’s office in the state you plan to operate your business from. That site should lead you to the business bureau or the business agency in your state, where you’ll find information on the specific paperwork you’ll need to submit to them. While some states allow businesses to register online, not all do, so be sure to check whether your state requires you file paper documents with them.
Some of the documents you’re required to file may vary depending on the business entity you chose. Typically, you’ll need to submit a form for your business entity, pay a fee, and — in some cases — publish a notice in the local paper. You may also have to file paperwork with the town or county you wish to operate out of as well.
You’ll use your newly registered business name to apply for an employer identification number or EIN. This is one of the easier processes you’ll have to go through when starting a transportation business. There are many benefits to getting an EIN, like making it easier to file taxes, identity theft prevention and it can help you establish your business credit.
Applying online for an EIN is quick and simple. Usually, within a few minutes, you can get your EIN right from the IRS free of charge and then use that EIN to register to pay your federal and state taxes.
5. Get licenses and permits
When starting a transportation business, there are bound to be more business licenses and permits required than if you were opening something like a boutique or a coffee shop. When you open a transportation business you’re taking on responsibility for people or for the items you're transporting and the regulations around that can be more in-depth than they are for other things.
The SBA has a list of the issuing agencies for certain businesses that transport things via plane, ocean and more. For state licenses and permits, you have to check with your specific state and municipality. The registration requirements are highly dependent on the county your business will be operating in and its activities, according to the SBA.
For example, if you’ll be driving tractor trailers or other large vehicles, you’ll need a commercial driver’s license, as will any drivers you employee who will drive such vehicles, along with a commercial vehicle registration. These must be obtained through your home state. But there might be unforeseen registrations. The Department of Revenue in Kansas, for instance, has their own resource page for trucking companies , where they discuss requirements like a liquid-fuel carrier’s license, the International Fuel Tax Agreement and trip permits.
You might want to consult a lawyer in your specific industry to make sure you’re following all rules and regulations, that you’re completing the proper registrations, and that you’re getting the right licenses. They vary by state and by specific industry, so you want to be sure you’ve covered all your bases.
6. Open a business checking account and get a business credit card
A business checking account and a business credit card are the next step when it comes to how to start a transportation business. You want to have both of these things to help keep your business’s cash and credit completely separate from your personal finances.
Getting a business credit card can also act as a form of funding early on if you’re having a hard time getting a loan. Paying off your credit card on time — or early if you’re able to — can help boost your business credit and make you a better candidate for a loan when the time comes. Sometimes they even come with perks that can help your business. For example, there are some business credit cards, known as fuel cards, that are especially useful for truckers.
Having a business checking account as well can help you keep your finances separate and help you establish your credit further. Keeping your business money in and out of one account, that isn’t linked with your personal account, can be very helpful when it comes to things like filing taxes, applying for loans, or figuring out your monthly overhead, costs, and revenue.
The best checking account for your business will vary depending on your specific business needs and the type of transportation business you’re starting. For example, the best banks for truckers, who need a lot of flexibility, won’t necessarily be the best bank for a school bus operation that stays relatively local.
Some accounts, like the Chase business checking accounts, offer you a bonus when you sign up, and the ability to waive the monthly service fee. Other banks offer a high number of transactions per month if your business has a high volume of transactions or offer integrations with accounting software. Choosing the right one comes down to what your business needs and what type and how many transactions you’re processing.
7. Get any funding you need
Starting a transportation business isn’t a cheap venture. You’ll likely need to be investing in equipment, aka vehicles, for the business which can cost a lot up front, even if you decide to rent. These costs are inevitable and you’ll have to spend some money to start making money.
So you’ll probably be needing some financing as well. There are plenty of financing options luckily. As a small business that’s new, you might have a hard time finding lenders but that doesn’t mean you shouldn’t try.
There are grants, loans, funding and more available as startup funding to new business owners. You might even decide that your new business credit card can help you get started depending on your credit limit. Your other options for startup business loans include SBA microloans, small-business grants , family and friends, personal loans and crowdfunding.
8. Hire any employees you need
You’re probably going to need employees if you’re planning on transporting anything on any sort of scale other than small one-time trips that you can handle yourself. If so, you’ll have to find those employees and make sure they’re the right fit for your new business.
Some signs that it’s the right time to hire your first employee include having to turn down work because you can’t do it all on your own, never being able to take a break, and needing someone with skills that you don’t already have.
Once you know you definitely need to hire an employee, make sure you’ve got an EIN and your taxes are in order. Then you can move on to the part of hiring your first employee that involves writing the job description and interviewing and hiring candidates.
You should make sure your candidates have the training and the licenses they need to work for your business. You might also want to check their references to make sure they’re reliable and good employees and will be a valuable addition to your new business.
Don’t rush into hiring. If you don’t need any employees, don’t hire just because you think your business should be more than one person. You’ll be able to tell when the time is right and should take some time to vet candidates and make sure they have the correct skills before offering them a position.
Keep in mind that when you hire someone, you’ll also have to provide benefits, deal with payroll taxes, adjust your budget to reflect salaries and more.
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Taxi Business Plan
Are you thinking of starting a taxi business We have prepared a solid taxi business plan sample that guides you on every stage of your business plan writing
The taxi business is a thriving industry with tough competition from modern companies such as Uber, Ola, Lyft, and many more. Still, starting a new taxi business is viable and has potential in the current fast-moving world. But a solid and complete business plan is necessary to compete and build a successful taxi business.
If you want to start a new taxi business, the first thing you will need is a business plan. Use our sample Metro Cabs – Taxi Business Plan created using upmetrics business plan software to start writing your business plan in no time.
Before you start writing your business plan for your new taxi business, spend as much time as you can reading through some examples of transportation-related business plans .
Reading sample business plans will give you a good idea of what you’re aiming for and also it will show you the different sections that different entrepreneurs include and the language they use to write about themselves and their business plans.
We have created this sample Metro Cabs – Taxi Business Plan for you to get a good idea about how perfect a taxi business plan should look like and what details you will need to include in your stunning business plan.
Taxi Business Plan Outline
This is the standard taxi business plan outline which will cover all the important sections that you should include in your business plan.
- Introduction
- Mission Statement
- Vision Statement
- 3 Year profit forecast
- Company Strategy
- Past Performance
- Value Proposition
- Taxi Cab Services
- Maintenance/Repair Services
- Future Services
- Customers and Target Markets
- Customer Buying Criteria
- Market Analysis
- Competition and Buying Patterns
- Sales Yearly
- Detailed Sales Forecast
- Marketing Programs
- Strategic Alliances
- Organization
- Officers and Key Employees
- Important Assumptions
- Brake-even Analysis
- Profit Yearly
- Gross Margin Yearly
- Projected Cash Flow
- Projected Balance Sheet
- Business Ratios
After getting started with upmetrics , you can copy this sample business plan into your business plan and modify the required information and download your taxi business plan pdf and doc file . It’s the fastest and easiest way to start writing your business plan.
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Transportation Business Plan Template
Written by Dave Lavinsky
Transportation Business Plan
Over the past 20+ years, we have helped over 1,000 entrepreneurs and business owners create business plans to start and grow their transportation businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a transportation business plan template step-by-step so you can create your plan today.
Download our Ultimate Business Plan Template here >
What Is a Business Plan?
A business plan provides a snapshot of your transportation business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.
Why You Need a Business Plan
If you’re looking to start a transportation business, or grow your existing transportation business, you need a business plan. A business plan will help you raise funding, if needed, and plan out the growth of your transportation business in order to improve your chances of success. Your business plan is a living document that should be updated annually as your company grows and changes.
