If you’re looking to create a taxi service business plan, you’ve come to the right place!
Over the past 25 years, the PlanPros team has helped over 1 million entrepreneurs and business owners write business plans….and many of them have started and grown successful taxi service businesses. Below is an example of a business plan for a taxi service business.
Taxi Service Business Plan Example
Below is our taxi service business plan template and sample plan created using our free ai business plan generator:
I. Executive Summary
Company Overview
At SwiftRide Taxi Solutions, we pride ourselves on providing top-notch transportation services in Linden, NJ, and surrounding areas. Established to meet the growing demand for reliable and efficient taxi services, our company has quickly become a preferred choice for local residents, business travelers, and tourists alike. Our fleet comprises modern, well-maintained vehicles operated by professional, courteous drivers, ensuring a comfortable and safe ride every time. Operating in a strategic location, we leverage our local knowledge and technological advancements to offer timely services, setting us apart in a competitive market.
Success Factors
Our success stems from a combination of key factors and accomplishments. Firstly, our commitment to customer satisfaction has earned us a loyal customer base and positive word-of-mouth referrals. We’ve also invested significantly in technology, allowing for easy booking and real-time tracking of our vehicles, enhancing the overall customer experience. Moreover, our strategic partnerships with local businesses and our participation in community events have bolstered our brand presence and community engagement. These efforts have positioned us as a leading taxi service provider in our area, with a solid foundation for future growth.
Industry Analysis
The taxi and ride-sharing industry has witnessed significant transformations, driven by technological advancements and changing consumer behaviors. The rise of ride-sharing platforms has introduced a new level of competition, compelling traditional taxi services to innovate and adapt. This evolving landscape emphasizes the importance of customer service, technological integration, and operational efficiency. In Linden, NJ, the demand for reliable transportation services continues to grow, fueled by an increase in tourism, business activities, and local events. Our strategic approach positions us to capitalize on these opportunities by offering differentiated services that cater to the specific needs of our diverse customer base.
Customer Analysis
Our target customers encompass a wide range of demographics, including local residents, business travelers, and tourists in Linden, NJ. We cater to individuals seeking convenience, reliability, and quality service in their transportation options. Our analysis indicates a significant demand among professionals for timely and efficient travel to and from the airport, as well as among tourists and locals looking for safe and comfortable rides around the city. Understanding these customer segments allows us to tailor our services and marketing strategies to meet their unique needs, ensuring a superior service experience.
Competitive Analysis
- Elegant Chauffeurs: Targets premium customers with luxury vehicles, focusing on corporate clients and special events.
- Travelers Taxi, LLC: Offers a range of services including standard taxi rides and airport shuttles, known for their affordability and reliability.
- Chico Car Service: Provides budget-friendly, reliable taxi services, appealing to local residents and budget-conscious travelers.
Our competitive advantage lies in our ability to blend the best aspects of our competitors’ offerings with our exceptional customer service and technological innovations. This unique positioning allows us to cater to a broad spectrum of customer needs, setting us apart in the market.
Marketing Plan
Our marketing strategy is centered around online and community-based promotional efforts. We leverage social media, SEO, and email marketing to engage with our audience and promote our services. Our user-friendly website and targeted online advertising campaigns play a crucial role in attracting new customers. Additionally, we engage in community sponsorship and events to enhance our local brand presence. Traditional marketing methods, such as distributing flyers and referral programs, complement our online efforts, creating a well-rounded approach to reach and retain customers in Linden, NJ. Our promotions plan is designed to build trust and loyalty among our customer base, ensuring we remain their top choice for taxi services.
Operations Plan
Our key operational processes include efficient dispatch and scheduling, regular maintenance of our fleet, and ongoing driver training programs to ensure the highest level of service. We’ve set milestones for expanding our fleet, integrating advanced booking technologies, and achieving specific customer satisfaction targets. These operational goals support our mission to provide exceptional taxi services and drive sustainable business growth.
Management Team
Our management team is composed of experienced professionals with diverse backgrounds in the transportation, technology, and customer service industries. Their collective expertise drives our strategic decision-making, operational efficiencies, and customer-focused approach, positioning SwiftRide Taxi Solutions for continued success and market leadership.
