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Owning a taxi business can be attractive and profitable at the same time, it is important to keep an eye on the laws and procedures that govern it. Otherwise, it might lead to fines and penalties. Each city or state has its own rules and regulations for driving taxis and operating the taxi business.
Indian taxi market is estimated to be around $8 billion in which 5% is under organized sector, and others are wide open in the market. It is being projected that in the next 5 years, organized players such as Uber, Meru and Ola will capture 15% of this market, which is growing at an astounding rate of 45% per year.
In a highly controlled and dominating environment like taxi app business where companies like Uber, OlaCabs, GrabCar etc, are backed by huge funding and planned strategic management using mobiles.
Both Uber and Lyft are becoming giant ride share companies since launched their services over many countries across the world. They are stumbling the taxi business by allowing people to hail taxis over smart phone application. Here is the discrepancy between Uber and Lyft.
GPS (Global Positioning System) navigation is being an essential part for taxi fleet management, which made ease tracking and calculate precise location of vehicles. For better control, safety and communication, GPS system have became significant one for many business.
If you consider to be at starting up a taxi business, then you have to think about several marketing and promotional techniques to run a successful taxi company. Before going with any marketing actions, make sure that your taxi business meets with all local government laws on obtaining taxi license.
Whenever you go to a new city, Taxi is most reliable and affordable mode than public transportation vehicles. The people feel more comfortable to go anywhere from one place to another, due to this reason taxi start ups are increasing rapidly over many countries.