Services Offered by Red Green Car’s Taxi
The business of Red Green Car’s taxi will be transportation. Not only the services of taxi, but delivery of package along with some other transportation and also Ambucab kind of service. The reason behind choosing such a business plan is that it provides a wide range of opportunities with the advancement in technology. The plan of business showcases a persuasive as well as innovative system for the management as well as running of an alternative service of taxi. The following paper presents a business plan for taxi services and in particular, Red green car’s taxi services.
Red green car’s taxi services will provide value to the groups; it plays a very important role in the creation of the wealth. This business idea has been selected as it produces some new opportunities with technological advancements. It is very easy to broaden the business. It even aid in functioning at a reasonable or a cheaper cost. The development of this particular idea of business involved generation of the idea, selection of the idea, researching data, refining the ideas on the basis of the research, testing the ideas while carrying out some preliminary research, the identification of market comprises of depth market research as well as brainstorming. The innovation of the business of taxi helps in grabbing some new experience (Coetzee Zhuwaki and Blagus 2019). Ideas come through with the reason of making an investment in the business. Therefore, aids in the development of the final services that benefit the customers.
The services offered to the customers comprises of the following:
- Accepts various methods of payments. The taxi provides many options of payment for receiving the payments from the customers
- Offering hourly services because there has been an increasing demand of these kinds of bookings, services are based on the needs as well as wants of the customers.
- The company will offer accessible wheelchairs cabs. This kind of services is very limited in the market. The provision of the non-emergency services develops goodwill in the market.
- Offering surge price as it saves the time of the customers and decreases the imbalances between demand and supply.
The customers of Red green car’s taxi services comprises of the families as well as people on holidays and on business travellers. This group of people do not typically mind paying a little extra for a solution which takes care of the transportation in a seamless manner so they do not have to worry, all that these people have to do its make the call and show up at the point of pickup. Red green car’s taxi services are B2C service model. The USP of Red green car’s taxi is that it is just not like the traditional business of taxi that believes in owning a taxi as well as employing different taxi drivers; instead, it connects the passengers to the driver of the taxi and takes a share of the fare. The company’s service offerings also comprises of taking into consideration, the preferences of the customers, providing vehicles of good condition, professional drivers as well as affordable prices that makes the ride reliable as well as comfortable (Zhao Vaidya and Mouftah 2021). The taxi services of Red green cars apply an effective strategy of marketing, sustaining their position. Some of the top strategies in the growing business of taxi are- Online promotion, fleet branding, promotions, referral marketing as well as reaching out media. The Red greens car’s taxi services are positioned well in the market due to their excellent marketing strategies. With the expansion in the demand of the services of taxi, the company offers a wider condition of market.
Porter’s Five Forces Analysis
Porter’s five forces:
Bargaining power of the suppliers- The supply of industries of taxi has a stable position in the market that is not impacted through competition at the level of market. the supply side services have some features, customers face problems in converting as well as conversion cost is extremely high (Arbatani et al., 2019). There is a facility of integration in the industry of taxi through the suppliers.
Bargaining power of the buyers- It influences the profits of the present organisations as they can reduce the prices. Integration is facilitated forward in the market. The seller organisation has many small companies.
Thereat of new entrance- there is an existence of this threat because of the economies of scale in business expansion, policies, and cost of conversion as well as degree of differentiation.
Threat of the substitutes increases the profitability of the current products.
Rivalry among the competitors- One of the major threats to the company is because of its competitors which are present in the market. Bad experiences of customers can make them switch to other companies. The rules of government for the taxi providers are not clear in this scenario and any changes in the rules and regulation can cause damage (Taxi Services Commission 2021).
The business of taxi service’s biggest objective is to run an aggressive campaign of marketing as well as capture at least 65% of the shares of the market.
This particular idea of business was chosen by me as it offers great opportunities with the technological advancements. It is very easy to expand as well as broaden the business. In order to make the business a success, there is a need of strong business sense along with some specific skills
Following is the list of the skills that I have which will help me in taking the business idea forward:
- Having a curious as well as creative mind- I am aware of the big picture for taking my business plan ahead. Curiosity is as important as intelligence for successfully running a business. I have raised my creativity along with the curiosity and through this I am sure that I will be able to make a huge difference.
- Communication skills- I can communicate effectively with people for motivating them and making sure that all of us are moving ahead with the same goal. Good communication skills will help me in dealing with my current as well as potential customers.
