Have you considered rideshare services like Lyft and Uber to earn some extra cash? So many people are drawn to rideshare services because you, the driver, are in charge of your work schedule as an independent contractor. Whether you’re new to rideshare or a seasoned pro, you’re probably wondering how to make the most money in this developing industry.
How much do Lyft and Uber drivers make?
The average pay of rideshare drivers last year was $28,000 annually and it’s estimated that full-time drivers earn $36,000 on average every year, but that requires much more than simply getting behind the wheel. Don’t forget, you can always earn much more than the average if you stay motivated.
There’s a lot of potential revenue to be earned as a rideshare driver, but nothing is guaranteed or set in stone concerning your payday. Due to the industry’s inherent flexible scheduling and unpredictable fluctuations in available passengers, you need to stay on your toes to ensure it’s a worthwhile use of your availability.
Studies have shown that, as a result of quarantining and social distancing, the coronavirus has diminished a staggering 80% of the industry’s earnings at present. Needless to say, 2020’s financial prospects for rideshare drivers has been put into serious jeopardy, but that doesn’t mean it’s not a viable option, even if you’re just starting out. You can still supplement your income with rideshare companies as long as you remain informed and up to date on the best practices to optimize your efforts and minimize overhead. Just like most professional industries, rideshare has been hit hard by the global coronavirus pandemic. That means that now, more than ever, it’s vital for anyone who wants to enter the rideshare field to have a full understanding of the five main factors that can leave an impact on your potential earnings as a rideshare driver:
Do you live in an urban area with a dense population? Chances are high you’ll have no trouble finding passengers. That’s not to say rural areas are bereft of the need for rideshare services; there’s a tradeoff since your routes will likely require longer trips (larger fee earned per passenger) with bigger potential gaps between riders. In contrast, urban drivers can expect a lot of inner city taxiing, that is, lots of short trips one after another.
How often are you willing to hit the road? Obviously, the more you work the more you’ll earn. While that’s generally true of any industry, rideshare work is especially reflective of this truism since you’re only profitable while you’re driving, so make sure your hustle is strong if you want real profits. It’s important to put yourself in a routine where you can accrue the most riders and earn the most fees. What are your area’s peak hours for riders? Ask other drivers in your community and pay attention to your workday’s busiest hours so you’ll know when to dedicate most of your time to drive.
While you’re not in control of how passengers feel about you as a person, you are certainly in a position to provide the most comfortable and stress-free ride to your passenger as possible. Not only that, riders appreciate cleanliness, earnest politeness and an interesting conversation (if they want one — pay attention to social cues to see if they’d prefer to be left alone). How your passenger feels in your vehicle determines how they’ll rate you and, not surprisingly, higher rated drivers are more likely to net more riders.
4. FUEL CONSUMPTION
Don’t forget what keeps those wheels rolling when you consider your earnings. A good chunk of your paycheck goes right into the gas tank and, depending on the kind of vehicle you drive, that amount can really hit you hard in the bank if you drive a less fuel efficient truck or SUV. There’s still need for larger vehicles in the rideshare industry and you might attract certain passengers specifically because you can offer more elbow room, so don’t discount yourself from rideshare if you drive big.
5. VEHICLE MAINTENANCE
It’s essential you drive a safe and well maintained vehicle both on and off the clock. We’re not only talking about the health and safety of your passengers and others on the road, but, of course, for yourself as well. Don’t get too overwhelmed, though, by using Rideshare Mechanic you can avoid the hassle of driving to a local mechanic. We’ll conduct your vehicle inspection through videos taken on your smartphone so you won’t need to deal with traffic, consume gas, or waste your valuable time. Join the thousands of rideshare drivers who have chosen to conduct their mandatory vehicle inspection with ease and convenience and schedule your inspection today!
Since the rideshare industry has proven itself to be a flexible way to earn cash, both as a side hustle and full-time, you stand a chance to drive your way to your financial goals and beyond as long as you consider the above factors on and off the road. Happy trails!