The recent advancements in technology have completely revolutionised the way we live. Among them is the ride-sharing service Uber and unless you have been living in a world of your own, I’m pretty sure you are familiar with what Uber is. Over the past one year the company has penetrated markets all across the world changing the taxi experience for many people and creating a new source of income for some of us. Currently, it is available in over 60 countries.
Being an Uber driver doesn’t cost much but given that no job is perfect, Uber driving comes with its own share of ups and downs. And if you are just starting with ridesharing, that, of course, is among your main considerations.
One of the major drawbacks of driving the traditional cabs is the anonymity between drivers and the passengers. With Uber, the risk is greatly reduced as passengers have profiles that can be checked prior to pick-up. And with cashless payments being a definitive feature of the app, security is further maximized especially if you operate in a rough neighborhood.
Usually, uber drivers are faced with few barriers to entry. You don’t need to have a commercial driver’s license which can be very hectic to obtain. Again, taxi companies usually have a fixed number of taxi allowed in any given area and as it can takes ages before the opportunity to get hired comes along.
Uber doesn’t impose restriction or conditions on their drivers as far as working hours are concerned. You are practically your own boss and as always that comes with its perks. One such plus is the flexibility it brings. You can be able to work as much as you want and maximize your gains or even work part time. All you have to do is set your availability to align with your schedule.
As much as surge pricing can be elusive, it represents a lucrative opportunity to land a fat paycheck. Sometimes it could be 50% increment on the regular price, and other times it can even be an astonishing 400% increase.
Of course that is relative. All the same you get to meet people from all walks of life. Not to mention that you can get to listen to your favorite jams while working. Not many jobs can accommodate that. However, you should be conscious not disturb your client’s peace.
Maintaining a good rating is one of the best ways to turn ridesharing into a bonafide income generating venture. However, sometimes customers may give you low ratings and for drivers, that can result in your termination.
There will always be the usual minimal time spent for a passenger to request a ride. However, when picking a client at busy places such as the airport you can end up getting stuck in line. This can end up lowering your average daily earnings.
With Uber, you may have to use your personal car and that makes you responsible for all the vehicle expenses and this can eat into your earnings. Again, the increased use can cause your car to depreciate in value.
Some clients can be totally unreasonable especially when drunk. And if you drive on Fridays and on the weekends, you may encounter more than a few.
The one downside of having few barriers to entry is increased competition. Lots of people are signing up to Uber and considering that the apps awards clients to the closest available drivers, this mean fewer clients. However, with more and more riders signing up as well, demand is also on the increases.
Uber provides a great platform for individual car owners to generate additional income using their own vehicles. And whether the cons outweigh the pros or not, it all comes down to one main thing; self-employment. Like in all the other entrepreneurial ventures, discipline is key. The harder and smarter you work, the more you gain.