Novacab Taxi Business Sample Busines Plan

EXECUTIVE SUMMARY

Introduction

NovaCab Technologies Limited is a pre-operational, Ghana-based mobility tech company headquartered in Accra. It is launching an innovative ride-hailing platform that not only connects riders to drivers through a mobile app but also enables drivers to own the vehicles they operate through a performance-linked Drive-to-Own model. This hybrid of technology, transport, and micro-asset ownership presents a compelling opportunity to scale urban mobility, digitize informal transport, and empower thousands of drivers with wealth-building pathways. NovaCab is currently seeking GHS 5 million in blended funding (equity and/or debt) to finance its first 100-vehicle rollout, platform development, and go-to-market strategy. This capital injection will enable the company to reach breakeven within 14 months and generate over GHS 6.5 million in revenue by Year 3.

Vision

NovaCab’s long-term objective is to become the most trusted and inclusive ride-hailing platform in West Africa, scaling across five major cities and onboarding over 3,000 driver-partners within five years. The company envisions redefining urban mobility by making ride-hailing not just a job, but a path to vehicle ownership, financial inclusion, and upward social mobility. This vision directly supports investor ROI through regional expansion, high-margin recurring revenues, and platform stickiness driven by loyalty-based incentives.

Mission

NovaCab’s mission is to make urban mobility affordable, dignified, and wealth-building for both riders and drivers. By digitizing and formalizing Ghana’s fragmented transport system through a driver-centered approach, NovaCab delivers both immediate revenue potential and long-term social impact. This dual mission aligns with the priorities of impact investors, DFIs, and ESG-conscious funds seeking strong financial returns anchored in inclusive economic development.

Market Problem

Ghana’s urban transportation system is plagued by unpredictable pricing, poor rider experience, limited access to finance for drivers, and high driver attrition on existing platforms like Uber and Bolt. From an investor’s lens, this creates an underpenetrated GHS 19.2 billion market rife with inefficiencies. The lack of locally tailored ride-hailing models creates first-mover advantage for NovaCab’s hybrid approach. Riders benefit from safer, more affordable commutes, while drivers benefit from predictable earnings and vehicle equity.

Market Opportunity

NovaCab is entering a high-demand, high-growth market. Ghana’s urban population exceeds 19 million, with daily ride demand surpassing 7 million trips. NovaCab’s Serviceable Obtainable Market (SOM) in Accra and Tema alone is valued at GHS 57.6 million annually. With just 2% market penetration, NovaCab projects GHS 6.5 million in annual revenue by Year 3, scalable through corporate services (NovaBusiness) and regional expansion. Competitive advantages such as driver retention, local trust, and lower unit costs ensure strong investor upside.

Our Solution

NovaCab’s solution is a mobile ride-hailing platform integrated with a performance-based vehicle ownership model. Drivers gradually earn ownership of their assigned vehicles through commissions, a key differentiator in an industry where drivers typically remain renters. The mobile app is built using Flutter and Firebase for cross-platform scalability, real-time dispatching, and secure payment integration. Proprietary features include equity tracking, SOS security, and incentive dashboards, creating barriers to entry and future licensing opportunities.

Unique Selling Propositions

NovaCab is the only platform in Ghana offering commission-to-ownership. It is an ethical, locally owned brand with strong public and regulatory support. Its ownership incentives reduce churn and increase ride fulfillment. The platform is supported by a lean cost model with high driver productivity. Market-specific features such as USSD ride booking, mobile money integration, and multi-lingual support ensure accessibility and broad user adoption. These factors position NovaCab to dominate underserved segments and grow defensibly.

Business Model

NovaCab earns a 20% commission per ride, with expected margins of 60%+ gross profit. Primary revenue comes from ride fares. Secondary revenue lines, including NovaBusiness (corporate rides), NovaXpress (last-mile delivery), and NovaGreen (hybrid/electric transport), will be introduced from Year 3. Customer acquisition is driven through WhatsApp, influencer partnerships, and referral rewards, ensuring low CAC (GHS 35). Revenue is recurring and cash-based, with zero receivables. Ride volume scales with fleet expansion and rider retention, generating sustained, high-margin growth.

Management Team

The founding team is led by Emmanuel Portuphy, a business consultant with over a decade of experience in operational strategy, funding readiness, and project delivery. He will serve as Managing Director. Post-funding, NovaCab will onboard an Operations Manager, Finance & Compliance Officer, and Technical Advisor. The team brings a combined background in startup operations, regulatory navigation, driver engagement, and fintech integration—critical to driving scale and mitigating operational risk.

Marketing and Sales Strategy

NovaCab will leverage WhatsApp and TikTok micro-campaigns, referral bonuses, influencer collaborations, and campus ambassador programs. These channels ensure viral growth at low cost. Messaging emphasizes driver dignity, rider safety, and local economic impact—values that resonate with Ghanaian consumers. All marketing activities are designed to deliver high ROI while embedding NovaCab into urban commuting culture.

Competition

NovaCab competes with Bolt, Uber, and Yango. Uber is viewed as elitist and foreign. Bolt suffers from poor driver relations. Yango prioritizes pricing at the expense of sustainability. NovaCab’s competitive edge lies in its local ownership, community-driven branding, and asset empowerment model. Licensing requirements, capital barriers, and proprietary features (e.g., equity tracking dashboard) protect against imitation by larger incumbents.

Status and Timeline

NovaCab is currently pre-operational. Key achievements include legal registration, licensing readiness, vendor MOUs for vehicles and tech, and a completed backend logic framework. Over the next 6–12 months, the company will acquire its fleet, launch its mobile app, onboard drivers, and initiate operations in Accra and Tema. Within 12 months, NovaCab expects to be revenue-generating and within 14 months, achieve breakeven.

Financial Projections

NovaCab forecasts revenue of GHS 3.6 million in Year 1, growing to GHS 6.5 million by Year 3. Net profit is expected from Year 2 onward, with a Year 2 bottom line of GHS 663,275 and GHS 1.35 million by Year 3. Gross margins are projected at 60%+, and the company is expected to reach breakeven by Month 14. These projections are supported by a strong revenue model, controlled burn rate, and recurring cash flows.

Funding Request

Amount of Funding Needed

NovaCab seeks GHS 5,000,000 in funding to support its fleet acquisition, technology development, and launch activities.

How the Funds Will Be Used

Category	Amount (GHS)	Purpose
Fleet Procurement (Vehicles)	3,500,000	To purchase the initial fleet of vehicles needed for service launch
Technology Development	150,000	Develop and deploy ride-hailing app and backend systems
Marketing & Customer Acquisition	300,000	Execute promotional campaigns and acquire early adopters
Salaries, Operations & Depot Setup	950,000	Cover initial payroll, admin setup, and depot logistics
Working Capital Buffer	100,000	Provide liquidity buffer for operational flexibility

Total Funding Required: GHS 5,000,000

Nature of Funding Sought

The company is open to a blend of equity investment and medium-term loans.

Loan Tenor Requested

The preferred loan tenor is 36 months, allowing for revenue ramp-up and steady repayment.

Loan Interest Rate Requested

NovaCab is proposing an annual interest rate of up to 18%, subject to negotiation.

Loan Collateral Available

Collateral includes vehicle assets and founder-backed real estate.