Financial Plan
To achieve our growth objectives, we require additional funding to expand our fleet, invest in technology, and enhance our marketing efforts. This investment will enable us to meet the increasing demand for our services, improve operational efficiency, and secure a competitive edge in the market.
Summary
Below is an overview of our expected financial performance over the next five years:
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | |
|---|---|---|---|---|---|
| Revenues | $3,141,105 | $3,401,283 | $3,683,012 | $3,988,077 | $4,318,410 |
| Direct Expenses | $1,467,225 | $1,541,974 | $1,620,530 | $1,703,088 | $1,789,853 |
| Gross Profit | $1,673,879 | $1,859,309 | $2,062,482 | $2,284,988 | $2,528,557 |
| Gross Profit (%) | 53.3% | 54.7% | 56% | 57.3% | 58.6% |
| Other Expenses | $97,085 | $100,030 | $103,065 | $106,192 | $109,414 |
| EBITDA | $1,576,794 | $1,759,278 | $1,959,416 | $2,178,795 | $2,419,142 |
| Depreciation | $73,000 | $73,000 | $73,000 | $73,000 | $73,000 |
| Amortization | $0 | $0 | $0 | $0 | $0 |
| Interest Expense | $51,500 | $51,500 | $51,500 | $51,500 | $51,500 |
| Income Tax Expense | $508,303 | $572,172 | $642,220 | $719,003 | $803,124 |
| Net Income | $943,991 | $1,062,606 | $1,192,695 | $1,335,292 | $1,491,517 |
II. Company Overview
SwiftRide Taxi Solutions is a new Taxi Service serving customers in Linden, NJ. We are a local taxi service aimed at providing an unmatched transportation solution in the area. Recognizing the gap in high-quality local taxi services, we have embarked on a mission to fill this void by offering reliable, comfortable, and technologically advanced taxi services that cater to the needs of Linden residents and visitors alike.
Our offerings are designed to cater to the modern passenger’s needs, including a state-of-the-art Ride-Booking App that allows customers to request rides with ease, GPS Navigation Systems to ensure efficient routing and timely arrivals, Taxi Meters for transparent and fair billing, Passenger Safety Equipment for peace of mind during travel, and In-Car Payment Systems for convenience in settling fares. These products and services are the backbone of our operations, ensuring a seamless and satisfactory experience for all our customers.
Based in Linden, NJ, SwiftRide Taxi Solutions is strategically positioned to serve the local community and its surrounding areas effectively. Our deep understanding of the local landscape, combined with our commitment to leveraging technology for better service delivery, sets us apart as a preferred choice for taxi services in Linden, NJ.
SwiftRide Taxi Solutions is uniquely qualified to succeed for several reasons. Our founder brings a wealth of experience from previously running a successful taxi service, ensuring that we have the knowledge and expertise required to navigate the industry’s challenges. Additionally, our commitment to providing superior taxi services, compared to what is currently available from the competition, positions us as a leader in the local market. These factors, combined with our passion for customer satisfaction, form the foundation of our success.
Since our establishment on January 1, 2024, as a C Corporation, we have achieved significant milestones. Our accomplishments to date include the development of a distinctive company logo that represents our brand’s values and ethics, the creative process behind our company name that resonates with our mission and vision, and the securing of an ideal location that serves as our operational base. These achievements mark the beginning of our journey towards becoming the go-to taxi service in Linden, NJ.
III. Industry Analysis
The Taxi Service industry in the United States is a significant market with an estimated size of $23.6 billion. This industry has shown steady growth over the past few years, with an expected annual growth rate of 2.7% in the coming years. This growth is attributed to factors such as an increase in demand for convenient transportation options and the rise of ride-sharing services.
One trend in the Taxi Service industry that bodes well for SwiftRide Taxi Solutions is the shift towards more personalized and on-demand services. Customers are increasingly looking for reliable, efficient, and comfortable transportation options, which SwiftRide Taxi Solutions aims to provide. With the rise of technology and mobile apps, customers are also looking for easy booking and payment options, which SwiftRide Taxi Solutions can capitalize on.
