Being a taxi driver gives you the opportunity to work according to your own schedule, with your earnings being limited only by the amount of time you want to spend on the road. But, in recent years the costs of being in the taxi business have been steadily on the rise which can put a serious dent in your profits, so just how can you cope with these rising costs? Well, here are just a few things you can do to ensure you’re left with more cash in your pocket:
- Look for alternative vehicles. The vehicle you choose can go a long way to cutting costs, with more efficient models being the way forwards. Go for low-emission vehicles that don’t guzzle the gas and you’ll be saving money on petrol whilst potentially cutting your taxi insurance costs too, and these days even black cab drivers can get in on things—Nissan is about to trial its eco-friendly black cab on the streets of London, with the fuel-efficient NV200 potentially saving taxi drivers up to £700 per year on reduced fuel costs alone.
- Increase fares. Customers may not like it but in many cases increasing fares is the only way to claw back some of those profits, and a lot of local authorities are increasing the minimum fare for black cabs.
- Choose your garages wisely. Petrol prices are on the rise left right and centre, but different garages will always be able to offer slightly different rates so make sure to factor that into your considerations when it’s time to fill up.
- Scout around for cheaper insurance rates. In the wave of increasing taxi insurance costs it can seem difficult to track down cheaper alternatives, but do your research and you might be surprised—if you compare the options and head to specialist brokers or price comparison sites you could soon make some savings, and as long as you make sure you’re getting a decent level of cover you could save some cash whilst being ready for anything.
These are just a few things you need to do if you want to cope with rising taxi costs, and if you bear them in mind you could soon be back on your way to earning a great living.