We all live in the technical world and we all know that our life is almost flooded with dozens of on-demand services. Starting from morning to night, we try to outsource most of our activities with these resources. Travelling has now become so much fun and easy. This all started with quite a famous taxi booking company UBER. After Uber, many on-demand firms started similar to the Uber model and they started to come out and with their ideas and they exhibited their ideas to improve the situation even better. Many Startup companies came they developed and started the Taxi business which was similar to the Uber model which is called Uber for X. “X” stands for the services which they provide. When we start to consider more facts we will be able to get a clear picture of the demand for Uber for X. More than half of the people working in startups have stated that their finances have improved a lot when compared with the last few year statistics. In the US alone 90 million people i.e. 30% of the population have used on-demand services like Uber for X. When Uber appeared, it changed the traditional taxi industry business. The entrepreneurs of this generation came out with many trending ideas and the innovations which they implemented in their business. Likewise, when we compare and take the entrepreneurs they can quickly swap the business if they don’t like any particular or the specific businesses. Uber has also created many businesses in different sectors and in various fields. For example babycare, healthcare and many more. It usually costs a higher rate to create an app from scratch of the businesses, this problem created a lot of people to be reluctant to invest in the Taxi business. Then the most awaited boon came for the entrepreneurs in the form of clone scripts.
Let it be any business, let it be whether a startup or any sort of the business the most important factor to be considered is funding. Funding has now become very important for the development of the business. Everyone cannot pour tons of money into their startup there might even be funding problems for some people to start the business or to continue the business. Another most important aspect is that they must have the proper idea and the execution that is more important, one cannot completely neglect funding and the execution of the ideas for the business. Funding is the most important aspect of the business. The business would be carried on well only when there are enough income and the funds. The funds are the most important aspect of the investment of the business. Nowadays the funding for the businesses has become easy and they have become simple through many loan processes.
Investing in business requires more money and funds. There are many schemes now in this society. Nowadays some governments provide short term loans to small startups. For example, the Indian government has Micro Units Development and Refinance Agency Limited which provides loans to small startups and for many plenties of the startups which have benefitted more from this. Different countries have different modes of providing loans. So, while starting the business must find and choose the proper and the actual kind of funding that you need for your business. So another thing that must be noticed is deciding or getting the loan doesn’t depend on you! It all depends on the business which is totally dependent on your startup. Must think and must start the business that is suitable and is adaptable to you. Must think careful while developing a revenue model for your venture, ask yourself a question like “Whether your product, service, platform is worth to be considered as a revenue model?”, Must make a keen note and the opinion that whether your revenue model creates positive cash flow for your venture or not ?” If your answer to these questions is YES, then go ahead with your revenue model with full confidence and satisfaction.
Mistakes that one should avoid in Uber for X start-ups
- Must have strong foundations
While starting the business strong foundation and maintenance is important. And not having a strong foundation is a risk for the business, this might sometimes cause a loss in the business. So before moving on with the business must consider one or two times and must give hand for the business. Before making a dive into startups, you should be clear about the business model, revenue model, and Complete knowledge about the field. Taking risk is okay but it must be a calculated risk.
- Unsustainability
Make sure that you take care of the profit margin with your product and the service. A negative margin can make a serious dent in your startup and can create an improper statement for your consumers. So make sure that your business is stable and is easy to access and is easy to operate even during the difficult times.
- Customer retention
Customer retention is considered to be an important standby factor. Uber for X startup has developed an excellent and good service with the sustainable model which have created a mobile application for their firm. Uber for X is considered to be one of the important aspects and the necessary aspect for the marketing and for the business, many businesses have been developed through this Uber for x script. Mostly this is done by Uber for X startups. In most of the cases, some users may abandon the app after one or two use. Customer dissatisfaction and poor service may lose the customer to the competitors. Providing offers and discounts to retain customers is good but that should not affect the long term sustainability of the venture.
