$1,000/Month Passive Income
Offering ride shares on Uber is an excellent way to make money and this guide specifically addresses how you can make money off Uber passively. After all, the idea is to drive people around for money. Luckily, many people are doing it and there is no reason you should miss out on this great passive income generation method either.
Is it possible to make passive income through rideshare driving (Uber)? Even though it might not seem like it, you can actually make a lot of money passively through Uber ridesharing. This company lets you be your own boss. Therefore, you can decide when to accept offers to drive people around and when not to. In other words, this job does not require you to take time off your regular job.
You may be thinking that driving strangers around is not for you. But consider that some drivers are able to make up to $2,000 a month through Uber ride sharing (source). Additionally, many people with regular jobs are able to make hundreds of dollars each week offering rideshares for just a couple of hours every week.
1. Meeting Uber’s Requirements
You might be skeptical about Uber driving, and many people are. But you will have little to lose and plenty go gain when you sign up for this service. Many people fail to realize that Uber offers one of the best ways to make money off your car on the side. The best thing about it is that this is a very flexible way to make money since nobody can force you to work when you don’t want to.
Before Uber accepts your offer to work for them as a driver, you will have to meet certain requirements they have in place. For instance, you must be at least 21 years of age, pass a background check, and have auto insurance. Requirements will differ based on where you are located. In some areas, a higher age limit might be required.
Additional requirements include the fact that you should have at least three years of driving experience, a current drivers’ license, and a clean driving record. You will also need to have a car that meets the company’s standards with regard to age. Usually, busy and bigger cities require that you have newer car models. You will also have to provide proof of residency for the city, state or province you are operating from. Make sure to read Uber’s requirements and policies before signing up.
2. Creating Your Uber Account to Service Customers
Once you are sure that you meet the above Uber requirements (and agree to their policies), you can go on to sign up through the company’s website. To do this, you should submit the required documents as well as your background information as the company generally avoids working with people with a criminal record. Once you have set up your account and provided all the information Uber requires from you, you can go ahead and activate your account. This means you will then be ready to start making money using Uber. That means you can start getting requests to drive people around.
Uber has an app that matches you to the most appropriate customers based on their desired destination. Once you accept a job, you will also get instructions on how to go pick them up. You can keep track of your business over time based on your daily or weekly goals. This is a great way to ensure that being an Uber driver brings you the sort of income you expected off this great passive income business in the first place.
3. Formulating a Passive Income Strategy
There is something you should know: while some Uber drivers make a killing through this side business, others don’t fare so well. That is why you should have a good strategy so that you make more money and actually benefit from being an Uber driver. For instance, you should ensure that you offer your services during peak periods when fares are much higher. As an example, instead of making about $15 a ride, you can end up making many times as much instead.
Knowing how much you want to earn off your driving is also important. For instance, you can decide that you want to make at least $500 a month, you would need to offer about 25 rides at $20 each. Fortunately, you can give more rides over the weekend and at night so that you don’t have to bother about being an Uber driver during the week when you are more involved with your day job. Remember, it is by working during off hours that this business can make you a passive income. Have a look at this YouTubers numbers for more info.
That being said, you also have the option of hiring out your car to Uber so that one of their drivers can use it to make money for you. This is clearly a more passive income option, and you can make more if your car is used to give rides on a regular basis.
Generally, the expenses that come with being an Uber driver are entirely on you. That means you have to find ways to minimize your expenses. For instance, sticking to cars with low fuel consumption and offering additional services for an extra fee. On average, drivers end up making $100 a month for giving their customers other products as they use their services.
How Passive is Ridesharing? (Uber)
Return On Investment
Do I need a car to sign up as an Uber driver? No, you don’t have to own a car in order to make money as an Uber driver. You can sign up using someone else’s car, as long as it meets the requirements the company has in place. The company also has partners who provide fleets of cars, but this option is not available in all places.
Is it safe to take Uber as a driver? A big part of Uber ridesharing is driving around with strangers. However, most people you will meet will be genuine travellers mostly concerned about reaching their destination safely. Users also receive reviews and it is in their best interest to be good customers in order to keep using the platform.