Sources of Funding for Transportation Companies
With regards to funding, the main sources of funding for a transportation business are personal savings, credit cards, bank loans and angel investors. With regards to bank loans, banks will want to review your business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will also want to see a professional plan. Such a plan will give them the confidence that you can successfully and professionally operate a business. Personal savings and bank loans are the most common funding paths for transportation businesses.
How to Write a Business Plan for a Transportation Company
If you want to start a transportation business or expand your current one, you need a business plan. Below we detail what you should include in each section of your own business plan:
Executive Summary
Your executive summary provides an introduction to your business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of transportation business you are operating and the status. For example, are you a startup, do you have a transportation business that you would like to grow, or are you operating transportation businesses in multiple markets?
Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the transportation industry. Discuss the type of transportation business you are operating. Detail your direct competitors. Give an overview of your target customers. Provide a snapshot of your marketing plan. Identify the key members of your team. And offer an overview of your financial plan.
Company Analysis
In your company analysis, you will detail the type of transportation business you are operating.
For example, you might operate one of the following types of transportation businesses:
- Moving Van Transportation : this type of transportation company specializes in large vans or small fleet trucks to move individuals to a new home. Larger companies are able to move the family or individual to a different country.
- Medical Transportation: this type of transportation company specializes in the transportation of medical supplies and/or devices and equipment.
- Taxi Company: this type of transportation company focuses on individuals needing to get to different locations. These trips are often short and within the same city or neighborhood. Many individuals utilize taxi companies for pickup or dropoff from the airport.
In addition to explaining the type of transportation business you will operate, the Company Analysis section of your business plan needs to provide background on the business.
Include answers to question such as:
- When and why did you start the business?
- What milestones have you achieved to date? Milestones could include the number of clients served, number of positive reviews, reaching X amount of clients served, etc.
- Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.
Industry Analysis
In your industry analysis, you need to provide an overview of the transportation industry.
While this may seem unnecessary, it serves multiple purposes.
First, researching the transportation industry educates you. It helps you understand the market in which you are operating.
Secondly, market research can improve your strategy, particularly if your research identifies market trends.
The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.
The following questions should be answered in the industry analysis section:
- How big is the transportation industry (in dollars)?
- Is the market declining or increasing?
- Who are the key competitors in the market?
- Who are the key suppliers in the market?
- What trends are affecting the industry?
- What is the industry’s growth forecast over the next 5 – 10 years?
- What is the relevant market size? That is, how big is the potential market for your transportation business? You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.
Customer Analysis
The customer analysis section must detail the customers you serve and/or expect to serve.
The following are examples of customer segments:individuals, seniors, families, and companies that need to transport their products.
As you can imagine, the customer segment(s) you choose will have a great impact on the type of transportation business you operate. Clearly, companies would respond to different marketing promotions than individuals, for example.
Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, include a discussion of the ages, genders, locations and income levels of the customers you seek to serve.
Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers.
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Competitive Analysis
Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.
Direct competitors are other transportation businesses.
Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes transportation companies such as limousines, bicycle services, car rental companies, etc.
With regards to direct competition, you want to describe the other transportation businesses with which you compete. Most likely, your direct competitors will be transportation businesses located very close to your location.
For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:
- What types of vehicles do they operate?
- What areas do they serve?
- What type of transportation company are they?
- What is their pricing (premium, low, etc.)?
- What are they good at?
- What are their weaknesses?
With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to ask your competitors’ customers what they like most and least about them.
The final part of your competitive analysis section is to document your areas of competitive advantage. For example:
- Are your vehicles more fully-equipped than the competition?
- Will you provide transportation services that your competitors don’t offer?
- Will you provide faster delivery time?
- Will you provide better customer service?
- Will you offer better pricing?
Think about ways you will outperform your competition and document them in this section of your plan.
Marketing Plan
Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a transportation company, your marketing plan should include the following:
Product : In the product section, you should reiterate the type of transportation company that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to transportation services, will you provide GPS tracking, 24/7/365 service, client communication, and any other services?
Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections of your marketing plan, you are presenting the services you offer and their prices.
Place : Place refers to the location of your transportation company. Document your location and mention how the location will impact your success. For example, is your transportation business located near a warehouse district, an office complex, an urban setting, or a busy neighborhood, etc. Discuss how your location might be the ideal location for your customers.
Promotions : The final part of your transportation marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:
- Advertising in local papers and magazines
- Commercials
- Social media marketing
- Local radio advertising
Operations Plan
While the earlier sections of your business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.
Everyday short-term processes include all of the tasks involved in running your transportation business, including cleaning the vehicle, any necessary mechanical needs the vehicle may require, fueling the vehicle, and informing clients of location and status updates.
Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to obtain your XXth client, or when you hope to reach $X in revenue. It could also be when you expect to expand your transportation business to a new location.
Management Team
To demonstrate your transportation business’ ability to succeed, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a company.
Ideally you and/or your team members have direct experience in managing transportation businesses. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.
If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act like mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in managing a transportation business or is connected to a wide network of professional associations.
Financial Plan
Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet and cash flow statements.
Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.
In developing your income statement, you need to devise assumptions. For example, will you take on one new client at a time or multiple new clients with multiple vehicles and drivers ? And will sales grow by 2% or 10% per year? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.
Balance Sheets : Balance sheets show your assets and liabilities. While balance sheets can include much information, try to simplify them to the key items you need to know about. For instance, if you spend $50,000 on building out your transportation business, this will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $50,000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.
Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.
In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a transportation business:
- Cost of vehicles
- Cost of fuel and transportation overhead
- Payroll or salaries paid to staff
- Business insurance
- Taxes and permits
- Legal expenses
Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your vehicle lease or cost, types of customer you will be targeting, and the areas your transportation business will serve.
Putting together a business plan for your transportation business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the transportation industry, your competition, and your customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful transportation business.
Transportation Business Plan FAQs
What is the easiest way to complete my transportation business plan.
Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Transportation Business Plan.
What is the Goal of a Business Plan's Executive Summary?
The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of transportation business you are operating and the status; for example, are you a startup, do you have a transportation business that you would like to grow, or are you operating a chain of transportation businesses?
OR, Let Us Develop Your Plan For You
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Taxi Business Plan Sample
MAR.14, 2017
Taxi business plan for starting your own business
Are you looking for how to start taxi service ? If yes, then this taxi service business plan is all you need. The taxi service business can be a great choice if you have a good budget for buying and maintaining vehicles. Starting a taxi services business doesn’t require you to be an expert in the transportation field. The business can be started with just a few cars and drivers. Moreover, it can easily be expanded whenever you want.
To start a business, it is important to follow a certain procedure. You need to draft a transport business plan for your taxi service business as the first step. For that, you can look at associated plans such as tipper truck company business plan . If you also want to launch a mobile app to let your customers book a taxi online, you should also analyze mobile apps business plan .
Executive Summary
2.1 about the business.
Grab A Cab will be a taxi service business owned by Benjamin Williams. The business will be based in San Francisco. The main aim of this taxi service business will be to provide trustworthy, well-timed, and safe cabs whenever and wherever someone needs them. Grab A Cab taxi service will provide cab services while integrating the operations with technology to facilitate individuals even more.
2.2 Management of Taxi business
After you have learned how to start a taxi service, it is important to figure out how to manage the taxi business operations successfully. There is no better way to plan out every aspect of your taxi service than developing a business plan for taxi service pdf . To know how what your business plan should include, you can read the strategic plan provided here. In this taxi business plan example, we will guide you about all the components of a strong business plan so that you can develop your call taxi business plan.
