It’s more than likely that you’ll see peaks and troughs when it comes to making a living from your private hire vehicle, but have you ever wondered why some people tend to do so well out of it, while you’re struggling to cover the costs of your private hire taxi insurance or taxi insurance? There are, in fact, a few niche markets for private hire vehicles that you may not have considered, and that could see you earning just that little bit more than the standard taxi fares.
Let’s face it, there’s always a call for group bookings, and the minibus driver is always in demand. Whether it’s large groups to the airport, groups off on a work’s night out or a stag or hen party, having a minibus means you’ll be able to take advantage of these types of booking. Obviously, there will be a difference in price in your private hire insurance to cover the number of passengers and the size of your vehicle, but this is likely a drop in the ocean to how much you can make.
Some pupils are unable to get to school by bus or private car, and some are offered transport by way of government funding. This is a niche market that you may want to get into if you are looking for regular runs. In order to carry children to school in this manner, you will have to approach the Local Authority involved to ascertain their specific requirements.
Whilst many larger firms actively approach corporate clients and offer accounts to them should they wish to use their services, few smaller firms realise how profitable and easy to gain these clients can be. Look at the larger businesses in your area that may require taxi services, and put together a proposal that details what you can do for them. As long as you are reliable, clean and presentable (as well as your vehicle) there’s no reason why they would not consider using a smaller provider.
You may assume that a taxi’s only provision is to deliver people from A to B but the truth is, often it is urgent documentation that needs to be transported. If you own your own taxi, working as a casual courier as well as a taxi driver is certainly something to consider to bring home some extra cash – just make sure you declare it to HMRC.
By thinking outside the box and making a few phone calls, there’s no reason you can’t make some good money for regular niche market work. Why not try it for yourself?