Value of Collateral

The estimated collateral value stands at GHS 1.5 million.

Percentage of Equity Sought

Up to 25% equity is available for strategic investors seeking long-term upside.

Duration of Equity Investment

NovaCab targets a 3–5 year investment horizon with growth-linked returns.

Returns to Equity Investor

Expected IRR is 38%, with a profitability index of 2.5x and NPV of GHS 1.2 million by Year 5.

Exit Strategy

Equity exits may occur through founder buyback, dividends, or acquisition by a regional aggregator.

Why the Business is a Good Risk

NovaCab combines recurring revenue, tangible assets, regulatory readiness, and social impact. It offers strong financial fundamentals, lean operations, and market-proven demand of which position it as a low-risk, high-potential investment.

Transaction Description

NovaCab has completed all foundational activities required for launch, including incorporation, strategic planning, vendor contracting, tech scoping, and preliminary regulatory reviews. A detailed financial model and go-to-market roadmap are in place. Pilot testing has confirmed user demand, pricing logic, and driver interest, ensuring confidence in execution and scalability upon funding.    

BUSINESS DESCRIPTION

Name

The business is registered as NovaCab Technologies Limited. The name “NovaCab” positions the brand as a bold, innovative force in modern urban mobility. It blends the concept of a new era ("Nova") with a clear, transport-oriented identity ("Cab"), immediately conveying its service category and digital orientation. This name has been chosen to support brand recall, digital visibility, and market adaptability across Ghana and West Africa. It aligns with long-term expansion potential while maintaining a professional image suitable for institutional investors.

Location

NovaCab will be headquartered in Accra, Ghana, specifically near the Kwame Nkrumah Interchange, which provides immediate access to high-traffic zones across the city. Accra was selected due to its dense population, high smartphone penetration, ongoing urbanization, and strong demand for affordable transport services. The city also offers a supportive regulatory environment, skilled labor availability, and access to infrastructure that favors digital business models. Its central location enhances scalability across other urban regions, improving investor return potential.

Nature of the Business

NovaCab is a ride-hailing and vehicle ownership hybrid platform. It operates through a mobile application that connects passengers with vetted drivers. However, unlike existing models, NovaCab introduces a “Drive-to-Own” system where company-provided vehicles are assigned to drivers who gradually earn equity in the vehicle through ride commissions. The business solves two major challenges: (1) the need for reliable, tech-enabled transportation in Ghana, and (2) the lack of asset ownership opportunities for drivers. This dual solution not only fills a significant market gap but also builds a highly loyal driver base, ensuring operational stability and recurring income.

Stage of the Business

NovaCab is currently in the pre-operational stage. The business model, growth strategy, and cost structures have been developed, and technology scoping and vendor consultations are underway. Initial capital will be used for vehicle acquisition, mobile app development, marketing, and team recruitment. The next major milestone is the deployment of a 100-car fleet and onboarding of over 300 active drivers within the first six months. A projected 14-month breakeven timeline has been outlined, providing a clear roadmap for investor returns.

Legal Form

The company is incorporated as a Limited Liability Company (LLC) under the Companies Act, 2019 (Act 992) of Ghana. This legal structure supports risk limitation for shareholders, allows for structured equity participation, and enables flexibility in operations and expansion. The LLC form also ensures tax efficiency and meets the expectations of institutional investors regarding corporate governance and reporting.

Registered Office Address

NovaCab’s registered office is located at Suite 5B, Second Floor, Airport City Plaza, Liberation Road, Accra, Ghana. This prestigious address reinforces investor trust and positions the business in a corporate enclave with easy access to financial institutions, government agencies, and commercial hubs.

Registration Number

The business is provisionally registered under CS124562024, pending full incorporation upon funding finalization. This registration demonstrates legal compliance and readiness to operate formally under Ghanaian law, which enhances transparency and reduces institutional risk perception.

Website Domain

NovaCab’s official website address will be: www.Novacabtaxiservices.com. The official domain will serve as a key interface for rider onboarding, driver registration, investor relations, and app downloads. The site is designed for scalability, user experience optimization, and strong mobile performance, aligning with the company’s digital-first brand strategy.

Physical Location of Operations

Operations will be rolled out initially in Accra and Tema, where demand for ride-hailing is highest due to population density and traffic congestion. Within 18 months, NovaCab will expand to Kumasi and Takoradi. Operations will be supported through secure leased depots, driver support centers, and a logistics coordination team to ensure fleet efficiency and uptime.

Capital Structure

NovaCab’s capital structure includes an authorized capital of GHS 5,000,000, issued capital of GHS 2,000,000, and an initial paid-up capital of GHS 500,000. The business is currently seeking to raise GHS 4,800,000 to finance startup operations, including fleet procurement, app deployment, and marketing. This structure ensures a balance between owner control and capital efficiency, while maintaining an attractive equity structure for new investors.

Relevant Business Licenses

To operate, NovaCab will obtain a Commercial Transport Operation License from the Driver and Vehicle Licensing Authority (DVLA), a Business Operating Permit from the relevant municipal authority, ICT registration from the National Communications Authority (NCA) for its digital platform, and ensure full compliance with roadworthiness, insurance, and environmental regulations. All licenses will be secured and renewed in accordance with Ghanaian regulatory timelines, thereby minimizing compliance risks for investors.

Economic and Technical Specifications

NovaCab will launch with a fleet of 100 compact fuel-efficient vehicles, such as Toyota Vitz and Hyundai i10, each averaging 10 rides per day with a mean fare of GHS 25. The company retains a 20% commission on each fare, with the balance contributing to driver earnings and car ownership accumulation. Drivers will earn ownership of their vehicles over a three-year performance-linked period, incentivizing retention and accountability. The digital platform is being developed using Flutter and Firebase, allowing for cost-effective updates, integration, and scalability.

Key Agreements

Key agreements include a vehicle leasing and purchase MOU with a certified local auto importer, a mobile app development contract with a vetted Ghanaian software house, and a driver onboarding partnership with a private transport training institution. In addition, NovaCab is finalizing payment gateway agreements with MTN Mobile Money, Vodafone Cash, and Paystack to ensure seamless digital transactions.

Corporate History

NovaCab is a newly registered, pre-operational company and therefore has no historical financials. However, the business model has undergone pilot simulations and local market testing, which have informed its assumptions, pricing model, and fleet performance estimates. These insights reduce execution risk and support evidence-based projections.

Business Infrastructure

At launch, NovaCab will operate from its corporate headquarters in Accra, supported by two vehicle depots located in Spintex and Airport Residential Area. A Driver Support Center will be opened to handle orientation, complaints, and compliance. These physical assets have been selected for their strategic location, cost-efficiency, and expandability as the company scales.

Stakeholders and Key Players in the Transaction

Owners/Shareholders:

NovaCab is wholly owned by Emmanuel Portuphy, the Founder and Managing Director, who brings deep experience in business consulting, operational strategy, and project delivery. The current 100% ownership structure is designed to accommodate investor equity participation.

Guarantors:

Mr. Portuphy is prepared to offer a personal guarantee supported by real estate holdings, particularly for the debt portion of the funding, to provide lenders with added security.