It is better to hire business planning services to get a professional business plan for your startup. However, if you have the business knowledge and you want to create the business plan on your own, you can do so after doing adequate research. In that case, it is recommended to also go through a logistics company business plan .
2.3 Customers of Taxi business
Through our market survey and feasibility studies, we identified those customers that are most likely to benefit from our services. The recurring customers of the taxi service business will be:
- Event planners
- Retirement and care homes
- Hotel and airport transfers
2.4 Business Target
The main goal of our taxi service business is to become the most-liked transportation company in the San Francisco Metro Area within three years. We aim at doing so by continuously evaluating, monitoring, and following up on customer call-ins.
Company Summary
3.1 grab a cab owner.
Benjamin Williams will be the owner of Grab A Cab taxi service business. Williams completed his MBA two years ago. After that, he pursued a position as a manager in a noteworthy company. He was quite fascinated by the cab service in his state. After a few months, he left the post to fulfill his lifelong passion of starting his own taxi service business.
3.2 Why Grab A Cab is being started
Benjamin Williams noticed that the other cab services businesses around him used traditional and outdated methods to serve their customers. He decided to use the latest technological features to bring innovation to the business domain.
3.3 How Grab A Cab business will be started
Step1: Plan Everything
Good planning is crucial when you are going to start a business. To ensure that you plan well for your startup, you should explore how to open a taxi company in the United States.
A business plan for taxi service can best aid in planning and managing a business. To write your taxi driver business plan, you can take help from this sample taxi business plan. You can also go through other examples like truck driving business plan to get an idea of what to include when planning for a startup.
Step2: Develop a Brand
The next step in starting up a taxi companyis to highlight your business and its unique offerings. This can be achieved by creating a brand around your business idea. This will include everything from your principles to your competitive advantages.
Step3: Establish Your Office
The next important step is to establish your business. For this purpose, Benjamin Williams decided to buy a large parking space in the main San Francisco commercial area. He made sure that the place was spacious enough to park all his cabs. Moreover, he also got a workshop constructed inside that place to maintain and repair the cabs. In this way, he reduced the expense of sending damaged cabs to other workshops.
Step4: Establish a Web Presence
Since we are living in the Information Age, it is necessary to establish a web presence to get known. Therefore, Williams decided to develop a website for the business and establish social media presence for marketing to attract a wider audience.
Step5: Promote and Market
The last step is developing and executing an effective marketing plan to promote your services.
Services of taxi business
Before setting up a taxi business, you need to decide on your business’s services. You may have a taxi business plan tempelate, but it might not have everything you need for your sample plan.
You can follow this guide on how to open a taxi service to figure out what the market for the business looks like and what services are ideal to be included in your startup.
The cost factor is necessary to keep in mind while considering your services, so you can develop a taxi service business plan startup costs pdf to keep an estimate. Since Williams started with various services, this format can be used to develop even a uber taxi business plan or an airport taxi business plan.
- Door-to-Door Taxi Service
We will provide door-to-door taxi service to our customers as it is more convenient to use. Our capable drivers will pick up customers from their homes and drop them off directly at their destinations. Our customers will be able to book a cab through our mobile app or website.
- Wheelchair Accessible Cabs
Our specialized service will provide wheelchair user passengers with a ramp or a passenger lift to assist them with getting into the vehicle. This approach is used as it is far easier than transferring from a wheelchair to a car seat and dismantling the wheelchair for the journey.
- Seniors on the Go
We’ll also provide our professional, skilled, and highly patient cab drivers to assist seniors with their chores. Our company will provide senior citizens taxicab coupon booklets to maximize senior citizens’ benefits. We will aim to provide maximum customer satisfaction.
- Hourly Service
We will offer our clients affordable discounts that pay off in the long run with our hourly packages.
Marketing Analysis of Taxi business
Excellent work.
excellent work, competent advice. Alex is very friendly, great communication. 100% I recommend CGS capital. Thank you so much for your hard work!
When starting a taxi service business, you should have an excellent understanding of your target market. You can gain this understanding by doing an extensive market analysis as a part of your taxi business plan sample.
Your business plan for a taxi business should also analyze the price of similar services in the market. This data should be used to forecast the prices you will set for starting your own taxi business.
If you don’t know how to open a taxi company, you can take help of this taxi cab business plan. A complete market analysis is necessary for running a taxi business.
If you want to learn how to setup your own taxi business, then this business plan taxi service will be of great use.
5.1 Market Trends
Taxi operations provide over 60 billion dollars a year to the general US economy. The industry employs 2,026,478 people. The growth rate of this industry has remained in step with the general growth of the country’s GDP. Management feels that by maintaining a local client base, the company can continue to generate revenues despite the current deleterious economic conditions in the United States.
5.2 Marketing Segmentation
The potential customers of Grab A Cab are divided into the following groups:
5.2.1 Schools
Our primary customers will be the school students. They are expected to avail of our regular services to go to school, travel to sports matches or class trips.
5.2.2 Event Planners
Our second target customer will be event planners. They need to organize events, and for this purpose, they have to travel to different places. They will utilize our cab service to get maximum comfort. Our cabs will pick them up from their pickup location and drop them at their destination.
5.2.3 Retirement and Care Homes
This will be our third target group of customers. Our taxi company will provide services to people in retirement and care homes since they may no longer be confident to drive. Our wheelchair-assessable cabs are specially designed for these customers.
5.2.4 Hotel and Airport Transfers
Lastly, our potential customers include families and individuals on holiday and business travels. These groups don’t typically mind paying a bit more for a solution that takes care of transportation in an all-in-one way. Therefore, we expect to earn a handsome amount from them.
5.3 Business Target
- To become the number one taxi service throughout San Francisco and adjoining areas.
- The main target of our taxi service business is to pursue an aggressive marketing campaign and penetrate at least 75% of the market share.
- To earn a net profit margin of $50.5k per month by the end of the third year.
5.4 Product Pricing
Our business plan for transportation service ensures that our prices will be economical compared to our competitors. The prices are set at a minimum to get introduced to a wider audience from the very beginning.
Marketing Strategy of Taxi business
To open taxi business, you must develop the best business plan for a taxi business. In addition, before starting up a taxi company, you also need to develop a strong marketing strategy to attract more customers.
In this taxi cab company business plan, we’re providing the sales strategy of Grab A Cab. You can learn a lot from here if you aspire to make a city taxi business plan.
6.1 Competitive Analysis
- We have quick customer care services. We respond to customer queries efficiently and respect their feedback to improve our services.
- We have excellent customer support staff that guides our customers in choosing the best traveling package according to their budget.
- Through our 24/7 online presence, customers can inquire about our services.
- We will also implement ideas from roadside assistance business plan to prevent any inconvenience to our customers.
6.2 Sales Strategy
- We’ll advertise our services through social media platforms like Facebook and Instagram.
- We’ll give a free ride to our first 50 customers
- We’ll offer a 25% discount to school and college students.
6.3 Sales Monthly
6.4 Sales Yearly
6.5 Sales Forecast
Personnel plan of taxi business
There are a lot of taxi services in the world. But only those are popular that make customers happy and satisfied. This taxi service business plan sample has all the details regarding the startup of the taxi service business.
Understanding the importance of good staff, William included some essential features as a part of employee hiring criteria in the taxi cab advertising business plans. He also formed a list of employees necessary for running his business. This list can be seen in this taxi business plan pdf.
