If you are a self-employed taxi driver then you will be keen to generate as much income as possible to cover your business expenditure such as fuel, insurance and running costs. In addition, you will also need to provide a personal income to support yourself and your family. So, what sorts of things can you do to potentially increase your businesses income stream?
Well, you will wish to market the services your taxi business offers. For instance, like a lot of competitors, you will no doubt pick up customers and take them to social events such as parties, to dine out in restaurants and to enjoy a drink or two at a local inn. You may do airport transfers both to airports close by and further afield. You may also wish to offer to take customers to weddings and funerals.
However, how many of your customers know that you are prepared to do such things? Don’t assume that they know you can make such trips- advertise the range of services you provide. You can do this in a variety of ways such as via your own website, advertising in the local press and leaflet drops.
If you go that extra mile for a customer then he or she is going to be more likely to recommend your taxi business to friends and family. For instance, if you use an airport transfer as an example, make sure that you contact your customer the day before you are due to collect them from home to take them to the airport and shortly before you leave to pick them up to take them to the airport contact them again to let them know that you are on your way to collect them. Referrals are an excellent source of additional income.
One of your major business expenses is going to be fuel costs as a taxi driver tends to drive an awful lot of miles in a year. So, get to know where the petrol/diesel is the cheapest and try to fill up from there wherever possible. Over a 12 month period, you could save yourself a significant amount of money.
Find out how much your competitors are charging their customers and consider slightly bettering their prices as this could lead to some of those customers deciding to use your services thus increasing the level of your income.
If you are able to afford to pay for your taxi insurance as a single premium rather than pay monthly you are quite likely to pay less for your cover.
Hopefully, the above will give you food for thought and may result in you generating an increase in your taxi firm’s income.