What to expect when driving rideshare for the first time, how much can you really earn and managing your income
Ride-hailing is a challenging business. It goes far and beyond just waiting around for pick ups and finishing as many trips in a day as possible. A lot goes behind taking chances of recognizing demand, surge prices, minding the road and safety rules and facing difficult customers.
In the middle of this all, a consistent income is sure to be of help. But Uber drivers are far from getting a salary. What is the next best way to secure your rideshare income?
How much do Uber drivers earn in a day?
Uber drivers in the busy cities, like Sydney and Melbourne, earn between $150 and $200 every day and sometimes up to $400 on weekends. But that is if you drive full time, drive at an equal speed throughout the day and take advantage of the surge hours.
Freshers in the business are usually students who have come from abroad and would like to work part-time or drivers previously working in the transport industry.
Flexibility is one of the top features of ride-hailing. But it is also one of the major denominators of your income.
Can I take advantage of flexible working hours and earn more?
It is possible. But not in one night. You will have to observe patterns in your own time-table and be consistent with the number of hours you work for throughout the day.
Here’s what to keep in mind when maximizing your part-time Uber gig:
- Are there any specific days I get the most number of pickups on? Which ones?
- Where do most of my passengers need to be dropped off at?
- How likely is it for me to find another pickup from the same spot?
- If I do not get passengers, can I do delivery work while on my way back?
5 times you missed out on maximizing your Uber income:
1. Not using the referral program
This is especially for new-comers, like international students, who could earn a $50 bonus just by referring to friends or fellow students with your invite code who would like to earn part-time by driving!
Best part? They get a sign in bonus too!
2. Not using the passenger app
You are driving for Uber, what’s with using the passenger app? A lot, actually. You can predict, play and make a move on surge prices even before the busy hours begin!
If you are driving in the evening:
- hang out around the office spaces, colleges or student residents where you can be sure of getting pickups from
- Log out of your driver app
- Log in with the passenger app
- Spot the places with least number of available drivers
- Avoid the competition and enjoy a surge price
3. Not tracking your mileage
You are earning less when you are spending more! Savings are the most effective passive income and if you are not saving at least $85 from your daily income, maximizing your Uber earnings is still a long way to go.
A mileage tracker will:
- Give accurate data on fuel consumption
- Provide data on fuel waste
- Help understand optimum fuel use
- Help increase longevity of your car’s engine
- Budget your biggest business expense
4. Being up-to-date
Not just in terms of technology but socially, be thrilled and curious about the events happening around your city. Find out about the coolest events in town.
Here’s what to keep in mind when scheduling your work hours:
- Who is the event for? - Students, office goers or kids, hang around residential places, offices or schools accordingly
- When is it happening? Events that end up a little late into the night can fetch you great surge prices
- While the event is happening do you have scope to finish some delivery gigs?
5. Not creating a separate checking/ payout account
Having a bank account different from your personal bank account helps save you a lot on expenses as well as on annual tax.
Many rideshare and delivery workers have a side business which also brings personal income. It is often uncategorized and you are charged more on income taxes than actually payable.
Categorizing your income will help you save on tax and pay as much as you need to according to your tax bracket. For example, if you are receiving student support or study fees from any other source you would want to keep that in your personal account. Otherwise you would have to pay collective tax on the entire amount credited.
A separate checking/business account also helps to
- Separate personal expense from business expense
- Track real income to business expense ratio
- Set better budget
- Set clear expectations of maximizing your income by a specific time period
Are you a first timer?
Haven’t driven rideshare before? It can even be that the last time you were behind a steering wheel was at the driving test. As long as you have passed it and know how to drive safely, we got you covered.
MyGigsters is running several educational sessions for international students and freshers at rideshare and delivery driving to make sure you are not left on your own at the field!
The amazing session takeaways include
- Tips on tracking, organizing and maximizing your gig income from different platforms
- Dos and Don’ts on Australian roads, safety rules and health management specific to gig work
- Tax and expense management
- Insider tips on making it beyond only gig driving and taking leadership
- Building confidence and customer relationships
Hop on board today and join the exclusive community that gets to see first the best of our loyalty programs, live sessions, discussions and product updates!