7.1 Company Staff
- 1 Operations Manager
- 1 Customer Support Officer
- 1 Marketing Officer
- 10 Drivers
- 2 Mechanics
- 1 Web Developer to manage online sites
7.2 Average Salary of Employees
Financial plan of taxi business.
It is essential to manage your operations timely to earn profits. A detailed financial analysis is necessary to ensure that your business is not getting into a loss. To ensure that you make a detailed financial plan, you should include all the components that we have mentioned in this taxi business sample plan pdf.
The taxi service business plan startup costs are also important for your financial plan. Moreover, in your financial plan, you must identify when and how you’ll cover your investment amount with the earned profits. This approach would also help to analyze your yearly expenses to determine the possibilities of reducing them.
Here we’re providing the detailed financial plan made for Grab A Cab so that you can get an idea of the business finances.
8.1 Important Assumptions
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 projected balance sheet, 8.6 business ratios.
- How do I start a taxi business?
To start a taxi business, you need to develop a good sample business plan for taxi service. The above business plan taxi company will detail how to do that.
- How does the taxi business work?
The taxi business works by purchasing some taxis, procuring a large parking area, and hiring staff to run and manage services. In this taxi top advertising business plan we have explained all these three aspects in detail. If you want to set up this business, you can take help from this taxi service business plan.
- How would you describe a taxi service?
The taxi service provides transportation facilities to people without facing public transport problems. Business plan taxi provides details for setting up taxi business.
Download Taxi Business Plan Sample in pdf
OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.
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Home » Business ideas » Transportation Industry » Taxi Business
How to Write a Taxi Cab Business Plan [Sample Template]
Are you about starting a taxi business ? If YES, here is a complete sample taxi cab business plan template & feasibility report you can use for FREE . As regard starting a business in the transportation sector especially a business like taxi Cab Company could be fun, profitable and interesting for someone with business sense, perseverance and smartness.
With comfortable taxis, the right location, top-notch service and good marketing, you can serve large customers who require the services of taxi Cab Company to be able to move from one location to another for an affordable price.
It is important to note that starting a standard taxi cab business with over a handful of taxis and drivers also needs a significant investment capital, solid planning, and concentration to detail in order to keep your business profitable. The truth is that, if you are serious about starting a standard taxi cab company in any part of the world, you are expected to have done your feasibility studies and market survey before committing your capital in the business.
Above all you would need a detailed and workable business plan if indeed you want to build a successful and profitable taxi cab company from the scratch. The taxi cab company business plan template below will guide towards drafting your business plan with little or no stress.
A Sample Taxi Cab Business Plan Template
1. industry overview.
A taxi cab cum limousine Services Company provides comfortable and private transportation via automobiles (usually sedans / cars) for passengers. Taxi services are not operated on regular schedules or routes like the usually buses or car that pick several passengers along the road. So also, limousine services are rented or hired with a driver.
The Taxi and Limousine Services industry has experienced remarkable growth over the years in the united states. The growth of the US economy has indeed directly benefited the industry as business expense accounts have grown and clients have been more willing to spend on small luxuries such as taxi and limousine rides. In addition, increased demand from corporate travelers, tourists and private households is expected to result in steady growth for this industry.
The Taxi and Limousine Services industry is indeed a very thriving industry in most countries of the world. It is a major sector of the economy of the United States and it generates a whooping sum of well over $20 billion annually from more than 338,882 registered and licensed Taxi and Limousine services companies scattered all around the United States of America.
The industry is responsible for the employment of well over 413,046 people (drivers and administrative staff members). Experts project the supermarket and grocery industry to grow at a 6.7 percent annual rate. There is no establishment in this industry that has a dominant market share in the United States.
A research conducted by IBISWORLD shows that the Taxi and Limousine Services industry is in the mature stage of its life cycle. Industry value added (IVA), which measures the industry’s contribution to GDP, is also expected to grow at an average annual rate of 5.3 percent within the next 10 years.
Within that same period, GDP is estimated to increase by 2.1 percent per year on average. Basically, the industry demand is usually influenced by disposable income levels corporate profit and domestic trips by US residents.
When it comes to advertising your taxi cab cum limousine services company, there shouldn’t be any limit to how far you can go. You could start with handbills and distribute them in cooperate organizations and public places. If you have cash you can place advert spots on Newspapers, TV and Radio, and if you don’t have enough cash you can start with the worldwide web. As a matter of fact the internet has become one of the cheapest and most potent advertising platforms.
Over and above, taxi cab cum limousine services businesses all over the world are still enjoying good patronage particularly if they have comfortable taxis, professional drivers and if they are well positioned and if they know how to reach out to their target market (corporate organizations, hotels, travels and tours companies, government and household et al).
2. Executive Summary
Metro 24 – 7 Taxi®, Inc. is a standard, licensed and registered Taxi cab cum Limousine Services Company that will based in Miami Beach, Florida – United States of America and we will have active presence in other cities such as Green acres City, Miami, Jacksonville, Clearwater, Tampa, Fort Lauderdale, North Miami, West Palm Beach, Palm Harbor, Deltona, Orlando, Palm Bay and Panama City et al. We chose to operate in these cities because we know that our services will be in high demand due to the demographic composition of Florida.
We are well trained and equipped with some of the finest taxi cab drivers and comfortable cars to service our clients irrespective of their social and financial status. Our services will involve taxi services, taxi leasing and other car services, luxury and corporate sedan services, stretch limousines and buses, SUVs and large vans rental services et al. Although our intention of starting Metro 24 – 7 Taxi®, Inc. is to offer only the above stated services, but we will not close our doors to diversification (additional services) as long as it does not affect our core services.
At Metro 24 – 7 Taxi®, Inc. we are passionate in the pursuit of excellence and financial success with uncompromising services and integrity which is why we have decided to start our own taxi cab and limousine service business; we are in the industry to make a positive mark.
We are quite optimistic that our values and quality of service offering will help us drive Metro 24 – 7 Taxi®, Inc. to enviable heights and also help us attract the numbers of clients that will make the business highly profitable. We are a company that will be dedicated to establishing good business relationship with our clients giving them value for their money and reasons for them to hire our services over and over again.
We are quite aware that in order to become the number one choice in our city, we must continue to deliver quality and highly reliable services and that is exactly what we will do. We are open to the use of latest technology in the taxi cab cum limousine services line of business.
No doubt our excellent customer service and the quality of services we offer will position us to always welcome repeated customers and handle massive deals from both government agencies, and corporate organizations.
Our client’s best interest will always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Metro 24 – 7 Taxi®, Inc. is owned and managed by Kennedy Williams and his friend and business partner for many years Henry Sean. They both graduated from University of California and they are well – equipped with the required qualifications and experience to grow Metro 24 – 7 Taxi®, Inc. to favorable compete with leaders in the Taxi and Limousine Services industry both in the United States of America and in the world at large.
3. Our Products and Services
Metro 24 – 7 Taxi®, Inc. is a standard and well – equipped taxi cab and limousine services company that is positioned to make profit and favorable compete with leaders in the industry and we are going to do all that is permitted by the law of the United States of America to achieve our business aims and ambition. Our services offering are listed below;
- Providing limousine services
- Providing luxury sedan services
- Providing chauffer and personal driver services
- Taxi services, taxi leasing and other car services
- Stretch limousines and buses
- SUVs and large vans
- Providing corporate sedan services
4. Our Mission and Vision Statement
- Our vision is to become the number one taxi cab and limousine services company in the whole of Florida with active presence in key cities all around the State of Florida.
