Running a taxi business can be a great way to make a living. The novelty of Uber and Lyft has worn off to a certain extent and there is now room for taxi businesses to come back in. However, starting a taxi business is not necessarily easy and there are a few things to consider when starting this sort of business.
Licensing Requirements For Taxi Businesses
Before starting a taxi business, you have to make sure you obtain all the necessary permits and licenses. The most important and generally expensive of these licenses is your vehicle taxi license.
This license is referred to as a “hire plate” or a “medallion” and can cost anywhere from a few hundred dollars to thousands of dollars. This price is largely determined by the location you want to work in; smaller towns are cheaper and big cities tend to be far more expensive.
Insurance For Taxi Businesses
Running a taxi business can be risky and it is important to have good insurance coverage before you start a taxi business. You will need insurance that covers liability issues, property damage, and bodily injury to both you and your passengers.
Starting a taxi business can be difficult and expensive but is a great way to make a living if you succeed. Make sure to research all the requirements for taxi businesses in your area before taking on this endeavor.