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| Now lets take a look at the five must-haves that will assure you a successful rideshare business.
Vision and Determination
Focus and Project Management
Notice that the first two are subjective, this is due to the fact that every individual is different and the deterministic models for success are based on certain personal aspects that need to be honed before considering a successful business. The third subject is the plan of action or business model, and the last two are operational areas that have a lot of literature, but I will simplify them and provide you with the basics on to which you will grow.
1. Vision and Determination
Before you start a business, you need to have vision and determination to take you past the first few hurdles. This requires a lot of patience as well as basic understanding of how a business works. Any business is based on one persons vision that affects others and brings everyone together under a common desire to reach the vision. If the business is a one-person operation, then the vision will be the desire to succeed in turning the dream into reality. Vision is not a restricted concept, it is infinite and must always be set far from the base desire of any individual.
This means that your vision for a rideshare business must be set at a global level, where you will one day own your own gig economy worth billions. Owning an app might seem like a fantasy for many, but in fact is much easier to reach than most consider.
The first step in attaining your vision for a global rideshare company is determination. You will need a lot of determination as well as a lot of patience since this will not happen overnight, and there will be many steps to go through on the way.
So, we have set the vision for a successful global rideshare business, we have decided to start, and we are determined to succeed. This is your first step in the right direction. Now the second step will decide for you, whether your vision and determination are enough to carry you forward.
2. Business Model
Defining your business model is all about setting down your vision into an economically sound structure.
What is a business and what is a model?
A business is a legally defined organizational unit that tries to develop, trade and maintain an income and profit thereof. This means you are trying to sell something to someone for a profit.
A model is the structure of the business; it defines what kind of business you are going to do. In relation to rideshare it means that you are going to either be:
A self-employed individual that sells his/her own driving skills and vehicle type to passengers.
Build up a fleet of cars and rent the use of the fleet to drivers for either a percentage of income or a base fare.
Develop (or buy) an app that provides a rideshare platform for drivers and customers, and then use the app to manage your fleet, as well as add additional drivers and customers over time.
Whichever model you decide to take, will be based on your vision and determination to succeed. If you choose the first option, then you have to determine what is your budget and financial capabilities and how will you improve them through driving? If you choose the second option, you will still need to define your budget and work out your projected income as well as factor in loans to buy cars, maintenance costs as well as marketing to attract drivers. If you decide on going all the way, then you will need the resources to develop and app., (not as much as you think), the resources to buy your first fleet or get drivers to take on your app. Then you will need the resources to market your app and get it popular.
Notice that each model becomes more complicated with the scope of the vision backing it. You dont have to be rich to start a global business; you just need to be organized and have a framework to plan your project.
Now lets take a look at the different model requirements (basic):
You will need to meet the application requirements of Uber or Lyft; I wont discuss them here, there are enough articles and information about this.
You will need to cover yourself with a rideshare friendly insurance policy. If you live in NYC, you will need commercial insurance. NYC is different from the rest of the US, so check out the specifics on Uber and Lyfts NYC page.
You will either need at buy, rent or loan a car. I suggest you consider buying one with a bank loan or finding a rideshare friendly lease company. These are the cheapest financial models to work with. Rent or driving for a fleet will take more than you can really afford since you have to factor in your other sources of income or illnesses and setbacks.
Once you have a car, a rideshare contract, and insurance, you can start driving. There are many articles on what you need to do to succeed, and they include everything from understanding the apps to what hardware you need to buy for your car and what services you might want to offer your passengers during their rides.
Contact a CPA to decide which tax framework you want to work within, this will include being self-employed, LLC, S-Corp, C-corp. The decision is dependent on what you do apart from rideshare driving.
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