- Our mission as a standard taxi and limousine services company is to develop a highly successful, profitable business which provides quality automobile transportation services in our city and to become a standard for an ideal taxi and limousine services business not only in the State of Florida but also throughout the United States of America and Canada where we intend launching our business and selling our franchise.
Our Business Structure
We are quite aware that the success of any business lies in the foundation on which the business is built on, which is why we have decided to build our taxi cab cum limousine Services Company on the right business foundation.
As a matter of fact, we are set out to build a taxi and limousine Services Company that will be a standard for an ideal taxi and limousine services industry in the United States of America and Canada. We want to build a business of dedicated workforce who will go all the way to ensure that our customers are satisfied and they get value for their money.
In other to achieve this, we aware that it takes a business with the right employees and structure to achieve all what we have set to achieve, which is why we will be putting structures and processes in place that will help us deliver excellent services and run the business on auto pilot. The success of our taxi and limousine services company will be anchored on the team not on any individual – drivers and back office staff members inclusive.
With the wide range of our service offerings, we are only expected to employ more than it is required to run a conventional taxi and limousine services business. Definitely, we will have various employees (full – time and contract staff) to man the various services offering of Metro 24 – 7 Taxi®, Inc. Metro 24 – 7 Taxi®, Inc. will employ professionals and highly skilled people to occupy the following position;
- Chief Executive Officer
IT Specialist
Admin and HR Manager
Marketing and Sales Executive
- Professional Drivers (Taxi and Limousine Drivers)
- Customer Care Executive/Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Office:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Responsible for installation, repair and maintenance of GPS car tracking device for the organization
- Responsible for writing and presenting reports, proposals, applications and contracts
- In charge of choosing the GPC car tracker components and software to be used and specifying the requirements for the project
- Adapts plans according to circumstances and resolving any problems that may arise during GPS car tracker installation and monitoring
- Monitors all our taxi that are plying different routes
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Designs job descriptions with KPI to drive performance management for clients
- Regularly hold meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Oversee the smooth running of the daily office activities.
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
- Writing winning proposal documents, negotiate fees and rates in line with company policy
- Responsible for handling business research, marker surveys and feasibility studies for clients
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- creates reports from the information concerning the financial transactions recorded by the bookkeeper
- Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Professional Drivers (Taxi Cab and Limousine Drivers)
- Serves as a professional driver for the organization by driving sedan and limousine et al as assigned by the management
- Maintains a logbook of their driving activities to ensure compliance with federal regulations governing the rest and work periods for operators.
- Keeps a record of vehicle inspections and make sure the cab is equipped with safety equipment
- Inspects vehicles for mechanical items and safety issues and perform preventative maintenance
- Complies with taxi driving rules and regulations as well as with company policies and procedures
- Reports defects, accidents or violations
Client Service Executive/Front Desk Officer
- Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
- Receives parcels / documents for the company
- Distributes mails in the organization
- Handles any other duties as assigned my the line manager
6. SWOT Analysis
Taxi cab cum limousine services business is one of the many businesses that can easily generate sales with little stress as long as they are well positioned and equipped to carry out their services. We are building a standard taxi cab cum limousine services business with the plans to sell our franchise all across the United States of America and Canada which is why we have decided to subject our business idea (company) to SWOT Analysis.
Ordinarily we can successfully run a normal taxi and limousine services business without the stress of going through the required protocol of setting up a new business including writing a detailed business plan, but because of the fact that we intend becoming of the leaders in this line of business we want to establish, we don’t have any option other than to follow due process.
We hired the services of Mrs. Lillian Jacobs, an HR and Business consultant with bias in startups to help us conduct SWOT analysis for our company and she did a pretty job for us. Here is a of the result we got from the SWOT analysis that was conducted on behalf of Metro 24 – 7 Taxi®, Inc.;
The strategic locations we intend covering, the Business model we will be operating on, ease of payment, wide range of highly reliable and comfortable cars, limousines and SUVs, highly trained and courteous drivers and of course our excellent customer service culture will definitely count as a strong strength for Metro 24 – 7 Taxi®, Inc.
So also we have a well – experienced and qualified team that can go all the way to give our clients value for their money; a team that are trained and equipped to pay attention to details.
A major weakness that may count against us is the fact that we are a new taxi cum limousine services company and we don’t have the financial capacity for now to compete with multi – million dollars taxi and limousine services companies that are already influencing the direction of the industry.
- Opportunities:
The fact that we are launching out in the heart of Miami – Florida, provides us with unlimited opportunities to market our services to a large number of corporate organizations, travel and tours agencies, hotels, government organizations and households et al.
We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they patronize our services; we are well positioned to take on the opportunities that will come our way.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power especially for luxury services like taxi can and limousine services. Another threat that may likely confront us is the arrival of a new taxi cab and limousine services company with same locations where we operate. Government policies can also pose a major threat to businesses such as ours.
7. MARKET ANALYSIS
- Market Trends
The market for luxury services such as taxi and limousine services is driven by the growth in the economy and the increase in consumers’ spending – in essence, as the general economy of a country grows, more people will have enough financial resources to patronize luxury services such as making use of taxi can or hiring limousine as against making use of public buses, and trains et al.
Besides, revenue generated by taxi and limousine services company is driven by business and leisure travel. No doubt, the profitability of operators in this industry depends on good marketing and networking. As a matter of fact, small taxi cab companies can effectively compete with large ones because there are few economies of scale in this line of business. Research shows that the taxi cab and limousine services industry in the US is fragmented: the top 50 companies account for less than 35 percent of the total revenue generated in the industry.
Lastly, technology has indeed played a major role in this industry; especially in cutting cost and enforcing safety and monitoring measure. GPS car tracking device readily comes to mind. There is hardly any taxi cab and limousine services company that does not have GOS car tracker installed on all their cabs. It helps them in monitoring their fleets and also in planning and budgeting et al.
8. Our Target Market
Before choosing a location to launch our taxi cab and limousine services company, we conducted our feasibility studies and market survey and we were able to identify those who will benefit greatly from our service offerings. Basically those who will benefit from our service offering are households, corporate organizations, travels and tours agencies, hotels and government agencies.
Below is a list of the people and organizations that our taxi cab and limousine services are designed for;
- Celebrities and public figures
- Even planners (limousine rental services for wedding and social functions)
- Travels and Tours Agencies
- The public sector; government ministries, agencies and parastatals.
- Organized private sector
- Corporate Executives
- Business People
Our Competitive Advantage
Taxi cab and limousine services business is an easy to set up business especially if you have the finance to acquire comfortable cars and the ability to run and manage a business. It means that the possibility of taxi cab and limousine services business springing up in the location where our company is located is high. We are aware of this that is why we decided to come up with a business concept that will position us to become the leader in Miami – Florida.
Our competitive edge is that we are a standard and well equipped taxi cab and limousine services company that is positioned to handle both corporate clients and individual clients.
We can confidently say that the strategic locations we intend covering, the Business model we will be operating on, ease of payment, wide range of highly reliable and comfortable cars, limousines and SUVs, highly trained and courteous drivers and of course our excellent customer service culture will definitely serve as competitive advantage for Metro 24 – 7 Taxi®, Inc.
For the time being, Metro 24 – 7 Taxi®, Inc. has no real competitors that can match compete with the quality of services we offer and our business offerings et al. Our customer service will be customized to meet the needs of all our customers.