Management:

The founder will serve as the Managing Director, supported by an Operations Manager and a Finance & Compliance Officer to be recruited post-funding. A technical partner will oversee the app build and ongoing platform optimization. Key KPIs and operational dashboards will be implemented to monitor delivery.

Contractors:

Fleet maintenance will be outsourced to Japan Motors and AutoShack, both of which have existing infrastructure and proven track records. App development will be handled under a fixed-fee contract with a performance milestone clause.

Regulators:

The business will be regulated by the DVLA, NCA, and local assemblies depending on jurisdiction. NovaCab will actively engage with regulators during rollout to ensure zero violations and consistent reporting.

Technical Assistance:

NovaCab will retain a technical advisor for the first year to support business systems development, growth modeling, and investor reporting. This ensures operational discipline and third-party oversight during the critical scale-up phase.

Employees in Key Locations:

At launch, NovaCab will employ 10 support officers, 2 depot coordinators, 1 safety & compliance officer, and 1 digital marketing lead. These core staff will ensure smooth operations, driver satisfaction, and responsive customer engagement across early locations.  

SERVICE OFFERING & UNIQUE VALUE PROPOSITION

Service Types

NovaCab offers a fully integrated ride-hailing platform designed to serve passengers in urban areas through a digital mobile application. The service is powered by a fleet of fuel-efficient compact cars owned by the business and assigned to drivers under a unique “Drive-to-Own” arrangement. This model combines on-demand passenger transport, driver empowerment, and asset financing into a single business ecosystem. The service directly addresses market demand for reliable, affordable, and safe transport, especially in congested urban areas where public transport is inefficient. As the business scales, the fleet model enables geographical expansion, franchise partnerships, and fleet-based B2B offerings (e.g., corporate ride services). The integrated nature of the Service creates multiple revenue streams from ride fares, app service charges, and eventual asset financing margins. This Service type is inherently scalable, highly cash-generative, and aligned with investor expectations for recurring revenue, strong margins, and technology-led expansion.

Service Features

The NovaCab platform is built to be user-friendly, secure, and optimized for local needs. Key features include GPS-enabled ride tracking, fare estimates before booking, cashless and mobile money payments, driver ratings and reviews, SOS alert functionality for passenger safety, and in-app promotions. From the driver's side, the app supports daily trip summaries, performance tracking toward car ownership, and access to customer support. The system is built on Flutter (for iOS and Android compatibility) and Firebase (for secure, scalable backend management). The most disruptive feature is the commission-based vehicle ownership pathway. This innovation is not offered by major competitors like Uber or Bolt, giving NovaCab a defensible advantage. Market research among local drivers showed that over 85% prefer ownership over indefinite rent models, confirming product-market fit.

Service Benefits

NovaCab delivers clear and immediate benefits to both riders and drivers. For riders, the service offers affordable fares, predictable wait times, and verified driver safety, all of which solve key urban mobility pain points. For drivers, the model provides a pathway to financial independence, empowering them to earn and eventually own the vehicles they drive. This reduces turnover, improves service quality, and fosters loyalty. The result is a stable, reliable ecosystem where customer retention is high, driver attrition is low, and customer lifetime value (CLV) increases steadily. By solving both sides of the transport equation, NovaCab is positioned to become a category-defining service in Ghana and across the region.

Service Quality

The business uses new or low-mileage, fuel-efficient vehicles sourced from verified dealers with warranties and access to authorized service centers. Every car in the fleet is equipped with GPS, air conditioning, and standardized branding. The mobile platform undergoes strict testing to ensure uptime, data security, and user experience standards. Service quality is monitored continuously through customer reviews, maintenance logs, and system analytics. NovaCab plans to comply with DVLA standards, National Communications Authority ICT policies, and PCI-DSS (Payment Card Industry Data Security Standard) for payment compliance. This commitment to high-quality service delivery reduces reputational and operational risk for investors.

Service Differentiation

NovaCab’s unique value proposition is its “Drive-to-Own” model, which transforms gig workers into future asset owners. Unlike Uber or Bolt, where drivers rent or use their own cars under exploitative commission schemes, NovaCab provides a clear path to ownership, backed by performance metrics. The platform also emphasizes local market integration, offering USSD-based booking for non-smartphone users (planned in Phase 2), multi-lingual support, and partnerships with local vehicle importers and mobile payment providers. These factors give NovaCab a sustainable competitive advantage, allowing it to dominate underserved segments and build a defensible market share in a fast-growing sector.

Service Usage

Customers interact with NovaCab through a simple mobile application where they request rides, view estimated fares, choose payment options, and rate drivers. First-time users can register with their phone number, email, or social media accounts. Rides are booked within 30–45 seconds in most areas, with average wait times under 10 minutes (based on pilot testing). To enhance usability, NovaCab offers 24/7 in-app support, a toll-free helpline, and real-time ride tracking for passenger safety. These systems are designed to reduce churn, increase satisfaction, and ensure a frictionless customer experience.

Future Products & Expansion

As NovaCab scales, it will introduce new service tiers, including:

1. NovaBusiness: A corporate ride plan with invoicing and booking dashboards for companies.
2. NovaXpress: Same-day delivery and logistics for small parcels.
3. NovaGreen: A pilot for hybrid or electric vehicles, targeting ESG-conscious clients.

All future products are designed to complement the core offering, extend revenue streams, and serve adjacent markets with minimal additional investment. These align directly with the business’s growth roadmap, supporting long-term revenue sustainability and valuation upside.

Legal Rights & Intellectual Property (IP)

NovaCab will trademark its brand name, logo, and “Drive-to-Own” program under Ghana’s Registrar General’s Department and international IP treaties where applicable. The mobile app, backend code, and UI/UX designs will be protected under a custom software development agreement with full ownership rights assigned to NovaCab Technologies Limited. Intellectual property safeguards ensure market exclusivity, protect investor value, and enable licensing or franchising opportunities across other African cities in future expansion phases.

Pricing Strategy

NovaCab will adopt a penetration pricing strategy at launch to attract riders and grow the user base. A typical ride will cost GHS 25, with drivers retaining 80% and the company earning a 20% commission per trip.

1. For example, with an average cost per ride of GHS 25, and an operational cost of GHS 6 (fuel, maintenance, insurance per ride), the gross profit per ride for the company is GHS 5, with drivers accumulating the remainder as income and equity credit.
2. Using a value-based pricing approach, premium ride options and surge pricing will also be introduced during peak demand hours.

This pricing strategy balances affordability, profitability, and competitive positioning, ensuring early adoption while building a long-term path to high-margin growth.

After-Sales Service & Customer Support

NovaCab’s after-sales framework includes a dedicated customer support team handling rider and driver issues through WhatsApp, in-app chat, and toll-free lines. The company offers free training for new drivers and monthly vehicle servicing through partner garages. A driver loyalty program will offer incentives like fuel discounts, data bundles, and medical checkups. These support systems improve retention, repeat usage, and brand trust, increasing long-term value and reducing marketing spend on reacquisition. For investors, this structure lowers churn risk and improves overall asset productivity.  

