With the world becoming smaller through increased travel, there’s never been a better time than now to tap into the growing taxi business market. While some might say that it’s a congested market already, innovative start-ups like Uber and J21 have proven that there’s still plenty of room for players with creative, disruptive and value-adding ideas for the taxi business.
If you have an idea for a taxi start up and don’t know where to start, or have started but unsure about you plan, then read on as we give you the five crucial elements that each business plan needs to have in order to ensure success in your future endeavours.
As with any business plan, yours will have to begin with a comprehensive but short executive summary to give the reader an idea of what to expect in the rest of the plan. As such, executive summaries are written in right after the contents page, and include all of the important points covered in your business plan. Be sure to write the executive summary in such an enticing way that it’ll leave the reader wanting to find out more.
Describe your Business Model
Paint a picture of your business journey thus far, including your vision and mission for it. The description section should answer pertinent questions like, “what do I want to achieve with this business?” or “what value will I be adding to set myself apart from what’s available?”, and most importantly, “what inspired the business idea?” Needless to say, this section is really an opportunity to express the passion and energy that you have for the business, and that infectious energy should in turn keep the reader interested enough to continue exploring your plan.
Identify Your Target Audience
Next, you need to clearly define who your target audience is. What do they like, what age group they’re in, where they’re from and why they’d be interested in using your service. Writing this part of the business plan will help you to further customise your service to meet your target customer’s needs, while at the same time showing potential investors that your business idea meets the well-defined needs of a particular segment of the market.
This is the part of the business plan where you explain, using researched facts, the strategy you have for selling your idea to the market. Remember, consumers are inundated by brands trying to sell them products and services all the time, so your selling strategy should be convincing enough for them to consciously choose your company over your competitors. Honesty, candour, creativity and innovation are some of the key characteristics that you need to employ in order to achieve success in this regard.
Lastly, no business plan is complete without taking stock of who the business competitors are. While you might think that you’re the only one to have come up with your unique business idea, you’d be surprised to find that there are existing businesses that are either doing exactly what you’re doing or offering something similar. “Your job is to assess your competition’s strengths and weaknesses, while identifying the unique selling proposition which will enable you to compete with them,” says Fabien, director and founder of GREENR.CAB.
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