• How to Maximize Your Profits as a Rideshare Driver

    • Make Money / By DealTaker / No Comments / 42 Viewers

    This post may contain referral/affiliate links. If you buy something, DealTaker may earn a commission. Read the full disclosure.

    rideshare

    The cost of living seems to be considerably higher than what people are earning with their jobs. This statement especially applies to those who make minimum wage. If someone makes minimum wage, they are probably getting in just enough money to cover their monthly rent or mortgage payments. 

    It is great they can afford to pay their rent or mortgage each month, but that is only a small portion of the financial responsibilities that people have. There are groceries, utilities, car payments, car insurance, health insurance, and any other recurring payments that may be needed to function in the 21st Century. 

    If you are lucky enough, you can get auto insurance discounts for your job, but discounts may rarely make a difference when there are so many things that require payment. 

    There are roughly 1.8 million workers earning wages at or even below the federal minimum wage. That means there are around one million people looking to make extra money outside of their full-time jobs. The reality of this statistic has led to a huge increase in the gig-employment industry. 

    Nowadays, you have a good number of people leaving their traditional jobs and working gig-jobs full-time. In some cases, these people are making more money than they would have if they stayed in their 9 to 5 positions. 

    For example, being a rideshare driver is something that has grown considerably more common. Gone are the days of not getting into a car with a stranger! The rideshare business is growing and thriving in today’s society. 

    If you are a rideshare driver looking to increase your profits, here are some tips for you.

    Create a Plan to Maximize Your Time

    Ultimately, you are your own business when you partake in gig-work. The way that businesses keep afloat and grow their revenue is by bringing in more money than they are putting out. To be able to maximize your income, you need to adopt this mindset. That means that you should not be just driving around aimlessly looking for passengers.

    As an independent contractor (or business) operating for Lyft or Uber, you are paying for your own insurance, your own gas, and your own vehicle. If you are driving around aimlessly, then you are burning gas that will eventually need to be replaced. 

    There are ways that you can save money on car insurance and other things needed to be a rideshare driver, but gas is something that tends to be one of the few things you cannot really cut the price on.

    You can avoid driving aimlessly by planning your week ahead of time. Plan your day-to-day and give yourself the opportunity to be as efficient as possible. You can plan ahead by staying aware of what is happening in your city and where big events are happening.

    Keep Track of Where and When Surges Happen 

    Surges are occurrences when there is a high demand for drivers and the supply of drivers in that area is particularly low. If you keep track of these surges, you can make money faster and more efficiently. This goes back to planning your week ahead of time because in most cases, you can figure out where and when surges will occur if you pay attention to the flow of your city. 

    Drivers are usually incentivized and offered bonus pay if they can get to where there is a need for more drivers. If you drive during these peak times, you will be able to end your day faster, save money on gas, and most likely result in maximizing your pay.

    However, there are times when it is just not worth it for you to drive where the surges are if you are not already in that area. You may end up losing money if you waste too much time and gas getting to where the surge is. This is especially true if you get there too late and other drivers have already come to that area. 

    If you plan your workflow out well, you can schedule to be in the areas you believe will have a surge before they announce it. 

    Do not Limit Yourself to One Company

    At different times and in different cities, Uber and Lyft are favored over one another. If you can, apply and become a driver for both companies. This is beneficial for you because by driving for both companies, you are not limited to only one set of customers. 

    You can earn money from individuals that favor both companies. If Uber is slow one night, you can switch to Lyft and drive for them instead that evening. 

    Though Uber still has the majority of the rideshare market, Lyft has become increasingly more popular. In cities like San Francisco and Los Angeles, 40 percent of the ride-sharing market volume is run by Lyft drivers. 

    Utilize Apps and Other Systems

    There are a lot of apps available that are used by drivers to help them be efficient while working. There are training videos for rideshare drivers to learn techniques that will maximize their profit

    If you do a quick Google search, you can find numerous videos and articles of people teaching lessons on how to be the best rideshare driver possible. 

    There are also mobile apps that help drivers get in front of demand at airports so they can catch good trips. These apps, like Gridwise, help drives stay updated on potential surges and any events that may be happening locally. 

    Treat Ridesharing Driving like Your Business

    While working as a rideshare driver, you should look presentable, have a clean car, and be kind and respectful to your passengers. Taking these steps can result in getting higher tips. If your passenger has a better experience than they have had with other drivers, then chances are, they will tip you better. 

    There are drivers that go the extra mile and offer beverages, but you really do not have to do that if you do not want to. Kindness and excellent customer service can go just as far as a water bottle or Coke.

    Lastly, just like business promotes their services, you can promote and market Lyft and Uber too. Both often offer referral programs for new drivers or customers so when they use your discount or join code, you get paid for it. 

    Participating in these programs is a great way to increase your income. You can set a monthly referral goal in your monthly budget plan as a way to challenge yourself to increase your income by signing up new drivers and riders through referrals. 

    Imani Francies writes and researches for the auto insurance comparison site, 4AutoInsuranceQuote.com. She earned a Bachelor of Arts in Film and Media and specializes in various forms of media marketing.

    Tags:

    leave a comment

      Your email address will not be published. Required fields are marked *

    • You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>