TARGET MARKET & CUSTOMER PROFILE

Market Size: TAM, SAM, and SOM

The Ghanaian urban transportation market presents a strong opportunity for ride-hailing innovation. Based on Ghana’s current population of approximately 33 million, with over 58% living in urban areas, and a daily transport demand exceeding 7 million trips nationwide (Ghana Statistical Service, 2023), the potential for scalable mobility services is significant. The Total Addressable Market (TAM) is estimated by calculating the annual ride demand across Ghana’s urban centers. Assuming 7 million daily trips with 30% potentially addressable via ride-hailing over the next 5 years, this equates to 2.1 million potential rides per day. At an average fare of GHS 25, the annual TAM is approximately: TAM = 2.1 million rides/day × 365 × GHS 25 = GHS 19.2 billion annually The Serviceable Available Market (SAM) considers NovaCab’s initial operational reach in Accra and Tema, which together account for roughly 15% of Ghana’s total ride activity. Therefore: SAM = GHS 19.2 billion × 15% = GHS 2.88 billion annually The Serviceable Obtainable Market (SOM) reflects NovaCab’s expected penetration of 2% of the Accra–Tema ride market in the first three years. With consistent brand-building and driver supply, this yields: SOM = GHS 2.88 billion × 2% = GHS 57.6 million annually This conservative estimate positions NovaCab as a high-potential, scalable investment with a clear path to capturing over GHS 50 million in annual recurring revenue by Year 3.

Population and Demographics

NovaCab targets urban residents aged 21 to 50, who own smartphones and are active users of mobile payment services. These customers are typically students, working professionals, entrepreneurs, and middle-income families. Secondary targets include tourists and corporate travelers. Demographically, this group comprises approximately 5 million individuals in Accra and Tema alone, with increasing digital adoption and demand for secure, predictable transport. Income levels vary, but most ride-hailing users fall within the GHS 1,200 – 6,000 monthly income range, prioritizing affordability and reliability in transport services.

Consumer Behavior and Trends

Urban commuters in Ghana increasingly rely on mobile apps for convenience, safety, and transparency in transportation. The success of platforms like Bolt and Uber proves the demand, but frustrations over vehicle availability, pricing inconsistency, and poor driver treatment persist. Emerging consumer trends include:

1. Preference for mobile money payments
2. Strong word-of-mouth influence
3. Demand for loyalty rewards
4. Interest in locally owned platforms

Ride-hailing usage frequency is high among students and workers, averaging 3–5 rides per week. This frequency translates into strong customer lifetime value (CLV) if retention mechanisms are well-managed.

Economic and Technological Influences

Despite macroeconomic challenges such as inflation (over 20%) and high fuel prices, urban transportation remains essential. GDP growth in services and tech sectors is driving increased movement and urbanization, especially in Greater Accra and Ashanti regions. Ghana’s mobile penetration exceeds 130%, with smartphone adoption above 56% and growing. This provides NovaCab with a robust digital foundation to acquire, engage, and retain customers at scale. The shift toward cashless transactions further strengthens NovaCab’s product-market fit.

Cultural and Social Factors

Ghanaian consumers value safety, respect, cleanliness, and affordability in public services. Ride-hailing is socially accepted, particularly among women and young adults seeking secure alternatives to informal taxis. Social media (WhatsApp, Instagram, TikTok) and radio are dominant marketing channels, with emotional storytelling and local endorsements driving trust and virality. Brand loyalty tends to favor companies perceived as fair, local, and ethical, giving NovaCab an edge over foreign competitors.

Market Segmentation and Targeting

NovaCab segments its market into:

1. Young Professionals (21–35): Daily commuters, tech-savvy, mobile money users
2. University Students: Affordable, app-based transport to campuses
3. Corporate Clients: Businesses seeking consistent, trackable staff movement
4. Female Commuters: Safety-conscious segment with strong loyalty potential

The primary focus in Year 1 will be young professionals and students, who account for over 65% of frequent ride-hailing users. These segments offer high repeat usage, digital engagement, and word-of-mouth growth.

Accessibility and Distribution

NovaCab’s service is accessed via a mobile app, supported by driver onboarding centers and digital customer support. In areas with poor smartphone penetration, NovaCab plans to introduce a USSD booking system in Year 2. Accessibility barriers include smartphone affordability and network downtime, both of which will be addressed through offline booking tools, app optimization, and mobile-friendly data bundles through telecom partnerships.

Environmental and Sustainability Factors

NovaCab integrates environmental sustainability by deploying low-emission vehicles, encouraging carpooling, and planning to introduce hybrid vehicles under the “NovaGreen” initiative. The company will also explore carbon offsetting partnerships and driver education on eco-driving techniques. These measures support ESG alignment, enhance investor appeal, and reduce long-term operational costs.

Psychological and Emotional Drivers

Customer decisions are driven by trust, safety, and a sense of empowerment. NovaCab will use emotional storytelling to position itself as a socially responsible alternative, where every ride supports a driver’s path to ownership. Drivers, in turn, are motivated by status, independence, and long-term gain — elements fully captured in NovaCab’s Drive-to-Own model. Emotional branding, combined with strong visuals and community engagement, will be used to deepen brand affinity.

Marketing and Communication Preferences

Target customers prefer communication via:

1. WhatsApp and Instagram (for interaction and updates)
2. SMS alerts (for ride confirmations and promotions)
3. Influencer marketing (especially among youth)
4. Campus brand ambassadors (to drive student signups)

The company will prioritize video storytelling, referral incentives, and customer testimonials to build credibility and engagement. All marketing will emphasize accessibility, safety, and local impact.

Purchase Journey

The customer journey begins with app discovery, followed by registration, booking, ride completion, and review. Key conversion barriers include:

1. App download friction
2. Lack of ride availability
3. Pricing doubts

NovaCab will address these through a seamless onboarding flow, dynamic driver distribution, and transparent pricing. Social proof such as reviews, referrals, and loyalty programs will drive first-time and repeat usage.

Demand Analysis

Urban transportation remains a high-demand sector, driven by:

1. Population growth
2. Urban congestion
3. Declining satisfaction with public transport

NovaCab meets the demand for predictable, safe, and affordable rides, while the Drive-to-Own model enhances driver supply and service reliability. Based on early surveys and pilot data, over 70% of respondents would switch to NovaCab for better vehicle quality and driver attitude.

Alignment of TAM, SAM, and SOM with Growth Projections

NovaCab’s TAM of GHS 19.2 billion, SAM of GHS 2.88 billion, and SOM of GHS 57.6 million offer a clear, data-backed pathway for growth. This alignment confirms the viability of revenue projections, validates the company’s three-year business model, and strengthens the investment case for both equity and debt funding. With minimal customer acquisition cost, high retention potential, and differentiated service delivery, NovaCab is positioned to capture and grow its market share efficiently while delivering value to all stakeholders.      

INDUSTRY TRENDS & MARKET DEMAND

Industry Trends & Market Demand

NovaCab operates in the urban mobility and ride-hailing sector, a high-growth, technology-driven industry that addresses increasing transportation demands in congested cities. In Ghana, the rise of smartphone adoption, youth unemployment, and unreliable public transport systems have created a fertile environment for ride-hailing services to thrive. With growing preference for digital convenience, ride-hailing is no longer a novelty — it is fast becoming an essential urban service. The global ride-hailing market was valued at over USD 185 billion in 2023 and is projected to reach USD 285 billion by 2027 (Statista). In Africa, the market is projected to surpass USD 12 billion by 2030, with West Africa accounting for 20–25% of that demand. Ghana’s share, driven by Accra and Kumasi, is among the most attractive sub-regional opportunities due to its stable policy environment, mobile infrastructure, and urban density.

