The Race to Grow an Entity

Both Stone and Laura emerging from the wonderland room of chests of cash, understanding the circumstance surrounding the money, they made up their minds on what to do fast.

They invested some larger amount of the money on profitable assets with long and short terms goals in a systemic and legal way to avoid suspicion of any kind, most especially money laundering. The patience indeed plays its role as Stone and Laura demonstrated maturity of a professional business managers and owners of a business, who control the cash flow. They decided also to get married soon. But before marriage, they need vacations and the place chosen for that is Mendoza, Argentina, the home country of Mr. Stone's parents.

"Laura! what do we do with the rest of the chests." Stone asked. Don't worry, we will convert the remaining three chests of money into physical asset in no time." Laura confidently assured. Let us buy cars and employ drivers for each of them in their names for possession but us as the owner and let them partner with Uber for income of their own and for our benefits. Laura gave the idea a good concluding part.

How will that benefit us? Stone asked? It surely will benefit us. Okay let me explain to you better dear, we shall strike an undertaking with each of them by giving us 30% of what they make per day. Laura explained.

Why can't we go to software engineer that can build us competitive market with Uber? Stone questioned. I even did some research on that before now, it's just I don't know we will eventually reach this area of opportunities. Stone admitted. Check these out as feedbacks from my research about Uber-like app building and services available with it.

Did you know that although Uber has seen a massive rise over the last few years, the growth in ride-hailing apps doesn't stop there? All sorts of new platforms are hitting the market, and this looks set to continue to take business away from traditional taxi companies as the digital economy evolves. Stone talks like an expert.

The average monthly income for a driver in the state is $8- $11 per hours and Uber generated $17.4 billion . That could be substantially more than traditional driving jobs and many other types of employment.

But did you know that there are also more opportunities than just becoming an Uber or Lyft driver? We can actually start our very own ride-hailing app business – to hopefully make more money. It might seem complicated, but it is not as hard as you think. We could find countless new opportunities with our own app. Stone continued.

Having ride-hailing service means we get a bigger share of the profits. The cut that normally goes to Uber would now go to us.

One other key advantage of starting our own ride-hailing service is that we might be able to get around blocks on Uber in certain locations. This could help us earn even more. So the question is how do we do it?

The first step towards starting one own ride-hailing business is to get in touch with tagmy.com. It is a tech company that helps entrepreneurs create their own taxi or delivery on-demand businesses. It has all the tools you need to get started on your way to success. The award-winning company will not only solve the technical part for you. It will also help you get your first customers by leveraging the user acquisition experience gained from more than 70 different markets.

The initial set up plan starts from US$7000 (this includes payment platform, driver and customer apps, tech support and other features).

Drivers Recruitment

You might want to start small and just work for yourself as a way to get more profit than working with other ride-hailing apps. But if you really want to go big and take things to the next level, you might want to consider getting more drivers on board so that you can make even more money.

Promote your business

When you're just starting out, you'll need to promote your business as much as possible. After all, nobody is going to use your app if they don't know about it. You might want to run some local advertisement so people can get to know more about you. Make sure you tell all your customers to spread the word and tell their friends.You don't just want to promote your app to potential customers. You are also promoting it to potential drivers.

Fix your Fares

If you want to compete with other Uber drivers, you might want to lower your fares a bit. After all, if you're keeping 100% of your takings as both a driver and company owner, you can afford to reduce things a bit. Once you have got a foothold in the market, you can then increase your fare.

Improve Experience for your Customers.

Make sure your customers have the best possible experience so they continue to use your app and spread the word to their friends. Offer clean, comfortable and friendly rides with tonnes of added extras, and you should be onto track to becoming a winner.

In the quest of "how to start a cab company like Uber," most start-ups and organizations miss the necessary steps that act as the building blocks to their business. Let us briefly discuss the main steps that every start-up should follow to make an Uber-like application.  

When the question "how to start a cab company like Uber" is on your mind, conducting market research is not the answer you're looking for. However, an economic analysis is crucial to the success of your organization. 

The market for on-demand services is ever-growing. Having a thorough knowledge of your competitors, key demographic, opportunities, money risks, and other future challenges can help you make prudent decisions that will ultimately make you provide better services.

A good business and revenue model guarantees high ROI and streamlines your cab booking services. You can choose any business and revenue model that suits you the best. 

You can also choose to opt for the Uber business plan to know how to start a cab company like Uber, which we will discuss later in this article. 

Available in 80 countries, Uber today has 75 million active users across the globe. The fact that Uber has completed 5 billion rides tells us how successful the application is. No wonder every organization that has decided to launch an on-demand cab service has only one question – how to start a cab company like Uber Although the answer isn't that simple, we've made sure that you get your answers in a simple way. 

In this blog, we will discuss how to start a cab company like Uber, the Business and Revenue models of Uber, the features required for your on-demand cab services application and their associated costs. Ready to create your own rideshare app? Let's get started. 

Conduct a Market Research

When the question "how to start a cab company like Uber" is on your mind, conducting market research is not the answer you're looking for. However, an economic analysis is crucial to the success of your organization. 

The market for on-demand services is ever-growing. Having a thorough knowledge of your competitors, key demographic, opportunities, money risks, and other future challenges can help you make prudent decisions that will ultimately make you provide better services.

With such insights about your target market and competitors, it won't take you long to get a return on investments. 

Choose a Business and Revenue Model

A good business and revenue model guarantees high ROI and streamlines your cab booking services. You can choose any business and revenue model that suits you the best. 

Consider the Legal Aspect of the Entity

The choices for choosing a legal entity for your cab company are generally two, namely:

General Partnership -

This is an ideal business structure for companies that want to operate on a small scale and have limited resources.

Limited Liability Company -

This is an ideal business structure for companies that want to operate on a large scale via serving individual and corporate clients

Launch the MVP Features-

To know how to start a cab company like Uber, you need to focus on the app's features. The Uber platform and similar cab companies have three applications, mainly

*Customer App

*Driver App

*Admin Panel

Get the details very well

Customer App – cab booking, ride estimation, geolocation and routing, payments, etc. 

Driver App – accept/decline requests, route optimization, earning and delivery reports, etc.

Admin Panel – simple features to efficiently manage drivers, users, payments, and promotions.

Work on Advertising

What's the point of your application if people are not aware of it? Your application could be packed with features, and your company could provide the best services, but if you're not advertising well, your company will take a hit.

Before answering the question "how to start a cab company like Uber?", you may need to find answers to various other problems as well, the most important question being "how to advertise like Uber?

You can start with television, newspaper, and radio adverts. Flyers and handbills are a great way to reach out to customers too. However, these advertising options can be expensive. 

It is better to opt for digital advertising. Facebook, Instagram, Google Ads, and Youtube are great ways to advertise. You can reach your target audience while being easy on your pocket. 

Can you now see the opportunity available to us in this cab-company business? Stone presented the feedback to his fiancee.

This seems and sounds pretty good. We can actually diversify into that area of business too. There is no crime in trying anyway. Laura admitted.