Business Idea Center:
PediCab

Business Overview

Peddle your way to profits by starting your own bicycle or pedicab taxi service. Whether a romantic ride through a park or a sightseeing visit around town, tourists love to take in the sights and sounds on their vacation with a relaxing ride in a pedicab. The main obstacle to overcome for starting a pedicab taxi service is licensing. However, if a license to operate a pedicab can be acquired or purchased, you could then be well on your way to establishing a fun and profitable business. There are many styles of pedicabs available ranging from two occupants all the way to six, and the cost to purchase a new pedicab is in the range of $3,500. Ride or rental rates are currently about $8 to $12 per 15 minutes with a minimum $5 charge. This type of business can easily be expanded by hiring contractors to operate the pedicabs on revenue split basis. I would suggest a 50/50 split or a flat rental rate that the operator pays for an entire shift. Ideally, this type of business will be located in an area frequently visited by tourists and with a climate that will allow for a year-round operation to maximize profits. Be sure to build alliances with local hotels, motels, and tourist attractions that will let you display promotional materials in their lobbies as well as park in front of their establishments and cater to their customers seeking to hire a pedicab for an enjoyable ride.