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Self-employment – is Ridesharing worth it?

The number of self-employed workers has been on the rise since 2001 and continues to increase since then.  This idea of “being my own boss” is especially appealing for the younger generation with many being drawn to the likes of Uber and Lyft. But, is driving for rideshare companies like Uber and Lyft really worth it?

Things you should consider:

Ridesharing is a good option if you’re looking to make some extra cash and would love flexibility, but remember as a driver, how many rides you get is dependant on the reviews left by your clientele. This means being attentive to your client’s behaviour and understanding what they want – do they want to chat? Perhaps they prefer a quiet ride? In any case, professionalism is key.

And, even though you’ll have more freedom, you’re still hired as an independent contractor, meaning the company hiring you still has the right to set some of the terms. For instance, what you earn is a portion of what the rider pays and a percentage (around 25%) is taken by the company.

Building up a good schedule is vital to achieving the greatest earning potential. Naturally, at certain times of the day people are more likely to need a driver, so take these into consideration when setting your schedule. Most lucrative hours are usually early mornings and weekends, with holidays being pretty busy all day. Considering this is vital as it will likely determine how much money you’ll be making.

Higher-capacity services allow higher fares, so having a bigger car to accommodate bigger groups like a Mercedes Benz M8 can be a smart investment. Companies like Cab Direct attest to its quality, giving your clients the necessary comfort, travel convenience and for your benefit, it avoids cramming more people than legally allowed in smaller vehicles.

Budget:

Take into account that expenses might be higher than you expect. As an independent contractor, your car is your responsibility: you’ll need to pay for cleaning supplies, pay for wear and tear expenses. You will also require insurance fit for this purpose and remember your taxes might look a little different.

Like with anything, there are pros and cons, but ultimately: will this earn you money? Yes

But consider all factors and options before making your decision.

BIZCATALYST 360°
BIZCATALYST 360°https://www.bizcatalyst360.com/about/
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