As the minimalist movement grows, people are realizing that they don’t need to own a lot of stuff to be happy. And naturally growing out of this realization is the thriving sharing economy. It is fundamentally transforming the way many people do business in many industries.
Instead of always staying in a hotel, many people opt for Airbnb accommodations. Co-working spaces are popping up in many cities around the world Clothing services like Rent the Runway allow clients to rent clothes for special occasions instead of spending a lot of money to buy them.
This sharing economy is also having a huge impact on transportation. Many are opting for ridesharing services instead of owning another car. They simply open an app on their smartphone and request a ride from an Uber or Lyft driver.
A few minutes later, their ride appears, and they reach their destination. No stress about parking. Passengers don’t have to worry about overcrowded buses. They only get private transportation services whenever they need.
Because of the convenience, ride sharing continues to grow in accessibility and popularity. If you have a clean driving record, knowledge of your area and available time, you can cash in on this side hustle and make some serious money.
What if you don’t have a car?
Did you notice that I didn’t mention a car for the list of requirements? That’s right, you can run a ride sharing business without owning a car.
Sign up for an account with HyreCar, and rent a car when you need it You can choose the type of vehicle you are looking for and ensure that it meets the vehicle requirements of the company you are driving for.
Then you meet the owner and pick up the car. Once you’re done for the day, return it to an agreed upon location.
Have a spare car? You can sign up for an account and rent out your car for some easy income. You may want to check with your car insurance first, to make sure everything is as it should be.
How to Get Started as a Rideshare Driver
Harry Campbell, Rideshare Driver and Owner Rideshare Guy, is a pro at starting a profitable rideshare business. He has some great advice for getting started.
He recommends signing up with multiple companies at once. “It’s important to drive with multiple companies because it gives you the best chance to maximize your earning potential. Sometimes things are just slower on the Uber app, so if you’re able to facilitate Lyft as well, that means you’ll get more requests and make more money. “
Last row? Don’t feel like you’re stuck driving with just one company. This is definitely one of the benefits of being an independent contractor; You do not have to sign an exclusive contract. You’re free to see what’s available in your area, and sign up to be a driver with anyone
What rideshare companies are out there?
Your choices for rideshare companies vary greatly depending on your location. For example, a rural community may not have as many options as San Francisco or Chicago.
While you’re researching your options, here are some companies to check out:
Once you discover which companies operate in your area, sign up for as many driver accounts as you like
Make sure you read the requirements. There are specifications for your car and insurance, so make sure you qualify. If you are renting a car from HyreCar, make sure you keep those requirements in mind
A flexible side gig
One of the best perks of being a rideshare driver is the ability to choose your own hours. Campbell agrees that this is his favorite part. The best thing about being a rideshare driver is the flexibility – if you’re bored, switch to driver mode and wait for someone who needs a ride. If you’re tired or want to spend time with family, close your app and take a break.
You can use your available time to bring in extra money. It is a very flexible way to supplement your income.
How to Increase Your Profits as a Rideshare Driver
Once you work as a driver, is there anything you can do to maximize your profits?
Yes, you can! When it comes to being a service provider, differentiation is the name of the game. Think about how you can “go the extra mile” for your riders and stand out from all the other drivers out there.
Here are some ideas to get you started.
1. Know your market
What’s happening in your area? As Harry mentioned, you need to find out when people usually need a ride and find out when it’s available.
Have a big conference coming up? Make sure you are available to drive participants from the airport to the conference center.
Huge concert downtown? You have a great opportunity to land passengers.
Keep an eye on upcoming events and popular venues. Check local community calendars and city websites.
Outside of events, know when your market needs to move. Is it always crowded at 5:00 pm? Or need a driver during lunch?
You need to know what the pulse is in your market and make yourself available to fill it. Not only will this give you more business, but it will also increase your chances of getting paid extra
2. Drive well
People want good drivers, so make sure you’re one. Be safe and obey all the rules of the road. Don’t be aggressive, or yell at someone who cuts you off. keep calm
Know where you’re going and how to get there. You don’t want to delay your arrival by taking a wrong turn. Use GPS and have a basic knowledge of your area.
3. Be a good communicator
But, it’s more than just being able to hold a conversation. It’s about knowing how to read your passenger’s body language, so you know if they want to have a conversation. It’s listening to what they say and how they say it.
