If you are considering setting up a taxi business then you will no doubt wish to conduct your due diligence to establish if now is a good time to start up such a business. As part of your research you will find that there has been a huge drop in the number of taxi drivers operating in the UK in the last 18/24 months due to the financial impact the coronavirus had on taxi businesses.
After all, with so many pubs, clubs, restaurants and theatres shutting their doors as well as the holiday business almost coming to a standstill the volume of business for taxi firms diminished significantly during the height of the pandemic.
You only have to look at some of the news articles on the Internet to see that there appears to be a shortage of taxis in the UK. As a result, this may mean that now is as good a time as any to consider setting up in business as a taxi driver.
However, before giving up your daytime job that provides you with a regular income, just to be on the safe side, why not consider operating as a self-employed taxi driver on a part time basis. This would enable you to see how successful your new venture may be. If it looks positive then you could consider increasing the amount of hours you work as a taxi driver and you may be able to reduce the hours you work in paid employment. Once you are confident that operating as a full time self employed taxi driver will generate a reasonable income then you could consider giving up your paid job.
You should consider getting some professional advice from an experienced accountant who has one or more other self-employed taxi drivers as clients on his or her books. If you do decide to take the plunge and set up a taxi business then we wish you good luck for the future. Whilst writing, why not get in touch with us with a view to getting a no-obligation taxi insurance quote through us. We look forward to hearing from you.