How to Start a Taxi Business with $15,000 Budget?

Thinking about how to start a taxi business with a limited budget? Let’s say $15,000.

You are looking for a business with the most minimal startup cost conceivable but yet guaranteed to succeed. I believe that you have finally found the right place (more like the right blog) to help you out.

While the facts confirm that there are hundreds of small budget business ideas, the reality is that only a few can offer sure success.

One of those startup ideas is an on-demand taxi service.

You can start your taxi business with a fleet of cabs, a single vehicle, or even without any vehicle. The last one seems impossible, but in reality, a very possible and lucrative business model. Uber follows the same strategy.

Uber owns not a single cab, and yet it is the biggest ride-sharing and on-demand taxi service provider in the world.

So you can begin an online taxi business from your home, and as your company grows, move out to a larger office space when you have procured enough capital.

For now, let's concentrate on how to start a taxi business with just $15,000.

Plan of Action

Research is Free & Important Activity

Google is your best friend. It's free, accurate, updated, and extremely helpful. Search about the location where you are planning to start your online taxi app startup. Whether it be New York, Nairobi, or New Delhi; learn everything about the local taxi scene of the region.

Who are your competitors? From big online startups like Lyft & Uber to local taxi companies, or a small fleet of taxis; learn who is controlling and has the most reach. Now you need to find their weak points.

Explore the web. Find if your region needs another taxi service. Visit the local taxi startups' website; look at their rates and administrations. Find out where your competitors are lacking and provide services there.

For example, airplane terminal transports, or pick greater vehicles for gathering transportations.

Purchase Vehicle & Other Equipment

You can start the taxi app startup without a car. Just create an app where car owners can register and work under your business. They get the requests from your app according to their live location.

If you are a stickler for the old ways, then you can start this model in your own cab. The normal price for a taxi unit itself is $15,000. But this is for the new car straight out of the manufacturing plant. But you can buy a used car for well below $15,000. The price for a good 2ns hand cab would be around $8000 to $10,000. All the other additions, like a paint job, decals, and other taxi accessories will cost you around $700.

Getting a License & Insurance

In case you intend to drive your taxi, you may apply for a business driver's permit at your neighborhood division of engine vehicles. You can apply for a permit at your city representative's office. The expense relies upon your working territory, however normally licenses are estimated at $800.

You should enroll your vehicle, and inquire as to whether there are any required inspections. Applying for a complete insurance plan is additionally advised. Check your nearby administrative office first to ensure you are following the law necessities. You can talk to an insurance specialist to discuss what sort of insurance plan is best to your advantage.

Conclusion

There is still an essential aspect left before you start your own taxi app startup. You need to find a reliable Taxi App Development Company that can build your startup app at a cost-effective price with the latest app features and design.