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Hi,

I have joined this forum to ask for some advice, I hope some of you can give me your opinions about my idea.

I am self employed in an unrelated business at the moment but it is very  physically demanding and I am not getting any younger. I am looking at alternative ways of generating an income for the future.

I am considering buying a black cab, though I would want to rent it out rather than drive myself. We live in an east yorkshire city and have some cash so will need little finance. I have a relative who got his first cab last week and ,another relative that has been in the game for over a year. I have picked there brains as best I can but would like to hear more about this from people who have been in the game longer.

Based on what I have learnt already, I am reckoning that the cash I have in the bank could make more in a rental cab than in the bank interest.  I will be in a position to get another in a few months time, then maybe a third with the help of income generated from the first 2 cabs.

I am really looking at ways to secure an income a little later down the line when I am ready to give up my present work. I am thinking it is not a massive gamble, after all, the hackney plates will hold their value. Is it a risky idea, what can go wrong, HELP !!

Many thanks

What can go wrong? deregulation for a start then your plates will be worth sweet f*ck all!

Never good starting any business that you know nothing or little about, many have come unstuck like that and lost their investment.

Sorry to be so negative but that is my opinion.

Thanks hopper. I understand what you are saying about starting a business you know little about, that is why I am researching. Both my wife and myself have had over 25 years in owning and operating two separate businesses so we realize we need to know more about this idea before we take it any further. May be I am wrong but, I think it could be easier work in comparsion to all the issues we have had to deal with in our previous and present business. We have business premises and employees and tired of all the rules, regulations and problems that come with it.

The deregulation is something I did not consider, I will keep that in mind.

Thank you for taking the time to reply, I appreciate any opinions/advice.

No problem G, I think many outsiders think running a taxi business is a piece of p*ss and money for old rope.....not so.

Get hold of the Conditions of Licence from your local authority if you want to see some rules and regulations