Industry Size, Scope, and Growth Potential

The urban transport industry in Ghana is currently estimated at GHS 20 billion annually, factoring in public transport, taxis, and digital platforms. The ride-hailing sub-sector alone is projected to grow at a compound annual growth rate (CAGR) of 12–15% through 2030, driven by:

1. Rapid urbanization and population growth in Accra and Kumasi
2. Increased mobile penetration (smartphone ownership above 56%)
3. Demand for flexible, safer alternatives to “trotro” and informal taxis
4. Youth employment and gig economy trends

Historical growth has shown consistent upward trends, even during economic slowdowns. Between 2018 and 2023, digital ride platforms saw a 400% increase in adoption in Ghana (Ghana Transport Ministry Report, 2023). Future growth will be shaped by technological innovation, improved digital payment infrastructure, and increased local content participation in mobility solutions. Opportunities lie in underpenetrated segments like female riders, underserved districts, and corporate transport, while challenges include fuel inflation, road congestion, and app infrastructure maintenance.

Industry Structure

The Ghanaian ride-hailing industry is moderately concentrated, dominated by two foreign-owned platforms — Bolt and Uber. These platforms operate with minimal local content or ownership structures and face criticism over driver exploitation and price surges. Barriers to entry include:

1. Access to capital for fleet acquisition
2. Mobile app development capabilities
3. Regulatory licensing and municipal permits

However, these barriers also protect committed entrants like NovaCab. The company’s Drive-to-Own model, combined with its local-first approach, offers a strong competitive edge and a differentiated entry point into a market eager for change.

Regulatory Environment

Ride-hailing in Ghana is regulated by the Driver and Vehicle Licensing Authority (DVLA) and Metropolitan Assemblies, requiring operational permits, insurance compliance, and safety inspections. The National Communications Authority (NCA) oversees the digital infrastructure and ensures data protection compliance. While current regulations are favorable, new frameworks for digital transport platforms are under review, including:

1. Mandatory local content thresholds
2. Taxation policies for gig workers
3. Roadworthiness inspections for fleet operators

NovaCab’s early engagement with regulators, proactive license planning, and locally rooted ownership structure position it to adapt to policy shifts with minimal disruption.

Key Success Factors

Success in this industry depends on:

1. Reliable and safe fleet performance
2. Technologically robust, user-friendly mobile apps
3. Strong driver onboarding and retention strategy
4. Efficient route planning and customer support
5. Brand trust and local relevance

NovaCab meets these factors through its hybrid model: fleet ownership for quality control, driver empowerment for loyalty, and digital infrastructure built on global tech stacks. The business will adopt best practices from global platforms but tailor them for Ghanaian conditions, such as integrating mobile money, offline booking tools, and vernacular interface options.

Industry SWOT Analysis

Strengths

The ride-hailing industry benefits from consistent urban demand, infrastructure digitization, and low fixed costs per user acquisition. Its scalable nature enables rapid market penetration without massive physical infrastructure investment.

Weaknesses

Key challenges include price volatility due to fuel inflation, road congestion, and high attrition among drivers. However, NovaCab’s asset ownership model mitigates these challenges by aligning driver incentives with long-term goals.

Opportunities

Untapped segments — such as corporate fleets, ride-pooling, last-mile logistics, and green mobility solutions — offer new revenue verticals. Regulatory efforts to formalize gig platforms may also open up financing and tax benefits for compliant operators.

Threats

Short-term risks include increased competition, app instability, and macroeconomic shocks. Mitigating these threats requires resilience in pricing, customer service excellence, and adaptive fleet logistics.

Industry Outlook and Future Trends

The industry outlook is highly favorable. Key future trends include:

1. Electric vehicle integration in response to sustainability demands
2. AI-based route optimization and fleet tracking
3. Decentralized ride-sharing models using blockchain and smart contracts
4. Insurance-tech partnerships to protect riders and drivers

NovaCab is positioned to capitalize on these trends by partnering with fintechs, launching a pilot EV fleet within three years, and exploring B2B logistics as a secondary revenue stream. The long-term competitiveness of the company hinges on its ability to stay ahead of digital, operational, and regulatory shifts — which the current roadmap fully supports.    

Porter's Five Forces Analysis

Threat of New Entrants

Moderate. While digital platforms lower entry barriers, fleet financing, regulatory compliance, and brand building remain significant challenges for new players. NovaCab’s early mover advantage in the Drive-to-Own model and strategic brand positioning offer a defensive moat.

Bargaining Power of Suppliers

Moderate. Vehicle importers, tech vendors, and mobile network providers are key suppliers. While parts of the supply chain may be concentrated, NovaCab mitigates risk by partnering with multiple vendors, negotiating service-level agreements, and exploring local vehicle assembly options in the future.

Bargaining Power of Buyers

High. Customers are price-sensitive and have multiple options. However, NovaCab’s differentiation on service quality, driver ownership model, and safety guarantees reduces pure price competition and creates brand stickiness.

Threat of Substitutes

Low to Moderate. Traditional taxis and “trotro” systems still exist, but they lack digital convenience, security, and efficiency. NovaCab’s competitive edge lies in tech-enabled reliability, affordability, and real-time support, which strongly reduces substitution risk.

Industry Rivalry (Competition Analysis)

High. Competition from Bolt and Uber is intense, especially on price. NovaCab’s approach, however, emphasizes local ownership, driver empowerment, and social impact branding, which positions it as a homegrown alternative and reduces direct head-to-head rivalry. The company also avoids a bidding war on price by providing greater value to both riders and drivers.  

COMPETITIVE ANALYSIS & POSITIONING

Identifying Competitors

NovaCab’s primary direct competitors include Bolt, Uber, Yango, Dropping, and Yenko. Indirect competition comes from traditional taxis and informal “trotro” minibuses, but these lack the digital and scalable structure of ride-hailing platforms.

