Choosing to start a business as a freelance taxi driver must be taken with complete consideration. There are so many important factors to take into consideration to make sure you enjoy the profitable experience you are hoping to enjoy now and moving forward.
You are probably thinking of starting your own private hire taxi service because there is a high demand for it and you are guaranteed to make a good profit. Starting a business you know will be profitable is definitely a good start, but there are considerations to take into account for to make sure you make the best decisions and start your new business on the right foot.
The good news with a private hire taxi service is that you are self-employed and are not tied to a company sharing your profits with them for each client you transport. As with any private hire taxi service you work on pre-bookings and are not allowed to pick up clients on the street at any given time. This means you rely on your clients phoning into your call centre and making a time and date to be collected along with where they want to be dropped. It is important as part of your PCO license to ensure that you meet this need and don’t fall into the trap of collecting clients on the side of the road without prior bookings, this will also have a negative impact on your insurance should you be involved in an accident when you haven’t been pre-booked.
PCO stands for private carriage officers and this requires that all vehicles providing a transport service has the relevant registration to transport legally within the city centre. The license must be in place and the vehicle must have passed the requirements before you can start accepting bookings.
There are some criteria your vehicle will need to meet in order for you to be licensed to run. The first is that the vehicle cannot be older than ten years and the second is that it must meet the PCO emission requirements. This has resulted in a high number of vehicles being hybrid to keep costs to a minimum and reduce carbon footprints within the city.
The benefit to using an executive PCO car hire service is that you don’t own your own vehicle and this is a wonderful opportunity to start your own private hire taxi service. When it comes to car hire you rent on a long-term basis, which means you pay a monthly amount, which is more beneficial when first starting out with a new business. The last thing you want to do is pay out a large lump sum on your first month, an investment which could cost you more money in the long run.
Of course when it comes to executive PCO car hire you will get a younger vehicle, which immediately means less trouble from the start. A newer vehicle will remain on the road with fewer repairs than an older vehicle. In addition to this, your overheads will be reduced. When you rent, you are not responsible for maintenance, servicing or repairs, which means that you can save money one month to the next, boosting your profit margins considerably.
Finally, you get to support your cash flow. Starting a new business you always find costs you weren’t expecting, with the executive PCO car hire, you can keep your cash balance healthy for those unexpected expenses.