How Ride-Share Drivers Actually Make Money
The ride-share business has flipped the taxi industry industry on its head. Companies like Uber and Lyft are raking in billions of dollars in revenue by disrupting local markets, but drivers on the road have a different strategy to maximize profits – diversification.
Ride-hailing drivers are technically independent contractors, so they’re not tied to just one company. The more apps they’re on, the more money on the table.
Harry Campbell, a ride-hailing driver known as "The Rideshare Guy," runs a blog to help drivers make the most of their business. And he recommends drivers sign up for at least two different apps.
"Once you learn the ropes, you should be driving for at a minimum both Uber and Lyft because you’re actually a business owner as a rideshare driver so it’s important to diversify your income," Campbell said.
But juggling multiple ride-hailing platforms can be complicated. Fumbling between phones or apps to manage new rider requests while navigating the road isn’t always the most efficient, or safe, way to work.
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How Ride-Share Drivers Actually Make Money | CNBC