How the Top-Earning Uber Drivers Run Their Business
Uber drivers are their own bosses. When a driver decides it’s time to make money, they can use Uber to start picking up fares. And if a driver wants to take the night off, no one is going to hover over them and complain.
Ridesharing is redefining transportation and business.
The top-earning Uber drivers have a lot that they can teach the newbie – the person just starting out in the field.
1. Research the Competition
Drivers often throw in extra perks for their clients. You might walk into an Uber and find that the driver has:
- Bottled water
- Extra phone chargers
You’ll have some drivers open the door for you, too. These extra perks go a long way in ensuring your clients have an amazing experience. But there is a lot more that you can do to satisfy your clients.
A suggestion that experienced drivers have is to ride along with other Uber drivers. Be the passenger and take notes of what high-rated drivers do differently. You’ll notice that the high rated drivers space out their questions, mount their cellphones to the dashboard and work with the passenger’s personality to make the experience better.
The Uber training video is a great place to start.
2. Run Like a Business
If you’re driving for Uber on a daily basis, treat it like a business. This means doing a few things right, like:
- Opening a bank account for Uber income and expenses
- Keeping a log book of all of your car use, maintenance, etc.
- Tracking all of your expenses.
- Keeping good records.
Treat your business like a traditional small business. QuickBooks is a great start. You’ll be able to keep track of all your expenses on-the-go, too. There are QuickBooks services that help new and seasoned business owners implement the application into their operation. Many of these services will also offer advanced training, customization and set-up so that you can make the most of your record keeping and accounting.
Keep in mind that you’ll also need to pay taxes on your earnings.
Put money aside for your taxes and work with an accountant that has experience with Uber drivers. You’ll have a lot of deductions you can claim to lower your tax responsibilities.
3. Strategically Choose Your Market
Different cities and markets earn more or less. My local rates are low, but if I go 30 minutes away, I can enjoy higher rates in a city. Check to see what drivers are earning after expenses. One thing that really sticks out to me is that some drivers earn significantly more than others.
- Choose the most lucrative market in your area
- Drive during late-night rushes when fares are the highest
You’ll also want to take advantage of local events. A Taylor Swift concert came to town, and a friend of mine made 300% more driving that night than most nights. He took short rides to-and-from the arena.
It was fast cash.
Target high-paying fares and ignore the low-paying fares. It’s a harsh way to run your business, but when every expense counts, it makes sense to target the highest-paying market.