The Future of Ridesharing and Your Future in Ridesharing
Posted in: Driving Tips.
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The Future of Ridesharing and Your Future in Ridesharing
Completing a driver’s education course and getting your license is always an exciting accomplishment. However, most people don’t immediately consider the world of opportunities that open up when you have a license in hand. Sure, teenagers are eager to drive their friends around and have some independence.
But, when teens are a bit older or you’re just getting your license as an adult, there are ways you can actually use your driving abilities to make money.
One of the best options that has seen a huge growth in popularity over the last decade is ridesharing. Uber alone has over 3.8 million drivers around the globe, and in the U.S., 25% of the population uses a ridesharing option at least once a month.
With that in mind, what does the future of ridesharing hold? If it sees continued growth, what are the pros and cons of considering it as a side hustle or part-time job? Let’s take a look at how your future might find you behind the wheel.
Why Ridesharing Will Continue to Grow
Even though this method of transportation has seen significant growth in recent years, it’s unlikely that it will slow down any time soon. First, it’s impossible to ignore the fact that the COVID-19 pandemic changed the transportation industry. The ridesharing industry saw a major drop in 2020 since fewer people were traveling.
Uber saw a 74% reduction in its ridesharing bookings, but UberEats exploded as more people had food delivered to their homes. Food delivery options will likely continue to be popular, especially in urban areas as people get back to work or still don’t feel completely comfortable heading into large crowds.
Another reason ridesharing will continue to grow is technology. Ridesharing is currently most common in urban areas and cities with dense populations. But, with the continued rollout of 5G, connection and communication in rural areas will continue to improve. That will allow faster access to phones and apps. As a result, more people will be able to utilize ridesharing services, no matter where they are. It’s safe to assume that many ridesharing programs will start to expand into smaller communities as technology continues to advance and people depend on increased reliability and faster connection speeds.
Why Get Into Ridesharing?
Because ridesharing is so popular, it’s a great side gig that almost anyone can get into right away. Granted, some requirements depend on who you work for. We’ll get into those a bit later.
Whether you were laid off due to COVID and you need a job now, or you’re trying to save money for a major purchase like a home, getting a side hustle is one of the best things you can do.
According to Glassdoor, Lyft drivers earn just over $34,000 per year (driving full-time). In 2018, Lyft published its own hourly earnings estimates with median earnings of $18.83/hr across the country. If you’re only using ridesharing as a side hustle, being able to know how much you might make per hour is a big help. Keep in mind that there are other benefits, too, including:
- Flexible scheduling
- You choose your own routes
- You can stay in specific neighbourhoods
- The better you do, the more “in-demand” you’ll be
Is it the perfect job or side gig for everyone? No. You have to be extremely comfortable behind the wheel and working with different types of people. But, if you have strong driving and people skills, it’s definitely worth it to consider a future in the ridesharing industry.
Tips to Keep in Mind
If you’re considering taking up ridesharing as a side gig, there are a few important things to note. First, every rideshare company has its own set of rules and guidelines to follow. You also have to meet certain requirements. If you want to drive for Uber, some of those requirements include:
- Having valid insurance
- Keeping your driver’s license up-to-date
- Passing a criminal background check
You might also be required to meet additional requirements depending on where you live. Some states, like New York, require Uber drivers to obtain a Taxi and Limousine Commission license.
No matter who you drive for, remember that when you’re behind the wheel with a passenger, you’re running a business. It’s easy to become so distracted by the business side of things that you forget about some of the basics. Your top priority should always be a constant commitment to safety. Make sure you’re alert, sober, and fully awake behind the wheel at all times. You have other people’s lives in your hands, and taking your job seriously will help you improve, grow, and become more successful.
Whether you’re a teenager looking for part-time employment or an adult wanting a side hustle to supplement your current income, the ridesharing industry is a great place to be in this market. Keep these ideas in mind as you consider your future in ridesharing and if it’s the right move for you.
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