If you are thinking about how to start a business like Uber then first read this article ????????????????

As per what I gained from the TomTom traffic index from across 50 countries, an average of about 87 extra minutes was spent by people who are stuck in traffic jams.

This has been very much dominated by the exponential growth of what is known to us as ride-hailing services such as Uber, Lyft, and Ola if I have to name a few.

As the top cities get more and more congested, and real estate prices reach skyrocket, the large businesses and companies are expanding to the Tier 2 and Tier 3 cities.

This means an unprecedented increase in work commute amongst many others and therefore a significant opportunity to start your own ride-hailing and ride-sharing company.

On that note, in particular, today I am going to share some exciting insights and tips on how can you start your Uber business.

This can either be with or without owning a single car in a total of 6 weeks with very minimum resources and on a super lean budget.

Before we take a dive into the specifics of starting a convenient ride-hailing business, we need to first know how much it will actually cost to avoid shortfalls during the whole process.

How Much Do You Actually Need to Park Aside?

The ride-hailing businesses that we know of in the 21st century use technology and GPS to create a proper and convenient marketplace.

This efficiently helps to connect demand and supply, and is, therefore, very easily able to offer a host of different features.

The features include different items like pricing matching tools, rating systems, safety features, etc.

Though all these features come at one single price. Now if you are interested in knowing the ways on how to start your ultimate Uber business, then you have to know about the entire cost estimation first.

Before I start explaining the different steps on how you need to start your Uber business, I will first give you a very fair estimate of the funds that you will need to save, raise, or borrow to develop an app.

It would be very prudent to keep a contingency fund of at least 15-20% of the total funds that are required to prevent any capital shortage issues in the near future.

To create an app that includes all the features that Uber practically has, your approximate cost would be a total of $30,000.

All estimates are basically based on the total number of development hours that are required to build in features like rating, location intelligence, and user profile.

Since ride-sharing/hailing is nothing but a two-way platform which is an app for the suppliers/ driver and it is also a necessity.

You would need an additional $20,000 for this app as well. Keeping the total contingency fund in your mind, once you have $60,000 deposited in the bank, you should finally take the plunge.

Now that we have our entire capital in place, we need to make plans to solidify an actionable business model that has to be implemented in 6 weeks to get our entire business off the ground.

 How To Start Your Uber Business Then?

First, focus On Business Model!

A ride-hailing business model is pretty simple. Basically, an online platform that is a two-sided marketplace.

Riders then generate the demand and the drivers supply it and then your app acts as a facilitator that basically provides a convenient and easy way to use the platform.

As there’s no third party involved in this case that causes any hindrances, you can charge some fee from both the parties, the driver and rider.

And in the model of the marketplace, one does not need to own any assets personally like cars or even hire drivers, they are usually listed as partners who as per contract get paid only based on the number of trips that they make.

This provides nice flexibility to the drivers while at the same time helps to keep your business lean and very easy to manage.

Next, more importantly, people are gradually shifting to on-demand services as the model offers a list of benefits over the traditional taxi services.

Some examples include real-time tracking, the exact number of ETA’s, convenient means of on-demand booking, various and multiple riding options, seamless number of online payments, and shorter waiting times.

These advantages are very consistent across all the “uber-like business ideas” which means any marketplace model.

Food delivery services like Zomato and Uber eats, Household chores services such as TaskRabbit, and medical consulting such as what we know as Pager, Practo, are some of the most popular and best brand examples.

Therefore, you can use this particular business model and plan with some minor tweaks to fill the gap if any that you see in a market that is near you and you want to capitalize on the opportunity.

Now that you have a very clear vision of the various aspects of this business model, let’s now move on to the next important steps required to implement it.

The Weekly Action Plan for Your specific Uber-Like Business:

If you are looking forward to how you can start your Uber business from the scratch, then you need to first think and come up with a proper weekly action plan.

In order to ensure that the business remains very lean and efficient, we also need to follow a super strict 6-week plan to avoid any delays and unnecessary increases in costs.

The following steps are primarily the business actions that you need to make in order to have a super solid foundation for your start-up that is actually scalable.

The app development should take place simultaneously by either the in-house or the outsourced techies.

Week 1: Conduct your thorough market research

Week 2: Choose the niche carefully

Week 3: Select the right business and revenue model

Week 4: Create the final MVP features

Week 5: Create a strong promotional/ marketing plan

Week 6: Begin the beta testing and then fine-tuning the app for the final launch

Now, Are You All Set To Initiate Your final Uber-Like Business Launch?

To sum up, it is going to cost anywhere between about 50-60k USD to build an Uber-like business and it will approximately take 6 weeks.

In these 6 weeks, you have to do your market research, choose a proper niche, channelize your revenue model effectively, build your final MVP, create a strong marketing plan, and finally do the beta testing.

 So? What are you waiting for?

Go for it!

Feel free to put your ideas in the comment and I will be happy to give real & quick executable directions to your business idea.