CABBIES QUESTION: What elements should be considered in a taxi drivers’ long-term business plan?

For many Hackney Carriage taxi drivers, the profession is not just a job, it's a long-term career and business. To get the most out of their profession, some serious business planning is required. TaxiPoint reached out to industry insiders to find out what cabbies should consider when it comes to their profession and how to get the most out of it.

We asked the readers for their thoughts and one element that was identified is understanding how many miles you plan to drive each year to better understand vehicle maintenance costs. This will allow drivers to plan for the next new vehicle investment. It was also suggested that drivers should decide what they want out of the career and set a plan to achieve their goals.

Another important aspect for drivers is to pay off their vehicle debts as soon as possible and keep the taxi for as long they can too. This will help drivers save for their next taxi at the back end of licensing age limits. Working for oneself and generating their own work was also suggested to cut out the middleman and earn more. It is also beneficial to invest time and high levels of customer service for frequent taxi users, especially in more rural and less densely populated areas.

Drivers were also encouraged to work the hours and not just chase the next pound note. Finding all-year-round customers instead of only relying on airport transfers was also emphasised. Lastly, working with the local community of taxi drivers was identified as crucial. Helping each other in the community can create better longevity in the job.

For many cabbies, the profession is a long-term career and business. With careful planning and consideration, drivers can achieve their goals and maximise their financial rewards, which in turn delivers a better work life balance.