Whether you’re based in a 24-hour urban metropolis or a calm rural idyll, there’ll always be a demand for taxi drivers.
And if you enjoy meeting people and are happy to be behind the wheel for long periods, being a self-employed taxi driver might just be the life for you.
But if you’re a bit nervous about taking the plunge then read on to find out all you need to know about starting out – from finding taxi insurance to keeping the business running smoothly.
There are a number of benefits for the self-employed taxi driver. Number one is that you’re your own boss and can choose when, where and for how long you work.
This gives you great flexibility when it comes to achieving a better work-life balance. Becoming self-employed also lets you reduce your tax bill by claiming back business expenses such as fuel costs and cleaning bills.
However, while being self-employed means you can take a holiday whenever you choose, remember that the amount of money you’ll earn ultimately depends on how many hours you work.
There are some restrictions and requirements as to who can become a taxi driver. You'll need to:
Most taxi drivers start off by working for a taxi firm so they can learn the ropes and find out valuable information on the trade. You can apply directly to become a taxi driver if you've got a taxi driver's licence.
You'll need to meet the registration and licensing requirements of the taxi company you'll be working for and the local authority area in which you'll operate.
You'll usually need your own vehicle. The National Careers Service has some helpful advice.
In terms of skills and knowledge you'll need:
There are four steps the government advises you to complete before setting yourself up as self-employed.
Marketing and customer service are key parts of making a success of self-employment.
Get business cards designed and printed detailing your services, rates, contact details and anything else you feel could help you secure work.
Keep a ready supply to hand out to customers and others such as pub landlords and hotel owners who might send business your way.
And don’t ignore social media, having an easy to find web page or Facebook account is a great way to secure and build business.
Whether it’s through conversations with customers or online reviews, any customer feedback is useful and needs to be listened to, as it helps you adapt your service and, hopefully, increase profits.
Always be on the lookout for a new target market – you never know where lucrative new business can come from!
Managing the financial side of self-employment can be a minefield for those starting out so bear these tips in mind:
Once you’ve taken the leap into self-employment you’ll have a great time growing your taxi service, increasing your profits and widening your customer base.
The specialist team at Taxi Insurer understands that and has come up with several ways to help. For example, interest-free payment plans are available to make your taxi insurance more manageable alongside your other expenses.
Taxi Insurer has spent decades working with our trusted panel of insurers, so you’ll be in safe hands.
Don’t put it off, get a quote for taxi insurance today and see how much you could save.