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PediCab Service

Opinions expressed by Entrepreneur contributors are their own.

Startup Costs: $2,000 - $10,000
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Franchises Available? No
Online Operation? No

Peddle your way to big profits by starting a pedicab taxi/tour service. A ride through the park, a sightseeing tour around town, or a relaxing ride to and from a restaurant'tourists and locals alike love to take in a region's sights and sounds from a ride in a pedicab. Pedicabs are available in a wide range of styles, purposes, and price points. There are basic two-occupant models all the way up to models that will accommodate six people, and even others that are equipped with storage space (but no seating) for urban parcel delivery instead of people. New pedicabs start at about $3,500, and half that amount if used. Ride rates are currently about $1 per minute, with a minimum charge of $5. The business can easily be expanded from a one-person operation by purchasing multiple pedicabs and hiring drivers to operate them on a revenue-split basis. Also, don't forget to sell the highly visible and valuable space on the back of the pedicab to local business advertisers. This space can easily generate an additional $500 per month and more in large urban centers. Be sure to build alliances with hotels, tourist associations, event planners, restaurants, and travel agencies so they can refer your pedicab service to their customers. Additional profits may also be earned by selling photograph mementos, T-shirts, hats, and postcards.