A business of radio taxi solution is the key to a successful business investment

A radio taxi solution was considered very high tech when it was introduced, so much that we were all in awe of it. That soon changed with the launch of the Uber app. Here we look at why both are unique in their own ways, along with their advantages and challenges. 

According to the latest researches and surveys, it has been proven that the taxicab and radio taxis services are expected to increase by at least over 17% in the next 3 years. This is a huge market growth and those who are thinking of a new business plan, radio taxis is definitely topping the charts. So, if you are one among those who are on the road of business investments, consider this a radio taxi solution. 

While this business is growing rapidly, the aim of this article is to decode the radio taxicab industry. 

What is a radio taxi business?

A Radio taxi is a cab that is designed to meet international standards of cab service. They are air-conditioned and are driven by professional drivers only. These cabs are operated through radio signals run and managed by radio taxi call centers. All call centers usually used radio signals, but today most of them are shifting to more advanced technology like GPRS and GPS trackers to locate the nearest taxi. 

The investment required in a Radio Taxi Business

Wondering how this unique service works through radio signals and GPS locations? Here is a quick sneak peek into the investment required

(1) A fleet of radio taxis – that are GPS and radio signals enabled

(2) Employees who will take calls from customers to understand the origin and destination of the     travel

(3) Helpline numbers – on which customers will call to book a cab

Uber Services: An alternate to Radio Taxis

But, have you ever wondered, that there are another super amazing investment options of Uber? Very similar to a radio taxi, an Uber service provides customers with a cab service on the go. With the increase in technology, an Uber can be booked from your smartphones. 

How does the service work?

When a customer opens the app and inputs its details, a cab is located through GPS signals. The customer is usually kept on hold for a few minutes (depending on the GPS signal strength)

Once a cab driver is located in the nearest area of the pickup point for the customer, the details of the driver are shared by the customer and the driver gets the pickup details

The cost of each trip is generally calculated based on the kilometer. As soon as the customer is picked up the kilometer reading is noted and is completed at the drop off point. 

Is an Uber business worth investing?

The answer to the question is undoubted YES! Very similar to radio taxis, Uber cars have been the rage for quite a while. Below are the top reasons why there is no second thought as to why this business is worth investing

• Requires less investment: This reason is the top benefit of investing in such a business. So, if you are looking for some business with small investments, this is the one. You can start a small business of uber cars by having a few cars and then increasing the number based on your profits. 

• The high increase in customer demand: Surveys have proved that uber cars are in plenty. India, currently has about 1, 00, 000 users in the country. It has also been reported that there are going to be about 4, 50, 000 cabs in the next 7 years. If this is not the huge potential of business growth, then nothing is! 

• This business is in demand for all types of customers: Be it a demand for office and commercial travel or demand of taxis for tourists who do not own a car, all kinds of people would love to have a taxi service on the go. 

Challenges you could face in an uber business

While this business is definitely profitable, there could be few bottlenecks as well. Few of them could be – 

• Location discrepancies: Because this business relies heavily on GPS networks, in areas where connections are weak, this can be a major challenge

• Customer’s frustration when helpline number is busy: With the huge inflow of customers, sometime you may face heavy volumes of booking. In such cases, if the helpline number is busy, or if there are no cabs available to customers, then you may be at a risk of losing your customers to other modes of transport

If you keep these challenges up front and try to mitigate them, then there is no stopping yours from climbing up the profit ladder in this business. So, what are you waiting for? Invest in an Uber business, which is very similar to a radio taxi solution to have a successful business.