Woo Hoo... Got it!!
Discussion
I asked some of you guys for help and advice a few weeks ago.
It's all paid off and I've now had my offer accepted for the cab company
My bank have agreed some match funding to help with the down payment and we've set up an earn out for the vendor.
They've also agreed an overdraft facility, but I heavily over-cooked some expenditure on the cash flow forecast, so fingers crossed I won't need it.
So now I have a life of blood, sweat and tears to look forward to... my first step as an entrepreneur!!
You helped me to buy the thing, now help me make my first million 
Thanks Chaps
It's all paid off and I've now had my offer accepted for the cab company
My bank have agreed some match funding to help with the down payment and we've set up an earn out for the vendor.
They've also agreed an overdraft facility, but I heavily over-cooked some expenditure on the cash flow forecast, so fingers crossed I won't need it.
So now I have a life of blood, sweat and tears to look forward to... my first step as an entrepreneur!!
You helped me to buy the thing, now help me make my first million Thanks Chaps
bmwdrivernigel said:
RedCabbage said:
Congratulations!
I will be putting my Private Hire business up for sale in 2007. Did you know the business already or was it advertised if so where?
I will be putting my Private Hire business up for sale in 2007. Did you know the business already or was it advertised if so where?
When you are ready to sell can you give me a call. Might be interested.
Nigel
No problem Nigel. Once we're through this busy part of the year I'll be compiling a full info pack for the longest established Private Hire firm in the UK (probably)- 102 years!
Yes we started with a horse and carriage and have the photos to prove it.
RedCabbage said:
bmwdrivernigel said:
RedCabbage said:
Congratulations!
I will be putting my Private Hire business up for sale in 2007. Did you know the business already or was it advertised if so where?
I will be putting my Private Hire business up for sale in 2007. Did you know the business already or was it advertised if so where?
When you are ready to sell can you give me a call. Might be interested.
Nigel
No problem Nigel. Once we're through this busy part of the year I'll be compiling a full info pack for the longest established Private Hire firm in the UK (probably)- 102 years!
Yes we started with a horse and carriage and have the photos to prove it.
YHM
Well done mate!
Hope it all goes well.
Rule 1. Don't take the first months earnings/expenditure as what it will be all the time.
Don't be afraid to turn away drunks when you turn up. Give the problem to someone else. Where we are there is a law enforceable charge of £75 for fouling a taxi (inside or out). This doesn't come anywhere near close enough when your cab is off the road for the rest of a Saturday night and you have bookings to cover.
If you can't cover something, give it to a trusted local firm who you know are more expensive than you. That way they are unlikely to steal your customers.
I also found that budget tyres (not the very cheapest but next cheapest) last just as long as twice the price branded tyres - worth remembering if you have to replace them every three months/ 15k miles.
Finally, remember it's cutthroat!
Hope it all goes well.
Rule 1. Don't take the first months earnings/expenditure as what it will be all the time.
Don't be afraid to turn away drunks when you turn up. Give the problem to someone else. Where we are there is a law enforceable charge of £75 for fouling a taxi (inside or out). This doesn't come anywhere near close enough when your cab is off the road for the rest of a Saturday night and you have bookings to cover.
If you can't cover something, give it to a trusted local firm who you know are more expensive than you. That way they are unlikely to steal your customers.
I also found that budget tyres (not the very cheapest but next cheapest) last just as long as twice the price branded tyres - worth remembering if you have to replace them every three months/ 15k miles.
Finally, remember it's cutthroat!
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