Is Taxi Business Profitable in Philippines?

Wondering Is taxi business profitable in Philippines? Would it be a good idea to start a venture? Don’t worry! We have got you covered!

Is taxi business profitable in Philippines

If you are someone who loves to meet people who like to move around town while listening to people’s experiences, then the taxi business is best for you. However, as good as it may sound when you consider it as a leisure activity, earning out of the same is not going to be difficult too. So, what could be the best way to move ahead in the same? Is taxi business profitable in Philippines, or do you need to follow some different strategies to ensure you earn well from it? We have the answer to all your questions! Read ahead!
  • Have Everything Sorted
The first and the basic thing you need to do is to have everything in order. This includes the license, permission from the authorities for running a taxi, car’s insurance, registration, and everything related to the business. You might not want to run into trouble after starting the business so sorting everything on a first-hand basis will help you immensely. The laws in the Philippines might be different from other countries so ensure that you are complying with the same.
  • Get a Good vehicle
Don’t just get a car for the sake of it. Before you put down your money, choose one that has ample space at the back seat that is going to offer your customers a great deal of comfort and convenience. Also, if you will go for a smaller engine option, you will also qualify for rebates in the taxes. The same goes for a smaller sized car that will help you to get an additional discount on insurance. Go to the motor vehicle act of the Philippines thoroughly to get an idea where you could opt for more concessions.
  • Insurance is the Key
Insurance will save you in case of an accident or if something goes wrong. Always have an up to date insurance of both taxi and yourself. You could also opt for the passenger insurance although it might attract an additional premium. So, it is advisable to get hold of a good insurance agent and have everything laid out to you so that you could pick a great deal for yourself.
  • Taxi Meters as Per the Philippines Standards
As they are mandatory in the taxi business, inquire about the meters, and get an updated one in your taxi. There are also some great GPS options available so keep an eye on them also. The meters might be available on monthly or yearly payment so you will have to make sure to pick the right package so that you don’t end up paying the penalty for the same in near future.

Also Read: Is Trucking Business Profitable?

Is Taxi Business Profitable In Philippines?

Taxi Business Profitable In Philippines

The simple and straight answer to this question is – Yes! Taxi business, in any part of the word, is a profitable deal as long as you are playing the cards right. There is never a dearth of local or foreign travelers and it makes for a good investment.
  • There is not a cut-throat competition in the taxi business. Thanks to the biggies like UBER, you also have an option to get yourself enrolled with the big brand and get bookings from them. You may have to give them a share from your earnings but they will offer you guaranteed customers for the day.

  • Even if you plan to go solo, you have great opportunities. For example, you can contact any office and get your car enrolled there as a pick and drop service. You also have the option to do the same with hotels.

  • The best part is, you can also go for intercity or interstate travel on the weekend. This will allow you to earn more as long travels fetch more fare.

  • Not just with the car, you can also invest in electric scooters to fetch people within the city, at the tightest lanes and spots. This can be a great additional income source and also calls for a much lesser investment as compared to the car.

  • You can also earn additionally by putting up ads on the car.
So, these were some of the best ways to earn a good profit by starting a taxi business in the Philippines. We hope these pointers will come in handy to you on your new venture!

Also Read: How to Market Your Business

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