A Taxi of Your Own

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There are two different types of taxi company available to you, those that public companies and those who work privately. There is a huge difference between the two, though many people either do not acknowledge the differences or simply do not know about them. Let's talk a bit about the big distinction between a private hire taxi company and a public taxi company. You might be surprised.

Public Taxi Company:
These are the standard yellow taxis that you will see in major cities. They will park automatically anywhere and they can pick customers up from any area. Because they have no limits placed on them, they will bring in more business and they will have a steady revenue stream. Their insurance will be a bit higher, but they will be able to handle it quite easily due to the stream of business they hope to experience on a daily basis.

Private Hire Taxi:
Smaller companies or companies that do not wish to pay high insurance premiums on a monthly basis will unduly find that being a private hire taxi company is a favorable solution. There are some huge differences between a public company and a private company however. One of these differences is that as a private hire company you will operate out of the tax depot in the city you have been stationed in. Another limitation is that some insurance companies will only permit your cabs to park in specific places which can put a real monkey wrench in your plans.

Running a private hire taxi service would not be a bad idea believe it or not, especially considering it is much cheaper than running a normal taxi service. The low price will result from the private hire tax insurance that you need to buy. If you were to operate as a public company you would be paying a significant higher price, but there are some disadvantages to paying the lower price.

One of the largest and most noticeable disadvantages is the fact that you can not park your taxis anywhere you want. Often times the insurance companies will check up on you to make sure you are adhering to their rules and obeying the tax regulation laws. The last thing they want is a liability on their hands and doing everything down to the letter of the law will help them to achieve that end.

It may sound a bit restrictive, but it is more than possible to utilize private hire tax insurance and still run a lucrative business. All you need to do is keep your head in the game and seek out clients who would rather use a private taxi. List your business in the phone book and make sure your name is out there for everyone to see with business cards etc. As with any type of business getting your 'name in the frame' along with reliable and efficient services can make all the difference. Having the correct insurance coverage is equally as important to your customers and will also mean that your business is operating within the laws.

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Source by Charlotte J Wilson