Another trend in the Taxi Service industry is the focus on sustainability and eco-friendly transportation options. As more customers become environmentally conscious, there is a growing demand for taxi services that prioritize sustainability. SwiftRide Taxi Solutions can differentiate itself by offering hybrid or electric vehicles, which can attract a niche market of eco-conscious customers in Linden, NJ. By aligning with these industry trends, SwiftRide Taxi Solutions has the opportunity to carve out a successful niche in the competitive Taxi Service market.
IV. Customer Analysis
Below is a description of our target customers and their core needs.
Target Customers
Our primary target customers will be local residents of Linden, NJ who require reliable and convenient transportation for their daily commutes, errands, and social activities. We will focus on providing top-notch services to individuals who do not own vehicles or prefer not to drive, ensuring they have a dependable alternative for their mobility needs. By offering competitive pricing and exceptional customer service, we will quickly become the go-to choice for local transportation.
We will also target business professionals who need timely and comfortable transportation to and from work, meetings, and corporate events. Our services will include options for pre-scheduled pickups and drop-offs, catering to the busy schedules of our corporate clientele. Additionally, we will offer premium services for executives and VIPs, ensuring a high-quality experience for those who require it.
Another key segment we will target is tourists and visitors to Linden, NJ, who need hassle-free transportation to explore the city’s attractions, hotels, and nearby destinations. We will provide tailored tour packages and sightseeing services to enhance their travel experience. Our knowledgeable drivers will offer insights and recommendations, making us an essential part of their visit.
We will also focus on serving individuals with special transportation needs, such as seniors and people with disabilities, by offering accessible vehicles and trained drivers. Our commitment to inclusivity will ensure that every customer, regardless of their mobility challenges, will have a safe and comfortable ride. This dedication to accessibility will set us apart from competitors and build a loyal customer base.
Customer Needs
SwiftRide Taxi Solutions provides high-quality taxi services to residents who prioritize comfort and reliability. Customers expect timely arrivals and departures, ensuring they reach their destinations punctually. Our fleet is well-maintained, offering a clean and safe environment for all passengers.
We cater to the need for advanced booking options through our user-friendly app, allowing customers to schedule rides at their convenience. Real-time tracking features give customers peace of mind, knowing exactly when their taxi will arrive. Our competitive pricing ensures affordability without compromising service quality.
Our drivers are professionally trained, enhancing the overall customer experience with courteous and knowledgeable service. We understand the importance of accessibility, offering services that accommodate individuals with special needs. Customer support is readily available to address any concerns or questions, ensuring a seamless and satisfying ride experience.
V. Competitive Analysis
Direct Competitors
Elegant Chauffeurs
Elegant Chauffeurs offers high-end taxi and chauffeur services, targeting corporate clients and special events. They provide luxury sedans, SUVs, and limousines. Price points are premium, with an average ride costing between $50 and $150 depending on the distance and vehicle type. Their revenue is estimated to be around $2 million annually. They operate in Linden, NJ, and surrounding areas including Newark and Elizabeth. The primary customer segments include corporate executives, tourists, and event attendees. Key strengths include a high level of service, luxury vehicles, and experienced drivers. Weaknesses are higher costs and a narrower market appeal limited to premium customers.
Travelers Taxi, LLC
Travelers Taxi, LLC provides standard taxi services as well as airport shuttles and package delivery. Their fleet includes sedans and minivans. Price points are competitive, with fares ranging from $15 to $50 depending on the service. The company generates an estimated $1.5 million in annual revenue. They serve Linden, NJ, and extend their services to include Newark Liberty International Airport. Their customer segments include local residents, business travelers, and tourists. Key strengths are affordability, a diverse range of services, and reliability. Weaknesses include a less luxurious fleet and longer wait times during peak hours.
Chico Car Service
Chico Car Service specializes in affordable and reliable taxi services, offering both on-demand rides and scheduled pickups. Their fleet includes sedans and SUVs. Price points are budget-friendly, with typical fares ranging between $10 and $40. The company has an estimated annual revenue of around $1 million. They serve Linden, NJ, and nearby cities like Rahway and Cranford. Key customer segments include local residents, students, and budget-conscious travelers. Key strengths are affordability, convenience, and customer loyalty. Weaknesses include a smaller fleet size and limited premium service options.