Lastly, all our employees will be well taken care of, and their welfare package will be among the best within our category (startups taxi cab and limousine services businesses in the United States) in the industry. It will enable them to be more than willing to build the business with us and help deliver our set goals and achieve all our business aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Metro 24 – 7 Taxi®, Inc. is established with the aim of maximizing profits in the taxi cab and limousine rental services industry and we are going to go all the way out to ensure that we do all it takes to attract both individual clients and corporate clients on a regular basis.
We will ensure that we leverage on our strength and the opportunities available to us in the U.S. market to generate enough income that will help us drive the business to stability. We will go all the way to explore every available sources of income in the Taxi cab and Limousine rental services industry. Below are the sources we intend exploring to generate income for Metro 24 – 7 Taxi®, Inc.;
- Stretch limousines and buses rental services
- SUVs and large vans rental services
10. Sales Forecast
One thing is certain, there would always be corporate organization and individual clients who would need the services of taxi cab and limousine rental services companies.
We are well positioned to take on the available market in Miami – Florida and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow our taxi cab and limousine rental services business and our clientele base.
We have been able to critically examine the taxi cab and limousine rental services market and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to similar startups in Miami – Florida.
Below are the sales projections for Metro 24 – 7 Taxi®, Inc. it is based on the location of our business and of course the wide range of related services that we will be offering;
- First Fiscal Year-: $240,000
- Second Fiscal Year-: $450,000
- Third Fiscal Year-: $950,000
N.B : This projection is done based on what is obtainable in the taxi cab and limousine rental services industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
The marketing strategy for Metro 24 – 7 Taxi®, Inc. is going to be driven basically by excellent customer service, honesty and quality service delivery. We will ensure that we build a loyal customer base. We want to drive sales via the output of our jobs and via referral from our satisfied customers. We are quite aware of how satisfied customers drive business growth especially businesses like taxi cab and limousine rental services.
Metro 24 – 7 Taxi®, Inc. is a business that is strategically located and we are going to maximize the opportunities that is available which is why we spend more to locate the business in a location that will be visible and enable us to access our target market.
Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of Metro 24 – 7 Taxi®, Inc.
Our goal is to grow Metro 24 – 7 Taxi®, Inc. to become the leading taxi cab and limousine rental services company in Miami – Florida which is why we have mapped out strategy that will help us take advantage of the available market and grow to become a major force to reckon with in the Taxi cab and Limousine rental services industry. Metro 24 – 7 Taxi®, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our taxi and limousine rental services business by sending introductory letters alongside our brochure to corporate organizations, travels and tours agencies, hotels, event planners, households and key stake holders in all across Miami, Green acres City, Miami, Jacksonville, Clearwater, Tampa, Fort Lauderdale, North Miami, West Palm Beach, Palm Harbor, Deltona, Orlando, Palm Bay and Panama City et al
- Print out fliers and business cards and strategically drop them in offices, car parks, libraries, public facilities and train stations et al.
- Use friends and family to spread word about our business
- Post information about our company and the services we offer on bulletin boards in places like car parks, schools, libraries, and local coffee shops et al
- Placing a small or classified advertisement in the newspaper, or local publication about our company and the services we offer
- Leverage on referral networks such as agencies that will attract clients who would need our customized services
- Advertise our taxi cab and limousine rental services company in relevant magazines, newspapers, TV stations, and radio station.
- Attend relevant automobile expos, seminars, and business fairs et al to market our services
- Engage in direct marketing approach
- Encourage the use of Word of mouth marketing from loyal and satisfied clients
- Join local chambers of commerce and industry to market our product and services.
11. Publicity and Advertising Strategy
Metro 24 – 7 Taxi®, Inc. is set to establish a standard for Taxi cab and Limousine rental services business in Miami – Florida and throughout the United States which is why we will go all the way to adopt and apply best practices to promote our business. Good enough there is no hard and fast rule on how to advertise or promote a taxi cab and limousine rental services business.
The challenge is that most small and startups taxi cab and limousine services companies do not have the required money to pump into publicity and advertising. The cash they have will be reserved to take care of overhead and operational cost.
We will ensure that we leverage on all conventional and non – conventional publicity and advertising technique to promote our taxi cab and limousine rental services business. Here are the platforms we intend leveraging on to promote and advertise Metro 24 – 7 Taxi®, Inc.;
- Encourage our loyal customers to help us use Word of Mouth mode of advertisement (referrals)
- Advertise our business in relevant magazines, local newspaper, local TV stations and local radio station
- Promote our business online via our official website
- List our business on local directories (yellow pages)
- Sponsor relevant community programs
- Leverage on the internet and social media platforms like; Instagram, Facebook , twitter, et al to promote our brand
- Install our Bill Boards on strategic locations in and around Florida
- Direct coupon mailing approach
- Engage in road show from time to time in target communities in and around Florida
- Distribute our fliers and handbills in target areas in and around Miami – Florida.
- Advertise our company in our official website and employ strategies that will help us pull traffic to the site.
- Ensure that all our staff members and drivers wear our branded shirts and all our taxi are well branded with our company logo et al.
12. Our Pricing Strategy
Our pricing system is going to be based on what is obtainable in the taxi cab and limousine rental services line of business, we don’t intend to charge more (except for premium and customized services) and we don’t intend to charge less than our competitors are offering in the United States of America.
Be that as it may, we have put plans in place to offer discount services once in a while and also to reward our loyal customers especially when they refer clients to us or when they pay in advance for upward of 3 months. The prices of our services will be same as what is obtainable in the open market and it will be based on miles covered and time.
- Payment Options
The payment policy adopted by Metro 24 – 7 Taxi®, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America. Here are the payment options that Metro 24 – 7 Taxi®, Inc. will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our services.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a taxi cab and limousine rental services business; it might differ in other countries due to the value of their money. However, this is what it would cost us to set up Metro 24 – 7 Taxi®, Inc. in the United of America;
- The Total Fee for Registering the Business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits – $1,500.
- Marketing promotion expenses (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- Cost for hiring Business Consultant – $2,000.
- Insurance (general liability, car insurance, workers’ compensation and property casualty) coverage at a total premium – $30,800.
- The cost of accounting software , CRM software and Payroll Software – $3,000
- The cost for leasing standard office facility with enough parking- $100,000.
- The cost for facility remodeling – $10,000.
- Other start-up expenses including stationery – $1000
- Amount needed for phone and utility deposits – $3,500
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $40,000
- The cost for Start-up inventory (fueling, car tracking devices and accessories) – $50,000
- The total cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Credit card machine, POS, tables and chairs et al): $4,000.
- The cost of Launching a Website: $600
- The total cost for financing the acquisition of the first set of cars and limousines – $500,000
- The cost for our grand opening party: $15,000
- Miscellaneous: $10,000
We would need an estimate of $750,000 to successfully launch our taxi cab and limousine rental services business in Miami – Florida.
Generating Funds/Startup Capital for Metro 24 – 7 Taxi®, Inc.
Metro 24 – 7 Taxi®, Inc. is a business that will be owned and managed by Kennedy Williams and his friend and business partner for many years Henry Sean. They are the sole financial of the business which is why they decided to restrict the sourcing of the start – up capital for the business to just three major sources. These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings and sale of his stocks
- Generate part of the start – up capital from friends and other extended family members
- Generate a larger chunk of the startup capital from the bank (loan facility).
N.B: We have been able to generate about $200,000 (Personal savings $150,000 and soft loan from family members $50,000) and we are at the final stages of obtaining a loan facility of $550,000 from our bank. All the papers and document has been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have and the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Metro 24 – 7 Taxi®, Inc. is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our services a little bit cheaper than what is obtainable in the open market. We are well prepared to survive on a low level profits margin for a short period of time.