Part of being a good communicator as a rideshare driver is knowing what not to say. Don’t bring up controversial topics. Of course, don’t hit on your passengers or try to land a date.
Be professional, courteous and friendly. You can certainly let your personality shine through, but make sure you’re not intimidating or insulting people (not to mention violating company rules).
4. Keep your car clean
No one wants to get into a car that looks like junk. Take the time to regularly clean the inside and outside of your car. Place a trash bag inside so you can easily collect anything left behind by passengers.
Vacuum your car too. Don’t squish your passengers or deal with a ton of gravel lining the floor mat.
Make sure your car smells good. Since you spend so much time on it, it is possible that you are nose blind. That’s when your brain stops sending you signals that you smell something gross because you’ve been on it for so long. Ask a friend or family member to give your car a quick sniff every once in a while to make sure you’re still good.
And speaking from experience, consider adding a few vomit bags to your car. You never know when someone will lose their cookie, and it’s a pain to get off the carpet!
Good or bad, your vehicle will make an impression on people. Your job is to make sure it’s a good one.
5. Offer Benefits
People appreciate good customer service. One way you can go above and beyond is to offer a few basic amenities. Think about what you would enjoy as a passenger and go from there.
Here are some general ideas:
- Have a daily newspaper for people to read while you drive
- Buy a car charger with adapters for both iPhones and Androids
- Offer your passengers water, gum, or mints (just make sure they take the trash, or you’ll have to pick it up in the drive)
- There is an auxiliary cord so passengers can play their own music
You can also think of a unique perk to be your signature. Brew fresh coffee. Connect a screen with Netflix so passengers can watch their favorite shows. Install fancy lights.
Of course, you can spend a ton of money on amenities without seeing a return on your investment. Amenities aren’t a necessity, they’re a nice extra. Always spend wisely, and choose frugal options if you can.
6. Keep track of your income
If you don’t track your income and expenses, you won’t know how much money you’re making. Then there are taxes to worry about. As an independent contractor, you must pay all your own taxes.
In the past, this involved a shoebox full of receipts and invoices. But, apps have simplified this process
QuickBooks Self-Employed is a real-time business expense and mileage tracker app that I recommend. It’s designed with independent contractors in mind and is really user-friendly. This app makes it easy to flag transactions as business expenses, so you always have the information you need before tax day.
You can use applications such as:
- the wave
- Mile IQ
- triplog
- hurdler An app designed to help rideshare drivers track their finances and mileage to estimate their self-employed income taxes in real-time. Hurdlr helps you capture all your deductions so you can maximize your profits. Since every 20 eligible miles saves you $10, your savings add up quickly. On average, Hurdlr users save $5,6000 per year on their taxes. Using AI-based mileage and expense rules to automatically tag your deductions, Hurdlr will save you tons of time, so you can spend more time growing your business.
Experiment with a few tracking apps to see which one works best for you. Once you pick one, stick with it and keep it updated. Entering data as you go is much easier than trying to remember everything six months down the road.
7. Ask for reviews
Consider making a sign to hang on your car, asking for reviews. This can be extremely simple, and is an easy way to remind travelers about the importance of five-star reviews to your business.
You can use the sign to ask passengers to bring any issues with their service directly to you. This gives you a chance to get it right.
8. Be prepared
Rideshare drivers should follow the Boy Scout motto and always be prepared. You are going to spend more time on the road and you should make sure your car is ready.
Always check your gas before picking up passengers. You sure don’t want to run out along the way.
If you live in a snowy area, keep an ice scraper and snow brush in your car. Also, make sure you run the appropriate antifreeze and wiper fluid for the season.
Get regular maintenance on your vehicle. Get your oil changed on time, get repairs done quickly, and do everything you can to make sure your car is in top condition. After all, if your car does not work, you will not make any money.
Install a GPS app and learn how to use it. Waze and Google Maps are both great options.
Check the weather forecast before starting. You don’t want to get caught in a blizzard you didn’t expect.
Do you know how to change a tire to get a flat? Always keep a spare and a jack in your car.
The problem does crop up. Being a member of AAA or another roadside assistance program can help give you peace of mind. If you’re looking for support without an annual fee or membership, check out Hurry up.
Sign up to start your rideshare career with Lyft here.
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