Q&A for How to Start a Taxi Company

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Is it possible to start with just a single car?

Community Answer

As long as you can cater to your clients' needs, then the number of cars doesn't matter.

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Question

Were can I get a permit license?

Michael Womack

Community Answer

Your town business authority. I got mine from the city clerk at the chamber of commerce.

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Question

Is it possible to start a taxi association with its own route if I do not have the necessary funds, and how would I gather the capital?

Michael Womack

Community Answer

Yes. Some franchises only need 10K to start up, and that comes with corporate training, tax help, business advice, etc. If you cannot produce enough money to start up the business (insurance, supplies, licenses, etc.), I suggest you apply for a loan. A word of caution: have all the paperwork complete before speaking with a loan official. If you forget to obtain something like an EIN for employees or prove intended insurance to protect the business after opening, the bank or loan company may deny you before the interview has begun.

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Question

How many cars is optimal for a new taxi company?

Michael Womack

Community Answer

An "optimal number" is dependent on many factors. Do some research to determine whether your community will support more than one vehicle, or whether another business already does or intends to do the same business. Speak with the community. Basically, discover the demand in the area to adjust for intended growth.

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Question

How can I get the fares for all journeys?

Michael Womack

Community Answer

A taxi vehicle will have a meter to tally the fare. You show the customer the fare upon arrival at the destination, and the customer pays you.

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Question

How do I know how much I make?

Community Answer

Simply calculate your revenue (cash received from customers) and subtract expenses (gas, car washes, maintenance, etc.). That will give you your profit total.

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Question

Can fifty 22-seat minibuses make me a millionaire?

Community Answer

It really depends on the demand for your minibuses and your business structure.

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Question

How can I start a luxury taxi service? Would it be very profitable if I'm living next to a big city?

Michael Womack

Community Answer

Your questions require more than two answers. The article on this wikiHow page gives all the rudimentary steps to form a taxi business entity. The luxury designation depends on you. Advertising, quality customer service, community reputation, local business competitors, etc. are all aspects to consider. Make sure you've read this article, and then do some more research on your own.

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Question

How much does it cost to start a taxi company?

Community Answer

I would recommend having at least $100k to cover all potential startup costs.

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Question

What licenses and permissions do I need to start a taxi company?

Michael Womack

Community Answer

Your local business authority can answer this question. Here in California we have the Board of Equalization. I suggest you contact your chamber of commerce or city hall. They should be able to direct you.

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Question

Where do you I get the licenses for a cab company?

Community Answer

Contact any local government office or start an internet search for a state office handling business licenses.

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Question

Can someone drive their personal vehicle for my taxi company?

Michael Womack

Community Answer

No. The vehicle is used for commercial purposes instead of personal. This requires a new classification from the DMV and a CDL from the driver, plus insurance for the new vehicle, which would come from your business.

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Question

Approximately how much money do I need to start a taxi company?

Michael Womack

Community Answer

There is no set price, unless you buy in to a franchise. Startup cost depends on your ability to meet customer needs at opening.

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