Metro 24 – 7 Taxi®, Inc. will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of ten years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Acquiring facility with enough parking lots and remodeling the facility: In Progress
- Acquiring of cars and limousines: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed pressure washing machines and industrial cleaning equipment, electronic appliances, office appliances and bar accessories: In progress
- Creating Official Website for the Company: Completed
- Creating Awareness for the business both online and in the neighborhood: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Establishing business relationship with key stakeholders in the industry et al: In Progress
More on Taxi Business
Starting Taxi Business Plan (PDF)
A taxi is a vehicle that may be hired for single journeys by members of the public. It is also commonly referred to as a cab or taxicab. There has been a notable market disruption emanating from digital solutions. A whole new industry of online taxi services has grown over the years. For instance, in the USA, Uber facilitates over 40 million rides every month. Even as online taxi services continue to grow, traditional taxi services are still relevant. It is still worth it and profitable to start a taxi business. Taxi cabs play a significant role in the transportation industry. People opt for taxis due to a variety of reasons including convenience and exclusiveness. Starting a taxi business is a very profitable venture, which is highly rewarding. This article will outline how to start the taxi cab business, and the taxi business plan – PDF, Word and Excel.
The possible sets of destinations for the various customers make it apparent that the demand is huge. The fact that more and more players are starting taxi businesses speaks to how lucrative the business is. Once properly setup this is one type of business where you will be assured to realise revenue on a daily basis. This article will help in informing you with vital information you need to know on starting your own taxi cab business.
Market Research
Already we have stated that an increasing number of players are entering this space. This spells out ‘competition’ and whenever competition is involved you can’t overlook the importance of market research. Just by taking a look at how existing players conduct their businesses you’ll notice that they serve different target markets. Some solely focus on people commuting to and fro work. Some specifically target airports and termini. Others have strategic spots they operate from in central business districts to cater for wide-ranging customers. So in order for you to ascertain that you’re on course, you must research to find out which markets are available, penetrable and sustainably scalable. It’s a must to take a look at existing players. Essentially this means you must closely study them to draw invaluable insights that’ll help you start strong and even eventually topple your competition. Some of those insights will be on popular services offered, rates charged, types of vehicles and payment methods amongst others. This makes it a must to have a good taxi cab business plan.
Taxi Business Model
The traditional business model for a taxi business is simple. It entails having an area where you operate from and in. You park somewhere and clients can come up to you in need of a taxi ride. You can be an owner-driver or you can have a fleet of taxis you own. You can charge fixed rates for specific routes or you can use the metered approach. The metered approach (i.e. charging per mile) is best because client needs can be so random. Another approach is charge per duration of a trip e.g. per hour.
You could charge per day as you would for a car rental. This can apply for a client who wants to be taken to several locations consecutively in a day. Charging can also be dynamic where you simply negotiate with a client. You could also have a retainer arrangement with wide-ranging clients. The online aspect is somewhat the same. The major difference is that when using an online approach, clients book a ride online. This is doable by developing a mobile app for your taxi business. The fares you charge can differ given the costs elements you would want to offset.
Vehicles and Equipment
The major procurement you must make is vehicles. The vehicles can be imported from other countries where they are cheap or you can buy them locally from your country. The number and type of taxi cabs required will depend on the amount of capital which you have and your target market. You will also have to make a decision of whether to buy brand new vehicles or used taxi cabs. When starting the business with limited capital, you may opt to purchase used cars. The advantage of having new taxi cabs is that you have lower maintenance costs and better reliability on the road.
There are several factors to take into consideration when purchasing the taxi vehicles. Some of the factors include: purchase price, fuel consumption, transmission mode (automatic vs manual), gross vehicle mass, model, new taxi cab vs used taxi cab. If you have limited capital, you can always start your meter taxi business with just one vehicle. Taxi cab business is very profitable and if you reinvest your profits, you will be able to purchase more taxis.
Equipment required for the meter taxi business include garage equipment, taxi meters, taxi partitions, top lights, communication radios (for communication with the dispatch centre). The taxi drivers should always travel with basic repair tools such that if they encounter minor problems along the way, they can always fix the taxis. The taxi business plan should include the costs of purchasing the vehicles and equipment.
Taxi Servicing And Repairs
When running a taxi business you can never compromise and expect to thrive. Customers are most concerned about convenience. This means your taxis must always perform optimally. They must always be fully serviced and devoid of any operational issues. That is why you must always take your taxi(s) for service. It is advisable to have a reputable servicing and repairs provider that you work with. Always keeping your taxi(s) clean and doing daily checks before, during, and after daily operations is key here. If these elements are all kept in check it is rare for your taxi(s) to malfunction. Servicing and repair costs should be accounted for in your taxi business plan.
Taxi Business Insurance and Licences
One of the critical requirements that can potentially have catastrophic consequences for the public as well as the business is insurance. It is advisable to have a comprehensive insurance plan for all the taxi cabs. The costs of such a package are more than offset by the potential losses if you were to have an accident. As a business; the taxi cab company may be liable for very significant punitive damages particularly if there is a loss of life. Without adequate insurance, the taxi cab business could be bankrupted by compensation claims.
The taxi industry is regulated and the specific licences depends with the country. First of all, your drivers must be properly licensed with up to date records including health checks and driver licences. Your local council will have a list of regulatory requirements which must be diligently followed lest you lose your license to operate the taxi cab business. The taxi cab business plan should include costs for the insurance and licenses.
Staff and Management
Operations staff is a necessity. Operations staff are responsible for handling the operations of the taxi cab business. They include drivers, assistants, logistics personnel, mechanics and operations manager. You will need a taxi driver as the minimum starting employee for the taxi business.
Finance and accounting employees are also required. For a small taxi cab business, the duty can be handled by the owner of the business or a part time accountant. However as the taxi transport business grows, there will be need for full time employees who will be responsible for the finance and accounting needs of the business. Their duties will include usual day to day transaction accounting for business, managing the cash flow of the taxi cab business, and always ensuring the enough funds are available for the day to day needs of the taxi business.
Marketing is essential for you to be successful in the taxi business. To have a stable financial position, your taxis should get sufficient number of trips every day. This is only possible if you are marketing your taxi cab business. Thus your taxi business will also need marketing and sales staff. If you have a dispatch centre then you also need staff so the dispatch centre. Your taxi cab business plan should cater for the wages and salaries of all your staff.
Competitive Analysis
The taxi business is marked by intense competition. For instance, you have to compete with unregulated taxi operators. You also have to compete with ride-sharing brands e.g. Uber. Competitive analysis in a taxi business is to establish differentiators that can make you stand out. Customers when they hire taxis they have certain expectations. How are other taxi operators faring in terms of meeting those expectations? Answers to that can show you how best you can provide superior services.
You must in great detail know about all your direct competitors. Look at their profiles, their target markets, and generally how they conduct business. Look for verified information or conduct observations by trying out competitors’ taxi services. Once you establish all that you can know where and how to strategically place your taxi business. One of the most effective ways to do your competitive analysis is by doing a comprehensive SWOT analysis.
