Introduction
It is widely known at this point that Uber is not nearly as profitable as it once was. It can still be a moderately decent income if you know what you are doing. However, most “gurus” on YouTube and social media aren’t looking to teach you how to be profitable. They are looking to get views.
Which to be honest, I can’t blame them for doing so. Their business model has transitioned from rideshare to social media marketing. However, I personally have a problem with stating inaccurate information as fact to get more traffic.
It hurts rideshare drivers who are trying to do this for a living.
The Rideshare Landscape
Unless you really enjoy doing rideshare, it is my personal opinion that rideshare should be a steppingstone. Rideshare is very time intensive and if you are an introvert like me, you find it surprising that you frequently spend more time as an impromptu therapist than a driver.
However, one of the blessings of that is that you hear so many life stories, perspectives, and meet people from all walks of life.
As far as profitability, every day is different. Some days you can make up to $100/hr (this is extremely rare, do not expect this). Other days you can make around $12 – $14/hr after gas deductions. If your state’s minimum wage is higher than that, you might be better off getting a job at McDonald’s to be honest.
However, there is one benefit to me that makes rideshare worth it. I have the ability and freedom to set my own schedule and work as much, or as little as I want.
How Can I Make Uber Profitable?
There are a few key things you can do to make this worth your time. They fall into two broad categories: Increase Income, and Decrease Expenses.
First, let’s cover decrease expenses. There are multiple “hidden” expenses that come with rideshare. Gas is obviously a big one. Do your research. Use apps like GasBuddy or Waze to find which gas stations have the lowest price per gallon.
Once you have the top three gas stations, make sure to fill up only at one of those gas stations if possible. Second, food and drink. Profitable rideshare drivers (myself included) often pull 10 – 12 hour shifts. It will make your job significantly harder if you do not adequately feed and hydrate yourself.
A couple of tips on how to do this:
- You can walk into any McDonalds and ask for a free medium water. Instead of paying for a $2 – $3 water bottle, you can get it for free
- If you need coffee (i.e., on night shift) Panera has the “Unlimited Sips Club”. It’s a monthly membership ($10.99 I think) that allows you to get a free self-serve beverage once every two hours.
- If you don’t do meal prep, download the McDonalds rewards app. You can get free food with deals and rewards.
- Additionally, save every receipt from McDonalds. At the top of the receipt there is a code for a survey. If you complete the survey, you get a free sandwich of equal or lesser value the next time you go to purchase. Just show the receipt.
- Finally, stick with the dollar menu hamburger if you really want to save money. It is under $2 and you get a free one with your purchase every time you fill out that survey.
Additionally, you can save on gas using the Upside app. If you combine this with a rewards credit card, you can get even more back per gallon.
Uber also has the “Uber Pro Card”. The Uber Pro card will give you 5% cash back on any Exxon Mobil gas purchase at the pump, and 2% cash back at any other gas station.
How Can I Make More With Uber?
There are a few things I do to make more.
- I study the area. Know your market. Know your peak times, days, and upcoming events.
- Set a minimum fare you will accept. I generally try not to accept any fare under $18. In my area almost every ride takes an hour in total. By setting that as my minimum, I average about $18 – $25/hr.
- Remember that the Uber algorithm is adaptive. If you accept low fares, it will continue to give you low fares.
- Switch to night shift. Most drivers are at home sleeping overnight. Which means there is less competition for those higher fares that you’d like. If you can, switch to doing Uber between 8pm – 4am.
- Use the Stride app to track your milage. There is a ~$0.62 per mile deduction on your taxes. If you put in enough miles, you won’t owe any taxes. Remember, Uber has drivers employed at 1099 contractors. This means that you owe twice the taxes that you would owe than if you were W2.
Conclusion
In summary, there are several ways to make more with Uber. You just have to know where to look. Hopefully, this information helps you, and until next time!