Competitive Advantages
SwiftRide Taxi Solutions distinguishes itself in the competitive market through exceptional service quality and customer-centric features. Our commitment to providing better taxi services than our competition is evident in multiple aspects. We have invested in a modern fleet of vehicles equipped with the latest safety and comfort features, ensuring a superior ride experience for our customers. Additionally, our drivers undergo rigorous training and background checks to guarantee professionalism and safety, setting us apart from other service providers.
We also leverage technology to enhance our service delivery. Our user-friendly mobile app offers seamless booking, real-time tracking, and cashless payment options, making the entire process hassle-free for our customers. Furthermore, our competitive pricing strategy, coupled with frequent promotional offers, ensures that our services remain affordable without compromising on quality. By continually innovating and prioritizing customer satisfaction, we maintain a distinct edge over our competitors in the Linden, NJ market.
VI. Marketing Plan
Our marketing plan, included below, details our products/services, pricing and promotions plan.
Products, Services & Pricing
SwiftRide Taxi Solutions offers a variety of products and services designed to enhance the customer experience and ensure efficient operations. Their primary offering is a user-friendly Ride-Booking App, which allows customers to easily book rides, track their taxi in real-time, and make payments. The app is available for free on both iOS and Android platforms, providing convenience and accessibility for all users.
To ensure drivers can navigate efficiently, SwiftRide includes advanced GPS Navigation Systems in each vehicle. These systems are equipped with real-time traffic updates and alternative route suggestions, helping drivers avoid delays and provide timely service. The cost of integrating these navigation systems into each vehicle is approximately $300 per unit.
Accurate fare calculation is crucial for both the driver and the passenger. SwiftRide uses high-precision Taxi Meters that ensure transparent and fair pricing. The average cost of these taxi meters is about $250 per unit, and they are regularly calibrated to maintain accuracy.
Passenger safety is a top priority for SwiftRide, which is why they invest in comprehensive Passenger Safety Equipment. This includes features like in-car cameras, emergency buttons, and first-aid kits. The safety equipment package typically costs around $150 per vehicle, providing peace of mind for both drivers and passengers.
For seamless transactions, SwiftRide installs state-of-the-art In-Car Payment Systems in all taxis. These systems support multiple payment methods, including credit/debit cards, mobile payments, and cash. The average cost of these payment systems is about $200 per unit, ensuring drivers can efficiently manage fares and tips.
By offering these products and services, SwiftRide aims to provide a reliable, safe, and convenient taxi service experience for all their customers.
Promotions Plan
At SwiftRide Taxi Solutions, we implement a variety of promotional methods to attract and retain customers in Linden, NJ. Our primary focus is on online marketing, leveraging the power of digital platforms to reach a broader audience. We utilize social media channels such as Facebook, Instagram, and Twitter to engage with potential customers, share updates, and run targeted advertising campaigns. Through these platforms, we also engage in community building by responding to customer inquiries and feedback promptly.
In addition to social media, we invest in search engine optimization (SEO) to ensure our website ranks highly in search engine results. This increases our visibility to individuals searching for taxi services in Linden. Our website is user-friendly and mobile-optimized, providing customers with an easy way to book rides and access information about our services.
Email marketing plays a significant role in our promotional strategy. We collect email addresses through our website and social media channels to send out newsletters, promotional offers, and important updates. This helps us maintain regular communication with our customers and keeps them informed about any new services or discounts we offer.
We also run online advertisements through Google Ads and other relevant platforms. These ads are targeted based on demographics, location, and customer behavior, ensuring that we reach the right audience. Additionally, we collaborate with local businesses and events to sponsor and promote our services, thereby increasing our brand presence in the community.
Our promotional efforts are not limited to online methods. We distribute flyers and business cards in high-traffic areas such as shopping centers, train stations, and community events. We also offer referral programs where existing customers receive discounts for referring new clients to us. This word-of-mouth marketing is highly effective in building trust and credibility.
To further enhance our visibility, we participate in local community events and sponsor charitable activities. This not only helps us give back to the community but also strengthens our brand image. By being actively involved in the community, we build strong relationships with potential customers who value local businesses that contribute to their area.
