How to Come Up With an Uber Business Plan

Posted by John Smith on June 7th, 2016

Regardless of how profit-oriented the Uber business is, there’s no surety that you will succeed at it: This means that you have to plan your Uber business properly if you are going to succeed. There are a few ways to come up with an Uber business plan that will increase your odds of making good returns. The process of drawing an Uber business plan involves a lot of personal investigations and might require you to even conduct surveys to help open your eyes to what the Uber business is like. Read on to see a few good tips on how to come up with a remarkable business plan.

Build a Prototype

I want to believe that before you even accommodate the thought of coming up with a business plan, you must have gained a ground knowledge on what the Uber business is, and how other existing Uber entrepreneurs have structured their business. Therefore you need to set a goal. That is, a vision of what you intend the business to look like and its most basic operational schemes. Here you might have:

The intended name of the business, how many drivers you intend to start with, how you intend to fashion your rides, what Uber service you’re opening operations on, and so on. Doing this is a tactical way to put your mind on what you’re gunning for.

Do a Summary of Your Market Survey Results

You must have done your research on the business to do this. What this may contain includes the nature of the business (Uber itself), the customers, and profit range. You can’t just list your findings; instead you need to have done a deductive layout of what you learnt from your survey.
 
Draw Out Your Financial Projections

The question here is: what is the plausible start-up capital? That is, how much is realistically available and how much is needed? Be careful not to build this part of your plan on promised funds or expected sponsorships that might fail. Build on what is on ground and what you have exclusively stored up for this start-up. This part is where you do your math. You need to calculate how much it will cost to have your desired number of cars in place, how much maintaining them will cost you, how much you see yourself paying your drivers, how much will be left as profit. You have to do a proper calculation so that you do not run at a loss. You will be putting in a lot of money and this requires careful planning.

Include a Risk Mitigation Plan

Now this is a situation where you need to wear a ‘negative-thinking-cap’ just for a second. Wait a minute, I’ll elaborate. The very scary questions that we refuse to ask ourselves as ordinary humans are essential parts of business. You can avoid them (negative thinking) as an ordinary person, but not as a business person. You have to ask yourself “what if things go left?” This question is very vital as it helps you put in place a back-up plan for unlucky times when something goes wrong in the business. You have to imagine what could go wrong and what could ever put your business in jeopardy. It won’t hurt you if you already see it coming.

In addition to all that has been discussed above, you should come up with a marketing strategy – a way through which you intend to recruit drivers to drive for you, or at least position yourself to get the most uber rides. Think big, think smart – this is a good way to get a good business plan in place.
 
To get validated information on Uber that will be valuable in coming up with a business plan, download the Uberkit(s) written for UberX here, and for Uber Black here.
 
-by Ola John