Competitor Analysis

Factor	Bolt	Uber	Yango	Dropping	Yenko	NovaCab (Proposed)
Products/Services	Ride-hailing via app; no ownership incentives for drivers.	Ride-hailing; app-based trips with international standards.	Budget-friendly ride-hailing with aggressive pricing.	Local Ghanaian ride-hailing startup.	Low-fare ride-hailing platform focused on campus and youth.	Ride-hailing with Drive-to-Own model, local branding, and asset empowerment.
Pricing Strategy	Dynamic pricing; surge fares common.	Mid to high fares; adjusted based on time and location.	Very low fares; high commission discounts to attract users.	Low fixed fares; price sensitive model.	Discount-heavy; basic model.	Affordable base fares; 20% commission, driver earns equity in car ownership.
Target Market	Urban commuters, youth, and professionals.	Upper-middle class, business travelers.	Students, low-income workers.	Local riders in secondary cities.	Students and entry-level riders.	Mid-income workers, female professionals, students, and ESG-conscious users.
Marketing & Sales Strategy	Digital ads, promo codes, referral programs.	Global brand presence; influencer partnerships.	Social media + price drops.	Local partnerships and low-budget advertising.	Campus ambassadors and promo rides.	Local influencer marketing, WhatsApp engagement, emotional storytelling, and loyalty programs.
Reputation in Market	High usage but increasing driver dissatisfaction.	Known for quality, but limited local relevance.	Rapid growth, mixed service feedback.	Unknown brand strength.	Low trust outside campuses.	Strong social mission, ethical brand, community focus, and driver equity value proposition.
Strengths	First mover, large driver network, aggressive expansion.	Trusted brand, quality control, global systems.	Low pricing, market penetration.	Local knowledge, lean operations.	Youth engagement.	Driver loyalty, high retention, localized UX, ownership model, brand potential.
Weaknesses	Exploitive commission structure; driver protests.	Limited responsiveness to local context.	Unsustainable pricing model; low margins.	Poor app quality; limited reach.	No value differentiation.	Yet to launch; requires funding for tech and fleet scale-up.
Opportunities	Expand loyalty incentives for drivers.	Partner with local content creators.	Monetize beyond budget riders.	Improve UX and logistics tech.	Scale into underserved towns.	Capture drivers seeking ownership, serve female and ESG markets, launch delivery & logistics.
Threats	Potential regulation on commissions; brand fatigue.	FX exposure; local disruption.	Profitability pressure.	Low-tech rivals catch up.	Limited funding runway.	Price wars, foreign players copying the ownership model — mitigated by first-mover brand trust.

Overall Competitive Assessment

Bolt remains the most dominant and immediate threat due to its scale and brand familiarity. However, its greatest weakness lies in driver dissatisfaction and price volatility, creating room for NovaCab’s entry. Uber, while credible, is increasingly viewed as elite and disconnected from the Ghanaian middle-market base. NovaCab’s competitive edge lies in its ownership-based model, community-driven brand positioning, and ethical alignment with Ghanaian consumers. The model appeals strongly to both drivers and customers seeking long-term value, not just low fares. Lessons for Strategy Refinement:

1. Prioritize ethical branding and social storytelling
2. Leverage referral systems and driver advocacy to drive viral growth
3. Avoid a race to the bottom on price; win on loyalty, safety, and empowerment

 

BUSINESS OPERATIONS PLAN

Key Operational Activities & Workflow

NovaCab’s core operations revolve around fleet management, driver onboarding, ride dispatch coordination, app-based customer interaction, compliance management, and vehicle servicing. Each day, the platform processes bookings, matches passengers with available drivers, tracks ride performance, and reconciles payments through integrated mobile money systems. The key operational workflows include:

1. Booking & Dispatch: Passengers place ride requests via the app. The system assigns a nearby driver using a dynamic geo-fencing algorithm.
2. Driver Earnings & Equity Tracking: The platform records each completed ride, calculates the commission due to NovaCab, and updates the driver’s ownership progress.
3. Fleet Monitoring: Vehicles are tracked via GPS with performance logs, fuel efficiency, and maintenance alerts reviewed weekly.
4. Customer Support & Issue Resolution: Real-time chat support and 24/7 helpline manage complaints, app issues, and ride feedback.

Daily operations contribute to profitability by optimizing ride efficiency, reducing driver churn, and maintaining high vehicle uptime. NovaCab uses Key Performance Indicators (KPIs) such as:

1. Average rides per vehicle per day
2. App download-to-first-ride conversion rate
3. Driver retention rate
4. Average customer rating per ride
5. Cost per ride vs. revenue per ride

Operations will be optimized using analytics dashboards built into the Firebase backend, with weekly reporting on all core KPIs. Over time, NovaCab will integrate predictive analytics for route optimization and automated driver incentives using pre-set performance thresholds.

Business Location & Infrastructure

NovaCab is headquartered at Suite 5B, Second Floor, Airport City Plaza, Accra, offering proximity to banks, regulators, and commercial transport hubs. This central location allows for easy access by both drivers and corporate partners. The initial infrastructure includes:

1. A corporate office for management, customer service, and compliance oversight
2. Two secure vehicle depots in Spintex and Airport Residential Area, each with parking capacity for 60+ vehicles and basic servicing amenities
3. A Driver Support Centre for onboarding, orientation, documentation, and refresher training

All premises will be leased under 3–5 year renewable contracts to ensure cost flexibility. Facilities are equipped with CCTV, inventory control systems, and biometric access for security. As NovaCab expands into Kumasi and Takoradi, modular depot models will be replicated in high-demand areas. The infrastructure setup is designed for scalability and minimal capital expenditure, allowing the company to grow its operational footprint as ride volume increases.

Supply Chain & Vendor Management

NovaCab’s operational ecosystem depends on a reliable and responsive vendor network across vehicle procurement, app development, servicing, fuel supply, and insurance. Key suppliers include:

1. Vehicle Importers: Ghanaian-registered partners (e.g., Japan Motors, Silver Star Auto) supplying Toyota Vitz, Hyundai i10, and similar low-consumption models
2. Technology Vendors: A local mobile app development firm, with IP transfer clauses, and third-party integration with mobile money platforms
3. Insurance Providers: Comprehensive vehicle coverage from Enterprise Insurance and Allianz Ghana
4. Fuel Partnerships: Negotiated bulk pricing with Shell and Total Ghana for depot fueling discounts
5. Spare Parts & Maintenance: Secondary partnerships with local auto parts distributors for priority access and pricing

Vendor selection is based on quality, delivery time, price competitiveness, post-sale support, and track record. Each vendor relationship is formalized with Service Level Agreements (SLAs) tied to KPIs like turnaround time, warranty terms, and delivery schedules. To mitigate supply chain risks, NovaCab has established:

1. A dual-supplier model for each key category
2. A buffer inventory policy for essential spares
3. Quarterly performance reviews to evaluate and rotate vendors if standards decline

Inventory control will be managed through RFID tagging, app-based tracking, and periodic audits, with a medium-term plan to deploy a light ERP system for full asset and maintenance management.

Service Delivery Process

The NovaCab service delivery chain is digital, real-time, and customer-facing. It includes:

1. Customer Order Placement: Via mobile app (Android/iOS) using geolocation
2. Ride Matching: System allocates the nearest available driver
3. Ride Execution: Customer boards, route begins, fare is calculated live
4. Payment Processing: Via cash or mobile money (MTN MoMo, Vodafone Cash, Paystack)
5. Driver Reward & Update: System updates driver commission and vehicle ownership ledger
6. Customer Feedback: Post-ride rating and issue flagging
7. Backend Monitoring: Admin dashboard checks ride quality, driver conduct, and dispute resolution

Quality control is ensured through:

1. Driver screening and training SOPs
2. Weekly vehicle inspections using a 10-point checklist
3. App alerts for GPS tampering, reckless driving, or fare manipulation

NovaCab’s service capacity at launch is 1,000 rides per day, with scalability to 10,000 rides/day within 18 months. Capacity expansion is enabled by adding vehicles to the fleet, onboarding more drivers, and optimizing dispatch logic through machine learning. Post-sales support includes:

1. 24/7 in-app chat and helpline support
2. A dedicated compliance and complaints desk
3. Periodic driver town halls and performance coaching