Overall, our comprehensive promotional strategy combines online marketing, community engagement, and traditional advertising methods to attract and retain customers in Linden, NJ. We remain committed to providing exceptional service and continuously adapting our promotional tactics to meet the evolving needs of our customers.
VII. Operations Plan
Our Operations Plan details:
- The key day-to-day processes that our business performs to serve our customers
- The key business milestones that our company expects to accomplish as we grow
Key Operational Processes
To ensure the success of SwiftRide Taxi Solutions, there are several key day-to-day operational processes that we will perform:
- Customer Booking Management: Efficiently manage customer bookings through a user-friendly mobile app and phone-based reservation system.
- Driver Coordination: Schedule and dispatch drivers effectively to meet customer demand and reduce wait times.
- Vehicle Maintenance: Regularly inspect and maintain vehicles to ensure safety and reliability.
- Customer Service: Provide exceptional customer service by addressing inquiries, complaints, and feedback promptly.
- Payment Processing: Offer multiple payment options and ensure secure, efficient processing of transactions.
- Compliance and Licensing: Ensure all taxis and drivers comply with local regulations and licensing requirements.
- Marketing and Promotions: Develop and execute marketing strategies to attract and retain customers, including promotions and loyalty programs.
- Data Analytics: Collect and analyze data on customer preferences, peak times, and service efficiency to make informed decisions.
- Driver Training: Provide ongoing training for drivers on customer service, safety protocols, and efficient route management.
- Technology Upgrades: Regularly update and maintain the booking platform, app, and other technology systems to ensure smooth operation.
- Health and Safety Protocols: Implement and monitor health and safety protocols, especially relevant in light of public health concerns.
- Partner Collaboration: Establish partnerships with local businesses and organizations to extend service reach and offer joint promotions.
- Financial Management: Monitor expenses, manage budgets, and ensure financial sustainability of the business.
Milestones
SwiftRide Taxi Solutions expects to complete the following milestones in the coming months in order to ensure its success:
- Obtain necessary permits and licenses: Secure all the required operational permits and licenses from local and state authorities to legally operate the taxi service in Linden, NJ.
- Build a fleet of vehicles: Acquire and prepare a fleet of reliable, well-maintained vehicles that meet safety and comfort standards, ensuring a positive customer experience.
- Hire and train drivers: Recruit skilled, professional drivers and provide them with comprehensive training on customer service, safety protocols, and the use of the company’s technology platform.
- Launch our taxi service: Officially start the taxi service operations, including a marketing campaign to announce the launch and attract initial customers.
- Implement a robust technology platform: Deploy an efficient booking and dispatch system, including a user-friendly mobile app for customers and a GPS tracking system for real-time vehicle management.
- Establish strong customer support: Set up an effective customer service team to handle inquiries, complaints, and feedback, ensuring high levels of customer satisfaction and loyalty.
- Reach $15,000/month in revenue: Focus on marketing, customer retention, and service excellence to achieve a sustainable revenue stream of at least $15,000 per month.
- Form strategic partnerships: Collaborate with local businesses, hotels, and event organizers to create mutually beneficial partnerships that drive customer referrals and increase ride bookings.
- Implement a feedback and improvement loop: Regularly collect and analyze customer feedback to continuously improve service quality and address any operational issues promptly.
- Achieve financial stability: Monitor financial performance closely, managing expenses and optimizing operations to ensure the company reaches and maintains profitability within the 24-month timeframe.
VIII. Management Team
Our management team has the experience and expertise to successfully execute on our business plan.
Management Team Members
SwiftRide Taxi Solutions management team, which includes the following members, has the experience and expertise to successfully execute on our business plan:
William Gutierrez, CEO
William Gutierrez has a history of success and has successfully run a taxi service in the past. With a proven track record in the transportation industry, William brings invaluable experience and leadership to SwiftRide Taxi Solutions. His deep understanding of the operational challenges and opportunities within the taxi service sector positions him to steer the company towards sustained growth and innovation. William’s strategic vision and hands-on approach are critical assets that will help SwiftRide achieve its business objectives.
