The internet has made a lot of business obsolete and presented an even bigger opportunity for enterprising young people to create the future and make a lot of money doing it.
One industry that has been greatly impacted by the internet is the transportation industry.
In Africa, Uber, Bolt, Yango, and Dropyn have paved the way, but there’s still a huge untapped market for ‘late comers’ who might want to get into the Taxi business.
Here is how you can get started.
- Create A Niche
In your ideation process, you need to know what is already on the market, what people want to be changed or made better, then build your business around it.
Doing this will help you create a niche for yourself and make it easier for you to penetrate the market.
- Decide On A Business Model
Most of the ride hauling service companies do not own the cars that they use in the business, they just provide the platform and drivers sign up with their own cars.
You can either to do the same or some other strategy.
At this stage, you also decide how you make money; who are you charging and what amount or percentage?
- Marketing and Sale
At this stage you have to think about how you are going to penetrate the market in spite of all the other equally good options available; how you intend to keep and grow your customer base after people accept you and finally how you will increase your revenue and profits.
Now that you have your entire business on paper, it’s time to get the capital you need to start.
This will definitely be after you have figure out how much you need to get started.
To raise capital, you have several options; family and friends, banks, venture capital firms, independent investors, etc… the choice is totally yours. Know however that, each have their pros and cons, so make sure you assess each source of capital well before you decide.
We hope this article gives you enough information to get started, however, we suggest that you see this only as a guide to help you come up with your own unique thought process. All the best.