When it comes to rideshare driving, there are a few key things to keep in mind in order to maximize your profits.
In this article, we will discuss seven of the most important tips for earning more money with your rideshare driving.
So whether you’re just starting out or you’ve been doing this for a while, read on for some valuable advice!
1. Dual or Multi Apping
Dual apping is when a driver has two (or more) rideshare apps open at the same time and is willing to accept requests from either platform.
While this may seem like a lot of work, it can actually be quite lucrative – especially during peak hours when demand is high.
The benefit is that you essentially become your own mini-fleet, which means you can command a higher price for your services.
In an ideal world, two gigs might show up at the same time, and you would have the power to turn down the low-paying job in favor of the high alternative.
However, it doesn’t always work so seamlessly. Getting used to juggling two apps, sometimes two devices can take some practice, so make sure to familiarize yourself with the interfaces that are comfortable for you.
2. Budgeting a Schedule
If you want to make the most money possible with rideshare driving, it’s important to budget your time wisely.
This means planning your week in advance and seeing what promotions are happening in your area, particularly during those times.
It’s easy when you’re self-employed to fall behind on your schedule, but planning out your week can help guide you to staying on track.
Plus, it’s much easier to make a living wage when you’ve broken down your goals into smaller bite-sized goals within your budget.
If your goal is to make $4,000 a week by working five days each week, you can further divide that goal into $200 a day 5x a week, or even $20 per hour on 10-hour days – all aimed at helping you accomplish your goals.
3. Monitoring Promotions
As a rideshare driver, it’s also important to keep an eye on any promotions that may be happening in your area.
This could include anything from discounts on gas to bonus opportunities. By being aware of these promotions, you can make sure that you’re always taking advantage of them.
If you’re not familiar with ride-share driver promotions, consider the example of surge pricing during high-peak times.
To help compensate drivers for working during high demand, the rideshare app may charge customers more for finding a ride, drawing out more drivers to meet demand.
For drivers, higher payouts can be the perfect enticement to get out on the road. If a rider needs to go somewhere but doesn’t want to pay the fee, they’ll need to wait until the surge is over.
4. Lowering Expenses
There are a few ways to lower your expenses as a rideshare driver. One way is to use cash-back apps on gas, such as Checkout51 or GasBuddy.
With these apps, you’re making a percentage of your money back on things you already pay for. With little work on your behalf besides downloading the app, this is a great benefit.
You might also consider using a credit card that has gas rewards or cash back for expenses like gas to help earn a bit of your spending back.
Another big way to cut costs is by lowering insurance costs. Big-name providers often cost more for insurance, especially rideshare insurance.
Where possible, you can save by switching to an insurance policy that is specifically geared toward rideshare driving and making it affordable.
Some companies offer inexpensive coverage for the car at a set amount of miles and then additional fees on miles over that initial covered amount, but coverage can look different from company to company.
And if you’re thinking of skipping on rideshare coverage completely, keep in mind that without a rideshare-driven policy, you’ll likely have a gap in coverage, making you vulnerable if something does happen while working.
5. Car Advertising
A bit out of the box, car advertising is a perfect method for generating extra income by just driving around.
There are different options for advertising with your car, such as:
- A car wrap
- Rooftop sign
- In-car entertainment
With these methods, you’ll be able to have the materials (usually free of charge) added to your vehicle and earn extra every month without doing anything extra. The amounts will range in profit, with one in-car option providing just $100 extra a month and some car wrap companies providing up to $450 a month, according to the Penny Hoarder.
Startups like Halo, which was acquired by Lyft in 2020, and Firefly offer extra ways for drivers to make money with tailored ads.
6. Refer New Drivers
If you’re already driving for a ridesharing app, you can make extra money by referring new drivers. Whether it be a friend, family member, or even strangers that you doll your referral code out to, referring new drivers is an easy way to make new money with little effort on your behalf.
If you’re trying to up your monthly income, why not make a point to refer a person or two every month to bring in easy cash?
The exact amount you can earn will depend on your city and state, so you’ll need to go into your app for exact details on what you’re eligible to earn. But based on our data, we have seen referral bonuses of over $300 across platforms!
Also, keep in mind that the rewards aren’t instantaneous but rather after a probationary period for the referred. Referring a friend is the perfect way to earn more while doing the work you already do.
7. Share Insights
Did you know that you can earn extra money just for sharing your driver insights?
ProductLab makes it possible for you to share opinions or data and earn money for your participation.
The insight provided by you and other gig workers is then used to document trends in the gig economy and can help for bettering the community.
Not only can you bump up your earnings, but you also make a difference in the workforce! The extra cash can be used to cover gas and car maintenance, or you might save up for a fun night out – the possibilities are endless.
The Bottom Line
There are many opportunities for earning more money as a rideshare driver. You can take advantage of surge pricing, lower your expenses, or even add car advertising to generate extra income.
If you’re looking to really boost your earnings, consider referring friends or sharing your driver insights to earn a bit of cash on the side. By following these tips, you can effectively make more money as a rideshare driver.