Do you drive for Uber, Lyft, or another rideshare company?
This video is going to teach you how to go home with more money every single time you're
on the road.
With more and more rideshare drivers out there, it can be difficult to get enough rides and
to receive tips from customers.
I'm Priyanka Prakash, financial expert at Fundera.
I spoke to rideshare drivers across the country about their proven methods to maximize earnings
and tips.
Here's what they have to share.
Tip number one is to know your city.
This tip comes from John Frigo, an Uber and Lyft driver in Chicago and digital marketing
lead at MySupplementStore.com.
According to John, knowing your city well enough can make the difference between having
an okay day as a rideshare driver and a great day.
Every city has pockets that are busier than others, and some neighborhoods get busier
during the morning and evening commutes for instance.
Other neighborhoods with more bars and restaurants get busier on Friday and Saturday nights.
Knowing this type of information for your city can be really effective.
John also points out that you should keep tabs on your city’s events and convention
schedule.
Hanging out near a convention center or event can be a great way to catch high paying rides
back to the outer residential areas.
However, it's important to know what time these conventions start and end as nobody's
typically leaving in the middle of an event.
Knowing the city well also means knowing your way around the city.
For example, some streets might be notorious for traffic jams, or there might be street
closures on certain days.
Avoiding those streets can lead to faster pickups and drop offs, more rides, and better
tips.
Tip number two is to engage out of towners.
Thanks to Chris Tepedino for this tip.
Chris is an Uber and Lyft driver in Memphis and an insurance specialist at CarInsuranceComparison.com.
Not every rider that you pick up is going to be a local In fact, if you hang out near
sightseeing spots or special events, chances are good that a significant share of your
customers will be from out of town.
A good way to engage with these riders if they're in the mood for conversation is to
suggest restaurants and fun ways to enjoy the city.
Even small things can influence the environment, like playing jazz music if you drive in New
Orleans.
This can be memorable for visitors and lead to better tips.
Chris drives in Memphis and plays blues music in his car often.
He says he gets many compliments about it, better interactions with riders, and ultimately
better tips.
Tip number three is to drive when others are not.
We love this tip, which comes from Harry Campbell, who runs a top blog called The Rideshare Guy
for Uber and Lyft drivers.
He also used to drive for Uber and Lyft himself.
Driving during the holidays and other times when many other drivers aren't on the road
can be very profitable.
For example, you won't see a lot of other drivers out on Thanksgiving morning or between
the hours of 3 a.m. and 6 a.m.
That means that most ride requests that come in during that time will go to you.
Customers also tip more generously during the holidays so if you're okay with driving
during off hours, you can bring home more earnings.
Tip number four is to keep your customers comfortable and happy.
This tip comes from Junaid Arshad, who drove for Uber in Plano, Texas to pay for college
and is now a senior publisher at Brandnic.
Going the extra mile for your customers can result in better ratings, better tips, and
more rides.
Have you ever taken an Uber or Lyft ride as a customer, only to wish that the driver would
do a little less talking or turn up the air conditioner?
Getting a better feel for what each rider wants can help you become a better driver.
Some customers really like to chat with their drivers, while others prefer more solitude.
Some customers like the music on, and others don't.
Take a few minutes to evaluate each writer’s mood and communication preferences.
For example, if someone is in the car with their family member or friend, they'll probably
want to spend more time talking to them and less to you.
In addition, offering bottled water, snacks, phone chargers, and other amenities in your
car can lead to better tips.
Junaid subscribed to a service called Cargo Box, which helps drivers get better ratings
and tips by selling snacks to riders.
More than 20,000 rideshare drivers have a Cargo Box in their car.
It's free for drivers and whenever a rider places an order, the driver earns a commission.
Junaid says that you can make more than $150 extra this way over a full month of driving.
Great tip, Junaid.
Tip number five is to take all eligible tax deductions.
This final tip is again from Harry Campbell of The Rideshare Guy.
Many drivers don't think of taxes during their day to day drives, but you should treat your
ride sharing gig as a real business and take the business tax deductions that you're eligible
for.
You could potentially shave hundreds or even thousands of dollars off your taxes, letting
you keep more of what you earn from driving.
Just make sure that you track how many miles you drive for ride sharing by using a mileage
tracker app.
You'll need to be able to track personal use of your car separately from rideshare use.
The IRS lets you deduct a certain amount of money for each mile that you drive for business
purposes.
This is called the standard mileage rate.
If you prefer, you can also deduct actual business-related car expenses, such as repairs,
car washes, even the phone chargers you buy for customers to use.
Those are five rideshare driver tips for earning more from real rideshare drivers.
Remember, Uber and Lyft give 100% of tips to drivers without deducting any fees, so
that's pure profit for you.
For more insights on running your rideshare business or any type of business for that
matter, visit fundera.com.
You can also go to youtube.com/funderaloans, and subscribe to our channel.
Thanks for watching everyone.
Let us know what you think of the video in the comments.