London is one of the largest and most multicultural cities on Earth, with a rich heritage that spans back to Roman times. As the British capital city, it is a bustling hub of trade, culture and tourismas everyone from market stall traders to senior politicians rubs shoulders daily.

Indeed, London is home to several iconic British institutions – from the Royal Family in Buckingham Palace to the Houses of Parliament and St Pauls Cathedral. Of course, many of these symbols of British culture aren’t just buildings but active parts of daily life.

Take the iconic black taxi cabs which line the roads, for instance.

These legendary vehicles have served as handy transport for Londoners since the 1940s and continue to thrive as a service throughout the city.

Together with the red buses and underground tube trains, the black cab is the beating heart of London transport, serving a vital service and becoming part of British folklore.

Therefore, running a black cab business can be both a lucrative opportunity and a chance to become a small part of a British institution.

Here are three reasons to start a classic London black cab company:

The business model is relatively inexpensive

One of the most compelling reasons you should start a classic black cab company is that the business model is relatively inexpensive. While buying a black cab can still be expensive by usual standards, the investment is modest compared to other types of businesses.

For example, if you were going to start a shop, you would have to rent or buy physical premises, hire staff, and order in stock. In comparison, with a black taxi business, your only significant outlay is the cab itself – which can either be paid for outright or paid over installments.

Indeed, the business model continues to be financially viable when you are up and running. You will incur the cost of fuel (which is factored into your fare fees), licensing yourself as a cabbie, and any maintenance costs for the taxi, but other than that, the running costs are minimal. If you are looking for a black cab for sale, check out online marketplaces and specialists that sell these types of taxis.

There will always be demand for a black cab

Given the affection with which black cabs are held within global popular culture, they are unlikely to fall out of fashion anytime soon.

Moreover, the increasing pedestrianization of London means that only public transport, like buses, trains, and taxi cabs, will soon be the only vehicles allowed in certain parts of the city.

This will drive up demand for black cabs and make it easier to grow your business.

They are an iconic part of British heritage

People travel across the world to ride in these iconic vehicles, and they are regarded as the bedrock of the British nation – alongside red buses, Beefeaters, and the James Bond franchise.

Being able to own a slice of this heritage is incredibly valuable. You will be able to gain a positive reputation as a business faster than you otherwise would simply because you have a recognizable landmark in your possession.