There are nearly 292,000 licensed private hire vehicles (PHVs) in the UK, and - in 2019 - the UK taxi industry was worth a staggering £9 billion.
The taxi franchise sector has been a fertile area of genuine innovation over the past decade; with the introduction of app-based hailing and contactless payments making taxi-taking a more straightforward pursuit.
Many people are ditching car ownership altogether in favour of taxi taking - no insurance or upkeep to worry about makes taxis a more affordable way of getting about.
At the moment, the overwhelming majority of taxi drivers are male; just 2% of all taxi drivers in the UK are female.
But, for anybody considering setting up a taxi firm for themselves, it's definitely worth addressing this imbalance. Many female customers feel more comfortable with female drivers; especially for journeys late at night.
Women, statistically, take more taxi trips than men; with the average female taking 11 trips per year, travelling over a distance of 56 miles.
Franchising
One of the principal benefits of investing in a franchise over setting up in business for yourself is the inherited reputation a franchise opportunity offers.
A lack of a reputation is one of the most significant barriers to success for any new business. And, when we're talking about companies that need to instil confidence and develop trust with its customer base - like taxi franchises - a ready-built reputation is certainly worth its weight in gold. This is what you get with a taxi franchise.
When you invest in a taxi franchise, you adopt instantly recognisable branding, offering immediate reassurance to your future customers who have already heard of you and - most importantly - trust you.
Taxi franchises offer intensive training to make sure that you're up to speed with all aspects of employment and financial regulations. They also tend to provide HR functionality to make sure that you and your employees are protected.
Franchises come with a ready-built supply chain, so your taxi franchise will help you find the best deals for professional insurance and registration.
In short: franchising helps you hit the ground running; getting your new business on the road quickly and without unnecessary complication.
Facts About Taxi Franchises
As mentioned, more women than men take taxis, so it makes sense to consider employing female drivers. If you're a woman looking for your next business challenge, a taxi franchise could offer you a smooth entry to the sector.
It may seem obvious, but targeting your new business towards people who do not own a car is a great way to find new customers. People without vehicles take four times more taxis than car owners, so - when you get started - aim to reach out to people in apartment buildings and urban areas.
Consider targeting your taxi franchise towards greater accessibility by offering wheelchair access if you can. People with mobility issues rely on taxis more than people without barriers to mobility.
Franchising Vs Independent
When you're looking for start-up funds, the most natural place to look is the bank. And, if you're considering investing in a taxi franchise, your bank is likely to look at you favourably.
In fact, moneylenders tend to favour the franchise business model because the parent company has already been proven profitable and successful.
Independent companies, on the other hand, often struggling to achieve reasonable interest rates for start-up funds because they don't have a record of turnover and profit.
Franchisees benefit from instantly recognisable branding while almost half of all independent enterprises go bankrupt before they have recouped their initial investment.
Taxi Franchises
Explore our excellent range of taxi franchises, and get set for a life on the road to success.
Find your brand new start with Franchise Direct.