BusinessHABHow Profitable is Taxi Business
How Profitable is Taxi Business :Taxi business in the country is one of the profitable businesses because of its growing opportunities in the transport sector, even the quality of the types of cars used as taxi in the country, is enough to convince you that taxi business in Nigeria is thriving excellently well. That is why taxi business here in Nigeria can favourably compete with those taxis operating in the developed nations of the world.
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Think about this, every day the population in Nigeria is increasing, as a result of rural urban drift by the people. In view of this increase in population, the taxi business has poised to become a fast growing transport business in Nigeria. Nigerian government today is releasing what I may described as ‘Executive Taxis’ into the Nigerians roads, and the gesture has triggered Nigerians interest in investing in taxi business hence, the increase in the opportunities available in taxi business in Nigeria.
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Today in Nigeria, taxi business is considered as a corporate business, as the taxis plying Nigerian roads are fully air-conditioned, and for the most part, now in Nigeria, taxi business has a professional standard upon which, taxi business owners comply with. So taxi business has been specified with high degree of well acceptable standard of operation in Nigeria. And because of how lucrative and rewarding the business is, many investors have indicated interest of investing in the transport sector in Nigeria particularly, in the taxi business.
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For instance, commercial banks in the country have offered attractive incentive and opportunities to interested Nigerians to invest in taxi business in Nigeria. These banks offer easy access to their financial assistance and loan to intending taxi business operators. Having said that, we will be discussing in this article about how profitable is taxi business in Nigeria, here we go.
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How profitable is taxi business?
Taxi business is quite a profitable business, and that means a lot of things, one of those things is for you to make profit, I mean huge profit by successfully comply with the following approach in growing and break-even in you taxi business in Nigeria. The first thing you should do as someone who wants to start successful and profitable taxi business in Nigeria is to;
Register with taxi drivers’ association:
Running a successful taxi business in Nigeria is not however, difficult, as some persons in some quarters think. Should you want to invest or start taxi business in Nigeria, the first thing should be that, you endeavor to seek ways on how to register with taxi drivers’ professional group. This professional Taxi Drivers and Cab Operators Association is ready to support you and lead you through the part of profitability in taxi business in Nigeria. It is this body that will give you the accreditation to operate taxi business in Nigeria, after you might have registered with them.
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Locate your favorable park:
There will be numerous motor parks at the city upon which you are operating from, so what you have to do will be to choose a particular park within your city that is convenience and suitable for your taxi business. By so doing, you have disposition your taxi business towards productivity.
Get your cars ready:
Having chosen your park, the next thing will be to purchase your cars for your taxi business, and you are on your way to productivity in your taxi business. And what you should know is this; most of the taxi drivers you see on Nigerian roads with luxury taxi cars were not purchased with their personal money, which is why it is possible for you to start your taxi business without necessary having your start-up capital readily available.
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The only thing that will give you advantage will be that you have registered with the taxi drivers’ association. Those taxi drivers, if I must tell you the truth, get those luxury taxi cars with fully air conditioned through loans from different commercial banks through the help, the support and the guarantor of the divers’ association. In most cases, you will requested to deposit some amount of money with the bank you intend to get the loan from, and then off you go with your car or fleet of cars for your taxi business. Please note, your ‘drivers association’ will serve as a guarantor to this loan.
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Pay back your loan:
Sincerity or honesty, they say, is the soul of business. When you pay back the loan, you have been honest hence, positioned your taxi business to investors, who will love to invest in a business that has built credibility and reputation of honesty and fair business transaction, because they know that they will recouped their investment, and then tell me how profitable your taxi business will be, it is as simple as that.
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More so, in the course of paying the loan back to commercial from which they took the loans from, they are being driven with commitment to succeed in their taxi business, so as to pay back the loans. And by so doing, they have met their profitability margin, and as well pay back the loan at when due. So they have target, and they are driven to hit the target, that is why a lot of them enjoyed working diligently with their luxury taxi cabs, which is most patronized by the middle class citizens.
Challenges to note:
Without any doubt, taxi business in Nigeria is highly a lucrative business, and the fastest growing business within the transportation sector, owing to the growing rate of Nigerian population. The numbers of luxury taxi cars on the roads, and the level and volume of profit they made in daily basis, and again the rate at which Nigerians invest at the taxi business in Nigeria has demonstrated how profitable taxi business is and can be in the country.
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Though, the business does not thrive however, without its challenges, there is this erroneous belief that luxury taxi cab is for the elites, that the taxi is for the rich, and so ordinary Nigerian cannot afford the fare charged by the operators of this business, which of course is a fault belief, and it is not true. That is why some Nigerians will be scared of these taxis because they felt that fare of this taxis is on the high side, and no, not so, every Nigerian can board the taxi at an affordable fare.
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