IX. Financial Plan
Summary
Below is an overview of our expected financial performance over the next five years:
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | |
|---|---|---|---|---|---|
| Revenues | $3,141,105 | $3,401,283 | $3,683,012 | $3,988,077 | $4,318,410 |
| Direct Expenses | $1,467,225 | $1,541,974 | $1,620,530 | $1,703,088 | $1,789,853 |
| Gross Profit | $1,673,879 | $1,859,309 | $2,062,482 | $2,284,988 | $2,528,557 |
| Gross Profit (%) | 53.3% | 54.7% | 56% | 57.3% | 58.6% |
| Other Expenses | $97,085 | $100,030 | $103,065 | $106,192 | $109,414 |
| EBITDA | $1,576,794 | $1,759,278 | $1,959,416 | $2,178,795 | $2,419,142 |
| Depreciation | $73,000 | $73,000 | $73,000 | $73,000 | $73,000 |
| Amortization | $0 | $0 | $0 | $0 | $0 |
| Interest Expense | $51,500 | $51,500 | $51,500 | $51,500 | $51,500 |
| Income Tax Expense | $508,303 | $572,172 | $642,220 | $719,003 | $803,124 |
| Net Income | $943,991 | $1,062,606 | $1,192,695 | $1,335,292 | $1,491,517 |
Funding Requirements/Use of Funds
To accomplish our growth goals, SwiftRide Taxi Solutions needs $515,000 in funding. Key uses of this funding will be as follows:
| Capital Investments | |
|---|---|
| Building/Location Buildout | $100,000 |
| Furniture for Office | $5,000 |
| Office Equipment & Computers | $10,000 |
| Vehicles (Taxi Fleet) | $250,000 |
| Non Capital Investments | |
|---|---|
| Working Capital | $50,000 |
| Initial Rent/Lease | $3,000 |
| Staff Salaries (First 3 Months) | $75,000 |
| Initial Marketing and Advertising | $10,000 |
| Supplies | $2,000 |
| Insurance | $10,000 |
Financial Projections
5 Year Annual Income Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Revenues | $3,141,105 | $3,401,283 | $3,683,012 | $3,988,077 | $4,318,410 | |
| Total Revenues | $3,141,105 | $3,401,283 | $3,683,012 | $3,988,077 | $4,318,410 | |
| Direct Costs | ||||||
| Direct Costs | $1,467,225 | $1,541,974 | $1,620,530 | $1,703,088 | $1,789,853 | |
| Total Direct Costs | $1,467,225 | $1,541,974 | $1,620,530 | $1,703,088 | $1,789,853 | |
| GROSS PROFIT | $1,673,879 | $1,859,309 | $2,062,482 | $2,284,988 | $2,528,557 | |
| GROSS PROFIT % | 53.3% | 54.7% | 56% | 57.3% | 58.6% | |
| Other Expenses | ||||||
| Salaries | $72,814 | $75,023 | $77,299 | $79,644 | $82,060 | |
| Marketing Expenses | $6,067 | $6,251 | $6,441 | $6,637 | $6,838 | |
| Rent/Utility Expenses | $6,067 | $6,251 | $6,441 | $6,637 | $6,838 | |
| Other Expenses | $12,135 | $12,503 | $12,883 | $13,274 | $13,676 | |
| Total Other Expenses | $97,085 | $100,030 | $103,065 | $106,192 | $109,414 | |
| EBITDA | $1,576,794 | $1,759,278 | $1,959,416 | $2,178,795 | $2,419,142 | |
| Depreciation | $73,000 | $73,000 | $73,000 | $73,000 | $73,000 | |
| Amortization | $0 | $0 | $0 | $0 | $0 | |
| EBIT | $1,503,794 | $1,686,278 | $1,886,416 | $2,105,795 | $2,346,142 | |
| Interest Expense | $51,500 | $51,500 | $51,500 | $51,500 | $51,500 | |
| PRETAX INCOME | $1,452,294 | $1,634,778 | $1,834,916 | $2,054,295 | $2,294,642 | |
| Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Taxable Income | $1,452,294 | $1,634,778 | $1,834,916 | $2,054,295 | $2,294,642 | |
| Income Tax Expense | $508,303 | $572,172 | $642,220 | $719,003 | $803,124 | |
| NET INCOME | $943,991 | $1,062,606 | $1,192,695 | $1,335,292 | $1,491,517 | |
| Net Profit Margin (%) | 30.1% | 31.2% | 32.4% | 33.5% | 34.5% |
5 Year Annual Balance Sheet
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $1,030,108 | $2,149,975 | $3,398,413 | $4,795,019 | $5,824,507 | |
