fudbaws wrote:
OP I can see why you are thinking the way you are. However, like others have mentioned maybe think harder where you want to put your money. The decision you may be about to make with the taxis was done with ease 10 or 15 years ago because it worked. Now I am not so sure. This thought or knowledge of hearing others do it in the past may have been what galvanised you to do the same. Times are different now. A deep recession in taxi talk means this: Your other driver that helped give you a passive income has now walked because he/she cant make it work unless he/she is working the black economy. This means only you can make it work, so instead of passive/labour income it becomes solely labour income. The business that one use to get working day-shift hours has reduced substantially that it almost becomes non-workable. Thus, they move into more late/night-shift work, at the same time eating into the pie of the already hardened night/shift driver. Resulting in more dead time in-between hires, dealing with drunk, abusive customers at the same time trying to learn the routes of the destination. Sound like fun?
Lets for now focus on what you want to do. The day shift. Could on paper 9-5 during the day work? Maybe it could with a few drivers/companies. This is only on paper, what about the reality? Ask yourself this. Am I willing to experience (all too often now) days were I wait an hour to 2 hours in between jobs to receive a 4 pound hire, to then go back to the queue and wait another 2 hours for the same thing to happen, but this time it is an account hire? Which means you do not get the cash till a week later and after you drop the customer off your fuel light has goes on because you left the engine idling all this time as it is bloody freezing outside! You have now done 4 hours and (if you put in 10 pound diesel) you are down 6 pound in cash (-2 pound in profit). You are now scunnered to the heavens, bored out of your tree reading that book or talking to the other drivers or listening to the radio and you are starving too. So you got to buy your dinner as well. Are we having fun yet?
Now the big hire may be about to come that makes your day ok, but are you prepared to sit it out to get it? Some days it will not come. Can you deal with that? What about 3 days in a row like this? Could you do it?
Ever waited a half hour for a bus for it feel like a day, imagine waiting longer but this is your earned wage. Think about what you are about to do. The proof is in the pudding. Well I am here to tell you the pudding tastes sour these days. As you will be aware all your outgoings are higher when you begin. Car will be about 12000 and then some (you could buy cheaper but the repairs will get you in the end, you say you can do it yourself, it will still take time out of working). Insurance 2 to three grand first year. Fuel prices not too bad at the moment but you know they will go up sooner or later. Also in all things being equal situation, fuel has still risen much higher than taxi earnings, in fact earnings have gone done about a third. Think long and hard OP.
Take the standard advice to all new drivers. If you have to try it then do so with the minimal outlay. So, get your badge if you have not already done so and hire a car out for a month or so and see if you can make it work for you. This is the best on two fronts. One you will be actually doing the job which helps. You will see how you react to the life of a cabby. Two you will get a feel of the costs involved. I say, 'feel' for a reason. It is alright seeing the figures in black and white, it is another thing altogether when you can emotionally connect with what you must do. When you hire a car you will experience the taxis at the maximum cost (i.e minimum investment) and you might find you cannot break even. You will then find out that some drivers make a living this way. Just think how hard/long these guys work. Scary!!
Like all investments try it before you buy it. I wish you luck OP, but go in with your eyes opened. Oh and btw, you are a mechanical engineer aren't you? So you are used to being on your feet 'getting amongst it' when you work. Can you change to sitting on your backside all day? it sounds easy, but loads cannot hack it. Your body very quickly ceases up. Good luck.
One last thing you may wonder why we are still doing it then? Most of on here are very experienced, and our costs may be lower because of that. Also, we know the customers and the routes, and when the busy times are, and we do the hours that need to be done. We are used to sitting on our arses!!! Most importantly we know what to expect. You don't. In a recession, that is an even bigger hurdle to get over.
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