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Start Taxi Business In Nigeria

    Capital: The backbone and the bedrock of every thriving business solely dwell on its financial strength, a sustainable budget should be set aside to fund the business. Starting with a small capital is also acceptable considering the thriving of the taxi business. You can also source for the capital through fundraising or micro-loan scheme.

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    Location: The location has a great role to play. You must be in a highly populated area where people troop in and out on a daily basis, a commercialized area with companies where you can move staffs and customers about. The residence is also important when considering a location, residential area in the cities brings high earnings due to the fee you charge for services and limited buses plying the route.

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    Registration: Vehicle must be registered with the authorized organization to get the appropriate license for the vehicle; registration comes with a lot of hassle in Nigeria due to many uncertified bodies involved in getting the vehicle license. Therefore, you must ascertain the validity and authentification of the registration of the vehicle. This will prevent an undue arrest of person or vehicle. You are advised to visit MVAA office for your vehicle registration.

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    Vehicle type: You must be sure of the vehicle you are using as a startup, the vehicle must be environmentally friendly, make a consultation to competent mechanic within your location, and the fuel efficiency must also be considered, the durability and maintenance value.

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    Remittance method: This consists of two major efficient way of handling the taxi business effectively.

    • Rental: This method simply places you as the owner, funding the cost and servicing the taxi such as fueling and repairing of faulty parts. The driver is thereby placed on a payments structure as agreed with both parties. This might be daily, weekly or monthly at most.
    • Hire Purchase: This method is entirely different from the rental method; in this method you and the driver will reach an agreement placing him on a payment structure for a period of time. Afterward, the vehicle becomes he’s. However, the driver takes full responsibility for the maintenance, l incensing, fueling, costs of running the vehicle and most of all keeps the vehicle in good shape for his own purpose.

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Tips

  • Edit Tips Taxi business is very lucrative as stated before, running the business at highly populated areas increases your income and brings forth immense profits which encourage the growth of the business.
  • Edit Tips Once you have a detailed verification of how your present route is, you can begin to explore to other location within your vicinity. This gives you the option of putting the rental and hire purchase method to place.
  • Edit Tips You and your drivers must always keep the vehicle clean at all time to attract customers, they must create an enabling and friendly atmosphere with the customers, however, they must study the mood of their passenger knowing when to talk and stop base on the customers’ preference.

Warnings

  • Edit Warning Starting a taxi business can be challenging when you don’t have a detailed insight, information and consultation about the business.
  • Edit Warning You need to be familiar with the area, make findings on how taxi operate on the particular route.
  • Edit Warning Get responsible drivers when the turnover implies for the rental or hire purchase method, also get reputable and competent mechanics to handle the servicing of the vehicle.

Sources and Citations

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