Combe Martin

If you have experience working as a taxi driver then you’ve probably considered setting up your own taxi firm at some point. Setting up a taxi firm does require a lot of work and the industry is very competitive so it’s certainly not for the feint of heart.

If this doesn’t deter you then below are some of the fundamentals of setting up your own taxi firm.

Setting up an office

It is possible to run a private hire taxi firm from a home office, providing you have the right radio equipment. That being said, it will hardly present an ideal scenario, especially if you have a family. Therefore you’ll want to look to invest in a business premises for your head office as soon as you can.

A good premises for a taxi office is one that has enough space, is well located and is reasonable safe. You should always rent your office to begin with so you can be sure that it’s a good fit for your needs. If you’re happy with it then you can always invest later on.

Hiring drivers

Hiring drivers is an extremely important part of running a successful private hire taxi firm. You should aim to hire drivers with a mix of vehicle types. Although regular cars will account for a lot of the taxis you use, you’ll also want to hire drivers who have their own minibus too. The big advantage to hiring owner drivers is that they’ll also have their own vehicles so you don’t need worry about taking taxi insurance cover,  minibus insurance etc. which can be very costly, especially when you have multiple vehicles to insure.

When hiring drivers you should also take their age and driving experience into account. Background checks are always a must too.

Getting insurance

When you run a taxi firm you’ll need to get a tailored policy to help protect your business. In addition to having cover for your business premises you’ll also want to ensure you’re protected for liability claims – both from the public and your drivers.

There are many excellent providers of motor trade insurance online and getting quotes is a very quick and simple process now.