Capital for Starting Taxi Business
The amount of capital required for starting the taxi business depends on the size of the business. It all depends on what you want to achieve and the resources that you have. When starting a taxi cab business, most of the capital goes to acquiring the taxi cabs. You can get a loan from the bank, or funding from investors, to use as capital to start your meter taxi business. If you plan to raise capital from investors and a loan from the bank, you need a good meter taxi business plan. If you don’t have access to investors and bank loan, you can use your personal savings and start small, and grow your taxi business overtime. Taxi business is very profitable, so if you reinvest the profits you get, you can grow over time. Even if you are not planning to get a loan, you should still get a taxi project plan to guide you in starting and operating the business. It is essential for you to have a meter taxi business plan before you venture into the taxi cab business, so that you know all the costs involved and you make an informed decision.
Market for the Taxi Cab Business
The market for taxi cab services is very huge. There are a lot of potential customers for taxi services. Companies may outsource transportation of their employees to taxi cab companies. Parents require taxi cabs to transport their children to and from school. Individuals may need taxi services for routes within a specific location which are not plied by public transport or within the city centre. Some individuals prefer to use taxi cabs even if alternate public transport is available. This is because taxis are more convenient, fast, offer privacy, and exclusiveness. Potential sites to find clients include hospitals, universities, schools, airports, night clubs, city centre, hotels & lodges, shopping centres among others. A proper marketing strategy should be included in your taxi business plan.
Marketing Plan
Engaging vehicle branding.
There are countless marketing approaches you can employ for your taxi business. The taxi business involves the use of moving vehicles. That makes the actual vehicles a central feature of marketing. Have the vehicles colourfully branded with subliminal marketing content. People merely seeing the taxis passing by will have their subconscious minds conditioned.
Attending Strategic Events
The thrust is to attend events that can strategically generate leads for your taxi business. Examples of such events are trade shows, concerts, conferences, and the like. One way is to actually exhibit and showcase your taxi offerings, if possible. The other way is to simply be in the vicinity of such events. There is most likely always going to be people who will need your services.
Sponsoring Or Supporting Worthy Causes
Running a taxi business offers you easy ways to sponsor or support worthy causes. All it can take is you providing your taxi(s) for free for some event or cause. Your presence during that event or cause will draw so much attention to your taxi brand. You could also materially contribute to causes such as helping the underprivileged. Your association with notable events or causes is a potent marketing strategy. Remember, your taxi(s) being branded will be doing the work for you.
Internet And Social Media Initiatives
This should be at the core of the marketing plan for your taxi business. You must have a website and set up active accounts on social media. Use high definition visuals to draw people in. Regularly do online contests; these are highly effective in building your audience. All your social media initiatives should encourage word of mouth and referrals.
Another faster and more effective strategy is to work with social media influencers. Work especially with macro influencers (between 40000 and 1 million followers) and m icro influencers (between 1000 and 40000 followers). Such influencers are often characterised by highly engaged audiences.
Keys To Taxi Business Profitability
You are supposed to be big on quality in your operations. This refers to aspects such as cleanliness, timeliness, cordialness, and convenience. Customers will always settle for taxi businesses that have these qualities. That is why customers will not hesitate to switch to other taxi operators if you are lacking. Using vehicles with good fuel economy is a vital key to profitability in a taxi business. Regular servicing and using fuel from reputable sources also feeds into good fuel economy. This significantly reduces your operating costs. The first ever taxi service or business was started in 1897. It has been more than a century since then and taxis still continue to proliferate. This is because the market is inexhaustible. You can start your own taxi business today and still make significant money.
Pre-Written Taxi Business Plan (PDF, Word And Excel): Comprehensive Version, Short Funding/Bank Loan Version and Automated Financial Statements
For an in-depth analysis of the taxi cab business, we encourage you to purchase our well-researched and comprehensive taxi cab business plan. We introduced the business plans after discovering that many were venturing into the taxi transport business without enough knowledge and understanding of how to run the meter taxi business, lack of understanding of the financial side of the business, lack of understanding of : the industry, the risks involved , costs and profitability of the business; which often leads to disastrous losses.
The StartupBiz Global taxi transport business plan will make it easier for you to launch and run your meter taxi business successfully, fully knowing what you are going into, and what’s needed to succeed in the business. It will be easier to plan and budget as you will be aware of all the costs involved in setting up and running the taxi cab business.
Uses of the Taxi Business Plan (PDF, Word And Excel)
The taxi cab business plan can be used for many purposes including:
- Raising capital from investors/friends/relatives
- Applying for a bank loan
- Start-up guide to launch your taxi business
- As a taxi business proposal
- Assessing profitability of the meter taxi business
- Finding a business partner
- Assessing the initial start-up costs so that you know how much to save
- Manual for current business owners to help in business and strategy formulation
Contents of the Taxi Cab Business Plan (PDF, Word And Excel)
The meter taxi business plan include, but not limited to:
- Marketing Strategy
- Financial Statements (monthly cash flow projections, income statements, cash flow statements, balance sheets, break even analysis, payback period analysis, start-up costs, financial graphs, revenue and expenses, Bank Loan Amortization)
- Risk Analysis
- Industry Analysis
- Market Analysis
- SWOT & PEST Analysis
- Operational Requirements
- Operational Strategy
- Why some people in taxi cab business fail, so that you can avoid their mistakes
- Ways to raise capital to start your meter taxi business
The Pre-written taxi cab business plan package consist of 4 files
- Taxi Cab Business Plan – PDF file (Comprehensive Version – 71 Pages)
- Taxi Business Plan – Editable Word File (Comprehensive Version – 71 Pages)
- Taxi Cab Business Plan Funding/Bank Loan Version- Editable Word File (Short version for applying for a loan/funding – 42 pages)
- Taxi Business Plan Automated Financial Statements – (Editable Excel File)
The business plan can be used in any country and can be easily edited. The financial statements are automated. This implies that you can change eg the number of taxis, pricing rate per KM etc, and all the other financial statements will automatically adjust to reflect the change.
Click below to download the Contents Page of the Taxi Business Plan (PDF)
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Get the Taxi Business Plan (PDF, Word And Excel)
Click Buy Now below to purchase using Paypal, Credit Card, or Debit Card. After you have purchased, you will immediately see the download link for the business plan package on the screen. You will also immediately get an email with the business plan download link. The Pre-written business plan package (PDF, Word, and Excel) costs $30 only!
If you want to purchase multiple business plans at once then click here: Business Plans Store.
The business plan package is a zipped compressed file containing the PDF, Word and Excel documents. To open the package after downloading it, just right click, and select Extract All. If you have any problems in downloading and opening the files, email us on [email protected] and we will assist you.
We wish you the best in your taxi business! Check out our collection of business plans , and more business ideas .
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These possibilities lead right into step one of how to start a transportation business: choosing the type of transportation business you want to start. 1. Choose the type of transportation...
This is the standard taxi business plan outline which will cover all the important sections that you should include in your business plan. Executive Summary Introduction Mission Statement Vision Statement Objectives Financial Highlights 3 Year profit forecast Highlights Business Summary Company Strategy Startup Summary Past Performance Risks
Your business plan is a living document that should be updated annually as your company grows and changes. Sources of Funding for Transportation Companies With regards to funding, the main sources of funding for a transportation business are personal savings, credit cards, bank loans and angel investors.
Our business plan for transportation service ensures that our prices will be economical compared to our competitors. The prices are set at a minimum to get introduced to a wider audience from the very beginning. Marketing Strategy of Taxi business To open taxi business, you must develop the best business plan for a taxi business.
The taxi business plan should include the costs of purchasing the vehicles and equipment. Taxi Servicing And Repairs When running a taxi business you can never compromise and expect to thrive. Customers are most concerned about convenience. This means your taxis must always perform optimally.