So you have decided to start a senior transportation business. It’s a great idea and I know it’ll do well simply because the odds are in your favor. Let me explain. The number of seniors in our communities is huge and increasing on a regular basis and at a fast pace. This ensures there will be potential customers to draw from for many, many years to come. That is why you need to be certain that this is the business you want to launch. Once you have determined that, you also need to know a few additional things. I’ve made a short list of key items to consider when launching a senior transportation business.
1 – Licensing
First off, if you are using a personal vehicle for your new senior transportation business, you will need to check with your state licensing department to find out the requirements are. Your regular driver’s license may often be okay, but some states do require a commercial driver’s license.
2 – Insurance
You will have to ensure that your vehicle is properly licensed for transportation of additional people and goods. While this will add an increase to your monthly or annual premiums, it is a legitimate business expense that can work in your favor at tax time. Plus, you may require additional permits for your service. Regardless, you do not require a course or degree to do what you will be doing, so the insurance matters will be easy to take care of.
3 – Supplies
Depending on how you intend to run your senior transportation business, you will very likely only require basic supplies. This can be office supplies including paper, writing tools, a cell phone for making contact with clients, a phone app for scheduling appointments and billing tools for invoicing clients. Business cards and additional marketing tools would also have to be budgeted into this category.
4 – Legal Structure
As tempting as it is to just run your senior transportation business as a hobby, especially if you plan on only dedicating part-time hours to it, you really need to have a proper legal structure. The main reason is to be properly taxed and actually, you will see tax benefits if you use the right structure. You will have to decide, but getting good legal advice may help you see the bigger picture and allow room for future expansion. Visit nolo.com for lots of free information on picking the best legal structure for your new business.
These four tips may not seem all that difficult to follow, but are essential in the early stages of developing your senior transportation business plan. To discover more about this fast-growing and very profitable business, get a copy of How To Start A Profitable Senior Transportation Business.