The year 2020 brought many changes to the transport sector as the pandemic led many transit businesses to struggle. On the bright side, transit technologies continue to develop at a terrifying rate.
The Internet of Things, autonomous cars, on-demand ride services, lightweight vehicles—these is just a few technologies that continue to expand the scope of the transport industry.
As a business-minded person, it’s only natural to see this phenomenon as an opportunity to grow a successful business. Take Domino’s Pizza, for example. In 2011, they developed their own delivery app, and the results were surprising, to say the least, as they’d see a massive increase in their sales in the succeeding years.
That could be you, but you’d have to come up with a unique business idea, and this guide might help. Below are a few transit business ideas that were derived from the transportation industry trends in 2023.
1. Microtransit Services
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
Microtransit is a relatively new transit service as it only rose in popularity in 2015, although it was already introduced back in the early 20s.
Either way, micro-transit is a type of transportation service where you book a ride. It’s pretty similar to Uber, but there are a few differences.
For starters, you can get a ride from apps like Uber, and they’ll pick you up wherever. Moreover, you usually ride alone, or, sometimes, with a friend. Microtransit, on the other hand, allows you to get a ride, but there’s a schedule that changes according to rider demand.
You also have to share the ride since the vehicle is usually a van or a heavyweight vehicle, just like how you would in public transportation.
Simply put, micro transit lives in the space between mass transport and ride-hailing services. But, what makes it a profitable business? Here’s a closer look at some of its advantages:
- Less Fuel Consumption: Riders will have to share the same ride with other users, so one trip may accommodate at least four riders, resulting in less fuel consumption per trip, as opposed to Uber, where one rider usually equates to one trip.
- Lowers Traffic: Studies show that regions that adopt microtransit as its primary transit system have lower traffic, making the workflow a lot smoother.
- Laser Targeting: Only a few public buses and trains accommodate disabled individuals, but you can wheelchair-enable some of your vehicles, allowing those with disabilities to prefer your services over others.
Although developing the micro-transit software can be pretty tricky, several agencies can help you create the software, so it’s much easier than before.
2. Shared Micromobility
Shared micromobility is yet another type of transport service. While it may not be as popular as microtransit, it’s still an excellent transit business idea today.
So, what is shared micromobility?
Remember the rows of bikes you usually see in a metropolitan area that has only one design? Those bikes typically belong to a company, and they’re all up for rent.
The primary purpose of those bikes is to help individuals who want to go from point A to point B faster without worrying about the traffic.
While bicycles may be the most common type of vehicles for this service, micromobility may also include other lightweight vehicles, such as:
- Electric bicycles
- Electric skateboards
One more thing that’s great about this business is that most of these vehicles don’t produce CO2 emissions, so running a shared micromobility business is one step to becoming green and eco-friendly. Besides, as a transportation business, you’re making people’s lives a lot easier.
3. Medical Transport
Medical emergencies are more common than you think. Heart attacks, childbirth, fatal accidents—these are just a few emergencies that require immediate medical attention.
Unfortunately, due to traffic, these individuals often struggle to go to the hospital, resulting in tragic incidents.
Medical transport aims to fix this problem in the medical industry by making sure that those in need of medical assistance can arrive in the hospital as soon as possible.
You can do this by providing vehicles like ambulances. It’s also possible to integrate your services with the local hospital by delivering things, like organs or even blood packs.
Since this is quite literally a life-saving business idea, it has a lot of potentials. The only downside is that you may be held responsible for your employees‘ failure, so think of this business idea as a double-edged sword.
The transportation industry is, indeed, booming, but that doesn’t guarantee that all transit business ideas will yield satisfactory results. At the end of the day, success still lies within your ability to adapt to the business environment.
Nevertheless, coming up with a profitable business idea is already one step to becoming successful.
Some other articles you might find of interest:
Make your business rock with these business plan writing skills:
Startup’s Guide to Write a Business Plan
Would you like to know how investors value a startup?
How Do Investors Value a Startup?