Standard Operating Procedures (SOPs) will govern every aspect of service—from new driver onboarding and ride dispute handling to vehicle breakdown response—ensuring consistency, efficiency, and regulatory compliance. All NovaCab operations adhere to:

1. DVLA licensing and vehicle safety standards
2. NCA ICT compliance regulations
3. Ghana Revenue Authority tax reporting mandates

Continuous improvement is embedded through:

1. Monthly operations review meetings
2. Real-time fleet analytics dashboards
3. Bi-annual operational audits

 

RISK MANAGEMENT & CONTINGENCY PLAN

SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats)

Strengths (Internal Factors)

NovaCab’s primary strength lies in its differentiated Drive-to-Own business model, which creates loyalty and reduces driver turnover by offering a clear asset ownership pathway. This addresses one of the biggest problems in the ride-hailing industry—driver dissatisfaction. The company also benefits from a first-mover advantage in offering equity-based fleet ownership in Ghana’s ride-hailing space. The technology infrastructure, developed on a scalable Firebase architecture, supports high performance with minimal latency and seamless mobile-money integration. With centralized depot control, NovaCab maintains operational efficiency and fleet quality, contributing to higher customer satisfaction. The founder's strategic expertise and local insight, backed by a lean startup approach, position the company to scale efficiently while maintaining cost discipline. NovaCab’s brand is being positioned as an ethical, locally owned alternative to foreign competitors, which resonates strongly with Ghanaian consumers and regulators.

Weaknesses (Internal Factors)

As a pre-operational startup, NovaCab lacks historical financial performance and market presence. Brand awareness is still in the development phase, requiring investment in visibility and trust-building campaigns. The initial need for fleet financing, app development, and working capital exposes the company to short-term cash flow pressure, particularly if early adoption is slower than projected. Operational dependency on third-party vendors (e.g., app developers, vehicle suppliers) may create executional bottlenecks during rollout if not closely managed. Lastly, while the driver equity model is innovative, it requires robust backend tracking and legal clarity to avoid future disputes around vehicle transfer terms.

Opportunities (External Factors)

Ghana’s urban transport demand continues to grow due to population growth, urban migration, and dissatisfaction with traditional taxis. The regulatory environment is shifting in favor of locally owned, compliance-ready platforms, opening the door for NovaCab to gain licenses and incentives not available to global competitors. NovaCab can expand into new markets such as:

1. Corporate transport packages (NovaBusiness)
2. Last-mile logistics (NovaXpress)
3. Eco-friendly vehicle leasing (NovaGreen)

Technological advancements in mobile money, AI-based dispatching, and fleet telematics also offer cost savings and service improvements. There's strong potential for regional expansion into other West African cities with similar transport challenges.

Threats (External Factors)

Macroeconomic volatility, including inflation, rising fuel prices, and exchange rate fluctuations, could impact operational costs and customer price sensitivity. Foreign competitors such as Bolt and Uber may respond with aggressive pricing or loyalty campaigns, putting pressure on NovaCab’s margins. Regulatory uncertainty, especially around taxation or licensing updates, could introduce compliance delays or unexpected costs. Supply chain disruptions, particularly delays in vehicle delivery or spare part availability, could impair uptime. Additionally, cybersecurity threats, such as app hacks or customer data breaches, could damage reputation and invite legal exposure.

KEY MARKET & OPERATIONAL RISKS

Market Risks

Economic Risks: Inflation and cedi depreciation may increase vehicle maintenance, fuel, and tech costs. Currency fluctuations could also impact spare parts pricing, most of which are imported. NovaCab will hedge fuel risk by negotiating bulk supply agreements and will price services in cedis to localize economic exposure. Industry Risks: The ride-hailing sector is highly competitive and price-sensitive. Entry of new players or aggressive expansion by existing ones could erode market share. NovaCab mitigates this through clear brand positioning, customer experience differentiation, and driver loyalty via ownership incentives. Regulatory & Compliance Risks: New legislation could introduce additional licensing, taxation, or reporting requirements. NovaCab will proactively engage with regulators and employ a dedicated compliance officer to monitor and adapt to evolving policy. Consumer Demand Risks: Shifts in commuting behavior (e.g., remote work, fuel crises) or preference for cheaper transport options may reduce ride frequency. NovaCab will adapt pricing models dynamically and explore additional services (e.g., logistics, package delivery) to diversify revenue.

Operational Risks

Supply Chain Risks: Delays from vehicle importers, inflation in spare parts, or fuel scarcity could disrupt operations. NovaCab has implemented a multi-vendor model and maintains buffer stock for critical components to reduce dependence on any single supplier. Technology & Cybersecurity Risks: The mobile app is central to the business model. Outages, bugs, or data breaches could halt operations. NovaCab is contracting an ISO-certified development firm and implementing end-to-end encryption, two-factor authentication, and regular code audits. Financial Risks: Initial operations are capital intensive, and misaligned cost structures or delayed revenue inflows could lead to liquidity challenges. NovaCab is implementing weekly cash flow tracking, phased fleet expansion, and milestone-linked disbursement plans to manage financial discipline. Staffing & HR Risks: A shortage of skilled operations staff or high turnover among drivers can impair service quality. NovaCab will use a Driver Loyalty Program, performance-based bonuses, and ongoing training modules to retain top performers and foster culture alignment.

Investor/Lender Assurance

NovaCab has conducted a comprehensive risk identification process and is implementing mitigation strategies for each major category. By recognizing and planning for these risks, the company demonstrates the resilience, foresight, and operational discipline needed to protect investor capital and meet loan repayment timelines. The combination of realistic projections, technology-driven controls, and customer loyalty mechanisms positions NovaCab for sustainable long-term growth in a dynamic market.    

FINANCIAL PROJECTIONS

Phase 1: Core Financial Inputs

This phase gathers foundational data required for accurate financial projections.

Assumption	Value	Explanation / Source
Inflation Rate	18.0%	Bank of Ghana Monetary Policy Report (Q1 2024); expected to average 18% in 2024–2026
Exchange Rate	GHS 15.00 / USD 1.00	Based on current Bank of Ghana interbank rate as of May 2024
Accounts Receivable Days	0 days	All ride payments are processed instantly via mobile money or card (no credit terms)
Accounts Payable Days	30 days	Vendor agreements allow 30-day payment windows (fuel, maintenance, software contracts)
Inventory Holding Period	7 days	Spare parts and consumables (e.g., filters, tyres) held for 1-week rolling stock cycle
Customer Acquisition Cost	GHS 35 per customer	Based on targeted digital campaigns, referral incentives, and historical CAC benchmarks
Corporate Tax Rate	25%	Ghana Revenue Authority corporate income tax rate for limited liability companies

Product/Service Revenue Inputs

Product/Service	Unit Price	Monthly Volume	Annual Revenue	% Growth (Yearly)
Ride Commission (20% of Fare)	GHS 5.00	60,000 rides/month	GHS 3,600,000	Year 1 baseline
	GHS 5.50	72,000 rides/month	GHS 4,752,000	+32% (Year 2)
	GHS 6.00	85,000 rides/month	GHS 6,120,000	+29% (Year 3)
NovaBusiness (Corporate Rides)	GHS 6.50	5,000 rides/month	GHS 390,000 (Year 3 only)	N/A (starts in Year 3)

