The gig economy has present quite a lot of opportunities for savvy entrepreneurs to earn a great income. Ridesharing services, like Lyft and similar, are one of the best entrepreneurial opportunities to come from the gig economy. You can earn a decent amount by becoming a ridesharing driver. But, you can make even more if you have the strategies it takes to maximize ridesharing revenue. If you are a drive for Lyft or any other ridesharing services, keep reading. Below, you will learn how to increase your ridesharing revenues and maximize your earning potential as a driver.
Stick To Your Goal
Once you become a driver, you need to set a goal that you will actually hold yourself to. Rideshare drivers should set a goal for how much money or how many drives they want to complete each day. Then, once you have that goal, stick to it. Doing so will ensure that you always make the money you need to survive and provide a safe ride. It also will ensure that you are logged on log enough to make yourself available to any other opportunities for additional income, like additional rides, longer rides or ride bonuses. If you want to maximize your rideshare revenue potential, be sure to set a goal and stick to it before you ever start driving.
Drive In The Right Places
If you become an Uber driver, you can choose to drive in boost zones to maximize revenue potential. According to Rideshare Junkies, drivers like you can increase your ridesharing revenues easily by driving in boost zones. Doing this instead of the most convenient spots local to you will increase your earning potential. Boost zones command higher premiums. They can boost your pay by anywhere from 1.6-2%. This is a great way to earn more money as a ridesharing driver and maximize your ridesharing revenues by driving people with disabilities, shoppers, travelers and anyone else looking for a ride.
You can also guarantee hours to increase your ridesharing profits as a driver. Guaranteed hours are specific shifts that you agree to work for a set duration of time. These frequently crop up during special events and other busy times. During those best times to drive for Uber or other ride sharing apps, you can earn a guaranteed hourly wage. This is a much better situation than having to drive around for hours only to get a couple riders. It allows you to maximize your earning potential with some predictability in your income. If you want to earn as much as possible as an Uber driver or Lyft driver, take advantage of guaranteed hours to maximize earnings potential.
Take Advantage Of Tax Deductions
Ridesharing drivers should definitely take advantage of all the tax write offs available to them. There are many possible tax credits available to ride sharing drivers. These tax deductions will help you maximize your earnings by reducing your self-employed tax burden. Drivers should track all gas, mileage, tolls, maintenance and upkeep costs related to the car they use to provide ridesharing services. Then at the end of the year, write all those costs off on your taxes. This will save you a whole lot of money, and may even get you a tax return from Uncle Sam. This is one of the best ways to maximize profits from Lyft and Uber as a driver.
Pay Attention To Bonus Opportunities
Pay attention to any opportunities your ridesharing company offers for additional bonuses. Additional bonuses are available for driving during peak hours, taking a certain amount of rides, and driving for a certain amount of hours. These bonuses can really add quite a bit of cash to your paycheck. This is especially great if you can take advantage of several bonuses simultaneously. Doing so will help you maximize earnings as a rideshare drive for Lyft or Uber. That is why you should definitely make use of this tip if you want to earn more money.
Being a rideshare driver has its perks, but sometimes the pay is not all that great. That can cause cash flow problems for any driver, even those with great money management skills. Thankfully, there are ways you can maximize earnings potential as a Lyft driver or Uber driver. All you have to do is follow the rideshare driver tips detailed above. These rideshare driver strategies will help you increase your ridesharing revenues and maximize earnings potential as a self-employed, full time ridesharing driver.