| Other Current Assets | $269,621 | $291,953 | $316,136 | $332,339 | $359,867 | |
| Total Current Assets | $1,299,729 | $2,441,929 | $3,714,549 | $5,127,358 | $6,184,375 | |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | |
| Acc Amortization | $0 | $0 | $0 | $0 | $0 | |
| Net Intangibles | $0 | $0 | $0 | $0 | $0 | |
| Fixed Assets | $365,000 | $365,000 | $365,000 | $365,000 | $365,000 | |
| Accum Depreciation | $73,000 | $146,000 | $219,000 | $292,000 | $365,000 | |
| Net fixed assets | $292,000 | $219,000 | $146,000 | $73,000 | $0 | |
| Preliminary Exp | $0 | $0 | $0 | $0 | $0 | |
| TOTAL ASSETS | $1,591,729 | $2,660,929 | $3,860,549 | $5,200,358 | $6,184,375 | |
| LIABILITIES & EQUITY | ||||||
| Current Liabilities | $132,737 | $139,331 | $146,256 | $150,773 | $158,272 | |
| Debt outstanding | $515,000 | $515,000 | $515,000 | $515,000 | $0 | |
| Total Liabilities | $647,737 | $654,331 | $661,256 | $665,773 | $158,272 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | $943,991 | $2,006,597 | $3,199,293 | $4,534,585 | $6,026,103 | |
| Total Equity | $943,991 | $2,006,597 | $3,199,293 | $4,534,585 | $6,026,103 | |
| TOTAL LIABILITIES & EQUITY | $1,591,729 | $2,660,929 | $3,860,549 | $5,200,358 | $6,184,375 |
5 Year Annual Cash Flow Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | ||||||
| Net Income (Loss) | $943,991 | $1,062,606 | $1,192,695 | $1,335,292 | $1,491,517 | |
| Change in Working Capital | ($136,883) | ($15,738) | ($17,257) | ($11,686) | ($20,028) | |
| Plus Depreciation | $73,000 | $73,000 | $73,000 | $73,000 | $73,000 | |
| Plus Amortization | $0 | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Operations | $880,108 | $1,119,867 | $1,248,437 | $1,396,606 | $1,544,488 | |
| CASH FLOW FROM INVESTMENTS | ||||||
| Fixed Assets | ($365,000) | $0 | $0 | $0 | $0 | |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Investments | ($365,000) | $0 | $0 | $0 | $0 | |
| CASH FLOW FROM FINANCING | ||||||
| Cash from Equity | $0 | $0 | $0 | $0 | $0 | |
| Cash from Debt financing | $515,000 | $0 | $0 | $0 | ($515,000) | |
| Net Cash Flow from Financing | $515,000 | $0 | $0 | $0 | ($515,000) | |
| Net Cash Flow | $1,030,108 | $1,119,867 | $1,248,437 | $1,396,606 | $1,029,488 | |
| Cash at Beginning of Period | $0 | $1,030,108 | $2,149,975 | $3,398,413 | $4,795,019 | |
| $1,030,108 | $2,149,975 | $3,398,413 | $4,795,019 | $5,824,507 |
What Is a Taxi Service Business Plan?
A taxi service business plan is a document that outlines the strategies you have developed to start and/or grow your taxi service business. Among other things, it details information about your industry, customers and competitors to help ensure your company is positioned properly to succeed. Your taxi service business plan also assesses how much funding you will need to grow your business and proves, via your financial forecasts, why the business is viable.
Why You Need a Business Plan for your Taxi Service Business
A business plan is required if you are seeking funding for your taxi service business. Investors and lenders will review your plan to ensure it meets their criteria before providing you with capital. In addition, a taxi service business plan helps you and your team stay focused. It documents the strategies you must follow and gives you financial projections you should strive to achieve and against which you can judge your performance.
Taxi Service Business Plan Template PDF
Download our Taxi Service Business Plan PDF to help guide you as you create your business plan for your own taxi service business.