- Resilience- Resilience means adapting to the adversity. It is not always necessary that things will go according to the plan. And when this happens, people need resilience. Setbacks cannot be avoided in every line of the business and they do not seem pleasant. Building Resilience helps me in staying calm as well as focused.
- Selling the vision- Not every person who embarks on the journey of becoming an owner is successful. Vision is one of the most important energy that is required for driving the owners. It is not just about defining the vision, but even selling it.
The skills which I think I lack are the financial skills and the skills of project planning as well as strategising and both of these are very important for the success of a business. I need to develop skills for the maintenance of stream of finances for staying in business, for this, I need to familiarise myself with the fundamentals of business finance. It is also very important for me to know the fundamentals of project planning and managing them properly. Properly strategising the projects is closely related to the stage of planning. This is a very important skill that I lack and is important for my business plan.
It is very important to make a reasonable company’s valuation. A good valuation can make a difference in many aspects. The purpose of forecasting the valuation of the business is to see the cash flow of the future along with the stock value of it. The business of taxi service’s biggest objective is to run an aggressive campaign of marketing as well as capture at least 65% of the shares of the market. It is expected that the organisation will report a per share loss of $0.35 against revenues of $5.34 billion.
Business Goals and Objectives
Some of the most appropriate sources of funding for the business can be:
Personal savings- This is the most common type of funding for the business. But, it has two main issues- the amount of personal savings a person has and the amount of personal savings a person is willing to risk (Saddier McLachlan and Dass 2019).
Business loans- Debt financing is a new way of saying “loan”. Credit unions as well as banks provide funding which must be repaid over time with interest.
Building a business which succeeds in the busy international marketplace needs some vital resources or the factors needed for helping things function operationally as well as physically. Some of the critical resources need are- Financial resources, human resources, educational resources as well as physical resources. The innovation of the business of taxi helps in grabbing some new experience. Ideas come through with the reason of making an investment in the business. Therefore, aids in the development of the final services that benefit the customers.
|
Start-up assets |
$251, 500 |
|
Required cash |
4306,000 |
|
Star-up inventory |
$40,000 |
|
Other current assets |
$220,000 |
|
Long-term assets |
$290,000 |
Breakdown of the start-up costs
The implementation of information system in the establishment of the business is very important (Wali 2018). Different level of management demands different kind of information for the development of the business. The various information system required are:
- Executive support system
- Management information system
- Decision support system
- Knowledge management system
- Transaction processing system
- Office automation system
In the global era, the information systems are playing a significant role in the business for meeting their strategic goals. For the development of the business it is vital to have a proper information system in each and every department like finance and accounting, marketing as well as human resources for performing the business operations.
The vision statement of the organisation is ride by ride, the company is recharging the way through which the entire universe works. The company imagines a world in which the cities feel small again, a place in which transportation as well as tech brings people together, rather than setting apart. The company sees the future as driven by the community and it starts with them. The value of the company is to be you, help in uplifting other people and making it happen.
Conclusion
The main goal of the entire business is to offer comfortable ride to every person and enhance the aggregate ride performance. The time to time pick up along with the customer care are superior service that is offered through the organisation. In quality, the business will provide clean as well as well-maintained cars.
References
Coetzee, J., Zhuwaki, N. and Blagus, D., 2019. Demand-Responsive Transit Design Methods and Applications for Minibus Taxi Hybrid Models in South Africa. Southern African Transport Conference.
Arbatani, T.R., Norouzi, E., Omidi, A. and Valero-Pastor, J.M., 2019. Competitive strategies of mobile applications in online taxi services: The cases of Snapp and Tap30 in Iran. International Journal of Emerging Markets.
Saddier, S., McLachlan, N. and Dass, D., 2019. Measuring the evolution of passenger satisfaction following the introduction of scheduled services: The case of the 7th Avenue minibus-taxi association in Mitchells Plain. Southern African Transport Conference.
Jawahar Rani, K., Lekshmi, R.S., Priya Jenifer, A. and Santhya, V., 2021. Critical Analysis of Blue Ocean Principles to Maximize the Business Opportunity and Minimize the Risk for the Success of Uber E-Taxi. Journal of Contemporary Issues in Business & Government, 27(5).
Taxi Services Commission, 2021. Sample COVIDSafe Plan for the CPV industry.
Wali, A., 2018. Business Plan Of Digital Services For Restaurant In Finland.
Zhao, D., Vaidya, B. and Mouftah, H.T., 2021, September. Taxi Dispatch and AEV Management in AEV Taxi Services. In 2021 IEEE 94th Vehicular Technology Conference (VTC2021-Fall) (pp. 1-5). IEEE.
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