he share economy has been booming over the past year with rideshare companies like Uber and Lyft leading the way. The rideshare titans have been locked in a price war since their inception. For passengers a price war means lowered fares, but for drivers it means lowered pay. As a result, many rideshare drivers are taking advantage of opportunities and employing clever tactics to maximize their earnings. Here’s a look at, reportedly, some of the most effective ways drivers are maximizing their earnings while working with Uber or Lyft:
While you should always consult a qualified accountant or tax professional before making tax decisions (we are not accountants, or tax professionals), it’s important to know that expenses such as vehicle maintenance, gas, and even your phone bill may be deductible. Filing taxes properly and taking advantage of deductions you qualify for can save you hundreds, if not thousands of dollars come tax season.
Did you know that both Uber and Lyft offer hourly guarantees to high performing drivers? While the times and rates change each week, opting into these programs when available is a great way to ensure that you earn at least, a pre-determined minimum amount in a given day, regardless of how many trips you take.
Mapping and Scheduling
Another easy way to maximize your earnings as a rideshare driver is to simply drive during the busiest times, or in the busiest areas. If a game or concert is just letting out, drive in the area and you’ll likely not be able to keep up with the requests. You can also wake up and drive when it’s time for people to work, or switch on the app as people are getting off work. Each city and community is different, but you’ll find which hours and areas work best for you.
Uber and Lyft drivers can greatly increase their income by partnering with a rideshare advertising company like Comped Marketing. Comped Marketing, at no cost to drivers, installs screens in rideshare drivers backseats, displaying advertisements to passengers and allowing drivers to earn several hundred dollars a month for doing what they are already doing, driving.
This is just a few of the most effective ways we’ve found that rideshare drivers have been able to maximize their earnings while driving for Uber and Lyft. A search of the internet would reveal many more tactics. Another valuable resource for drivers is Facebook, almost every city that hosts rideshare services has groups for rideshare drivers on Facebook. It’s not hard to earn more while money driving for Uber and Lyft. Just be sure to do you due diligence, research, ask questions, and develop your strategy. If you’re interested in becoming a Driver Partner with Comped Marketing head over here. Until then, drive safe.