Salaries & Payroll

Role	Headcount	Monthly Salary (GHS)	Annual Payroll Cost (GHS)
Managing Director (Founder)	1	15,000	180,000
Operations Manager	1	8,500	102,000
Finance & Compliance Officer	1	7,500	90,000
Digital Marketing Lead	1	6,000	72,000
Customer Support Officers	4	2,800	134,400
Driver Support Coordinator	2	3,200	76,800
Administrative Assistant	1	2,500	30,000
Field Supervisors (Depot)	2	3,000	72,000
Compliance & Safety Officer	1	4,500	54,000
IT Support & App Admin	1	4,000	48,000
Total	15		859,200

Operating Expenses (OPEX)

Expense Category	Monthly Cost (GHS)	Annual Total (GHS)	Explanation / Source
Rent (Office + Depots)	22,000	264,000	Lease for head office (Airport City) and two vehicle depots (Spintex, Airport Residential)
Utilities	5,000	60,000	Electricity, water, waste management across 3 locations
Internet & Software Licenses	3,000	36,000	Business-grade internet, Firebase hosting, CRM, productivity tools
Marketing & Advertising	25,000	300,000	Digital ads (Meta, Google), referral bonuses, influencer campaigns
Transport & Fuel (Admin Use)	3,500	42,000	Field operations, depot staff mobility, supervisory rounds
Insurance (Non-fleet)	2,500	30,000	Property, liability, and cyber risk coverage
Office Supplies	1,500	18,000	Stationery, print materials, hygiene items
Communication (Airtime, SMS)	2,000	24,000	SMS alerts, call center airtime, WhatsApp Business fees
Security & Cleaning	2,000	24,000	Security services, janitorial contractors for depots and HQ
Maintenance (IT & Office)	1,500	18,000	Repairs, IT servicing, general upkeep
Total	68,000	816,000

Asset Purchases & Depreciation

Asset	Cost (GHS)	Useful Life (Years)	Depreciation Method	Annual Depreciation (GHS)
Fleet Vehicles (100 units)	4,500,000	5	Straight-Line	900,000
Office Furniture & Fixtures	80,000	5	Straight-Line	16,000
IT Equipment (Laptops, Tablets)	60,000	3	Straight-Line	20,000
Mobile Devices for Drivers	50,000	2	Straight-Line	25,000
App & Platform Development	150,000	4	Straight-Line	37,500
Depot Equipment (Tools, GPS)	40,000	3	Straight-Line	13,333
Office Setup & Branding	30,000	2	Straight-Line	15,000
Total	4,910,000	—	—	1,026,833

Phase 2: Financial Calculations

This phase uses Phase 1 inputs to compute key financial metrics.

Revenue Projections

Year	Product/Service	Units Sold (Rides)	Unit Price (GHS)	Revenue (GHS)	Growth Rate
Year 1	Ride Commission (20% of Fare)	720,000 (60,000/mo)	5.00	3,600,000	Baseline
Year 2	Ride Commission	864,000 (72,000/mo)	5.50	4,752,000	+32%
Year 3	Ride Commission	1,020,000 (85,000/mo)	6.00	6,120,000	+29%
Year 3	NovaBusiness (New Service)	60,000 (5,000/mo)	6.50	390,000	N/A (New line)
Year 3 – Total	—	—	—	6,510,000	+37% (Total)

Profit & Loss Projections

Item	Year 1 (GHS)	Year 2 (GHS)	Year 3 (GHS)
Revenue	3,600,000	4,752,000	6,510,000
Cost of Goods Sold (COGS)	1,440,000 (40%)	1,900,800 (40%)	2,604,000 (40%)
Gross Profit	2,160,000	2,851,200	3,906,000
Operating Expenses (OPEX)	816,000	940,000	1,080,000
Depreciation	1,026,833	1,026,833	1,026,833
Operating Profit	317,167	884,367	1,799,167
Taxes (25%)	79,292	221,092	449,792
Net Profit	237,875	663,275	1,349,375

Phase 3: Core Financial Statements

This phase compiles inputs and calculations into formal financial statements.

Cash Flow Projections

Month	Opening Cash (GHS)	Inflows (Revenue)	Outflows (OPEX + Payroll + CapEx)	Closing Cash (GHS)
Month 1	5,000,000 (Equity/Loan)	0	1,700,000 (includes GHS 1.5M CapEx)	3,300,000
Month 2	3,300,000	250,000	250,000	3,300,000
Month 3	3,300,000	275,000	275,000	3,300,000
Month 4	3,300,000	300,000	300,000	3,300,000
Month 5	3,300,000	325,000	310,000	3,315,000
Month 6	3,315,000	350,000	320,000	3,345,000

Balance Sheet

Item	Year 1 (GHS)	Year 2 (GHS)	Year 3 (GHS)
Assets
Current Assets
- Cash	3,345,000	3,700,000	4,200,000
- Accounts Receivable	0	0	0
- Inventory (Spare Parts)	20,000	30,000	40,000
Total Current Assets	3,365,000	3,730,000	4,240,000
Non-Current Assets
- Fixed Assets (Net)	3,883,167	2,856,334	1,829,501
Total Non-Current Assets	3,883,167	2,856,334	1,829,501
Total Assets	7,248,167	6,586,334	6,069,501

 

Liability Category	Year 1 (GHS)	Year 2 (GHS)	Year 3 (GHS)
Current Liabilities
- Accounts Payable	70,000	85,000	100,000
Total Current Liabilities	70,000	85,000	100,000
Non-Current Liabilities
- Long-Term Loans	2,000,000	1,600,000	1,200,000
Total Non-Current Liabilities	2,000,000	1,600,000	1,200,000
Total Liabilities	2,070,000	1,685,000	1,300,000

 

Equity Category	Year 1 (GHS)	Year 2 (GHS)	Year 3 (GHS)
- Common Stock	3,000,000	3,000,000	3,000,000
- Retained Earnings	1,848,167	1,901,334	1,769,501
Total Equity	4,848,167	4,901,334	4,769,501
Total Liabilities & Equity	7,248,167	6,586,334	6,069,501

Phase 4: Financial Analysis & Evaluation

This phase evaluates the financial plan and allocation of funds.

Use of Funds

Category	Amount (GHS)	% of Total	Business Outcome
Fleet Acquisition (100 vehicles)	3,500,000	70%	Launch of ride-hailing operations; revenue generation from Month 2
Technology Development (App & Backend)	150,000	3%	Full deployment of ride-booking platform and dashboard
Marketing & Customer Acquisition	300,000	6%	Build rider and driver base; brand visibility
Staff Salaries (Year 1)	860,000	17%	Support service delivery, driver support, finance & compliance
Depot Equipment & IT Setup	90,000	2%	GPS tools, IT infrastructure, driver orientation setup
Working Capital Reserve	100,000	2%	Cash buffer for operational flexibility and risk mitigation
Total	5,000,000	100%	—

  If you found this business plan valuable and are considering launching your own ride-hailing, delivery, or courier business in Ghana, we’d be glad to support you. At Astute Business Consulting, we specialize in crafting investor-ready business plans tailored to Ghana’s regulatory environment, funding landscape, and market conditions. Reach out to us today, and let’s turn your idea into a bankable, high-impact business.