6 Steps to Starting Your Own Taxi Cab Company Rental by Rene Holmes - May 7, 20170 Though the upfront costs of starting your own taxi cab company can be staggering, you have to look at the big picture. You can make a great deal of money in the long haul, and it is possible to start small and expand as you gain experience and profit. Before you invest in your company, see if there is even a need for such a service in your area. Once you establish there is, get all of the necessary licenses in order. Step 1 You need to establish whether or not there is a demand for a taxi service in your locality. A small area may not need a service, so running a taxi company is not a good business move. If you have established need, research the competition online and take a look at their rates, and services. Enhance your business goals by making a list of services you can offer to set yourself apart from local competitors. Step 2 The next step is to find vehicles as well as equipment for your business. The easiest way to get started is to glance at online auction sites dealing specifically with used taxi cabs. These cars are a good buy as they have already been modified for this type of service. If you don’t find anything, you can purchase new or old cars to modify. However, this can be costly as you will need a new paint job, taxi meters, toplight signs, company decals and contact information you can display on your vehicles. Step 3 The next step is to get properly licensed and insured. You will of course need a commercial driver’s license which requires examination, and you need to properly register all vehicles. Lastly, you will need a business license from your city’s clerk office as well as a good insurance policy. With insurance, it helps to shop around and ask other drivers for recommendations. Step 4 Black cab insurance company multiquotetaxiinsuranc.co.uk suggests that a good location is a must for your company. If you’ll be serving your city, choose a central location with easy access and plenty of storage for all of your vehicles. Step 5 You will need employees or drivers that you can trust with certainty. Take applications only from drivers that already have a commercial driver’s license and have driven taxis before. Always check driving records, criminal backgrounds and get references for everyone you’re serious about hiring. It is best that you do the hiring process as you know the needs of your company. Step 6 Take the time to plan a good marketing campaign for your company. Start by advertising locally in newspapers, phone books, bulletin boards and passing out flyers. Even driving your vehicle around helps as it has your company’s phone number. Don’t forget to take marketing to a whole new level by advertising online!